{"id":259042,"date":"2023-05-26T18:04:26","date_gmt":"2023-05-26T16:04:26","guid":{"rendered":"https:\/\/climatescience.press\/?p=259042"},"modified":"2023-05-26T18:06:05","modified_gmt":"2023-05-26T16:06:05","slug":"a-lawsuit-to-protect-pensions-from-climate-socialism","status":"publish","type":"post","link":"https:\/\/climatescience.press\/?p=259042","title":{"rendered":"A Lawsuit To Protect Pensions From Climate Socialism"},"content":{"rendered":"\n<figure class=\"wp-block-image size-large\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" width=\"723\" height=\"511\" data-attachment-id=\"259242\" data-permalink=\"https:\/\/climatescience.press\/?attachment_id=259242\" data-orig-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?fit=1800%2C1272&amp;ssl=1\" data-orig-size=\"1800,1272\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"0stop-throwing-money-down-the-toilet\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?fit=723%2C511&amp;ssl=1\" src=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?resize=723%2C511&#038;ssl=1\" alt=\"\" class=\"wp-image-259242\" srcset=\"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?resize=1024%2C724&amp;ssl=1 1024w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?resize=300%2C212&amp;ssl=1 300w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?resize=768%2C543&amp;ssl=1 768w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?resize=1536%2C1085&amp;ssl=1 1536w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?resize=1200%2C848&amp;ssl=1 1200w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?w=1800&amp;ssl=1 1800w, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?w=1446&amp;ssl=1 1446w\" sizes=\"auto, (max-width: 723px) 100vw, 723px\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">From <a href=\"https:\/\/climatechangedispatch.com\/a-lawsuit-to-protect-pensions-from-climate-socialism\/\">climatechangedispatch<\/a><\/p>\n\n\n\t<div class=\"wp-block-jetpack-gif aligncenter\">\n\t\t<figure>\n\t\t\t\t\t\t\t<div class=\"wp-block-jetpack-gif-wrapper\" style=\"padding-top:75%\">\n\t\t\t\t\t<iframe src=\"https:\/\/giphy.com\/embed\/5kF1T9bhdOC5rmnwUX\" title=\"money in the toilet\"><\/iframe>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t<figcaption class=\"wp-block-jetpack-gif-caption gallery-caption\"><br><\/figcaption>\n\t\t\t\t\t<\/figure>\n\t<\/div>\n\t\n\n\n<p class=\"wp-block-paragraph\">New York City leaders have boasted about using worker retirement savings to advance their climate agenda. They may come to regret it after several city workers this month sued their pension funds for putting climate over financial returns.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This could be a significant test of politicized investment by public pensions. New York law and regulation impose strict fiduciary duties on trustees of such funds. [emphasis, links added]<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Plans are required to invest<\/strong>&nbsp;\u201cfor the&nbsp;<strong>exclusive benefit of the participants and beneficiaries<\/strong>\u201d and with \u201c<strong>care, skill, prudence, and diligence.<\/strong>\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">State courts have ruled that&nbsp;<strong>trustees owe a \u201cduty of undivided and undiluted loyalty\u201d<\/strong>&nbsp;to retirees and workers.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Yet&nbsp;<strong>three big public pensions<\/strong>\u2014the New York City Employees\u2019 Retirement System, Teachers\u2019 Retirement System of the City of New York, and Board of Education Retirement System of the City of New York\u2014have instead&nbsp;<strong>made&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/blackrocks-green-virtue-signaling-putting-pensions-at-risk\/\">investment decisions based on climate goals<\/a>.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<strong>three plans manage about $150 billion.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Former Mayor Bill de Blasio led this&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/de-blasios-global-warming-lawsuit-is-riddled-with-factual-errors\/\"><strong>climate socialism<\/strong><\/a>&nbsp;in 2018 when he declared that&nbsp;<strong>city pension plans would have to&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/nyc-continues-tone-deaf-energy-divestment-efforts\/\">divest fossil-fuel-related assets<\/a><\/strong>&nbsp;within five years to show the city is \u201cleading the fight against climate change.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The mayor, city officials, and union representatives&nbsp;<strong>control the boards of the three pension funds<\/strong>, which complied with his orders.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<strong>Our first-in-the-nation divestment<\/strong>&nbsp;is literally&nbsp;<strong>putting money where our mouth is<\/strong>&nbsp;when it comes to&nbsp;<strong>climate change<\/strong>,\u201d Mr. de Blasio crowed.