Over the course of several decades, more than one dozen local retirement systems have successfully petitioned the Legislature to establish some or all of their pension plans in state law. Commonly codified plan elements include: contribution rates, benefit levels, and board composition. By securing their provisions in state law, this select group of state-governed systems has erected a major obstacle to community-driven reform and effectively cemented a series of unsustainable practices.
Keeping Politics Out of State Pensions: A Multi-State Survey of Proxy Voting Practices
State pensions, including Texas, have been influenced by the wave of political activism within the finance industry and need to develop tools to ensure they stop supporting such activism. Key points – Consolidation in the finance industry has enabled progressive political activists to coopt the industry to advance their agenda on issues ranging from climate...