Connecticut’s Sun Dilemma: A Shot Clock on State Pensions?

What a twist in the world of Connecticut sports! Gov. Ned Lamont’s brainwave to use state pension funds to keep the Connecticut Sun from relocating has sparked quite the debate. The Connecticut Sun of the WNBA, a local favorite, is at the center of this storm, and the plot’s thicker than a New England clam chowder.

Earlier this month, Lamont tossed around the idea of dipping into the state’s pension fund to invest in the Sun. Now, this isn’t something you’ve seen in the sports playbooks before—it’s like attempting a full-court heave with your eyes closed. This suggestion, however, didn’t just roll off like a basketball hitting nothing but net.

Council 4 of the American Federation of State, County and Municipal Employees is not exactly cheering from the stands. They expressed their concern on Facebook, as reported by the CT Mirror, stating that this move wasn’t in their game plan. Simply put, they want those pension funds dribbling towards securing retirements, not basketball games.

“Their pension contributions are the foundation of a secure retirement,” they emphasized. Using that dough for a sports franchise is akin to gambling with retiree futures. Ouch. But hey, Gov. Lamont remains optimistic, likening the strategy to creative thinking. Creativity is appreciated; risking pension funds? That’s a different play altogether.

Meanwhile, Connecticut Treasurer Erick Russell, who’s got the fiduciary whistle, is open to the idea. But only if it benefits the pensioners. Well, no one’s betting against a wise investment. The pension fund indeed throws money into various portfolios, but professional sports teams? That’s a Hail Mary no state’s attempted.

Connecticut’s pension fund is truly a crucial lifeline. It supports state retirees by investing to earn dividends and profits. But handling it requires a steady hand at the till, not a gamble on buzzer-beaters.

Now, if Gov. Lamont does not move quickly, the Sun’s favorites might change jerseys. There are already three big league bids circling:

1. Steve Pagliuca: A minority owner of the Boston Celtics bids $325 million to bring the Sun to Boston. They’re eyeing a 2027 relocation.

2. Marc Lasry: The former Milwaukee Bucks owner wants to relocate the Sun to Hartford—full-time, for the same $325 million.

3. WNBA: Offering $250 million to hand the Sun to Houston Rockets owner Tilman Fertitta. The aim? Move the team to Houston and revive the Comets.

In the end, the Council 4 folks have a point. Their statement was a cry to refocus energy on overdue wage agreements. They insist retirees deserve a dignified sunset of their own. So, does Connecticut keep the Sun or let the ball bounce elsewhere?

Stay tuned, folks. This game isn’t over until the final whistle blows.

Eric Canha-Imagn Images
Jeff Hanisch-Imagn Images

The post Union Leaders Criticize State’s Pension Fund Investment in Connecticut Sun appeared first on Kingston Global Tokyo Japan.

Zohran Mamdani, a familiar name in New York’s political scene, is stirring things up. If he lands the mayor’s seat, he’s thinking about yanking New York City pension funds out of Israel.

During a Sunday chat on CBS2 New York’s “The Point with Marcia Kramer,” Mamdani didn’t hold back. “We shouldn’t have funds tangled up with anything against international law,” he put it bluntly. You can catch more of his thoughts here.

Mamdani’s running as the Democratic mayoral candidate and he’s got eyes on divesting from Israeli bonds. If you’ve been around the New York block, you might recall that Brad Lander, the current comptroller, is kind of on the same page. He stopped reinvesting in those bonds when they hit maturity. Lander’s move was a game-changer, considering the city had poured money into those bonds since the 1970s.

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Divestment Drama

Comptroller Lander, who Mamdani practically calls a pal, shut the door on reinvesting those bonds. Yet, he’s also said the city keeps over $300 million tied up in Israeli firms. That’s a chunk of change.

Mamdani’s statement rattled some cages. Pension funds still cozy up to some Israeli companies, even as bond investments dried up. But Mamdani argues, “Direct involvement is key.” He insists that funneling into Israel bonds screams something about our city’s values. Want to know more about that viewpoint? Check out NY Times.

A Cautious Caller

It’s worth mentioning that Mamdani’s stance isn’t all-encompassing. While he chants “BDS” at pro-Palestinian gatherings, he’s not pushing to cut ties with all Israeli firms. It’s a delicate dance for him.

Political Tug-of-War

Investments and pensions get caught in political crossfire, especially with Manhattan Borough President Mark Levine in the comptroller race. Levine’s been adamant about backing Israel bonds. He wants to team up with other pension trustees, chasing solid, stable returns. His spokesperson, Annabel Lassally, reiterated that recently.

Voices and Barks

Former City Comptroller Scott Stringer had no qualms calling out Mamdani’s proposed divestment as a “mistake.” He believes Israel bonds have been a sturdy bet since the disco era. Israel Bonds’ CEO, Dani Naveh, also piped in, noting a massive $5.5 billion in investments since October 7th. More deets on this sentiment can be found here.

The Bottom Line

So, if Mamdani wears the mayoral crown, there’s a potential showdown. With his appointees on pension boards, he could butt heads with the comptroller over Israel bonds. But one thing’s certain: pensions and politics in New York are anything but dull.

Interested in more local breakdowns? Stay tuned on NY1.

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