Private pension funds are not as fragile as state and municipal pensions because they have tighter regulatory rules that govern their accounting and contribution rate requirements, according to Equable Institute.
A letter from the comptroller to major state-employee pensions provides a list of "energy boycotters," claiming firms including BlackRock, UBS, and Credit Suisse "should not ... benefit from assets invested for the future of Texans while simultaneously undermining our state's economic future."
Forty-nine GOP senators, as well as Sen. Joe Manchin, plan to reintroduce a resolution attempting to block enforcement of the DOL's new ESG regulation for retirement plans, which took effect Monday.
The debate's likely to continue over whether 401(k) plan sponsors should consider environmental, social and governance factors when selecting investment options, but the rule creates new opportunities for advisors.
The selloff to meet margin calls comes after the BOE confirmed it will end its emergency bond-buying program; reverberations were felt from Sydney to Frankfurt to New York.
A resolution was adopted to restrict the use of sustainability factors in making investment decisions in the Florida Retirement System defined-benefit plan.
