| Take a long look at your pension fund…
Did you know that America’s largest teacher pension fund holds Argentina bonds?
Did you know that American teachers are owed more than $100 million in retirement savings from the government of Argentina?
In 2001, Argentina defaulted on more than $95 billion in debt. American investors, pensioners and hard-working taxpayers have been owed more than $3 billion from the Argentina government, which has refused to pay it back.
TIAA-Cref, America’s $360 billion pension fund representing individuals in the academic, cultural, and research fields, incurred losses of $100 million as a result of these circumstances. TIAA-Cref filed a lawsuit against Argentina in August 2006 on behalf of its pensioners in response to Argentina’s violation of its bond terms, their default and their subsequent ceasing of bond payments in late 2001.
In fact, more than 100 lawsuits have been field against Argentina for breaking its contracts and refusing to pay its debt.
In 2006, an organization called American Task Force Argentina was created to seek a fair and just reconciliation of Argentina’s debt default and restructuring. ATFA strongly encourages the US government – its executive, legislative, and judicial branches – to reengage Argentina on resolving their repudiated debt obligations.
ATFA is asking Congress and other US government agencies to vigorously pursue a settlement with Argentina in the interests of American bondholders, including America’s retired teachers.
If you are interested in getting involved in ATFA’s efforts including contacting your elected officials and voicing your concerns about your pension fund, please contact ATFA at 1-888-662-2382 or info@atfa.org.
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