Group Calls on TIAA-CREF to Divest From Gun Companies

December 20, 2012

A group of faculty members and other educators across a variety of institutions are calling on financial services organization TIAA-CREF, which oversees pension plans for 3.7 million individuals, including many higher education faculty members, to divest from companies that manufacture the types of rifles used in the shooting last week in Newton, Conn., and the shooting in Aurora, Colo., in July. TIAA-CREF invests in the two companies, Smith & Wesson and Sturm, Ruger & Co., as part of indexed investment strategies designed to replicate performance of market indexes. The push comes on the heels of the announcement by private-equity firm Cerberus Capital Management that it would sell its stake in another weapons manufacturer. A spokesman for TIAA-CREF declined to comment on the group's request.

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