Launch a global movement for pension money investment in local communities.
When: Thursday, October 20th, 3:45 pm sharp.
What: California Pension Power joins Occupy LA in a march from LA City Hall (200 N. Spring) to the Los Angeles City Employee Retirement System (LACERS) (360 E. 2nd).
Why: to demand a) transparency in the 9-billion dollar investment portfolio b) divestiture from Wall Street banks & Exxon – investment in Los Angeles & our local communities.
Please meet me, Marcy Winograd, for the march from LA City Hall or join us at LACERS. Bring signs:
- “We are the 99%. Invest in us, our communities, not the 1%” or
- “Where is the money?” or
- “Divest from Wall Street Banks. Invest in LA.”
While we support secure and well-funded retirement systems, we cannot approve of public pension money invested in the institutions responsible for massive job loss and illegal home foreclosures in California.
As taxpayers who fund city services, we have a right to know where all the pension money for city employees is invested. Currently, citizens must jump through bureaucratic hoops, submitting a public records request to learn the specific stocks in which LACERS invests.
This is in contrast to transparent reporting on the part of other public employee pension funds, which post their portfolios on line. LACERS has, however, posted limited financial information on line, indicating the public employee retirement system is invested in Wall Street banks that illegally foreclosed on California homes.
The Los Angeles City Employees Retirement System, with about $9 billion in assets, reports the following core stock investments in its 2010 quarterly report:
JPMorgan Chase & Co. $43,080,488
Wells Fargo & Co. $27,486,925
Exxon Mobil Corp. $25,989,072
Time to build the new economy!
For more information on the LACERS’ pension fund, click on http://www.lacers.org/
For more information on the march, email Marcyteach@gmail.com
For more information on other pension fund investments, visit California Pension Power on Facebook
Copyright 2011 LA Progressive