(May 9, 2013) — One of the US’s largest pension funds has taken the decision to sell all of its holdings in publicly traded gun and ammunition manufacturers.
The New York City Employees’ retirement system (NYCERS) fund – currently running $45.7 billion under management – sold $16,260,630 worth of holdings in Alliant Techsystems Inc, Olin Corp, Sturm Ruger & Co, Smith & Wesson Holding Corp, and Forjas Taurus SA after the board voted that to continue holding them would go against their fiduciary responsibilities.
“Our city’s employees do not want their pension dollars supporting companies whose products tear apart families and shatter communities,” city comptroller John Liu said.
“Our funds are exposed to financial and reputational risk with these investments. Removing our money lets the public and these companies know that we are determined to take whatever steps we can to stop the scourge of gun violence.”
The move was widely praised by Bronx borough president Ruben Diaz Jr and District Council 37 executive director (and NYCERS trustee) Lillian Roberts.
“This will send a strong message to the gun industry that we will not invest in companies that put military-grade weapons on our streets” said Diaz Jr.
“Our city has always been willing to use its financial muscle to stand up for what is right and just, and I am proud that we have continued that tradition with this action.”
Roberts added: “Gun violence costs the US $100 billion annually. This action by NYCERS will send a message to the gun industry that their products are not an acceptable investment for NYCERS’ members and retirees.”
Comptroller Liu also oversaw the New York Teachers’ pension fund’s divestment from gun stocks in February this year, again influenced by the Sandy Hook tragedy.
New York’s not alone in selling off firearm stocks – in January the California State Teachers’ Retirement System (CalSTRS) decided to dump gunmakers stocks and Chicago’s Mayor Rahm Emmanuel ordered all his city’s pension funds to divest from guns.