The New York City Employees’ Retirement System voted last week to take steps toward divesting from retail giant Walmart and other large gun retailers.
The June 28 vote by the most-populous city pension fund’s trustees, introduced by Public Advocate Letitia James, directs the Comptroller’s Bureau of Asset Management and a consultant to analyze how much it has invested in the stock of civilian gun and ammunition retailers that earn more than $50 million from weapons sales, or refuse to disclose their sales figures. They will also determine the cost of selling off those holdings and how to minimize the impact to the system’s $54.8-billion portfolio.
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