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But&nbsp;<strong>it\u2019s not his money<\/strong>. New York City\u2019s&nbsp;<strong>police and firefighter pension funds<\/strong>&nbsp;notably&nbsp;<strong><a href=\"https:\/\/climatechangedispatch.com\/public-pensions-prepare-to-torpedo-de-blasios-lofty-oil-divestment-push\/\">refused to divest<\/a>&nbsp;from fossil fuels<\/strong>&nbsp;because it would&nbsp;<strong>violate their fiduciary duty.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201cThe&nbsp;<strong>money in the pension fund does not belong to us, nor to the comptroller, nor to the mayor<\/strong>,\u201d a police pension fund trustee explained.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">\u201c<strong>It<\/strong>&nbsp;<strong>belongs to the active and retired police officers<\/strong>&nbsp;who have worked and sacrificed to earn their pensions.&nbsp;<strong>Our views on any social or political issue<\/strong>&nbsp;<strong>cannot enter into the equation<\/strong>. The same is true for the elected officials who sit on the board.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">But&nbsp;<strong>social and political issues dominate<\/strong>&nbsp;the investment calculation of the&nbsp;<strong>city\u2019s progressive leaders<\/strong>.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In 2021 pension trustees voted to&nbsp;<strong>double their plan investments in \u201cclimate change solutions\u201d<\/strong>&nbsp;and committed to&nbsp;<strong>eliminating greenhouse-gas emissions<\/strong>&nbsp;from their&nbsp;<strong>portfolios by 2040<\/strong>&nbsp;to ensure \u201cwe have a livable planet for future generations,\u201d to quote Mr. de Blasio.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In February the&nbsp;<strong>city employees\u2019 pension fund<\/strong>&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/vivek-ramaswamy-destroys-nyc-comptroller-over-green-investing\/\">adopted a plan<\/a>&nbsp;to \u201c<strong>decarbonize the market, not just our portfolio, and keep fossil fuels in the ground.<\/strong>\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<strong>plan lets trustees blacklist investment managers<\/strong>&nbsp;who \u201c<strong>fail to comply<\/strong>&nbsp;with the parameters to align with&nbsp;<strong>science-based pathways<\/strong>&nbsp;to&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/media-parrot-ipccs-warning-earth-mustnt-pass-1-5c-threshold-it-already-did\/\"><strong>maintain global warming to 1.5 degrees Celsius<\/strong><\/a>.\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">This action \u201cshows just&nbsp;<strong>how completely the Trustees have allowed&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/the-old-left-and-new-right-are-in-lockstep-on-esg\/\">non-pecuniary, climate-related objectives<\/a><\/strong>&nbsp;to become the&nbsp;<strong>lodestar in their management of Plan assets<\/strong>,\u201d says the lawsuit filed in state court.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<strong>pension funds didn\u2019t even take into account<\/strong>&nbsp;the&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/the-green-energy-threat-to-your-pension-pot\/\"><strong>potential<\/strong>&nbsp;<strong>costs of their policies<\/strong><\/a>, which&nbsp;<strong>could be large.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The lawsuit notes that the&nbsp;<strong>S&amp;P 500 energy sector rose 58%<\/strong>&nbsp;<strong>in value last year<\/strong>. When pension funds don\u2019t meet their target rate of return,&nbsp;<strong>taxpayers have to&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/blue-state-policies-leaving-taxpayers-poorer\/\">chip in more<\/a>.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">New York City Comptroller Brad Lander\u2019s budget forecast this year estimates that&nbsp;<strong>city taxpayers will spend nearly $10 billion<\/strong>&nbsp;over the&nbsp;<strong>next four years<\/strong>&nbsp;to&nbsp;<strong>make up for pension fund investment shortfalls<\/strong>&nbsp;last year.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">As State Comptroller Thomas DiNapoli said in 2019, \u201cYou can\u2019t lose sight of the fact that while we certainly&nbsp;<strong>want companies&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/energy-new-tobacco\/\">to do the right thing on climate change<\/a><\/strong>, at the end of the day&nbsp;<strong>we have to produce returns<\/strong>&nbsp;that&nbsp;<strong>support<\/strong>&nbsp;<strong>retirement benefits of 1.1 million New Yorkers.<\/strong>\u201d<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong><a href=\"https:\/\/climatechangedispatch.com\/the-never-ending-schemes-of-the-climate-change-grifters\/\">Government pension funds<\/a>&nbsp;in other states<\/strong>&nbsp;have also made&nbsp;<strong>climate and social policy an investment focus<\/strong>, if not as brazenly as those in New York.