Divesting NYC Pensions from
Nuclear Weapons Producers -
Findings:
Why should NYC divest from companies that produce and maintain nuclear weapons?
The total market value of the city pension holdings as of June 30th, 2022 was approximately $1.5 billion. Nuclear weapons are produced and maintained by 24 companies. Investments in these companies comprise only about 0.6% of total assests under management by the municipal pensions. Spurred by the TPNW, there is growing momentum for divestment from nuclear weapons, with some of the world’s largest financial institutions already divesting, including the Norwegian Government Pension Fund and Deutsche Bank. Ireland recently modified its investment specifications to exclude from its sovereign wealth fund such companies. Financial analysis suggests that nuclear weapons investments underperform in the market and face regulatory, reputational, and environmental legacy risks. NYC teachers’ socially responsible pension fund (which tries to exclude weapons investments) already outperforms other investments in the teachers’ retirement system. Sound economic risk management thus requires NYC to comprehensively divest from nuclear weapons. Read the full report below.
In the Fall of 2025, Comptroller Lander’s office sent letters to the top 25 nuclear weapons producers as identified in Don’t Bank on the Bomb’s continuously updated report Untenable Investments.
John Adler, Chief ESG Officer, reported on the responses he received in an email sent on November 13, 2025. The responses are summarized below:
Leonardo SpA wrote to say that the company, along with its directly and indirectly controlled subsidiaries, is not engaged in the design, development, production, distribution and maintenance of nuclear weapons.
Jacobs wrote to say that on September 27, 2024 they completed the spin-off of Jacobs' Critical Mission Solutions and Cyber & Intelligence government services businesses, which was immediately merged with Amentum Parent Holdings LLC, forming an independent, publicly traded company called Amentum Holdings, Inc (NYSE: AMTM). Since that transaction Jacobs says it does not manufacture conventional or nucelar warheads or conventional or nuclear weapons components.
RTX wrote to say that they have a Human Rights Policy, a Code of Conduct, Supplier Code of Conduct, Conflict Minerals Policy Statement, and Modern Slavery Statement. All of these policies, as well as additional information regarding their approach to corporate responsibility, can be found on their website at Our Responsibility | RTX and Ethics and Compliance | RTX.
Airbus wrote to say that it does not have any revenue deriving from the sale of nuclear weapons components. However, the company participates in two joint ventures that contribute to France's nuclear deterrence (ArianeGroup and MBDA), including the production and support of missile systems. Airbus's reported revenues do not include any revenues relating to these activities (accounted for using the equity-method) as it does not have exclusive control of the joint ventures. These joint ventures produce missiles for the French government, but not the nuclear warheads. Airbus says their activities are compliant with the Treaty on the Non-Proliferation of Nuclear Weapons.
23 OCT NYC PENSION FUND REPORT
POLICE - (Full Report)
Aerojet, Airbus, BAE, Boeing, Fluor, General Dynamics, Honeywell, Huntington Ingalls, Jacobs Engineering, Larsen Toubro, Leidos, Leonardo, Lockheed Martin, Raytheon, Safran, Textron, Thales
247,807,168 Base Market Value
441,173,344 Local Market Value
392,869,206 Local Total Cost Amount
48,304,137 Sum of Local Unrealized Gain/Loss
NYCERS - (Full Report)
Aerojet, Airbus, BAE, Boeing, Fluor, General Dynamics, Honeywell, Huntington Ingalls, Jacobs Engineering, Larsen Toubro, Leidos, Leonardo, Lockheed Martin, Raytheon, Safran, Textron, Thales
416,622,705 Base Market Value
414,770,458 Local Market Value
420,447,491 Local Total Cost Amount
-5677033 Sum of Local Unrealized Gain/Los
FIRE - (Full Report)
Aerojet, Airbus, BAE, Boeing, Fluor, General Dynamics, Honeywell, Huntington Ingalls, Jacobs Engineering, Larsen Toubro, Leidos, Leonardo, Lockheed Martin, Raytheon, Safran, Textron, Thales
80,555,356 Base Market Value
80,280,075 Local Market Value
80,341,465 Local Total Cost Amount
-61390 Sum of Local Unrealized Gain/Loss
BERS - (Full Report)
Aerojet, Airbus, BAE, Boeing, Fluor, General Dynamics, Honeywell, Huntington Ingalls, Jacobs Engineering, Larsen Toubro, Leidos, Leonardo, Lockheed Martin, Raytheon, Safran, Textron, Thales
45,295,208 Base Market Value
45,210,080 Local Market Value
85,128 Local Total Cost Amount
45,435,581 Sum of Local Unrealized Gain/Loss
TRS - (Full Report)
Huntington Ingalls, Jacobs Engineering, Larsen Toubro, Leidos, Leonardo, Lockheed Martin, Raytheon, Safran, Textron, Thales
538,703,961 Base Market Value
537,064,794 Local Market Value
550,009,552 Local Total Cost Amount
-12,944,757 Sum of Local Unrealized Gain/Loss