Outgoing New York City Comptroller Brad Lander is doubling down on his aggressive ESG agenda and is willing to use New York city employees’ retirement returns as a political pawn in the process.

Lander issued a politically-motivated recommendation to rebid pension mandates held by BlackRock, Fidelity, and PanAgora for what he claims are “inadequate decarbonization plans” and “restrictive approach to shareholder engagement.”  Missing from his rationale is any objective financial criteria.

Despite years of contribution to the city’s economy, Lander’s unilateral push to ditch these investment partners shows just how clouded sheer political ambition has made his judgement.

These city employee retirement plans are designed for long-term growth and steady returns, rendering Lander’s last-minute mandate an expensive and destabilizing exercise for the current and future retirees who have earned and depend on their plans. 

As reported by Reuters, Lander’s memo to pension fund trustees shows that Lander wants a fund manager that will toe the ideological line on his preferred climate goals. 

To take up the mantle, Lander has all but anointed another firm with whom the Comptroller’s office has long had a cozy relationship, State Street. Applauding the firm’s “robust approach” to shareholder engagement, Lander appears to be teeing up his State Street allies for a smooth path to the next major pension contract. 

By dolling out favors to loyal allies, Lander appears to have his personal political ambitions in mind. It is no secret that the Comptroller is eyeing a bid for U.S. Representative Dan Goldman’s seat in 2026.  Lander’s maneuvering reveals that his campaign will reply on bullying select financial firms to score political points, even if it risks pension beneficiaries’ savings and investments.

This isn’t the first time Lander has leveraged New York City’s $270 billion public pension portfolio for political gain.  Just this April, he demanded every asset manager submit a “Net Zero by 2040” plan or risk losing their contract.

These self-aggrandizing attempts to turn public pension funds into a personal political springboard shows that Lander has forgotten about the approximately 800,000 teachers, police officers, firefighters and other public servants whose pensions he took an oath to protect.

Pension management should be driven by performance, not political pressure from any side.  And workers’ earned benefits shouldn’t be collateral damage in battles for any politician’s personal interests.

Retirees deserve stability, not political gamesmanship—and Lander’s maneuvering makes clear which one he values more.