Hotel Union Launches Website Highlighting Investment Practices of the Public Employees Retirement System of Ohio
WASHINGTON / Feb. 12, 2001--Today, the Hotel Employees and Restaurant Employees International Union (HERE) announced the launch of a new website -
"Our website is designed to educate retirees and contributing employees about some of OPERS' investment practices," said Chris Bohner, a senior research analyst at HERE. "The website also provides basic information on the fund's investments that OPERS doesn't make widely available to its members," added Bohner.
Investment practices criticized on the website include OPERS' ownership of the Hotel Del Coronado – a luxury hotel in San Diego, CA involved in a contentious labor dispute – and the fund's connection to companies and firms pushing privatization of state sector jobs, including prison privatization.
"It doesn't make economic sense for OPERS to support companies that are pushing privatization of public jobs – include state correction jobs – when state employees are part of OPERS' funding base," said Bohner. According to the website, OPERS has invested nearly $100 million in firms whose business strategies include taking advantage of privatization.
In addition, OPERS is paying millions in brokerage fees every year to investment banks that are actively promoting and profiting from prison privatization.
The website also highlights OPERS ownership of the Hotel Del Coronado, a luxury hotel involved in a labor dispute because of management's refusal to sign a fair contract with the employees. Workers at the hotel have staged pickets, a one day strike, and are leading a boycott against the OPERS' owned hotel.
"OPERS is condoning the use of union busting attorneys, threats by management to permanently replace workers, and the violent suppression of peaceful pickets by hotel security guards at the Hotel Del Coronado," said Jef Eatchel, President of the Hotel Employees and Restaurant Employees Union Local 30 in San Diego, CA. "OPERS' support of management's tactics at the Hotel Del Coronado is not good for the fund's investment, nor is it consistent with the fact that OPERS' is managing the assets of tens of thousands of state workers that are members of unions," Eatchel added.
Eatchel called on OPERS to adopt a responsible contractor policy for its real estate assets, a policy that ensures that workers are treated fairly. Responsible contractor policies have been adopted by some of the largest public pension funds in the country, including the California Public Employee Retirement System and the New York State Common Retirement Fund.
will also provide information on OPERS public investments, board agendas and minutes, and other documents to help retirees and members evaluate the fund's investment practices. "We believe public institutions work best in the sunshine," said Bohner. "But OPERS provides very little investment information on its website," Bohner added.
The Hotel Employees and Restaurant Employees International Union represents over 300,000 workers in the hospitality industry, including thousands of working families in Ohio.
Chris Bohner
202/661-3692
UNITE HERE
