Requires OIC and the State Treasurer to take actions to manage climate risks in the PERS fund.
Directs the Oregon Investment Council and the State Treasurer to take certain actions to manage the risks of climate change to the Public Employees Retirement Fund. Takes effect on the 91st day following adjournment sine die.
Amendment requires the pursuit of a goal to reduce the carbon intensity of the Public Employees Retirement Fund by preferring investments that reduce net greenhouse gas emissions, HB 2081 would impose requirements on the State Treasurer and the Oregon Investment Council (OIC) that is inconsistent with its role as the state’s fiduciary. OBI opposes the bill because it would require the OIC to divest from certain assets instead of maximizing Oregon’s investments in its trust funds. This bill would put PERS further in debt.
According to Oregon Business and Industry, PERS portfolio has grown
to $94 billion and pays over $400 million in retirement benefits each month. As it would be
amended, HB 2081 would threaten the continued growth of this portfolio and the funds it pays
out to Oregonians by directly conflicting with the requirement that these funds already are
managed prudently.
Climate change has no proven science behind it. Climate science was found to be problematic, manipulative, and unfounded. We all want clean air, but climate change is financial fraud.
EMAIL COMMITTEE
Sen.MarkMeek@OregonLegislature.gov
Se.MikeMcLane@OregonLegislature.gov
Sen.DebPatterson@OregonLegislature.gov
Sen.BruceStarr@OregonLegislature.gov
Sen.KathleenTaylor@OregonLegislature.gov