\
  The most prestigious law school admissions discussion board in the world.
BackRefresh Options Favorite

Biden's new rule authorizes gambling away your 401k on diversity nonsense

https://www.wsj.com/articles/joe-biden-puts-your-401-k-to-es...
Orchid Fat Ankles Space
  11/25/22
>Workers automatically enrolled in default funds can opt ...
lemon concupiscible area rigor
  11/25/22
The big push from Obama onward (based on work by Cass Sunste...
Orchid Fat Ankles Space
  11/25/22
Book "Nudge" he wrote is a great inside look at ho...
Drunken Dun Love Of Her Life
  11/25/22
...
Orchid Fat Ankles Space
  11/25/22
...
excitant ultramarine turdskin
  11/25/22
...
Adventurous pink parlour
  11/25/22
...
Provocative Stock Car Hospital
  11/26/22
So let me get this straight: If I don't like how my employer...
Mind-boggling wrinkle
  11/26/22
let's have everyone's default vote be republican. all you ha...
territorial canary indian lodge
  11/26/22
i think the idea is the default would be maximizing likely r...
Beady-eyed Digit Ratio
  11/26/22
You're a 50-year old pedophile and extremely Jewish (and stu...
Flirting coral sandwich tanning salon
  11/26/22
The better option (in your particular case) would be to comm...
Mustard boyish point
  11/26/22
It is just codified larceny by trick — the same as if ...
Orchid Fat Ankles Space
  11/26/22
Have you read his new book, Sludge?
Smoky haunted graveyard
  11/26/22
Sounds fake (smudge) but it's real and it looks pretty good.
Orchid Fat Ankles Space
  11/26/22
...
Provocative Stock Car Hospital
  11/26/22
It's insane that wagecucks are dependent on an employer to p...
Drunken Dun Love Of Her Life
  11/25/22
...
Orchid Fat Ankles Space
  11/25/22
do companies really not have index funds like VTI as options...
lemon concupiscible area rigor
  11/25/22
My current company has a suite of great Vanguard funds but a...
Drunken Dun Love Of Her Life
  11/25/22
Every company I have ever worked at has had some low cost in...
Mind-boggling wrinkle
  11/26/22
Lol you need to make some threads about your time at Haireno...
Scarlet orchestra pit
  11/26/22
I've just accepted that much of my future is dependent on Br...
bonkers up-to-no-good legal warrant forum
  11/26/22
Except that ESG funds have actually outperformed the market ...
Mind-boggling wrinkle
  11/26/22
1. Not anymore bucko. Pull up a chart of SUSL or ESGU or wha...
Milky Mentally Impaired Kitty Cat
  11/26/22
The government is smart like that.
Smoky haunted graveyard
  11/26/22
...
Snowy ape indirect expression
  11/25/22
How long do we have? I’m only 13 years away from doing...
Gay Water Buffalo
  11/25/22
:/
Orchid Fat Ankles Space
  11/25/22
This concerns me but I'm not clear on what exactly to expect...
geriatric senate cuck
  11/26/22
Supreme Leader AOC has seized it to pay for dem programs
henna lodge cuckoldry
  11/26/22
social credits have replaced money as the currency of choice...
territorial canary indian lodge
  11/26/22
Yes, I'm sure that the government is going to just seize the...
Mind-boggling wrinkle
  11/26/22
(Bookmarked this comment so I can blank bump it in 2055)
Scarlet orchestra pit
  11/26/22
Are individual withdrawal penalties suspended too if i plan ...
Odious kink-friendly crotch
  11/25/22
Lmao
Orchid Fat Ankles Space
  11/25/22
Not sure why the gov’t would want to make it harder fo...
Odious kink-friendly crotch
  11/25/22
...
Razzle-dazzle yapping heaven tattoo
  11/25/22
This is just looking for a good press release, and creating ...
Obsidian sound barrier
  11/25/22
I don't think that's what the rule is doing (vel non) but I'...
Orchid Fat Ankles Space
  11/25/22
same here. happy to be corrected if i got it wrong
Obsidian sound barrier
  11/26/22
The big funds (Vanguard, Blackrock, etc) were already pushin...
Walnut Box Office Gaping
  11/26/22
...
Orchid Fat Ankles Space
  11/26/22
when (and how) did vanguard did taken over by the esg crowd?
excitant ultramarine turdskin
  11/26/22
It makes sense why they would push it. Before their whole fu...
Arousing church building
  11/26/22
Correct. What more evidence do people need to see that powe...
french vermilion newt roast beef
  11/26/22


Poast new message in this thread



Reply Favorite

Date: November 25th, 2022 1:59 PM
Author: Orchid Fat Ankles Space

https://www.wsj.com/articles/joe-biden-puts-your-401-k-to-esg-work-department-of-labor-rule-11669234852

The Biden regulatory machine doesn’t rest, even in Thanksgiving week. On Tuesday the Labor Department finalized a rule that empowers retirement plan sponsors to invest based on environmental, social and governance (ESG) factors and put your 401(k) to progressive political work.

