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Alicia H. Munnell's Feb. 1 Op-Ed essay, "A Pension for Security, Not Politics," suggested that divesting from firearms companies is a political statement with little real-world impact. This assessment is not only mistaken, but also ignores the role of pension funds as long-term stewards of educators' deferred wages.
Cerberus Capital made news in December when it announced its intention to sell Freedom Group, the gun company whose rifle was used in the massacre in Newtown, Conn.
One of the events precipitating this was the concern expressed by the California State Teachers' Retirement System, known as CalSTRS, over Cerberus's stake in Freedom Group. CalSTRS's action was based on its fiduciary responsibility to act in the best interests of the more than 856,000 educators and school personnel participating in the plan.
CalSTRS's decision represents a greater readiness by banks, insurance companies and other institutional investors to recognize their growing exposure to environmental, social and governmental risks.
Teachers devote their careers to improving the lives of children and our society as a whole. Investing teachers' money in companies that make products damaging to our children and our society would fail to honor the special duty of trust placed on the stewards of workers' capital.
RANDI WEINGARTEN
President
American Federation of Teachers
Washington, Feb. 5, 2013
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