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NYC pension funds withdraw investments from private prisons

Trustees for New York City's five pensions voted to become the first retirement funds in the U.S. to divest assets in private prison companies.

By Henry Goldman | Updated on June 08, 2017
Trustees for New York City's five pensions voted to become the first retirement funds in the U.S. to divest assets in private prison companies. (Photo: Shutterstock)

(Bloomberg) — New York City’s pension funds have decided to sell its investments in private prison companies, citing a record of alleged human rights abuses and citing the risk of the industry attracting “long-term reputational and financial harm.”

Trustees for the city’s five pensions voted in mid-May to become the first retirement funds in the U.S. to divest such assets, totaling about $48 million worth of stock and bonds from GEO Group Inc., CoreCivic Inc. and G4S Plc, Comptroller Scott Stringer said in a statement Thursday.

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