CalPERS Cuts Off Nose to Spite Pensioners in Bid to be PC

Managers of the California Public Employees Retirement System (CalPERS) are investing in solar projects to be PC, against the interests of its pensioners.

What would you say is the main responsibility of a pension fund? If you came up with the intuitive “to pay out pensions,” you’re right. Unfortunately, too many pension fund managers seem to treat their role as a soapbox for advocating their personal beliefs using other people’s money. And “Point of No Returns,” a report released this week by the American Council for Capital Formation (ACCF), found that California pensioners and taxpayers will be paying the price for this investment activism.

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