Magaziner pulls pension fund investment from assault weapon manufacturers, private-prison operators

PROVIDENCE – Rhode Island’s pension system will no longer invest in companies that manufacture assault-style weapons for civilian use or operate private, for-profit prisons, according to a statement from the Office of the General Treasurer.

Less than $250,000 in investments, or 0.003% of the state’s $8.7 billion pension fund, will be affected by the change. After shares are sold, proceeds will be reinvested across the broader market.

The proposal from General Treasurer Seth Magaziner, approved by the State Investment Commission, makes Rhode Island the fourth state pension system to drop investments in private, for-profit prisons and manufacturing of certain firearms for civilian use, according to a news release.

The state pension system grew 16.7% in 2019 and added $2.3 billion since Magaziner began his “Back to Basics” investment strategy in September 2016.

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 Nancy Lavin is a staff writer for the PBN. Contact her at Lavin@PBN.com.