Local News in Brief : Divestment Backed by Retirement Panel
After months of bickering, the Pasadena board in charge of managing the city’s $35.2-million fire and police retirement fund has agreed to sell its holdings in companies that do business with South Africa.
The Fire and Police Retirement Board had refused to comply with an order from the city Board of Directors to divest, saying the fund could lose money in the process.
But the retirement board dropped its opposition Monday after learning that the City Charter requires the fund to meet the same regulations controlling the state public employees retirement system.
Since Jan. 1, 1987, state law has prohibited the California retirement system from investing in companies involved with South Africa. The Pasadena fund has $3.5 million, or 10% of its holdings, invested in such companies.
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