About — Our Investigation, Approach, and Frequently Asked Questions
Divest for AR Future is a grassroots Arkansas campaign fighting for pension transparency and fiduciary accountability.
Our mission
Divest for AR Future is a grassroots campaign using public records and Arkansas law to hold pension decision-makers accountable to the fiduciary standards they are required to follow. When investment decisions bypass independent analysis and override internal staff recommendations, pension beneficiaries deserve answers.
Our approach
We believe the strongest advocacy is built on evidence, not rhetoric. Our campaign rests on three pillars:
Public records research. We have filed two rounds of Freedom of Information Act requests with four Arkansas state agencies — the State Treasury, ATRS, APERS, and the Auditor of State — and analyzed nearly 1,100 public records. Every claim we make is sourced from these documents and other public information. FOIA requests are a fundamental right under Arkansas law, and we exercise that right to ensure Arkansans can see how their pension dollars are being managed.
Fiduciary-first framing. We lead with financial analysis and legal standards, not political arguments. Arkansas law requires that pension investments be made based solely on “pecuniary factors” — financial merit. That’s the standard we hold decision-makers to. Our questions are straightforward: Was an independent credit analysis performed? Were internal staff recommendations followed? Does the investment process meet the prudent-investor standard? These are the questions the law requires pension fiduciaries to answer.
Coalition building. Pension accountability isn’t a partisan issue — it matters to every Arkansan whose retirement depends on sound investment decisions. We work to build a broad coalition of educators, public employees, retirees, and concerned taxpayers across the state. When 140,000 ATRS members and tens of thousands of APERS members have a shared interest in how their retirement savings are managed, the campaign for transparency becomes a shared cause.
What we’re asking for
Our demands are narrow and rooted in existing Arkansas law:
- Pause new Israel Bonds purchases until an independent credit analysis is completed and shared with pension fund members.
- Transparency — Publish the financial analysis that justifies any Israel Bonds investment, comparing its risk, return, and liquidity against comparable alternatives.
- Process review — Document and explain how recent authorizations complied with Arkansas’s pecuniary-only standard and the established manager-driven investment process.
- Pension transparency legislation — Support the Pension Investment Transparency Act for the 2027 Arkansas legislative session, requiring independent credit analysis, consultant independence, liquidity risk disclosure, and documented financial rationale before pension boards commit members’ retirement funds to non-tradable sovereign debt. Read the full policy brief →
Frequently asked questions
Isn’t this about politics?
No. This is about fiduciary duty and financial risk. Arkansas law requires that pension investments be made based on “pecuniary factors” — financial merit. When an internal staff memo recommends against new purchases, when the Board Chair dissents warning the process departs from standard practice, and when public officials celebrate the investment as a political statement rather than a financial one, there are legitimate questions about whether the law’s fiduciary standard was met. We’re asking those questions.
What are Israel Bonds?
Israel Bonds are direct loans to the Israeli government. Unlike most bonds, they cannot be sold on a secondary market before maturity, which means pension funds that buy them are locked into the investment. All three major credit rating agencies (Moody’s, S&P, and Fitch) have downgraded Israel’s credit since 2024. For a detailed explanation, see our issue explainer.
Why does this matter for my pension?
Even though the Israel Bonds allocations are a small percentage of each fund’s total assets, the process concerns are significant. If investment decisions can be made through political channels — bypassing independent analysis and overriding internal staff recommendations — what stops it from happening again with a larger amount or a different investment? The fiduciary standards exist to protect your retirement from exactly this kind of decision-making.
Are you calling for a boycott?
No. We are calling for the same standard that Arkansas law already requires: that investment decisions be based solely on financial merit. We are asking for a pause, an independent analysis, and transparent process — the basic requirements of prudent pension management. Arkansas’s own laws establish that investment decisions should not be driven by political considerations, and that principle should apply equally to buying and selling.
Is it legal to file FOIA requests and question state investment decisions?
Absolutely. Freedom of Information Act requests are a fundamental right under Arkansas law (Ark. Code § 25-19-101 et seq.). Asking elected officials and appointed trustees to account for their investment decisions is exactly what pension oversight laws are designed to enable. There is nothing unusual or adversarial about pension beneficiaries asking how their money is being managed.
How is this campaign funded?
Divest for AR Future operates on a shoestring budget through small donations. We have no institutional funding and no paid staff. This is a volunteer-driven campaign.
How can I help?
Take action today — sign on in support, write to your pension trustees, contact your legislators, attend a board meeting, or volunteer with the campaign.
Contact
Email: divestforarfuture@proton.me
Divest for AR Future is a campaign of Little Rock Peace for Palestine.