Council Majority: Cincinnati Pension Board Should Drop Private Prisons From Stock Portfolio

Aug 30, 2017

At least five Cincinnati Council members, with the support of Mayor John Cranley, say the city shouldn't have pension funds invested with companies that own or operate private prisons.

The council members are asking the pension board to report back within 45 days on a divestment plan for the stock holdings in three separate companies.

Council Member P.G. Sittenfeld says the pension fund has 598,137 shares worth $2,535,965 with CoreCivic, GEO Group and G4S.

Council members in a motion say it's wrong for public money to support an industry that makes money by locking people up.

The city's pension board has the final say on investments. The board has nine members, four of which are appointed by the mayor with council's approval. The other five are elected by active members and pensioners in the retirement system.

Here's the motion asking for a divestment plan: