Schillo Pushes for Tobacco Stock Sale

Supervisor Frank Schillo wants to sell off about $3 million in tobacco stock currently held in the county’s retirement fund.

Schillo, who sits on the Ventura County Retirement Board, said Monday he didn’t think the investments were a good idea, either morally or financially.

The county has about $2 billion in its retirement fund, and that money is invested by independent firms.

The county is now embroiled in a battle over who gets control of $260 million in tobacco settlement money. Community Memorial Hospital drafted an initiative that would let voters decide if the county or Community Memorial and six other local private hospitals should get the money.

The county has refused to put the initiative on the ballot, calling it illegal. Community Memorial is suing the county to force the measure onto the ballot. The county is suing the hospital, saying the measure is unconstitutional.

The case will be heard Monday in Ventura County Superior Court.

Schillo said the county doesn’t pick the investments.

“We have companies we hire to invest the stocks,” he said.

The money is in R.J. Reynolds and other tobacco companies.

The retirement board will discuss whether to shed the investments at its meeting next month, Schillo said.