Pensions in Peril: Are State Officials Risking Public Employee Retirement Benefits by Playing Global Warming Politics?

Source: Steve Milloy and Thomas Borelli, National Center for Public Policy Research, #575, September 2008

From the press release:
Already at-risk public employee pension funds are being placed at further risk by state officials who are lobbying for global warming regulation and by state officials who are ignoring the risks posed by such regulation, says a new report.

“We concluded that many state officials are placing public employee pension fund assets at risk by lobbying for global warming regulation that is expected to harm the economy and stock market,” said report co-author Steve Milloy. “These state officials, many of whose pension funds are already in financial trouble, may be breaching the fiduciary duties owed to public employees and retirees by playing global warming politics,” Milloy added.

“Our report shows that public employees and retirees should be concerned about state officials who might be trying to advance their personal political agendas at the expense of retired public employees,” said co-author Tom Borelli. “And let’s not forget that taxpayers would likely be forced to make up for any pension fund shortfalls,” Borelli added.

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