As long as the crazy lefties in California pay for the retirement they've promised me, I guess I shouldn't care what silliness they do--but they won't be able to pay me if they keep up silliness like this:
The California State Senate has passed legislation that would require the state’s two powerful public employee pension funds to stop investing in fossil fuel companies. It would also force them to liquidate close to $15 billion in holdings to aid the nation’s transition to clean energy and reduce greenhouse gas production.
The bill, SB 252, would prohibit the California Public Employees' Retirement System, or CalPERS, and the California State Teachers' Retirement System, or CalSTRS, from making or renewing investments in the 200 largest publicly traded fossil fuel companies beginning Jan. 1.
By July 1, 2031, both funds would have to liquidate investments in those 200 companies, which are defined by the carbon content in their proven oil, gas and coal reserves. Because of underground reserves, companies on the list of 200 are deemed to have the most potential for future emissions if enabled by investment capital.
The bill next must be approved by the state Assembly and then signed by Gov. Gavin Newsom. Supporters say they are confident both will happen.
5 comments:
It's not looking good, is it.
Stupid virtue signalers putting YOUR money into THEIR social positioning...
As long as the idiot Californians who vote for the lefties keep sending me my promised retirement checks, I guess I shouldn't care.
Stupid should hurt.
In Modern Physics, we have a phrase, "Anything that can happen, must happen if you wait long enough." From Ohio, California looks like a failing state. CalPERS can't go on forever, so it won't. In a simplistically morbid sense, will you die before CalPERS?
When I retired, there was the option to take up to half the value of my benefit in a lump sum payment rolled into an IRA. I didn't choose to do that, but you might consider it.
My advice would be if you could, take the lump sum and RUN to the nearest free state to put it into an annuity that would provide decent income. I was just short of being able to do that and as a result, my TRS pension is subject to the whims of whatever yahoo is on the board making choices. Right now retirees in Texas are having to go to the website to find where our money is being invested.
My understanding is that your pension plan can pick up Target and Anheuser Busch stock at something of a discount these days. Those iconic American brands ought to make up for your losses.
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