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Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Your retirement funds are on the radar - Democrats seek to funnel your retirement into woke causes....
Posted by:
You have been warned
()
Date: November 04, 2021 05:55PM
https://m.washingtontimes.com/news/2021/nov/3/joe-bidens-new-401k-rule-threatens-funnel-workers-/
A rule quietly proposed by the Biden administration would allow companies to consider factors such as climate change, diversity issues and even political donations when selecting employees’ 401(k) plans, potentially forcing workers to funnel some of their pay into woke causes.
The proposal explicitly directs retirement plan administrators and asset managers to consider environmental, social and corporate governance (ESG) factors when selecting investments.
A rule quietly proposed by the Biden administration would allow companies to consider factors such as climate change, diversity issues and even political donations when selecting employees’ 401(k) plans, potentially forcing workers to funnel some of their pay into woke causes.
The proposal explicitly directs retirement plan administrators and asset managers to consider environmental, social and corporate governance (ESG) factors when selecting investments.
Democrats are making moves to confiscate your private property...
Posted by:
You have been warned
()
Date: November 04, 2021 06:12PM
Currently, the largest defined contribution plan in the world is the Thrift Savings Plan (TSP), only available to federal employees and annuitants. At the end of last year, there was over $735 billion invested in the TSP’s available funds. One of the criticisms about the TSP is the lack of investment options, which are all managed by two companies: BlackRock and State Street Global Advisors. But that is all set to change drastically next summer when a “mutual fund window” will become available. Plan participants who choose to utilize this window will be able to select from thousands of mutual funds.
The selection process for those funds is currently underway, being conducted by the Federal Retirement Thrift Investment Board (FRTIB), which recently announced there are going to be ESG (environmental, sustainable, governance) investment options included. At the end of October, a group of Democrat Senators sent the FRTIB a letter to influence the board’s decisions pertaining to the inclusion of mutual funds that are managed by minority and female asset managers. While the FRTIB announced their intent to include such investment options back in 2017, the letter criticizes the ongoing selection of funds, arguing the current pool of qualified managers to choose from is too small to ensure a diverse group of fund managers. The letter also offers evidence that diversity brings “varied perspectives,” which is a good thing for an investment portfolio’s diversification. To exemplify this, the Senators cite a study from Goldman Sachs that showed between March and August 2020, 48% of mutual funds with female asset managers outperformed the market while 37% of male asset managers did the same.
The group of Senators, which included Cory Booker and Tim Kaine, also recommended that when the mutual fund window is made available, the platform that TSP participants use to select the funds makes it easy to identify which mutual fund options have diverse and female asset managers. The acting chairman of the FRTIB David Jones, to whom the correspondence was addressed, responded by noting there will be a tool for participants to view their fund choices by a “particular investment outlook” such as ESG funds or diversity. Jones also said he “looks forward” to responding to their letter. Biden’s nominee for FRTIB chairman, Javier Saade, is still waiting to be confirmed by the Senate.
Another argument made by the Senators is that having these options available could boost TSP participation as many Americans are actively searching for ways to combat racial and gender inequality. Those who make executive decisions regarding asset management at BlackRock, one of the companies managing the main TSP funds, are 20% female, 5% black, and 3% Hispanic. For the other company, State Street Global Advisors, their executive management is 32% female, 2% black, and 3% Hispanic.
https://stwserve.com/diversity-in-tsps-upcoming-mutual-fund-window/
The selection process for those funds is currently underway, being conducted by the Federal Retirement Thrift Investment Board (FRTIB), which recently announced there are going to be ESG (environmental, sustainable, governance) investment options included. At the end of October, a group of Democrat Senators sent the FRTIB a letter to influence the board’s decisions pertaining to the inclusion of mutual funds that are managed by minority and female asset managers. While the FRTIB announced their intent to include such investment options back in 2017, the letter criticizes the ongoing selection of funds, arguing the current pool of qualified managers to choose from is too small to ensure a diverse group of fund managers. The letter also offers evidence that diversity brings “varied perspectives,” which is a good thing for an investment portfolio’s diversification. To exemplify this, the Senators cite a study from Goldman Sachs that showed between March and August 2020, 48% of mutual funds with female asset managers outperformed the market while 37% of male asset managers did the same.
