Calpers Votes to Divest Shares of Smith & Wesson, Ruger

The California Public Employees’ Retirement System’s board voted to divest its $5 million in shares of Smith & Wesson Holding Corp. and Sturm Ruger & Co. because the companies make weapons banned in the state.

California Treasurer Bill Lockyer, a member of the fund’s board, proposed that the state’s public pensions sell the shares after the Dec. 14 killings of 20 children and six adults at Sandy Hook Elementary School in Newtown, Connecticut. The move has been mirrored by public funds across the U.S.