Hobby Lobby 401(k) employee retirement plan-INCLUDES companies that produce emergency contraceptive

[TheNutcracker]

Here is how firm Hobby Lobby is about their religious beliefs. They have their pension funds invested in companies that produce contraceptive pills and more questionable investments that should have thrown doubt on their sincerity. This is how thoroughly SOCTUS investigated and reviewed their lawsuit. I wonder if this was brought to their attention?

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Documents filed with the Department of Labor and dated December 2012—three months after the company's owners filed their lawsuit—show that the Hobby Lobby 401(k) employee retirement plan held more than $73 million in mutual funds with investments in companies that produce emergency contraceptive pills, intrauterine devices, and drugs commonly used in abortions. Hobby Lobby makes large matching contributions to this company-sponsored 401(k).

http://www.motherjones.com/politics/2014/04/hobby-lobby-retirement-plan-invested-emergency-contraception-and-abortion-drug-makers

[TheNutcracker]

1. K&R to MSM

Time to hold them accountable for their hypocrisy!

[onehandle]

2. Combined with their worship of the People's Republic Of China...

...Hobby Lobby appears to be a massive abortion retailer.

I will pray for their mortal sinned souls.

[TheNutcracker]

3. This thread is important and needs your help! Circulate widely!

[csziggy]

4. Finally the M$M press is paying attention - it was on CNN at noon

http://www.democraticunderground.com/10025183620
Ashleigh Banfield on CNN skewering Hobby Lobby for investments

I'm glad to see documentation that the information was publicly available long before the SCOTUS opinion came down. I knew I had read it here long ago so have been amused at the shock of the M$M.

[TheNutcracker]

5. Exactly. Why did the SCOTUS not refer to this info, and question or throw out the suit?

I know I know...it's their kind of tea. But the info IS out there and the court should be skewered too!

[TheFarseer]

6. this is a silly argument

A 401k plan invests in mutual funds made up by guys from t row price or vanguard, not guys from Hobby Lobby. Even if you go out of your way to only make available for 401k investors funds that do not have contraceptive manufacturers - and this would be absolutely ridiculous - fund managers could change the composition of the fund without notice.

[csziggy]

7. Hobby Lobby could instruct the fund managers to avoid certain investments

It is done very often for groups that want to avoid classes of investments and is not at all unusual. If Hobby Lobby owners really have religious objections to abortifacients they could do that.

[joeglow3]

10. And the fund manager would tell them to pound sand

Any 401(k) worth its salt would be primarily index funds, meaning there is no say, as the investment is really in the overall index (Large Cap, Small Cap, Growth, Income, foreign, domestic, etc.). Additionally, any single employer's plan is a blip on the radar of the overall fund, so they would have little to no say.

Or, they could argue they want an investment in the companies so they can have legal standing to attend shareholder meetings and voice their concerns. There are groups that buy shares in food companies so they can attend the annual meeting to push for changes in how processed foods are prepared. I would not say these groups are hypocritical to their views for taking this approach.

[csziggy]

8. Wow, Hobby Lobby really pours money into their employees' 401k funds!

From the link in the OP, "In 2012, Hobby Lobby contributed $3.8 million to its employee savings plans, which had 13,400 employee participants at the beginning of that year."

If my math is right, HL dumped a huge $283.58 average for each of those 13,400 employees. Major addition of matching contributions, there Hobby Lobby!

[joeglow3]

9. Surprisingly, 401(k) participation is historically low

Most companies match as a means to encourage employees to invest in their retirement. As such, if you donate nothing, you get no match.

[TheNutcracker]

11. Keep kicking! CNN at noon, is not enough! Should be all over the nooze tonight!

[tanyev]

12. I suspect their overwhelming concern for their religious liberty started shortly after some RW group

asked them to be a plaintiff in a case challenging the ACA. Especially since their employee insurance prior to the ACA was already covering all types of contraception.

[TheNutcracker]

13. They also do business with China where they perform MANY abortions!