HARTFORD, CT (WFSB) – A big change could be coming to the state pension funds of more than 212,000 state employees and teachers.
Connecticut’s state treasurer is proposing a plan to reallocate $30 million worth of shares.
The money would be moved from investing in firearm manufacturer securities and ban future investments of state pension funds.
The plan must be approved by an advisory board.
Treasurer Shawn Wooden says he believes selling off the share and stopping future investments should be a “tool of last resort.”
“It is my responsibility to look out for taxpayers and retirees by ensuring we maximize returns and minimize risks, and simply put the business of civilian guns has become and increasingly risky business,” Wooden said.
Wooden also says divestment is needed because past attempts to influence the companies’ practices haven’t stopped the nation’s gun violence problem.