ACTION ALERT: Tell Albany- Don’t Let Radical Scheme Risk Our Tax Dollars & Pensions
Radical, narrow environmental interests are pushing lawmakers to force the state pension fund to divest from any investments related to fossil fuel energy companies. It’s a misguided plan that would have dire consequences, making New York State even more unaffordable.
Reclaim New York Initiative Executive Director Brandon Muir called out this disaster of a proposal: “This is a plan so reckless it will unite taxpayers, public employee unions, and sensible conservationists against it. That’s because it will slash the value of workers’ retirement funds, and put taxpayers on the hook for covering the loss.”
Here’s why the radical push to divest pensions from certain energy companies must be stopped:
- Divestment would further destabilize a $170 billion-plus state pension fund that already can’t afford its obligations. The fund is as much as $20 billion short. Simply put, it is risking public workers’ pension benefits.
- Taxpayers have already paid a lot to fund these benefits. Divestment drives that bill up, making taxpayers pay for completely avoidable losses. By removing billions of dollars from reliable investments with no safer landing spot, it would drive up costs for government, from the state down to the local level.
- Sensible environmentalists should stand against it. The plan is supposed to reduce carbon emissions, but it would do little to nothing to accomplish that stated goal.
Here’s what you can do:
Sign our petition now and if this ridiculous legislation advances, we’ll make sure your voice is heard loud and clear.
Tell a friend about under-the-radar, but overly expensive policy. Albany likes to do things fast, and in secret, before New Yorkers can stop them. Help change that.