New York City has announced that it will “divest fossil fuel investments from its $189 billion public pension funds over the next five years.” New York City justifies this investment restriction due to global warming concerns. But, imposing restrictions on public pension fund managers will not achieve the goal of punishing the targeted industries. It will make the already large problem unfunded liability problem facing public pensions even worse. Managing Editor, Wayne Winegarden, explains why in his latest Forbes editorial here.

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