The Labor Department casts its rule as a mere clarification of the 1974 Employee Retirement Income Security Act (Erisa), which requires that retirement plan sponsors act “solely in the interest” of participants and beneficiaries. A Trump Labor rule barred retirement managers from considering factors that weren’t material to financial performance and risk.

Asset managers and union pension plans claimed the Trump rule limited their discretion to consider such ESG factors as climate, workforce diversity and labor relations. The Biden DOL says it created a “chilling effect” on ESG investing. Its replacement rule gives plan sponsors nearly unlimited discretion and legal protection to invest based on these often political considerations.

“A fiduciary may reasonably conclude that climate-related factors” including “government regulations and policies to mitigate climate change, can be relevant to a risk/return analysis of an investment,” the rule says. Ditto workforce diversity, inclusion and labor relations since they may affect employee hiring, retention and productivity.

Government climate policies can no doubt affect financial performance, but not necessarily in the way that ESG investors say. Fossil-fuel producers are reaping enormous profits as Western governments seek to restrict supply. A pension plan that divests from fossil fuels would be less diversified and probably produce lower returns over the long term.

Many ESG investing strategies take into account future policies that would be needed to meet the Paris CO2 emissions targets but which may never be implemented because the economic costs are higher than society is willing to bear. Is it prudent for retirement plan managers to shun companies that don’t plan for a “net-zero” world that may never arrive?

DOL offers a long list of debatable theories and studies to support its claim that social and governance factors might be important investment considerations. “Labor-relations factors, such as reduced turnover and increased productivity associated with collective bargaining, also may be relevant to a risk and return analysis,” the rule says.

The main point of the Biden rule is to give legal protection to retirement plan fiduciaries that invest based on ESG. A secondary goal is to steer more retirement savings into ESG funds that often charge higher fees by allowing retirement sponsors to offer them as default options in 401(k) plans. Workers automatically enrolled in default funds can opt out, but they usually don’t.



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543450)



Reply Favorite

Date: November 25th, 2022 2:02 PM
Author: lemon concupiscible area rigor

>Workers automatically enrolled in default funds can opt out, but they usually don’t.

lol goyim

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543460)



Reply Favorite

Date: November 25th, 2022 2:04 PM
Author: Orchid Fat Ankles Space

The big push from Obama onward (based on work by Cass Sunstein) has been to find ever more new and innovative ways to chisel the inattentive out of their money and freedoms.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543463)



Reply Favorite

Date: November 25th, 2022 2:14 PM
Author: Drunken Dun Love Of Her Life

Book "Nudge" he wrote is a great inside look at how the overclass views the peasants. Can't directly oppress them as much any more, but can make their "default" options a bit "better" HeHe

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543493)



Reply Favorite

Date: November 25th, 2022 2:20 PM
Author: Orchid Fat Ankles Space



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543517)



Reply Favorite

Date: November 25th, 2022 2:28 PM
Author: excitant ultramarine turdskin



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543553)



Reply Favorite

Date: November 25th, 2022 4:06 PM
Author: Adventurous pink parlour



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543997)



Reply Favorite

Date: November 26th, 2022 6:32 AM
Author: Provocative Stock Car Hospital



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45545777)



Reply Favorite

Date: November 26th, 2022 11:10 AM
Author: Mind-boggling wrinkle

So let me get this straight: If I don't like how my employer is investing my 401k money, all I have to do is go my 401k's web site and push a couple buttons to change it. And this is an example of "oppression" because most people are too stupid to do this? And it would be less "oppressive" if the default were a money market account earning 0.6%?

Is that your stance here, reptile? It sure seems to me that some of you just love to find things to be outraged about.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546281)



Reply Favorite

Date: November 26th, 2022 11:18 AM
Author: territorial canary indian lodge

let's have everyone's default vote be republican. all you have to do to vote democrat is show an id and vote democrat

wahhh wahhh wahhh voter suppression!!!

