Tag: Hazel Bradford

‘Too few’ public pension funds address climate in proxy voting — report

Mary Pat Campbell

Link: https://www.pionline.com/esg/too-few-public-pension-funds-address-climate-proxy-voting-report?utm_source=PIDailyWrap&utm_medium=email&utm_campaign=20240123

Excerpt:

“Too few” public pension funds are addressing climate-related financial risk when it comes to proxy voting, according to a report released Jan. 23 by nonprofit organizations Sierra Club, Stand.earth and Stop the Money Pipeline.

The report, “The Hidden Risk in State Pensions: Analyzing State Pensions’ Responses to the Climate Crisis in Proxy Voting,” looked at 24 public pension funds with a collective $2 trillion in assets, including the $241.7 billion New York City Retirement Systems and state pension funds in California, Colorado, Connecticut, Delaware, Illinois, Maine, Maryland, Massachusetts, Minnesota, Nevada, New Mexico, Oregon, Rhode Island, Vermont, Washington and Wisconsin.

The pension funds were graded on their proxy-voting guidelines, proxy-voting records, and data transparency.

On proxy-voting guidelines, no pension system received an A grade, but three of the five New York City pension funds covering city employees, the Board of Education and teachers, earned a B for addressing systemic risk and climate resolutions. Half of the 24 pension funds studied earned an F.

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“The findings of this analysis are clear: Far too few state pensions are taking adequate steps to address climate-related financial risks and protect their members’ hard-earned savings, raising serious concerns about their execution of fiduciary duty,” the report’s executive summary said.

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Amy Gray, associate director of climate finance for Stand.earth, said it is disappointing to see many funds not using proxy-voting strategies to address the financial risks of climate change. “This report is a stark reminder that pension funds can — and must — do so much more to wield their massive investor power,” Gray said in the news release.

Author(s): Hazel Bradford

Publication Date: 23 Jan 2024

Publication Site: P&I

Multiemployer pension measures cleared for relief bill vote

Mary Pat Campbell

Link: https://www.pionline.com/legislation/multiemployer-pension-measures-cleared-relief-bill-vote

Excerpt:

Legislation to help struggling multiemployer pension funds is to remain in the COVID-19 relief measure headed for a Senate vote this week.

The package also calls for some funding relief for single-employer plans, through extended amortization periods and pension interest rate smoothing changes.

The pandemic relief package was approved by the House along party lines Feb. 27. Its pension provisions were at risk of being stripped until the Senate parliamentarian ruled late Monday that they fit the rules for a budget reconciliation process that allows Democrats to prevail under a simple majority.

Author(s): Hazel Bradford

Publication Date: 2 March 2021

Publication Site: Pensions & Investments

Senate Republicans oppose Nasdaq diversity rule

Mary Pat Campbell

Link: https://www.pionline.com/governance/senate-republicans-oppose-nasdaq-diversity-rule

Excerpt:

Sen. Pat Toomey, R-Pa., was among a group of Republicans calling on the SEC to reject Nasdaq’s board diversity proposal.

Republican members of the Senate Banking Committee told the Securities and Exchange Commission to reject a Nasdaq proposal allowing it to require listed companies to publicly disclose the gender and racial diversity of their boards and eventually to have at least two diverse directors, citing a connection between diverse boards and corporate performance.

Author(s): HAZEL BRADFORD

Publication Date: 12 February 2021

Publication Site: Pensions & Investments

States push ahead on private-sector initiatives

Mary Pat Campbell

Link: https://www.pionline.com/retirement-plans/states-push-ahead-private-sector-initiatives

Excerpt:

To date, 12 states and Seattle have enacted retirement savings programs for private-sector workers. They include OregonSaves with more than 90,000 funded accounts and $92 million in assets, the Illinois Secure Choice retirement savings program with $52.6 million and 82,852 funded accounts, and the $38 million CalSavers Retirement Savings Program that as of February had enrolled 274,024 participants, with another enrollment phase coming up.

The predominant model is an auto IRA, in which employer participation is required if no plan is already offered. Other options are a voluntary payroll deduction Roth IRA, a multiple employer plan, and a service provider marketplace, or a hybrid.

Author(s): Hazel Bradford

Publication Date: 22 February 2021

Publication Site: Pensions & Investments

House panel to weigh multiemployer pension reform bill

Mary Pat Campbell

Link: https://www.pionline.com/legislation/house-panel-weigh-multiemployer-pension-reform-bill

Excerpt:

Legislation to help struggling multiemployer pension funds is to be considered this week by a key House panel as part of a COVID-19 relief measure.

The House Ways and Means Committee is expected to start marking up a package of pandemic relief measures Wednesday, including one aimed at stabilizing pensions for more than 1 million participants in multiemployer plans approaching insolvency.

The pension section of the proposed Emergency Pension Plan Relief Act of 2021 is cited as the “Butch Lewis 4 Emergency Pension Plan Relief Act of 2021.”

It is based on a previously proposed multiemployer pension relief bill named for retiree Butch Lewis that called for a federal loan program for struggling plans and more resources for the Pension Benefit Guaranty Corp. to help troubled plans through partitions.

Author(s): Hazel Bradford

Publication Date: 9 February 2021

Publication Site: Pensions & Investments

Investors ready for change as Democrats take control

Mary Pat Campbell

Link: https://www.pionline.com/washington/investors-ready-change-democrats-take-control

Excerpt:

While the COVID-19 pandemic and its economic impact present the most pressing challenges, Democratic control of Congress and the White House could also spur action on issues ranging from climate change to scrutiny of private equity practices.

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Mr. Neal’s first bill introduced in the new 117th Congress addresses the multiemployer pension crisis that he said “has only worsened” in the COVID-19 economic downturn. A similar proposal was introduced by members of the House Education and Labor Committee, whose chairman, Robert C. “Bobby” Scott, D-Va., said the pandemic could cause as many as 180 more multiemployer plans to become insolvent, adding up to 300 plans facing failure. Both leaders are urging that the proposed Emergency Pension Plan Relief Act of 2021 be attached to a COVID-19 relief measure now before Congress.

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Potential legislation is expected to build on the panel’s climate action plan calling for clean energy tax credits and jobs initiatives, investments in water infrastructure and research into land and ocean climate solutions, among other ideas.

Author: Hazel Bradford

Publication Date: 25 January 2021

Publication Site: Pensions & Investments