Biggest public pension fund in U.S. dumps private prison firms that run ICE migrant detention centers
The largest public pension fund in the United States is divesting from the two major for-profit prison companies running migrant detention facilities for the federal government, the California Faculty Association announced following a meeting with the California Public Employees Retirement System (CalPERS) on Friday.
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The move by CalPERS is part of a larger trend by pension funds and businesses that have pulled their financial backing from GEO Group and CoreCivic, two publicly traded companies that run the most Immigration and Customs Enforcement detention facilities.
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In November, the California State Teachers’ Retirement System (CalSTRS) divested $13.7 million. Finance institutions such as Bank of America and Wells Fargo have also cut their financing to private prison companies, which run federal prisons for those incarcerated in the American justice system, in addition to immigration detention centers under contracts with ICE.
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It was in large part their role in detaining families at facilities in Dilley and Karnes, Texas, run by Core Civic and GEO Group respectively, that led pension fund members to start a campaign for divestment.
Read more @NBC News
