Mayor Rahm Emanuel on Monday ordered city pension funds to divest from any company that manufactures or sells assault weapons.
“We cannot support or invest in companies that profit from the proliferation of assault weapons and the violence these guns bring to our communities,” Emanuel said.
The mayor said city Comptroller Amer Ahmad will request a portfolio analysis from all five city pension and retirement funds to determine if fund managers have invested in gun manufacturers.
It's the first step, he said, toward removing such companies from investment plans.
“If our fund managers have invested in a company that manufactures or sells assault weapons, I will ask them to remove these investments from our retirement funds,” he said.
The major funds include the Fireman’s Annuity & Benefit Fund of Chicago, the Laborers’ & Retirement Board Employees’ Annuity and Benefit Fund of Chicago, Municipal Employees’ Annuity & Benefit Fund of Chicago, Policeman’s Annuity & Benefit Fund of Chicago and the City of Chicago Deferred Compensation Plan.
Emanuel's office said the funds contain more than $13.5 billion in assets.
A resolution will be introduced to the City Council this week by the mayor and Ald. Will Burns (4th).
“Just as these weapons have no place in our communities, these companies have no place in the retirement planning for our employees,” Burns said. “The damage caused by these weapons is far greater than any return on investment.”