Biden administration approves rule that
funnels workers’ retirement funds into
left-wing causes
Washington Times,
by
Jeff Murdock
Original Article
Posted By: FlyRight,
12/1/2022 6:15:14 AM
The Biden administration has quietly finalized a rule allowing employers to funnel workers’ 401(k) funds into investments that support woke causes that address issues such as climate change and diversity.
The Labor Department approved the rule last week, just two days before the Thanksgiving break. It will affect roughly 150 million workers and $10 trillion in assets covered under the Employee Retirement Income Security Act of 1974.
The rule says asset managers and retirement plan administrators should consider environmental, social and corporate governance (ESG) factors when selecting investments.
Reply 1 - Posted by:
mean Gene 12/1/2022 6:28:56 AM (No. 1346353)
FTA:
Ms. Gomez emphasized that investment managers may consider ESG factors when making decisions but are not required to do so.
I see a problem with this.
Up until this week utility companies were offering incentives for people to put on a "smart meter" that could be turned off once your allotted carbon footprint was reached.
This week, one electric company, Dominion, made it mandatory.
They have been disconnecting customers in the cold just for refusing to want this abomination.
To get your electricty back you MUST sign a consent form.
2+2=5.
52 people like this.
Reply 2 - Posted by:
Heil Liberals 12/1/2022 6:32:23 AM (No. 1346355)
FJB! This is not a rule; it is a command.
There is only one, ONLY ONE, consideration for my retirement: it is that the administrators of the plan maximize the dollar return on my investment, PERIOD! There is no cause, no political consideration, no concern for feelings that matter to me. I want all the return on the investment that is humanly possible given the risk I am willing to take.
66 people like this.
#1 I gladly pay $14/ month for them to come read my meter. I refused to let them install a smart meter after reading about it.
43 people like this.
Reply 4 - Posted by:
WhamDBambam 12/1/2022 6:36:09 AM (No. 1346361)
If the Funds' trustees go along with this nonsense, it might become a textbook example of breach of fiduciary duty.
51 people like this.
Reply 5 - Posted by:
lakerman1 12/1/2022 6:53:01 AM (No. 1346382)
This is insane! And the rule conflicts with the clear language of ERISA.
Fund administrators have a fiduciary obligtion to maximize returns but minimizing the chance of large loss.
And plan administraotrs, under the law,must focus on the members rights and interests, and nothing else.
This rule change will and should be challenged in court immediately, and I would hope the Judge would enjoin the rule change immediately.
This has to be the dumbest thing Dementi Jo's administraion has done.
44 people like this.
Reply 6 - Posted by:
Muguy 12/1/2022 7:09:23 AM (No. 1346395)
When will the public pushback on this tyrannical edict?
No one in DC will be able to mount a campaign against it, and nobody in the media will champion the individual against this-- its up to U.S. to oppose it.
Article V Convention of States, and a new viable 3rd party, anyone?
27 people like this.
Reply 7 - Posted by:
bpl40 12/1/2022 7:23:35 AM (No. 1346404)
The only criterion for investing MY money should be maximizing the net present value (NPV) of my assets. Any variation and the administrator will be fired before he/she blinks again!
24 people like this.
Reply 8 - Posted by:
MissGrits 12/1/2022 7:23:51 AM (No. 1346405)
And then your funds will disappear … and miraculously in an inexplicable way end up in the pockets of the Dems or RINOs!
26 people like this.
Reply 9 - Posted by:
Mizz Fixxit 12/1/2022 7:36:46 AM (No. 1346416)
More evidence that you own nothing because government can confiscate your property anytime they want.
27 people like this.
Reply 10 - Posted by:
Krause 12/1/2022 7:42:39 AM (No. 1346420)
Taking an employees rightful money and using it for the idiotic democrat schemes. That's democrats for you. Democrats are bad people.
32 people like this.
Reply 11 - Posted by:
chance_232 12/1/2022 7:52:53 AM (No. 1346428)
This is how treasoncrats operate. First they make something optional or allow it. Soon, it will be mandatory.
The next step will be to require certain left wing investment funds be available for all 401k plans. Then federal contractors will be required to invest X-amount.