The group of Senators, which included Cory Booker and Tim Kaine, also recommended that when the mutual fund window is made available, the platform that TSP participants use to select the funds makes it easy to identify which mutual fund options have diverse and female asset managers. The acting chairman of the FRTIB David Jones, to whom the correspondence was addressed, responded by noting there will be a tool for participants to view their fund choices by a “particular investment outlook” such as ESG funds or diversity. Jones also said he “looks forward” to responding to their letter. Biden’s nominee for FRTIB chairman, Javier Saade, is still waiting to be confirmed by the Senate.
Another argument made by the Senators is that having these options available could boost TSP participation as many Americans are actively searching for ways to combat racial and gender inequality. Those who make executive decisions regarding asset management at BlackRock, one of the companies managing the main TSP funds, are 20% female, 5% black, and 3% Hispanic. For the other company, State Street Global Advisors, their executive management is 32% female, 2% black, and 3% Hispanic.
https://stwserve.com/diversity-in-tsps-upcoming-mutual-fund-window/
Re: Your retirement funds are on the radar - Democrats seek to funnel your retirement into woke causes....
Posted by:
more bs
()
Date: November 05, 2021 12:52PM
yawn
Re: Democrats are making moves to confiscate your private property...
Posted by:
Burp
()
Date: November 07, 2021 06:27PM
Woke 401(k) rule quietly moves forward
Almost exactly one year ago, the US Department of Labor issued a regulation requiring that employers and their financial advisers choose employee investment plans based solely on financial factors… and nothing else.
Even more specifically, the regulation prevents employers from choosing a mutual fund or ETF whose main objectives are anything other than financial, i.e. mutual funds which place social or environmental justice above investment returns.
The rule effectively stopped employers from injecting their personal beliefs into their employees retirement plans.
Yet earlier this year, new Labor Department under the administration of Hunter Biden’s dad announced that they would no longer enforce this rule.
Three weeks ago they went a step further and created a new regulation called “Financial Factors in Selecting Plan Investments”.
This new rule proposes to formally reverse the old regulation by expressly allowing businesses to “make investment decisions that reflect climate change and other environmental, social, or governance (“ESG”) considerations. . .”
The proposed regulation goes on for THIRTY THREE PAGES and outlines every possible woke investment initiative imaginable.
For example, the rule allows employers to invest your savings in a stock based solely on that company’s “progress on workforce diversity [and] inclusion. . .” as opposed to, you know, profit and growth potential.
But there’s something even more striking about this regulation.
Normally whenever the federal government proposes new rules and regulations, they give the public an opportunity to comment on the proposal… and these comments are made public.
In this case the comments are, in fact, NOT public.
The rule even claims that all comments will be made available on www.regulations.gov and www.dol.gov/agencies/ebsa
Yet public comments to this regulation are available at neither website.
Moreover, the rule also states that public comments will be made available to anyone who physically visits the Employee Benefits Security Administration’s (EBSA) office in Washington DC.
Yet according to the EBSA website, they have “temporarily moved to telephone and website contact only” because of COVID-1984.
So, at the moment, all public comments for this new regulation are being quietly buried as the deadline for its passage (December 13th) quickly approaches.
https://www.regulations.gov/document/EBSA-2021-0013-0001
Almost exactly one year ago, the US Department of Labor issued a regulation requiring that employers and their financial advisers choose employee investment plans based solely on financial factors… and nothing else.
Even more specifically, the regulation prevents employers from choosing a mutual fund or ETF whose main objectives are anything other than financial, i.e. mutual funds which place social or environmental justice above investment returns.
The rule effectively stopped employers from injecting their personal beliefs into their employees retirement plans.
