Government Executive
email Biden Climate Edict Could Spell End for TSP Fossil Fuel Investments
The president’s executive order aimed at incorporating “climate-related financial risk” into federal budgeting also instructs officials to review how the Thrift Savings Plan considers risks from climate change in its decision-making.
President Biden’s recent executive order aimed at ensuring federal agencies consider the risks of climate change in their budgeting and making the American economy carbon-neutral by 2050 also has the potential to impact how federal employees save for retirement.
The edict instructs the secretary of Labor to identify actions “to protect” federal employee pensions from “the threats of climate-related financial risk.” And it requires an assessment within 180 days of how the Federal Retirement Thrift Investment Board, which administers the Thrift Savings Plan, “has taken environmental, social and government factors, including
“Plans to make plans in no way matches the urgency of the climate crisis; we need action from regulators now to stop the money pipeline to climate chaos.”
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Sen. Tommy Tuberville, R-Ala., on Tuesday revived a debate over how federal workers should be able to invest their retirement savings, introducing a bill to block the agency that administers the Thrift Savings Plan from allowing participants to invest in a broader international index that includes Chinese corporations.
In 2017, members of the Federal Retirement Thrift Investment Board, which administers the federal government’s 401(k)-style retirement savings program, voted to switch the index upon which the TSP’s international (I) fund is based to a more comprehensive one that encompasses more than 50 countries, including China and Canada. Despite pressure from Senate Republicans in 2019, the board voted to reaffirm its decision.
AFL-CIO official, to serve as the first-ever Made In America director at the
Office of Management and Budget. According to the White House press announcement, Drake will shape and implement federal procurement and financial management policy to help carry out the President s vision of a future made in America by all of America s workers including minority entrepreneurs and small businesses in every region in our country. The
Federal Retirement Thrift Investment Board is spending a lot of its money on operations and maintenance for recordkeeping, but officials say that it won t always be that way. Out of the $343.1 million that was spent as of the end of March, 82% or $281.7 million was spent on supporting recordkeeping, maintenance and transition to a new contract, said