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.READ MORE: 1st U.S. Case Of COVID Omicron Variant Confirmed In San Francisco
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.READ MORE: Trevor Noah To Host 'The 64th Annual GRAMMY Awards' On CBS
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.MORE NEWS: 'Video Music Box' Founder, Hip Hop Influencer Ralph McDaniels Shares His Journey In New Showtime Documentary: 'This Music Is Really Powerful'
(Copyright 2013 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)