Kobach said that the Jan. 30 change was being done “in the name of this left-wing partisan agenda.”
He said, “There should be no partisan agenda when it comes to investing our funds. It should be done based purely on financial return without any regard to whether it helps left-wing causes or right-wing causes.”
Kansas is one of the 25 states suing the Biden administration over its rule allowing 401(k) managers leeway to invest in ESG funds by stipulating that the managers can decide to invest by considering “nonpecuniary benefits.”
Meaning they can make investing decisions where the benefits aren’t related to financial gain.
“And our lawsuit says, ‘Hey, wait a minute, that violates the express terms of [the Employee Retirement Income Security Act] ERISA,’ which is the 1973 Act that President [Gerald Ford] signed into law that is designed to protect the employee retirement savings in these funds.
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