NEW YORK (AP) – The $46.6 billion pension fund for New York City schoolteachers has sold its stock in companies that make guns and ammunition, city officials announced Friday.
City Comptroller John Liu said the Dec. 14 school shooting at Sandy Hook Elementary School in Newtown, Conn., prompted the fund’s board of trustees to review the system’s investments in the gun industry.
He said the board concluded that divestment would be consistent with the fund’s fiduciary standards and overall investment process.
“There is no need to support these companies, whose products can destroy lives and shatter communities in the blink of an eye,” Liu said. “Our investment portfolio gains nothing by doing business with these firms, and this is a sound decision that sends an important message about our commitment to addressing the plague of gun violence in every possible way.”
Michael Mulgrew, president of the United Federation of Teachers, added, “This is the right thing to do. After the tragedy at Sandy Hook, we as educators had to make sure that guns were not part of our holdings.”
Pension funds for teachers and public workers around the country began reconsidering their investments in gun makers after the fatal shootings of 20 first-graders and six educators in Newtown.
The New York City Teachers’ Retirement System is the largest pension fund to sell its gun industry holdings so far, Liu said. Its programs affect more than 183,000 members, retirees and others, according to figures from its 2011 annual report.
The fund had a total of $13.5 million invested in five gun makers including Smith & Wesson Holding Corp. and Sturm, Ruger & Co.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
- The best places to celebrate Fall in Phoenix
- Infamous athletes who did the most time for their crimes
- 2016 baseball highlights, bloopers and blunders
- See how CFOs really feel about business in the Valley
- The best television shows on the internet
- A preseason guide to avoid holiday weight gain
- The 5 worst things you could do for your roof
- 6 coolest things brewing in Arizona
- The virus that keeps head and neck cancers on the rise
- State Fair ‘Kid Reporter’ has all the angles covered
- 4 important things to know about timeshare maintenance fees
- Signs of delayed car crash injuries
- The truth about sports concussions
- The Alzheimer's epidemic: Facts you need to know
- The season is here, keep your Fantasy Football team strong all season
- 8 TV shows you can't miss this fall
- Football is here: 6 tips to make this your best season ever
- Gameday recipes and beers to match
- 6 reasons the Cardinals are driven to win the Super Bowl
- The Pac-12 football season nears kickoff
- Tips to get ready for a pain-free golf season
- Protect your family with these 7 home security features
- How to train like an Olympic swimmer
- 2016 Olympics: A guide to must-see TV events
- The bride's guide to feeling your best on your wedding day
- Deciding when you need knee surgery
- Celebrating Fourth of July is much cooler in these AZ towns
- Top ten road trip bathrooms in America
- Six things causing a pain in your neck
- 5 things to make your summer move easier