Letters to the editor for December 24, 2022

Bobzien will be missed

David Bobzien has been a strong advocate for addressing the realities of our continuing dependence on fossil fuels. He will be sorely missed.

I ask his replacement, Karen Haller of Southwest Gas Holdings, to look carefully at the consequences we've been facing (e.g., devastating wildfires causing smoke-filled skies, Lake Powell and Lake Mead at their lowest levels in history, increased intensity of hurricanes and "super storms,” etc. ) and to continue to move our state toward lower carbon emissions.

Thank you for your service, Mr. Bobzien.

Midge Breeden

Carson City

Dwindling retirement funds

Your 401(k) is now worth 301(k) and could shortly be a 201(k).

The Biden administration on Nov. 22 issued a final rule making it easier for employers to consider climate change and other so-called environmental, social, and governance factors when picking investment funds for their 401(k) plans. If you put your money into a 401(k), beware!

Until now, the law always required fund managers entrusted with your savings to invest the money where it’s expected to gain the most profit. By opening the door to radical ESG initiatives your investment manager can effectively politicize your retirement investments without your knowledge.  Nonetheless, history has shown that ESG funds do not perform as well as those seeking alpha.

Congressional lawmakers say this could be a loophole to prioritize ESG considerations. The dramatic shift in Department of Labor guidance between the Trump and Biden administrations contributed to the reluctance of ERISA plan sponsors to implement ESG investing strategies.

The U.S. Department of Labor in October 2021 announced a proposed ruling to amend the Investment Duties regulation under Title I of the Employee Retirement Income Security Act of 1974. This would clarify the application of ERISA’s plan fiduciary duties of prudence and loyalty to selecting investments and investment courses of action, including your shareholder rights, including proxy voting.

Don’t assume your investment manager has your best interest. It’s your future; ask those questions and be knowledgeable of your investments.

Drew Runde

Carson City