Biden's new rule authorizes gambling away your 401k on diversity nonsense
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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)
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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) |
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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) |
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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) |
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:
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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.
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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) |
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