Comcast is currently investing its employees’ savings into companies profiting from the prison industrial complex – which includes for-profit prisons, companies profiting from exploitative prison labor, and immigration jails.
Comcast has made public commitments to help address structural racism, including a $100 million plan to fight injustice and inequality. But most employees at Comcast have no idea that their retirement plan is invested in companies involved in mass incarceration, immigrant policing and surveillance, or the border industry.
These firms are known to lobby for harsher policing and sentencing of non-violent crimes that impact poor communities, immigrants, and people of color. If this isn't your idea of how Comcast employees should invest their hard-earned money, you can join thousands of other concerned citizens to call on Comcast to help direct investments away from the prison and border industries.
Mass incarceration is a manifestation of racist policy. Companies like Comcast that have the prison industrial complex embedded in their 401(k) plans are forcing their employees to invest in racial injustice. It’s time for employees and society at large to make sure that investments stop funding private prisons and other companies profiting from economic systems of oppression and exploitation.
To: Comcast management
From: As You Sow & concerned Comcast customers
Investor-owned companies are profiting from exploitative prison labor, immigration jails, and other economic systems of oppression and exploitation. Mass incarceration is particularly devastating for poor communities, immigrants, people of color, and their families. As a company that directs millions of dollars in employee retirement savings towards companies profiting from the prison industrial complex, these issues expose you and your employees to a host of material risks.
Critically, the default 401(k) option for Comcast employees is not invested sustainably. Over 50% of assets invested in the plan are in the default target date funds from Vanguard. Because these funds are not invested sustainably, millions of dollars in employee savings are being allocated to prison and border industry investments.
Comcast has the unique opportunity to become an industry leader and help shift millions of dollars away from the prison industrial complex. You have tremendous power – and the world needs you to start using that power responsibly. I urge you to live up to your public commitments by offering a prison-free default retirement fund.
Thank you.
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