Jan. 15, 2020
Re: File Number S7-22-19 Dear Sec. Countryman: I will have a pension through the Teamsters Union when I retire, but the Teamsters pension fund is in dire straits at the moment. In August 2019, teamsters collecting from the pension fund saw a 30% cut in their monthly benefits. The union did this just to stay solvent. All workers deserve to feel confident that their pensions are secure, and decisions impacting these funds are smart financial decisions in the best interest of workers and our retirement security. There is no excuse for playing politics with public pensions. Pension funds should be invested in companies and industries that are making money for their investors. Anyone who is in charge of a pension fund and does not take it seriously that the job is to grow the funds above all else should find another job. We as union members actually have no say in who is making the decisions for our pensions, like the proxies who vote during shareholder meetings and can move our pension investments around. If the SEC is prepared to make these proxy advisory firms more accountable and under greater regulation, this would benefit the Teamsters and other unions with public pensions that are heading in the wrong direction. In addition to being a Teamster, I am proud to serve on the South Fayette Township School Board. The Pennsylvania state teachers’ pension fund has also been woefully underfunded for years, and the burden has now fallen on local school districts and pension contributions to make up an increasing portion of school districts’ budgets. Because of this, it is even more important for pension funds to make investment decisions based on what will grow the fund to meet its obligations to workers and retirees. I hope the SEC takes these views into careful consideration when finalizing the new rules over proxy advisory firms. Sincerely, Todd Petrillo