Welcome to the latest edition of This Week in Pensions! We have gathered the best stories about pensions and retirement security from the previous week. This is the news you need to know in the fight for a secure retirement.
Comptroller Brad Lander versus BlackRock, Fidelity, and PanAgora in NYC Showdown
Last week, New York City Comptroller Brad Lander delivered an updated Net Zero Implementation Plan to the trustees of NYCERS, TRS, and BERS. In that update, he recommended that the systems discontinue using BlackRock, Fidelity, and PanAgora as asset managers.
“The systemic risk of the climate crisis threatens the long-term value of New York City’s pension funds,” said New York City Comptroller Brad Lander. “Our Net Zero plan is a core part of our fiduciary duty to protect these assets. I am pleased to report that 46 of our 49 public markets managers are aligned with our expectations for decarbonization; unfortunately, three are not. Today, I am calling on my fellow trustees to move our money away from the three asset managers – BlackRock, Fidelity, and PanAgora – who fail to address climate risk with the seriousness we expect.”
The Role of Politics in Pensions
Yesterday, the Alliance for Prosperity and a Secure Retirement responded to the comptroller’s plan, alleging the intent to use “retirement savings of dedicated city workers” to advance “Lander’s political ambitions.” APSR President Tim Hill issued a statement last week noting “pension funds exist to safeguard workers’ futures, and trustees must stay focused on maximizing returns, managing risk, and meeting their fiduciary duty.”
APSR further supports its case by amplifying a blog post from Frontiers of Freedom, an organization formed to tout the legacy of former President Ronald Reagan. The post accuses massive global money manager State Street of having a ‘woke’ agenda and cites the Oklahoma boycott list as proof. Frontiers of Freedom Institute is a nonprofit education and advocacy organization based in Fairfax, Virginia. It operates as the sister entity to the Frontiers of Freedom lobbying group. Both organizations were founded by the late former U.S. Senator Malcolm Wallop (R-WY). The Association’s association with Wallop seems dubious at best, considering that, in 1980, Senator Wallop used a pension reform bill as a vehicle to weaken OSHA safety standards, a measure opposed by the AFL-CIO.
The Freedom Foundation blog then links to propaganda from Unleash Prosperity’s 2025 “Putting Politics Over Pensions” report card. Uleash Prosperity is led by noted libertarian Steve Forbes and Dr. Arthur B. Laffer, the notorious inventor of trickle-down economics. In that sense, APSR and these far-right groups share the same aim: to neuter grassroots organizing and advocacy in pension debates. A consequence of this debate may be a reduction in opportunities for rank-and-file pensioners to have a voice in the pension governance processes vital to their families’ well-being.
Ultimately, core decisions about public pensions and investment strategies will be made by the 5,000 unique and varied boards and committees that oversee public pensions across the country, through trained trustee fiduciaries. These pensions were forged through politics and the legislation, with workers themselves using the lawmaking process to improve their retirement security.
NPPC will continue to note that a blanket message frame that advocates removing “politics” as a general concept from pension discourse is itself political. Further supporting these arguments with the assistance of a series of right-wing outlets, funded by the likes of Steve Forbes, is peculiar at best.
Indiana lawmakers advance proposal to open state-run Pension plans to Bitcoin
This week, Indiana House Bill 1042 was introduced in a Dec. 4 meeting of the Financial Institutions Committee, which would require several Indiana public pension and savings programs to add cryptocurrency exchange-traded funds (ETFs) to their regular menu of investment options. The bill is part of a broader package aimed at expanding the use of digital assets in pensions, payments, and mining across the state.
Be sure to check back next Friday for the latest news in the fight for a secure retirement! For now, sign up for NPPC News Clips to receive daily pension news from across the country directly to your inbox.