California pension systems stand to lose millions by divesting from coal

No coal will likely translate into less money for the nation’s largest pension fund for state employees.

But at least for now, it appears the unions representing members of the California Public Employees’ Retirement System aren’t kicking up a fuss about the potential financial hit from a law calling for CalPERS to sell its holdings in companies that derive at least 50 percent of their revenue from coal mining.

“The CalPERS board has done a good job over the years,” said Carroll Wills, communications director for California Professional Firefighters, the largest firefighters union in the state with 30,000 members. “We trust their judgment on these things.”

Last month, Gov. Jerry Brown signed a bill calling on state pension funds to divest from 24 coal mining companies that have $83 million in holdings.

The law also affects the California State Teachers’ Retirement System.

Click for more from