February 9, 2018
Washington: City Controller Scott Stringer accuses our organization and others of using “alternative facts” in exposing his political mismanagement of public pension funds (“Don’t believe the campaign against pension divestment,” Op-Ed, Feb. 6). It is Stringer, however, who has failed to provide the facts. As our recent report showed, using New York City’s retirement system’s assets as leverage to effect social change in corporate boardrooms — and the continued direction of public dollars into underperforming social investments — has come at the expense of the city firefighters, police officers and teachers Stringer was elected to protect. Despite four out of every five dollars collected by the city’s personal income tax going to pension liabilities — a 567% increase over the past 15 years — the funds are at least $56 billion in the red. His new push to divest the pension funds from energy investments further disregards reports that find such a move would cost millions.
Tim Doyle, Vice president of policy and general counsel, American Council for Capital Formation