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Resolutions & Amendments

36th International Convention - Anaheim, CA (2004)

Increasing Representation on Public Pension Plan Investment Boards

Resolution No. 61
36th International Convention
June 21 - 25, 2004
Anaheim, CA

WHEREAS:

The retirement assets of AFSCME members represent their deferred wages; and

WHEREAS:

A large number of public pension systems have either very limited or no active employee or retiree beneficiaries serving as trustees on their investment boards; and

WHEREAS:

When there is no employee representation on investment boards, financial and political interests often use the fund in ways that do economic harm to public workers and retirees; and

WHEREAS:

Florida Governor Jeb Bush, who controls Florida's pension system, used nearly $200 million of our members' retirement dollars to bail out of bankruptcy the notorious privatizer Edison Schools, and other privatizers are actively looking for public pension fund investments; and

WHEREAS:

Many investment firms, such as American Express, have been strong supporters of the American Legislative Exchange Council (ALEC), which works against the interests of AFSCME members and their families. Other investment firm executives, such as Henry Paulson, CEO of Goldman Sachs and John Mack of Credit Suisse, have been leading Bush fundraisers; and

WHEREAS:

Pensions systems with AFSCME member representation, including Ohio PERS, CalPERS, and NYCERS have been leading efforts to restrict the use of public pension fund investments in privatizing firms; and

WHEREAS:

AFSCME has a comprehensive program for recruiting, training and supporting trustees to serve on public pension boards.

THEREFORE BE IT RESOLVED:

That AFSCME will work to ensure that the boards of trustees of public pension systems having investment authority are structured to include majority representation of active members and retirees; and

BE IT FURTHER RESOLVED:

That AFSCME affiliates will make it a priority to recruit and support the election of members and retirees to pension boards; and

BE IT FINALLY RESOLVED:

That AFSCME, through member trustees, will promote pension investment policies that restrict privatizing investments, support investments that create jobs and stabilize taxes, create responsible contractor requirements, and support other pro-worker actions as a means of establishing long-term and secure retirement benefits.

SUBMITTED BY:

Charlie Adkins, President and Delegate
AFSCME Local 1699, Council 8
Ohio