NYCERS Board of Trustees Pass Resolution Requiring
Analysis of Any 'System' Investments in Gun Manufacturing Companies
Today, the Board of Trustees of the New York City Employees’ Retirement System (NYCERS) unanimously passed a resolution, introduced by Bronx Borough President Ruben Diaz Jr., requiring an analysis of any investments that the pension system may have in companies producing assault weapons and high-capacity ammunition magazines.
The resolution requests that the New York City Comptroller’s Bureau of Asset Management conduct the analysis and find solutions on how the pension system might terminate such investments.
“There is a moral imperative for our pension system to stop supporting companies that have been partners in the loss of so many innocent lives. The action taken by the NYCERS Board of Trustees is a truly important start, together with legislative actions like New York State’s assault weapon ban, to get more weapons off of our streets and put an end to senseless acts of violence,” said Bronx Borough President Ruben Diaz Jr.
“Borough President Diaz’s resolution is a vital step to ensure that our public pension dollars do not fund the manufacture of weapons that tear communities apart,” said Comptroller John Liu. “We will continue to pursue all options, including divesting from gun makers, in order to protect our loved ones from gun violence.”
"NYCERS must seriously examine the impact and risks presented by our holdings in companies that manufacture firearms for commercial sale. Following the tragedy in Newtown that has shaken our nation, the country is facing a rapidly changing environment of regulation of firearm manufacturers. These changes warrant a careful analysis of their financial effect on our portfolio holdings and whether it is prudent to divest, suspend or take other action on these investments. I commend Borough President Diaz for introducing a resolution that helps ensure a rigorous process of evaluating our holdings and identifying options consistent with our fiduciary duty,” said Manhattan Borough President Scott Stringer.
In addition, because public outrage over recent mass shootings clearly threatens the market value of investments in companies producing these weapons; it is more than appropriate for the pension system to consider minimizing potential losses from these investments through the liquidation of such investments or other actions.
Borough President Diaz thanked the NYCERS board for providing overwhelming support of this effort, especially Comptroller John Liu and Manhattan Borough President Scott Stringer for their assistance in drafting the resolution.