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. New York City's five pension funds hold over $295 billion in assets, making them major institutional investors.
As
pensions make your eyes glaze over, that’s by design. The less attention they get, the more quietly Wall Street can profit from them.However, this money comes with power and contradictions, as pensions are designed to protect workers but can also undermine jobs or accelerate the climate crisis.
Key facts about pensions include:
- CalPERS manages approximately $575 billion in assets.
- New York City's five pension funds hold over $295 billion in assets.
- These funds represent over 750,000 current and retired public workers.
Author's summary: Pensions hold significant power and contradictions in shaping the economy.
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