AFL-CIO Equity Index Fund said that it had achieved a financial milestone. This was after receiving more than USD4 billion in investment commitments from union, Taft-Hartley and public employee pension plans since its establishment in 2011.
According to Richard Trumka, President of AFL-CIO, "The AFL-CIO Equity Index Fund reaching $4 billion is a great accomplishment. It shows that the pension plans of union workers have a strong interest in pooling their investment dollars and demonstrates their belief in the power of shareholder activism."
The AFL-CIO Equity Index Fund is among several pension investment funds licensed by the AFL-CIO. Other licensed investment programs include the AFL-CIO Building Investment Trust and the AFL-CIO Housing Investment Trust.
Michael Stotz, President of the AFL-CIO Investment Trust Corporation said, "The AFL-CIO Equity Index Fund is a powerful opportunity for pension plans to reduce investment costs while promoting good corporate governance through proxy voting and responsible capital stewardship. The growth shows that the labor movement is willing to literally invest in its values."
The AFL-CIO Building Investment Trust is an open-ended and commingled real estate fund. Meanwhile, the AFL-CIO Housing Investment Trust operates as a fixed income investment fund registered with the Securities and Exchange Commission.
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