The Pain and Possibility of Pensions
A roundtable discussion with New York City Comptroller Brad Lander, CalPERS board member and SEIU Local 521 President Mullissa Willette and Evan Sutton of #TeslaTakedown.
Pensions are often overlooked, but they play a significant role in shaping the economy. The largest public pension fund in the country, CalPERS, manages approximately $575 billion in assets. In New York City, five pension funds hold more than $295 billion in assets.
As
the less attention they get, the more quietly Wall Street can profit from them, these massive funds have the power to influence the economy. However, their investments can also have negative consequences, such as undermining jobs or accelerating the climate crisis.
Key facts about pensions include:
- CalPERS manages approximately $575 billion in assets.
- New York City's five pension funds hold more than $295 billion in assets.
- Pensions have the power to shape the economy and influence the lives of workers.
Author's summary: Pensions have significant economic influence and power.