Bill Would Require Pension Funds to
Divest from Investments in Sudan, Iran
A bill that would require Pennsylvania’s two largest pension funds and the Pennsylvania Treasury Department to divest from investments in Sudan and Iran has passed the state Senate by a 42-7 vote.
“As a civilized Commonwealth, and as one of the states that was directly impacted by the September 11, 2001, terror attacks, Pennsylvania cannot and will not associate itself with rogue nations that sponsor genocide and terrorism,” said Senator Mike Stack. “Companies that choose to conduct business with nations that sponsor terrorism or murder their own people should not be supported by Pennsylvania tax dollars.”
At a Senate Appropriations budget meeting in February, officials of the Pennsylvania School Employees Retirement System (PSERS) said they were steadily reducing investments in companies investing in Sudan and Iran. Both PSERS and the State Employees Retirement System say that less than 1 percent of their total investments are in companies doing business in Sudan or Iran.
“Divesting will not harm our pensions because it represents a small portion of the funds; plus, the funds and the state Treasury will have three years to divest,” Stack said. “This is a morally, fiscally responsible and reasonable way for Pennsylvania to combat terrorism and genocide.”
Twenty-eight states have either passed divestment laws or divested from Iran, Sudan, or both through executive orders. The United Nations estimates that 300,000 people have died and more than 2 million people have been driven from their homes in Sudan’s Darfur region since 2003.
The bill now goes to the House for consideration.
from PA Senate Democratic Broadcast Services
“As a civilized Commonwealth, and as one of the states that was directly impacted by the September 11, 2001, terror attacks, Pennsylvania cannot and will not associate itself with rogue nations that sponsor genocide and terrorism,” said Senator Mike Stack. “Companies that choose to conduct business with nations that sponsor terrorism or murder their own people should not be supported by Pennsylvania tax dollars.”
At a Senate Appropriations budget meeting in February, officials of the Pennsylvania School Employees Retirement System (PSERS) said they were steadily reducing investments in companies investing in Sudan and Iran. Both PSERS and the State Employees Retirement System say that less than 1 percent of their total investments are in companies doing business in Sudan or Iran.
“Divesting will not harm our pensions because it represents a small portion of the funds; plus, the funds and the state Treasury will have three years to divest,” Stack said. “This is a morally, fiscally responsible and reasonable way for Pennsylvania to combat terrorism and genocide.”
Twenty-eight states have either passed divestment laws or divested from Iran, Sudan, or both through executive orders. The United Nations estimates that 300,000 people have died and more than 2 million people have been driven from their homes in Sudan’s Darfur region since 2003.
The bill now goes to the House for consideration.
from PA Senate Democratic Broadcast Services
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