Massachusetts’ public pension fund lost more than half a billion dollars due to fossil fuel investments during the fiscal year that ended in June, according to new data analysis released Monday from Trillium Group. The Massachusetts Pension Reserves Investment Trust Fund’s fossil fuel investments, including in coal, oil and gas, and production and exploration companies, lost 28 percent of their value — $521 million — the analysts found, using public records. The pension fund has been under scrutiny for its investments recently, and there are companion bills in the Massachusetts Senate and state House that would force the public fund to divest from all fossil fuels.
Divestment has gained popularity among Massachusetts’ public sector unions. The Massachusetts Nurses Association, the Boston Teachers Union, and two other unions have come out in support of divestment. In addition, 14 Massachusetts towns and cities have passed resolutions supporting the move.
— source thinkprogress.org
[But putting working hard earned pension in gabling stock market is not a good idea. The purpose of pension to be a guaranteed support for working class at old ages. But giving it for gambling is like to ending pension.]