Yet earlier this year, new Labor Department under the administration of Hunter Biden’s dad announced that they would no longer enforce this rule.
Three weeks ago they went a step further and created a new regulation called “Financial Factors in Selecting Plan Investments”.
This new rule proposes to formally reverse the old regulation by expressly allowing businesses to “make investment decisions that reflect climate change and other environmental, social, or governance (“ESG”) considerations. . .”
The proposed regulation goes on for THIRTY THREE PAGES and outlines every possible woke investment initiative imaginable.
For example, the rule allows employers to invest your savings in a stock based solely on that company’s “progress on workforce diversity [and] inclusion. . .” as opposed to, you know, profit and growth potential.
But there’s something even more striking about this regulation.
Normally whenever the federal government proposes new rules and regulations, they give the public an opportunity to comment on the proposal… and these comments are made public.
In this case the comments are, in fact, NOT public.
The rule even claims that all comments will be made available on www.regulations.gov and www.dol.gov/agencies/ebsa
Yet public comments to this regulation are available at neither website.
Moreover, the rule also states that public comments will be made available to anyone who physically visits the Employee Benefits Security Administration’s (EBSA) office in Washington DC.
Yet according to the EBSA website, they have “temporarily moved to telephone and website contact only” because of COVID-1984.
So, at the moment, all public comments for this new regulation are being quietly buried as the deadline for its passage (December 13th) quickly approaches.
https://www.regulations.gov/document/EBSA-2021-0013-0001
Re: Your retirement funds are on the radar - Democrats seek to funnel your retirement into woke causes....
Posted by:
xasasder
()
Date: January 24, 2022 05:52AM
I am happy with such an initiative because the changes made at the government level can have a significant impact. In this way, people can become more aware of climate change. For example, I support small initiatives. I invest 2% of my income in a non-governmental organization fighting climate change. Because it's about giving, not just receiving, this is one of my values and a goal in my financial independence early retirement?. plan. So, in addition to investing in stocks, real estate, and ETFs, they are also investing in education.
Edited 1 time(s). Last edit at 01/24/2022 05:55AM by xasasder.
Edited 1 time(s). Last edit at 01/24/2022 05:55AM by xasasder.
Re: Your retirement funds are on the radar - Democrats seek to funnel your retirement into woke causes....
Posted by:
not a issue
()
Date: January 24, 2022 04:50PM
The quick solution to that is not to choose the funds that you are not happy with or you can roll your entire 401k into a IRA and then pick from thousands of funds that you want to invest in.
Re: Your retirement funds are on the radar - Democrats seek to funnel your retirement into woke causes....
Posted by:
Drill Baby Drill!
()
Date: January 24, 2022 05:12PM
xasasder Wrote:
-------------------------------------------------------
> I am happy with such an initiative because the
> changes made at the government level can have a
> significant impact. In this way, people can become
> more aware of climate change. For example, I
> support small initiatives. I invest 2% of my
> income in a non-governmental organization fighting
> climate change. Because it's about giving, not
> just receiving, this is one of my values and a
> goal in my
> [url=https://www.humaninvesting.com/retirement-pla
> n-services]financial independence early
> retirement?.[/url] plan. So, in addition to
> investing in stocks, real estate, and ETFs, they
> are also investing in education.
And I prefer to burn fossil fuels at maximum levels. Drill baby drill!
-------------------------------------------------------
> I am happy with such an initiative because the
> changes made at the government level can have a
> significant impact. In this way, people can become
> more aware of climate change. For example, I
> support small initiatives. I invest 2% of my
> income in a non-governmental organization fighting
> climate change. Because it's about giving, not
> just receiving, this is one of my values and a
> goal in my
> [url=https://www.humaninvesting.com/retirement-pla
> n-services]financial independence early
> retirement?.[/url] plan. So, in addition to
> investing in stocks, real estate, and ETFs, they
> are also investing in education.
And I prefer to burn fossil fuels at maximum levels. Drill baby drill!