No state government is more union-friendly than California, and that extends to the California Public Employees’ Retirement System, the nation’s largest pension fund.
CalPERS’ policy says it “supports and encourages fair wages and benefits for workers,” and “supports many of the ideals espoused by labor unions.”
But while CalPERS may look favorably on corporations with which it contracts that are union shops, the pension fund also makes clear that it won’t try to tip the balance in favor of labor by insisting that its contractors engage in collective bargaining. Its board’s duty to wisely steward the $323 billion pension fund would require no less.
But that reasonable policy could change under a far-reaching labor-backed proposal that is scheduled to go before the board on Wednesday. Treasurer John Chiang, a member of the CalPERS board and a Democratic candidate for governor in 2018, is pushing for the proposal.
Source: The Sacramento Bee