Sunday, January 28, 2018

The Empire State and the Big Apple set to pull the plug on pensions

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As New Yorkers continue to shiver their way into the New Year, they can take cold comfort (pun intended) from the knowledge that their betters presiding in Albany and the five boroughs are preparing to strike a blow against the forces said to be responsible for…global warming.

After bundling up to protect himself from the icy cold that still holds New York and much of the country in its iron grip, Gov. Andrew Cuomo (D) entered the State Capitol building in Albany in early January to deliver his “State of the State” address, in which he proclaimed his support for expunging all fossil-fuel companies from the New York State Common Retirement Fund, the state’s pension fund. Not to be outdone, New York City Comptroller Scott Stringer has announced he will do the same with the pension fund he manages.

Together, the two funds are worth about $390 billion. The State Common Fund contains more than 50 oil and gas companies. These companies are there, because they deliver a sound return on investment, and this money makes its way into state retirees’ pensions.

That’s not the way the governor sees it, though. Saying “the Common Fund remains heavily invested in the energy economy of the past,” Cuomo believes moving the fund “away from fossil fuel investment will protect the retirement savings of New Yorkers.”......To Read More....

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