I think it's the oceans we need to be worried about. https://www.nytimes.com/2019/01/10/climate/ocean-warming-climate-change.html

I am a bit confused by this article. If a pension fund is buying the S&P 500 in, say an index fund, then dividends ARE being reinvested, and the return should be in the 9% range (assuming past performance holds etc). If then the pension fund chooses to pay out some of this index fund, this won't affect the return that it was getting. If my index fund earns 10% this year and at the end of the year I sell it and spend all of it, I still earned 10%. I think the author of the article has no idea what he's talking about. The real issue with pension funds is 1) the assumed rate of 7.5% is too high and 2) this rate is applied to value the liabilities of the fund, when in fact these liabilities are close to being riskless. As a result the liabilities are undervalued.