18 people like this.
Reply 12 - Posted by:
czechlist 12/1/2022 8:41:06 AM (No. 1346472)
The "sippery slope" is a right wing conspiracy theory - Heard it on MSNBC.
Fiduciary laws? The dims don't care 'bout no stinkin' laws!
13 people like this.
Reply 13 - Posted by:
Socio 12/1/2022 9:16:20 AM (No. 1346506)
Woke investments have a track record of 100% failure and now that they have finalized a rule allowing employers to funnel workers’ 401(k) funds into investments that support woke causes, next will come coercion of employers to funnel that money.
The Left is going to destroy 401K's like everything else they get their hands on.
13 people like this.
Reply 14 - Posted by:
LC Chihuahua 12/1/2022 9:18:31 AM (No. 1346508)
The country is run by criminals and criminal organizations.
14 people like this.
Reply 15 - Posted by:
felixcat 12/1/2022 9:21:45 AM (No. 1346510)
Well, the idiots keep voting for Democrats and so we all suffer.
10 people like this.
Reply 16 - Posted by:
red1066 12/1/2022 9:38:21 AM (No. 1346523)
I'm guessing this does not apply to workers with 401k plans and have no pension plan. In which case, this rule would apply to mostly federal and state workers. Most private companies got rid of pension plans for employees decades ago. I had full control over my 401k plan and invested my money where I wanted to. The company matched my contribution into my 401k plan and the money went where I was already investing.
7 people like this.
Reply 17 - Posted by:
Hazymac 12/1/2022 9:49:19 AM (No. 1346539)
This is theft. I wouldn't come within a thousand miles of these "investments."
5 people like this.
Reply 18 - Posted by:
paral04 12/1/2022 9:52:06 AM (No. 1346543)
How do these 150 million workers feel about the reckless investing in "Causes" instead of sound instruments? Will they stand for this? I certainty hope not.
5 people like this.
Reply 19 - Posted by:
Samsquanch 12/1/2022 10:06:34 AM (No. 1346576)
The evil of this man and his regime knows no bounds.
8 people like this.
Reply 20 - Posted by:
Edgelady 12/1/2022 10:08:55 AM (No. 1346579)
These elites all invested dollars in “green energy” back in Al Gore days - it’s been subsisting off of government subsidies, never good enough to make it on its own. Thieves are clever, find back door ways to steal your hard earned money…never using any of their own.
Isn’t this something that should be voted upon? Time to choose individual stocks and not funds.
3 people like this.
Reply 21 - Posted by:
vhs68 12/1/2022 10:21:33 AM (No. 1346592)
FTA: Ms. Gomez emphasized that investment managers may consider ESG factors when making decisions but are not required to do so......
Yes, but that will be changed as soon as they can.
3 people like this.
Reply 22 - Posted by:
BarryNo 12/1/2022 10:42:08 AM (No. 1346608)
Amazing how Democrats use military authority on people. In the service if an officer asks lower ranks to do something, it's NOT a suggestion.
3 people like this.
Reply 23 - Posted by:
Strike3 12/1/2022 11:01:21 AM (No. 1346624)
If they installed a smart meter on Al Gore's house the thing would blow up.
4 people like this.
Reply 24 - Posted by:
Strike3 12/1/2022 11:07:38 AM (No. 1346628)
Nobody in their right mind would voluntarily invest in leftist causes like green energy because losses are guaranteed. Once the automobile manufacturers go bust on EV production and are stuck with thousands of unsold cars, bankruptcy is the next step. Solar heating is failing to measure up everywhere except for the southwest and California and windmills are not producing enough to keep their own lights burning. The government needs to leave retirement funds alone but where else is Joe going to steal money from us? FJB
3 people like this.
Reply 25 - Posted by:
mc squared 12/1/2022 12:37:54 PM (No. 1346694)
Agencies have run amok. Only Congress can make laws. Oh, this is only a RULE!
3 people like this.
Reply 26 - Posted by:
Hermit_Crab 12/1/2022 1:23:41 PM (No. 1346718)
Does the 10% for the Big Guy come first, or is it part of the package?