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546328)



Reply Favorite

Date: November 26th, 2022 11:20 AM
Author: Beady-eyed Digit Ratio

i think the idea is the default would be maximizing likely returns, which is obviously what everyone who doesn't have blue hair and a "Dog Mom" tattoo wants

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546336)



Reply Favorite

Date: November 26th, 2022 11:21 AM
Author: Flirting coral sandwich tanning salon

You're a 50-year old pedophile and extremely Jewish (and stupid)

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546343)



Reply Favorite

Date: November 26th, 2022 11:22 AM
Author: Mustard boyish point

The better option (in your particular case) would be to commit suicide. Thx

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546347)



Reply Favorite

Date: November 26th, 2022 12:17 PM
Author: Orchid Fat Ankles Space

It is just codified larceny by trick — the same as if a sticky fingered cashier shortchanged everybody at checkout, only to explain, "oh, but it's our policy! It's, uh, for a good cause!"

This kind of theft is regressive and makes society worse overall, since you've always got to be vigilant lest you get robbed by the woke mob.

And, more concretely, many employer plans have not just crappy defaults but a crappy menu of options.

The rule is indefensible.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546605)



Reply Favorite

Date: November 26th, 2022 1:42 PM
Author: Smoky haunted graveyard

Have you read his new book, Sludge?

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546927)



Reply Favorite

Date: November 26th, 2022 6:34 PM
Author: Orchid Fat Ankles Space

Sounds fake (smudge) but it's real and it looks pretty good.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45548037)



Reply Favorite

Date: November 26th, 2022 6:32 AM
Author: Provocative Stock Car Hospital



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45545776)



Reply Favorite

Date: November 25th, 2022 2:14 PM
Author: Drunken Dun Love Of Her Life

It's insane that wagecucks are dependent on an employer to pick good funds-- even if you're alert enough to opt out of the default funds that doesn't mean the options are any good. Only a matter of time before the next step is making it so companies ONLY offer their employees "ESG" plans, forcing them to accept below market returns to pay tribute to the lib hivemind

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543490)



Reply Favorite

Date: November 25th, 2022 2:20 PM
Author: Orchid Fat Ankles Space



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543516)



Reply Favorite

Date: November 25th, 2022 2:23 PM
Author: lemon concupiscible area rigor

do companies really not have index funds like VTI as options?

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543531)



Reply Favorite

Date: November 25th, 2022 2:52 PM
Author: Drunken Dun Love Of Her Life

My current company has a suite of great Vanguard funds but at a prior company I worked at had some FLAME index funds from T Rowe Price. They're like the Vanguard funds but have a much higher expense ratio. Companies like them because T Rowe Price charges less to administer a 401(k) (because they're sneakily getting the money from the employees). Companies use shitty 401(k)'s either because they're stupid or as a way to cut compensation in a non-obvious way.

Insane that a chunk of your future is so dependent on Brenda from HR not being stupid.

Of course the reality of the modern economy is we're all changing jobs so you can liberate the money from a 401k into an IRA when you do so. But still this is stupid.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543642)



Reply Favorite

Date: November 26th, 2022 11:16 AM
Author: Mind-boggling wrinkle

Every company I have ever worked at has had some low cost index/target-date retirement funds as an option. Well, every company except one. That company only offered funds from some life insurance company, each of which had 3% or higher expense ratios. It was completely ridiculous. I don't want to publicly shame the company by naming it, but let's just say that it rhymes with "Hairanos." I was absolutely shocked when they were exposed as a giant fraud given how well that company was managed during my time there.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546309)



Reply Favorite

Date: November 26th, 2022 4:41 PM
Author: Scarlet orchestra pit

Lol you need to make some threads about your time at Hairenos.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45547669)



Reply Favorite

Date: November 26th, 2022 11:17 AM
Author: bonkers up-to-no-good legal warrant forum

I've just accepted that much of my future is dependent on Brenda from HR.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546322)



Reply Favorite

Date: November 26th, 2022 11:12 AM
Author: Mind-boggling wrinkle

Except that ESG funds have actually outperformed the market during the time interval that they have existed. Odd case.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546286)



Reply Favorite

Date: November 26th, 2022 6:57 PM
Author: Milky Mentally Impaired Kitty Cat

1. Not anymore bucko. Pull up a chart of SUSL or ESGU or whatever. The best performing sector on is now energy.

2. To the extent ESG products did outperform in 2020 and 2021, it was because it was a self-fulfilling prophecy. Lots of pension funds want to green-wash -> put money into ESG -> bids up the price of ESG assets. The rub is that when you look at the underlying profitability of all these ESG darlings (e.g. FCF yield) you will quickly find it is SPS compared to the broad market.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45548103)



Reply Favorite

Date: November 26th, 2022 7:16 PM
Author: Smoky haunted graveyard

The government is smart like that.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45548157)



Reply Favorite

Date: November 25th, 2022 2:15 PM
Author: Snowy ape indirect expression



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543496)



Reply Favorite

Date: November 25th, 2022 4:11 PM
Author: Gay Water Buffalo

How long do we have? I’m only 13 years away from doing SEPP with my 401k

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45544010)



Reply Favorite

Date: November 25th, 2022 4:33 PM
Author: Orchid Fat Ankles Space

:/



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45544095)



Reply Favorite

Date: November 26th, 2022 4:46 AM
Author: geriatric senate cuck

This concerns me but I'm not clear on what exactly to expect. It's 2050 and we need to pull out the money. What has happened to it in the worst case?

