CalPERS, responding to the elementary school shooting in Connecticut, today agreed to unload its investments in two manufacturers of firearms that are illegal in California.
The big pension fund's investment committee voted 9-3 to approve a divestment proposal by board member and State Treasurer Bill Lockyer. Every CalPERS board member belongs to the investment committee, so today's decision doesn't need a second vote at the board level.
The investments total $5 million and affect two companies - Smith & Wesson and Sturm Ruger.
The three dissenting votes came from Richard Costigan, Bill Slaton and Dan Dunmoyer.
Last month CalSTRS, the teachers' pension system, voted to divest its holdings as well.