State Pension Funds Urged to Pressure Sudan

California’s giant retirement funds for public employees and teachers would be urged to avoid investing in global companies doing business with Sudan under a resolution that cleared a key state Assembly committee Wednesday.

A 4-1 vote by the Public Employees, Retirement and Social Security Committee sent the resolution to the full Assembly for a vote.

The New Jersey Assembly has already approved such a resolution, while similar legislation has been introduced in Arizona, Texas and Illinois. The moves are part of a campaign to pressure public pension funds to divest Sudan holdings.

The California resolution was introduced by Assemblyman Mervyn Dymally (D-Compton). He said the resolution, which would be nonbinding on the $182.9-billion California Public Employees’ Retirement System and $126-billion California State Teachers’ Retirement System, would help states bring pressure on the Sudanese government to end what Congress has called a genocide in Sudan’s Darfur region.

CalPERS sold its South Africa holdings during a similar campaign in 1986.