Hobby Lobby’s Retirement Plan Invests In Birth Control Manufacturers

|
April 1, 2014 6:30 p.m.

Hobby Lobby sued the federal government over the health care law’s requirement that businesses provide their employees with health insurance that covers contraception — the Supreme Court heard oral arguments in the case last week.

However, the company purchased a retirement plan for its employees that invested in companies that manufacture contraception, Mother Jones reported.

The company’s 401(k) plan for employees had $73 million invested companies that make the emergency contraception pills, intrauterine devices and drugs used for abortions, according to documents filed with the Department of Labor in 2012 reviewed by Mother Jones.

The companies invested in by multiple mutual funds in Hobby Lobby’s retirement plan include Teva Pharmaceutical Industries, Pfizer and Bayer. Some of the funds also invested in Aetna and Humana, insurance companies that provide plans covering contraception.

Hobby Lobby contributes generously to its employees 401(k)s, according to a website set up by the company to explain its lawsuit against the federal government.

Introducing
The TPM Journalism Fund: A New Way To Support TPM
We're launching the TPM Journalism Fund as an additional way for readers and members to support TPM. Every dollar contributed goes toward:
  • -Hiring More Journalists
  • -Providing free memberships to those who cannot afford them
  • -Supporting independent, non-corporate journalism
Are you experiencing financial hardship?
Apply for a free community-supported membership
Comments
advertisement
Masthead Masthead
Founder & Editor-in-Chief:
Executive Editor:
Managing Editor:
Senior Editor:
Special Projects Editor:
Editor at Large:
General Counsel:
Publisher:
Head of Product:
Director of Technology:
Publishing Associate:
Front-End Developer:
Senior Designer:
SPECIAL DEAL FOR PAST TPM MEMBERS
40% OFF AN ANNUAL PRIME MEMBERSHIP
REJOIN FOR JUST $30