I’ve divested, have you?
Are you a Faculty or Staff at UCSD?
Is your retirement fund financing climate and social injustice?
Around the world we continue to see a lack of leadership to decarbonize our economy to avoid the most catastrophic impacts of the current climate crisis. As concerned individuals we can make a difference. We can divest from fossil fuels, and invest in socially responsible funds.
Divestment the world over can act as a mechanism through which to move society away from an unfair, unjust and resource draining economy, to an economy driven by equality, justice and low-carbon initiatives. We therefore have the moral imperative to divest. What’s more, it is also financially prudent to divest.
Wait? Hasn’t the University of California already divested from Fossil Fuels?
Most participants in the UC Retirement Plan (UCRP) are in a ‘defined benefit plan’ (you get a pension that depends on your years of service and income for as long as you live). This pension is paid from the UC Retirement Portfolio which is controlled by the Chief Investment Officer (this is what we have been pushing UC on, under our divestment movement, for 8 years). However, you probably also have retirement funds that you personally control:
- You chose the Savings Choice option for your UC Retirement Plan (UCRP). Savings Choice is a ‘defined contribution plan’ (you and your employer contribute to an investment account).
- You made contributions to the Voluntary UC Retirement Savings Program. Even if you are in Pension Choice (the ‘defined benefit’ version of UCRP), you may elect to contribute part of your salary to various tax-advantaged plans, including403(b), 457(b), and DCP plans.
- You were employed elsewhere and you made contributions to a 410(k), 403(b) or 457(b) plan. You may have left the funds with your previous employer’s administrator, or you may have ‘rolled them over’ to UC, in which case you can follow the procedures we outline here to change where your funds are invested.
It is the above funds, over which you have personal control, that you will be divesting here.
Are you convinced?
We’ve created guides which walk you through how to change what your retirement fund is invested in. See how to change:
These guidelines are for moving a UC 457(B) PLAN, UC DCP, or UC 403(B) PLAN, from where they are being placed now to the UC Social Equity Fund.
If you have any questions about the process please email ucsdgnddivest at gmail.com.
It’ll only take 10 minutes! Divest now, and send an email to us [ucsdgnddivest at gmail.com]. We’ll add you below.
Department of Radiology and Neurosciences
Eric Halgren, Professor – divested “Humanity as a whole is denying the reality that fossil fuels need to stay in the ground or very very bad things will happen to our world. When the markets figure that out, then fossil fuel investments will be worthless. So getting our retirement funds out of fossil fuels will keep them safe. And even in the very unlikely event that we take a financial hit, I cannot morally share in profits generated from actions that are making our planet unlivable.”
Department of History
Cathy Gere, Professor – divested
Department of Psychology
Adam Aron, Professor – divested “There is no collective action without individuals choosing to contribute to it. There is no cultural shift without individuals leading the way. There is no bright line between systems change and individuals acting according to their principles [Peter Kalmus].”
Department of Obstetrics, Gynecology and Reproductive Sciences
Varykina Thackray, Professor – divested
Scripps Institution of Oceanography
Jennifer Jilka, Technician – divested
Department of Anthropology
Saiba Varma, Assistant Professor – divested
Department of Chemistry and Biochemistry
Navtej Toor, Associate Professor – divested ” Fossil fuels are simply a bad investment that will result in losses for investors”
Qualcomm and Institute of Neural Computation
Leanne Chukoskie, Research Scientist – divested
Department of Economics
Kate Antonovics, Associate Professor – divested
Department of Cognitive Science
Eran Mukamal, Associate Professor – divested “I did it and it feels great!”
Department of Sociology
Dan Navon, Assistant Professor – divested
Department of Visual Arts
Lisa Cartwright, Professor – divested