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45545734)



Reply Favorite

Date: November 26th, 2022 6:21 AM
Author: henna lodge cuckoldry

Supreme Leader AOC has seized it to pay for dem programs

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45545767)



Reply Favorite

Date: November 26th, 2022 11:47 PM
Author: territorial canary indian lodge

social credits have replaced money as the currency of choice.

are you woke or are you broke?

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45548995)



Reply Favorite

Date: November 26th, 2022 11:17 AM
Author: Mind-boggling wrinkle

Yes, I'm sure that the government is going to just seize the most valuable asset that most people own without any protests at all from voters or the court system. JFC you reptiles are stupid.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546317)



Reply Favorite

Date: November 26th, 2022 4:43 PM
Author: Scarlet orchestra pit

(Bookmarked this comment so I can blank bump it in 2055)

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45547680)



Reply Favorite

Date: November 25th, 2022 2:56 PM
Author: Odious kink-friendly crotch

Are individual withdrawal penalties suspended too if i plan to spend the money to promote diversity?

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543668)



Reply Favorite

Date: November 25th, 2022 2:56 PM
Author: Orchid Fat Ankles Space

Lmao

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543670)



Reply Favorite

Date: November 25th, 2022 3:00 PM
Author: Odious kink-friendly crotch

Not sure why the gov’t would want to make it harder for me to support Black-Owned Businesses in my Area

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543685)



Reply Favorite

Date: November 25th, 2022 4:05 PM
Author: Razzle-dazzle yapping heaven tattoo



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45543992)



Reply Favorite

Date: November 25th, 2022 6:19 PM
Author: Obsidian sound barrier

This is just looking for a good press release, and creating gobbledygook to get there:

--

Asset managers and union pension plans claimed the Trump rule limited their discretion to consider such ESG factors as climate, workforce diversity and labor relations. The Biden DOL says it created a “chilling effect” on ESG investing. Its replacement rule gives plan sponsors nearly unlimited discretion and legal protection to invest based on these often political considerations.

“A fiduciary may reasonably conclude that climate-related factors” including “government regulations and policies to mitigate climate change, can be relevant to a risk/return analysis of an investment,” the rule says. Ditto workforce diversity, inclusion and labor relations since they may affect employee hiring, retention and productivity.

--

previously you could of course consider these factors to the extent they were "relevant to a risk/return analysis of an investment"

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45544456)



Reply Favorite

Date: November 25th, 2022 6:34 PM
Author: Orchid Fat Ankles Space

I don't think that's what the rule is doing (vel non) but I'm too lazy to go to the actual reg.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45544493)



Reply Favorite

Date: November 26th, 2022 11:13 AM
Author: Obsidian sound barrier

same here. happy to be corrected if i got it wrong

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546295)



Reply Favorite

Date: November 26th, 2022 7:30 AM
Author: Walnut Box Office Gaping

The big funds (Vanguard, Blackrock, etc) were already pushing ESG on pain on becoming activist on every public company — it’s truly insane.

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45545823)



Reply Favorite

Date: November 26th, 2022 7:30 AM
Author: Orchid Fat Ankles Space



(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45545825)



Reply Favorite

Date: November 26th, 2022 1:40 PM
Author: excitant ultramarine turdskin

when (and how) did vanguard did taken over by the esg crowd?

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45546921)



Reply Favorite

Date: November 26th, 2022 7:32 PM
Author: Arousing church building

It makes sense why they would push it. Before their whole fucking job was to make you money or people would bitch and now they can lose money and say how your lost money did some kind of “good.” It’s a huge fucking scam

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45548236)



Reply Favorite

Date: November 26th, 2022 11:52 PM
Author: french vermilion newt roast beef

Correct. What more evidence do people need to see that power structures around the world are taking orders from the UN/WEF. Was it not enough that every leader was parroting 'build back better' a couple years ago?

(http://www.autoadmit.com/thread.php?thread_id=5241930&forum_id=2#45549007)