Oversight Hearing Concerning Pension Fund Investment in Construction: Hearing Before the Subcommittee on Labor-Management Relations of the Committee on Education and Labor, House of Representatives, Ninety-seventh Congress, Second Session, Hearing Held in San Francisco, Calif., on August 31, 1982 |
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AFL-CIO assets Bakersfield Bank beneficiaries benefit Board bonds building BURTON California CHFA Coldwell Banker commitment Committee companies construction corporation cost County December 31 economic Edmund G EMKIN equity ERISA ERLENBORN Exemption Federal fees fiduciary financial institutions financing firms Foundation Ginnie Mae GNMA Government Code Governor income industry Inglewood interest rates investment policy Investment Task Force investors issue JOHNSTON Kern County La Habra Labor lender managers ment million mortgage loans mortgage-backed securities Office participants payable payments pension fund investments Pension Investment Unit pension plans pension trust percent PERS/STRS pool portfolio private pension prohibited transaction proposals prudent Public Employees Public Investment Task public pension funds purchase rate of return real estate recommendations retirement funds Retirement System San Francisco Section securities small business social investing socially responsible investment STRS trustees union venture capital Workers
Popular passages
Page 73 - ... conditions under which there will be afforded useful employment opportunities, including self-employment for those able. willing, and seeking to work, and to promote maximum employment, production, and purchasing power.
Page 330 - ... to hold its money and property solely for the benefit of the organization and its members and to manage, invest, and expend the same in accordance with its constitution and bylaws and any resolutions of the governing bodies adopted thereunder...
Page 325 - ... with the. care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like, character and with like aims; (C) by diversifying the investments of the plan so as to minimize, the risk of large losses, unless under the circumstances it is clearly prudent not to do so...
Page 325 - ... for the exclusive purpose of: (i) providing benefits to participants and their beneficiaries; and (ii) defraying reasonable expenses of administering the plan; (B) with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent man acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims...
Page 76 - Subject to sections 403(c) and (d), 4042, and 4044, a fiduciary shall discharge his duties with respect to a plan solely in the interest of the participants and beneficiaries...
Page 320 - Both the existing economic order and too many of the projects advanced for reconstructing it break down through their neglect of the truism that, since even quite common men have souls, no increase in material wealth will compensate them for arrangements which insult their self-respect and impair their freedom.
Page 76 - A fiduciary shall discharge his duties with respect to a plan solely in the interest of the participants and beneficiaries and ... for the exclusive purpose of providing benefits to participants and their beneficiaries . . . and . . . defraying reasonable expenses of administering the plan...
Page 104 - Retirement System, August 5, 1981. 27. "Restrictions on Public Pension Funds Ease As States and Cities Seek Greater Returns," Wall Street Journal, April 13, 1981, p. 21. 28. Venture Economics, Venture Capital Investment Analysis, prepared for the Office of Economic Policy, Planning, and Research, Department of Economic and Business Development, State of California, 1980. 29. "New York City Councilmembers Propose Renovation Investments," Labor and Investments, March 1981.
Page 326 - They may decline to invest in , or to retain , the securities of corporation whose activities or some of them are contrary to fundamental and generally accepted ethical principles. They may consider such matters as pollution, race discrimination, fair employment and consumer responsibility .... Of course they may well believe that a corporation...
Page 110 - IN WITNESS WHEREOF, I have hereunto set my hand and caused the Great Seal of the State of California to be affixed this first day of November, AD 1947.