Republican presidential candidate Vivek Ramaswamy sparred with New York City Comptroller Brad Lander on Tuesday over considering green investments for pension plans.
“I am frankly worried about the pension plan participants in the funds because fossil fuel companies dramatically outperform the S&P by almost 80 percent and they outperformed the very ESG funds that divested from fossil fuel companies by nearly 100 percent,” Ramaswamy said during an appearance on CNBC’s “Last Call.”
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Municipal pension plan investment returns were a “wild rollercoaster ride” in 2021 and 2022 with boom or bust results over that two-year period.
Many cities reported record-setting returns in 2021 as high as 33.7% only to find negative returns in 2022. The swing meant billions of dollars to many municipalities’ pension funds.
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In an audit for the Central Bucks Regional Police Pension Plan, the auditor general criticized officials for inconsistent and authorized pension benefits. Pension plans are governed by Act 205 and Act 600 in state law, which sets regulations and guidelines on allowable pension benefits.
However, the latest collective bargaining agreement between police officers and the regional police commission “granted a length of service increment in excess of the plan’s governing document,” the report noted.
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