It is time for the city’s pension funds to quit the tobacco company Phillip Morrisâ„Altria cold turkey, City Councilman Eric Gioia (D−Sunnyside) said Sunday. The city’s pension funds have 6 million shares invested in the tobacco company, even though the city froze new investments in tobacco companies in 1998, Gioia said.
“Big Tobacco’s product does one thing: kill people,” Gioia said. “To be investing tax dollars in Phillip Morrisâ„Altria does not make sense and is counterproductive to our public health initiatives.”
Four of the city’s five pension boards have investments with Phillip Morrisâ„Altria, Gioia said. The city is invested in an index fund that includes Phillip Morrisâ„Altria.
— Jeremy Walsh