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The lawsuit puts the funds on notice that&nbsp;<strong>they&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/state-ags-take-aim-at-10-trillion-investment-giant-over-woke-investing\/\">can\u2019t hijack worker savings<\/a>&nbsp;to serve their&nbsp;<a href=\"https:\/\/climatechangedispatch.com\/team-bidens-401k-heist-could-raid-your-nest-egg-for-woke-esg-agenda\/\">own political purposes<\/a>.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">h\/t Steve B.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Read more at&nbsp;<a href=\"https:\/\/www.wsj.com\/articles\/new-york-city-workers-lawsuit-pension-fund-investment-climate-politics-bill-de-blasio-ae9ba435\" target=\"_blank\" rel=\"noreferrer noopener\">WSJ<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>New York City leaders have boasted about using worker retirement savings to advance their climate agenda. They may come to regret it after several city workers this month sued their pension funds for putting climate over financial returns.<\/p>\n","protected":false},"author":121246920,"featured_media":259242,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_coblocks_attr":"","_coblocks_dimensions":"","_coblocks_responsive_height":"","_coblocks_accordion_ie_support":"","_crdt_document":"","advanced_seo_description":"","jetpack_seo_html_title":"","jetpack_seo_noindex":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2},"jetpack_post_was_ever_published":false},"categories":[1],"tags":[691818056,691819757,691818090,691818154],"class_list":{"0":"post-259042","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","6":"hentry","7":"category-uncategorized","8":"tag-climate-change","9":"tag-climate-socialism","10":"tag-climate-warning","11":"tag-net-zero","13":"fallback-thumbnail"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2023\/05\/0stop-throwing-money-down-the-toilet.jpeg?fit=1800%2C1272&ssl=1","jetpack_likes_enabled":true,"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/paxLW1-15o6","jetpack-related-posts":[{"id":413229,"url":"https:\/\/climatescience.press\/?p=413229","url_meta":{"origin":259042,"position":0},"title":"Sweden\u2019s 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acting in the best interests of their clients. Solution: leave their net-zero climate club.","rel":"","context":"Similar post","block_context":{"text":"Similar post","link":""},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/00Dollarphotoclub_59646753.jpg?fit=1200%2C803&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/00Dollarphotoclub_59646753.jpg?fit=1200%2C803&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/00Dollarphotoclub_59646753.jpg?fit=1200%2C803&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/00Dollarphotoclub_59646753.jpg?fit=1200%2C803&ssl=1&resize=700%2C400 2x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2022\/12\/00Dollarphotoclub_59646753.jpg?fit=1200%2C803&ssl=1&resize=1050%2C600 3x"},"classes":[]},{"id":363980,"url":"https:\/\/climatescience.press\/?p=363980","url_meta":{"origin":259042,"position":5},"title":"Thank US voters: Australian pension funds are backing away from climate pledges too","author":"uwe.roland.gross","date":"30\/01\/2025","format":false,"excerpt":"The money is leaving the room. Australian pension funds manage assets of around $4.1 trillion, and until last week, many of them had Net Zero Targets. Certainly, there were none that tried to appeal to climate skeptics even though 70% of Australians didn\u2019t want to even spend $1 a week\u2026","rel":"","context":"In \"Australian pension\"","block_context":{"text":"Australian pension","link":"https:\/\/climatescience.press\/?tag=australian-pension"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/image-813.png?fit=1024%2C1024&ssl=1&resize=350%2C200","width":350,"height":200,"srcset":"https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/image-813.png?fit=1024%2C1024&ssl=1&resize=350%2C200 1x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/image-813.png?fit=1024%2C1024&ssl=1&resize=525%2C300 1.5x, https:\/\/i0.wp.com\/climatescience.press\/wp-content\/uploads\/2025\/01\/image-813.png?fit=1024%2C1024&ssl=1&resize=700%2C400 2x"},"classes":[]}],"_links":{"self":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/259042","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/users\/121246920"}],"replies":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=259042"}],"version-history":[{"count":5,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/259042\/revisions"}],"predecessor-version":[{"id":259245,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/posts\/259042\/revisions\/259245"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=\/wp\/v2\/media\/259242"}],"wp:attachment":[{"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=259042"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=259042"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/climatescience.press\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=259042"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}