Monday, November 10, 2008

Voters in Five States Take Up Pension Investment Issues

Voters in five states, possibly spooked by dramatic declines in the stock market, voted down an assortment of state constitutional amendments related to investment practices in the November 4 election.

Voters in Louisiana, Montana, South Carolina, South Dakota, and Utah voiced their opinions on topics ranging from a ban on short-selling (South Dakota) to allowing state school funds to invest in the stock market (Utah).

Louisiana voters decided against allowing state and local governments to invest in the stock market with money from public-employee retirement health care and life insurance funds. Amendment No. 7 lost 56% to 44% after it was passed in both the Louisiana House and Senate. The amendment would have allowed state and local governments to invest post-employment benefit money, other than pensions, in equities.

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