This op-ed by Kevin O’Connor originally appeared in Morning Consult on January 28, 2021. Thousands of Americans will lose their pension plan benefits if lawmakers fail to act. Over the past several years, we have seen pension investments shift from relatively safe holdings toward riskier assets. Although investing in assets such as hedge funds, private […]
Commentary
DOL Final Rule Limits Proxy Voting by Retirement Plan Fiduciaries
This article originally appeared in SHRM on December 15, 2020. Retirement plan fiduciaries will be barred from casting corporate-shareholder proxy votes in favor of social or political positions that don’t advance the financial interests of retirement plan participants, under a Department of Labor (DOL) final rule released on Dec. 11. These matters are often referred to as […]
The Department of Labor ‘s New Rule is a Much-Needed Step Toward Ensuring Fiduciary Obligations
Today the Department of Labor took a much-needed step toward ensuring positive, long-overdue reforms to the role that proxy advisory firms play in ERISA-backed pension fund management through their finalized rule titled, “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights.” . Following the rule’s release, Chris Burnham of the Institute for Pension Fund Integrity said, […]
Commentary: The OCC Is Right – Banks Have No Right To Politicize Their Lending Practices
This article originally appeared in Forbes on December 10, 2020. Fiduciary duty requires all money managers, trustees, and advisors to make investment decisions based solely on risk and return. It does not include decisions based on political whim or the political flavor of the day. Twenty-five years ago, it was tobacco companies; today it is […]
Commentary: Labor Dept. Right to Put Pensioners’ Interest First
This op-ed originally appeared in the Chief-Leader on Nov. 23, 2020. In 1973, I joined the New York City Fire Department after serving in the U.S. Army in Vietnam. I spent 28 years with the department, rising to the rank of Captain while concurrently serving as the President of the Uniformed Fire Officers Association […]
In Case You Missed It – The Department of Labor has Issued a Finalized Rule on ESG Investing in ERISA Pension Plans
Washington, DC – The Department of Labor has finalized and released a new rule on tax-qualified retirement plans governed by the Employee Retirement Income Security Act (ERISA) in order to codify the extent to which Environmental, Social, and Governance (ESG) considerations factor into investment decisions. As laid out in the rule, ERISA plan fiduciaries may not invest in ESG vehicles […]
Commentary: “Pension Beneficiaries Should Celebrate The DOL’s New Investment Rule To Restore Fiduciary Responsibility”
This article originally appeared in Forbes on November 16, 2020. Pension funds, whether public or private, are under assault. Politicians, and investment managers kowtowing to politicians, want to inject all kinds of personal political decisions on the management of our retirement money. Twenty-five years ago, the flavor of the day was tobacco. Today it is […]
Editorial: “Labor vs. the ESG Racket”
This editorial originally appeared in the Wall Street Journal on November 16, 2020. One of the stakes in who controls the Senate in 2021 is the fate of the Trump Administration’s deregulation project. A GOP Senate could block Democrats from using of the Congressional Review Act to overturn important rules. A valuable case in point […]
Commentary: “The Political Games Proxy Advisors Play With Workers Retirement Security”
This op-ed originally appeared in TownHall and affiliated outlets on October 19, 2020. Over the next several weeks, the Department of Labor will begin to sift through the public comments on their recently proposed rule “Fiduciary Duties Regarding Proxy Voting and Shareholder Rights,” seeking the best course of action to ensure that pension beneficiaries across […]
SEC Shareholder Move Angers Institutions
This article, written by Brian Croce, originally appeared in Pensions & Investments on October 5, 2020. New amendments adopted by the Securities and Exchange Commission to raise the thresholds for submitting and resubmitting shareholder proposals in subsequent years has drawn the ire of investors large and small. “The amendments weaken the voice of investors and […]