3 people like this.
Reply 27 - Posted by:
lakerman1 12/1/2022 1:53:07 PM (No. 1346731)
2nd post apoogies, but, I used to teach this suff, and don't claim to be completely up to date.
However, a 401K is essentailly a defined contribution pension plan for the private sector. Governement and non profits have, usually, defined benefit pension plans, where the actual pension payment to the employee is based on a formula including years of service and a base percentge., and final years average pay.
A defined contribution plan creates a pension payment to employees based on the accumulated amount of money in each employee's account at retirement..
One of the unfortunate things that took place in the early yearsof the Reagan presidency was when his administration allowed corporate raiding just to get at the surplus of funds in defined benefit pension plans. It took them two years to realize what was happening, and they stopped it.
Federal employees hace a defined benefit pesion plan, with a supplemental defined contribtion plan under different numbers.
Federal employees have a sweet deal when it comes to pensions.
1 person likes this.
Reply 28 - Posted by:
Birddog 12/1/2022 2:12:16 PM (No. 1346736)
At the same time making plans/inroads, policies to eventual take over/subsidize/guarantee payments from hundreds of pension funds that are fiscally destined to fail because defined benefits have constantly increased while "Contributions" have been constantly put off by the Unions, municipalities, cities,counties, states. Ontario Teachers pension funds lost over $78Million 'invested' in FTX alone, the wokest of the woke....and the are simply shrugging it off as a "mere 0.005% of our investment pool". The Teachers Union Pension Fund is a $TRILLION 'non-profit'corporation, in the fortune 100...last I checked they were ranked between Caterpillar and Oracle, are one of the largest ag land holders in the country, largest property management companies in the world, own Vegas Casinos, Multiple Banks in Europe(TIAA)....yet constantly demand MORE from Tax Payers because "Teachers are underpaid, understaffed" though since 2000 student load has increased 7.6%, Teachers have increased 8.7%...and admin positions have increased 87.5%! While the costs per student has nearly doubled and standard test score/graduation rates/competency has plummeted by nearly 1/3.
2 people like this.
Reply 29 - Posted by:
Foghorn 12/1/2022 3:30:46 PM (No. 1346765)
Socialism at its finest. You can't make this up. Disney hit bottom with its latest flick by producing a movie with a gay character. They spent 148,000,000 on the film and have lost 1,400,000. That's why they are recalling Igor back to manage the company. Coca Cola is also getting some flack and increasing advertisements. Business is losing on the 'woke' programs. A good indicator that 'woke' is not accepted by the general public of America.
1 person likes this.
Reply 30 - Posted by:
Speedypetey 12/1/2022 4:04:05 PM (No. 1346782)
Oh great, a retirement fund with a negative ROI. Just like the hyperinflation the oligarchs that installed the demented fool just get richer.
2 people like this.
Reply 31 - Posted by:
Califedup 12/1/2022 4:49:25 PM (No. 1346812)
Can someone please point out where in the Constitution, the President or a Communist Dictator like FJB have the power to make this a law of the land? Someone? Anyone? Republicans?
3 people like this.
Reply 32 - Posted by:
Zigrid 12/1/2022 5:23:41 PM (No. 1346835)
Anything the government touches is doomed...it's just what President Reagan said..."if someone tells you they're here from the government to help you...run the other way"....just another way to tap into middle America's money...because the government thinks it's their money and you must do as they tell you...period!!
2 people like this.
Anybody that still has a 401k either doesn't care about what their employers are doing with it, or they are lefties themselves. Get your money out folks while you still can. Biden and company are coming for it all, and they will not content themselves with just a haircut.
3 people like this.
Reply 34 - Posted by:
watashiyo 12/1/2022 6:40:02 PM (No. 1346882)
Heard about this stuff several years ago during Doorknob Hussein's administration. They said this was coming to every household but America was too in love with a black grifter in the WH and the people never gave much thought to it. So now it's happening. Indeed, "choice" has consequences, and now, damage control may be too late. Like Rome, the fall of the Empire may happen before the Baby Boomers expire.
2 people like this.
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