Politics

California Public Pension Fund Moves To Divest From Firearms

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An AR-15 is seen for sale on the wall at the National Armory gun store on January 16, 2013 in Pompano Beach, Florida. (Joe Raedle/Getty Images)

An AR-15 is seen for sale on the wall at the National Armory gun store on January 16, 2013 in Pompano Beach, Florida. (Joe Raedle/Getty Images)

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SACRAMENTO (CBS/AP) – California’s largest public pension system has approved divesting from companies that make guns and high-capacity ammunition magazines that are illegal in the state.

State Treasurer Bill Lockyer made the motion Tuesday as a board member of the California Public Employees’ Retirement System.

Lockyer had requested a review of CalPERS’ investments after it was revealed that the state teachers’ retirement fund invested in the owner of a company that manufactured one of the weapons used in the Connecticut school shooting.

The California State Teachers’ Retirement System last month approved Lockyer’s motion to divest from companies that manufacture assault weapons, Saturday Night Specials or high-capacity ammunition magazines.

CalPERS has $5 million invested in Smith & Wesson Holding Corp. and Sturm, Ruger & Co. The move is expected to have a negligible impact.

(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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