One of the city’s largest pension funds has divested from the gun industry — over Mayor Bloomberg‘s objections.
In the wake of the Newtown, Conn., massacre, the New York City Employees’ Retirement System voted to sell off $16.3 million in stocks in companies that make guns and ammunition, including Smith & Wesson, Sturm Ruger & Co., Olin Corp., Alliant Techsystems Inc. and Forjas Taurus SA.
Although Bloomberg is one of the nation’s most outspoken gun-control advocates and has been critical of the political power of the gun industry, he instructed his representative on the NYCERS board to vote against the divestment.
His aides said the mayor believes pension-fund decisions should be based on protecting the financial interests of taxpayers and pensioners — not on politics.
“This isn’t the solution,” said Bloomberg spokesman Marc LaVorgna. “The solution is getting lawmakers in Washington from both parties to stand up and vote for common-sense guns laws.”
The $45.7 billion fund’s divestment from gun stocks follows a similar move by the city teachers pension fund.
edurkin@nydailynews.com
