WASHINGTON—A new edition of an influential report published by the American Federation of Teachers exposes Wall Street asset managers who earn millions in fees from defined-benefit pension plans while simultaneously taking actions that can undermine their very existence.
“Ranking Asset Managers: A Retirement Security Report on Money Managers for Pension Fund Trustees” (sixth edition), distributed this morning at the Council of Institutional Investors’ Spring Conference, includes a “watch list” of managers who earn fees from investing workers’ defined-benefit pensions while also working behind the scenes to diminish or eliminate those plans.
Workers’ retirement security should not be a Wall Street gamble. Our immediate goal is to make sure the public, our members and public pension trustees are aware of the named managers’ actions. Our long-term goal is retirement security for all.