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The administration of Minnesota's public pension plans is unusual compared to other states in that our plan is administered by the Minnesota Board of Investments (MSBI), an agency comprised of four state political officials – the governor, attorney general, secretary of state, and secretary of state. Government Auditor.
Governor Tim Waltz, Attorney General Keith Ellison, Secretary of State Steve Simon and State Auditor Julie Blaha (all Democrats) oversee investment decisions on more than $100 billion in pension assets (Climate Change and Public Investment, September 13).
Until recently, pension fund management decisions were considered a political and fiduciary responsibility. Now that has changed.
Decades of history show that employees and retirees of all demographics succeed when measured against a company's risk-reward-based financial/investment market performance. Despite this fact, MSBI members are actively substituting proven methods for growing their retirement savings to achieve higher investment returns.
Pension plans, 401(k) accounts, and other retirement funds are being waged by Democrats and their friends from big corporations and Wall Street to perpetuate a culture war promoting environmental, social, and governance (ESG) investments along with individual freedoms and liberties. Market competition. Democrats promote ESG as a way to measure dozens of business-related financial issues based on a commitment to political and cultural agendas to create results that demonstrate a company's "social responsibility."
Financial institutions and credit rating companies provide ESG ratings to businesses. Companies that are considered "harder" to promote progressive social justice receive lower ESG scores. Businesses openly support and promote progressive causes to achieve high ESG scores. Companies with high ESG scores are rewarded with more investment dollars led by Democrats.
Hard-working Minnesotans have a right to know that Waltz, Ellison, Simon and Blaha are playing politics with public pension dollars, financially rewarding businesses with staggered goals. In the year In 2020, these same officials accepted a proposal to sell off some coal mining and manufacturing companies and transfer public pension dollars to organizations such as the United Nations that “participate in ESG alliances,” “with corporations on ESG issues,” and “MSBI.” On the Long-Term Impact of Carbon Emission Risks. "Reduce your investment".
If the social engineering investment decisions of Waltz, Ellison, Simon, and Blacher result in poor ROI and underfunded retirement plans, taxpayers will step in to make up the difference.
Politics shouldn't be an issue for MSBI, but Democrats are using our retirement savings to push progressive social engineering out of the legislative process to promote Barack Obama's "fundamental transformation of America." Democrats and their big business allies threaten the survival of our freedoms and way of life by dismantling constitutional protections. Minnesota should end the Social Security investment program put in place by Democrats and return to guaranteed investment requirements.
Eric Lucero, R-St. Michaels, and Mary Franson, R-Alexandria, are members of the Minnesota House.
