Divest the Virginia Retirement System, VRS

Divestment Overview:

Divestment means getting rid of stocks, bonds, or investment funds that are unethical or morally ambiguous.  The most successful divestment campaign was the South African Apartheid campaign that helped overturn the Apartheid government and usher in an era of democracy and equality.

Fossil fuel divestment takes the fossil fuel industry to task for its culpability in the climate crisis.  Beginning on college campuses, the fossil fuel divestment campaign has spread to: (data from http://gofossilfree.org/commitments/)

• Faith-based Groups – 27% 
• Foundations – 25%
• Pension Funds – 13%
• Governmental Organizations – 13% 
• Colleges, Universities and schools – 12%
• NGOs – 6%
• For-Profit Corporations – 2% 
• Health – 1%

VRS Background:

The Virginia Retirement System (VRS) manages 67 billion dollars and approximately 820 employers participate in the system, including state agencies, public colleges and universities, local public school divisions and political subdivisions that have elected to participate. Political subdivisions include counties, cities, towns, special authorities and commissions. As of June 30, 2012, VRS had approximately 342,000 active members and 163,000 retirees and beneficiaries. 

On February 14, 2015, Global Divestment Day, 350 Loudoun launched the Divest the VRS campaign.  Our petition brings the divestment movement to the VA General Assembly, which governs the VRS.  Like other divestment campaigns, ours directs the Virginia General Assembly to pass legislation requiring the VRS to:

1. Immediately cease making new investments in in the top 200 fossil-fuel companies, as identified by Carbon Tracker and updates;

2. Promptly pursue responsible alternative investments in a public and transparent manner;

3. And within five years, divest from equities, bonds and commingled funds that include the top 200 fossil-fuel companies & updates.

Please sign our petition and support it by circulating it within your groups.
 
You might also wish to petition your local government to adopt a resolution requesting the VA General Assembly to divest from fossil fuels.  350 Loudoun’s divestment campaign also includes petitions to the Town of Leesburg and to the County of Loudoun. 

Fossil Fuel Divestment interesting facts: Divest the VRS Petition has been signed by members of:

• Employed teachers
• Retired teachers 
• VA Commonwealth Attorney
• Clergy 
• Faith based climate change activists
• Environmental groups

The Rockefeller Foundation divested within 1 month of the September, 2014 People’s Climate March in New York City. Momentum for divestment is growing.

GoFossilFree.org reports that within a 10 week period just prior to the Paris Talks, more than 100 institutions made new commitments to divest from fossil fuels, bringing a total of more than 500 institutions representing over $3.4 trillion in assets into the divestment campaign.

On October 8, 2015, California Governor Jerry Brown signed a bill requiring the $291 billion CA Public Employees retirement funds, CalPERS & CalSTRS, to divest from thermal coal.  These funds are the largest pension funds in the world.

To sign the Divest VA VRS, please go to:

https://campaigns.gofossilfree.org/petitions/divest-the-virginia-retirement-system-from-fossil-fuels 

Thank you! 
Natalie Pien, UUC/Loudon,

FACS Member