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Politics vs. Fiduciary Resposibility - 8/16/2016 5:04:08 PM   
sloguy02246


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Status: offline 		Christie signs bill requiring anti-Israel firms divestment

08/16/16 12:24 PM ET
TRENTON, N.J. (AP) — New Jersey Gov. Chris Christie has signed legislation that would bar the state's public pension fund from investing with companies that boycott Israel or Israeli businesses.
The Republican governor signed the legislation Tuesday.
The legislation passed with overwhelming support in the Democrat-led Legislature in June.
The measure is part of a broader effort to oppose the so-called boycott, divestment and sanctions movement that targets Israel and Israeli businesses.
The legislation requires the State Investment Council, which manages more than $80 billion in pension assets, to identify any potential investments in companies with Israeli boycotts and to divest from them.
Copyright 2016 The Associated Press.


Given that all retirement fund administrators now have an enhanced fiduciary responsibility to a fund's participants, should local government be able to restrict the types of investment an administrator can make based solely on political concerns?

Further, if an administrator must sell off investments which are producing better than average returns to the fund, should local government be responsible for the loss of income to the fund's participants and be required to make them whole?

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RE: Politics vs. Fiduciary Resposibility - 8/16/2016 5:25:54 PM   
Termyn8or


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Status: offline 		Totally unconstitutional if privatized. If state employees administer the funds then they have the right to dictate whatever they do, as their employers. But any outsiders doing that work could fight this and win.

And if not, we are apparently an Israeli state and I for one, am sick of their bullshit and getting special treatment. We gave you a country, go there and stay the fuck out of our damn business. And the banks too, GTFO period. Shalom.

T^T

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RE: Politics vs. Fiduciary Resposibility - 8/16/2016 6:15:30 PM   
MasterG2kTR


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From: Wisconsin
Status: offline 		just goes to show Christie's ignorance. Why doesn't the legislation have the investments taking place within the borders of NJ, or at least within the USA? That would support jobs and people here instead of foreign interests.

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but three rights make a left
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RE: Politics vs. Fiduciary Resposibility - 8/16/2016 8:12:01 PM   
MrRodgers


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quote:

ORIGINAL: MasterG2kTR

just goes to show Christie's ignorance. Why doesn't the legislation have the investments taking place within the borders of NJ, or at least within the USA? That would support jobs and people here instead of foreign interests.

.....like small business and start-ups. That's the market of so-called job creators.

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RE: Politics vs. Fiduciary Resposibility - 8/16/2016 10:15:41 PM   
sloguy02246


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quote:

ORIGINAL: MrRodgers


quote:

ORIGINAL: MasterG2kTR

just goes to show Christie's ignorance. Why doesn't the legislation have the investments taking place within the borders of NJ, or at least within the USA? That would support jobs and people here instead of foreign interests.

.....like small business and start-ups. That's the market of so-called job creators.


Probably because administrators of retirement funds have a primary responsibility to protect the assets of the trust, i.e., invest them in non-risky endeavors (which is what small businesses and start-ups are, especially considering the failure rate of most start-ups).

These funds are supposed to provide continuous income for retirees so their choice of investments must be risk-adverse to a great degree and also maximize the return on investment within that parameter.

My question was whether or not funds should be prohibited from investing in vehicles that do not and will not invest in Israeli stocks, bonds, or funds, even if these vehicles provide a low risk and an acceptable return. If the only reason is because of political interests that have nothing to do with the financial health of the fund and its ability to continue to pay benefits to its participants, then I believe that fund administrators are being gamed by Christie and the legislature.

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RE: Politics vs. Fiduciary Resposibility - 8/16/2016 10:28:57 PM   
sloguy02246


Posts: 534
Joined: 11/5/2011
Status: offline 		Some information about the coming changes from the IRS regarding the fiduciary responsibilities of retirement plan administrators:


http://www.hrmorning.com/finally-feds-release-the-new-fiduciary-rule-for-retirement-plans/

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RE: Politics vs. Fiduciary Resposibility - 8/16/2016 10:32:28 PM   
Termyn8or


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quote:

ORIGINAL: MasterG2kTR

just goes to show Christie's ignorance. Why doesn't the legislation have the investments taking place within the borders of NJ, or at least within the USA? That would support jobs and people here instead of foreign interests.


No infrastructure.
No workers.
No market.

There's your answer.

T^T

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RE: Politics vs. Fiduciary Resposibility - 8/23/2016 3:58:03 AM   
Edwird


Posts: 3558
Joined: 5/2/2016
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quote:

ORIGINAL: sloguy02246


Given that all retirement fund administrators now have an enhanced fiduciary responsibility to a fund's participants, should local government be able to restrict the types of investment an administrator can make based solely on political concerns?

Further, if an administrator must sell off investments which are producing better than average returns to the fund, should local government be responsible for the loss of income to the fund's participants and be required to make them whole?



If your 'concern' is that various retirement funds might have to sell off anything in light of this latest, then calm down.

If anyone were stupid enough to invest in anything to do with Israel to begin with, he's already fired. No one has.

Isreal ranks with the US and Turkey and Mexico in so many economic measures.

That is; deep third world. Very low pay for workers, etc.

Give credit to the US for actually surviving this long on 'ass-fuck in the alley' capitalism, but that can only go on for so long.


< Message edited by Edwird -- 8/23/2016 4:03:12 AM >

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RE: Politics vs. Fiduciary Resposibility - 8/24/2016 9:25:04 AM   
vincentML


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quote:

Totally unconstitutional if privatized. If state employees administer the funds then they have the right to dictate whatever they do, as their employers. But any outsiders doing that work could fight this and win.

Totally agree with sloguy that this is a breech of fiduciary responsibility imposed upon the trustees by the politicos and opens the door for conflicts of interests on the part of politicians and their sponsors. The trustees should be held accountable by replacement if they are under performing the aims of the Fund but they should not receive political dictates.


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RE: Politics vs. Fiduciary Resposibility - 8/24/2016 9:33:12 AM   
vincentML


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quote:

ORIGINAL: MasterG2kTR

just goes to show Christie's ignorance. Why doesn't the legislation have the investments taking place within the borders of NJ, or at least within the USA? That would support jobs and people here instead of foreign interests.

The trusties do not owe a fiduciary duty to invest in the state or to support businesses or to apply political metrics to their investments. Their fiduciary duty is to the members of the Trust only. They are charged with getting the best and safest returns possible, as someone else mentioned above, for the long term. Watch the failure coming in Illinois.

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vML

Our lives begin to end the day we become silent about things that matter. ~ MLK Jr.

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