When you think about your 401(k), you probably imagine your money working hard towards your secure and comfortable retirement. But here’s the startling reality: Most likely, your savings aren’t just invested in tech giants and treasury bonds. 401(k)s have big holdings in companies that make bombs and missiles - including nuclear weapons, cluster bombs, and other arms prohibited by international treaties.
These are the conclusions of As You Sow’s recent analysis of the retirement plans of 55 major employers, including S&P 500 giants like Disney, Microsoft, Comcast, and Target. Every plan analyzed had major military weapon manufacturers among their top 100 stock holdings.
The findings were unearthed by looking at legal filings known as Form 5500, which detail each fund offered by the plan and the corresponding participant investments. Using our Weapon Free Funds database, we found that RTX Corp, GE Aerospace, and Boeing were among the most invested companies.
But your 401(k) probably isn’t telling you about the humanitarian impacts of your funds. RTX Corp and Boeing have been linked to weapons used in recent conflicts that have resulted in civilian casualties, as reported by news outlets like The New York Times.
Millions of American workers are unknowingly investing in companies making weapons of mass destruction. Are your retirement savings helping to build a better future, or are they inadvertently fueling war and destruction?
The data
Below is a table listing the 55 retirement plans analyzed, along with the weapon companies found in each plan’s top 100 equity holdings. Companies marked in red have connections to nuclear weapons or other controversial weapons like cluster munitions, anti-personnel landmines, incendiary weapons, and depleted uranium ammunition.
| Retirement plan | Military Weapon Manufacturers in Top 100 Equity Holdings |
|---|---|
| Adobe | Honeywell International Inc, GE Aerospace, RTX Corp, Boeing Co |
| Advanced Micro Devices | RTX Corp, GE Aerospace, Airbus SE |
| Airbnb | GE Aerospace, RTX Corp, Eaton Corp PLC, Honeywell International Inc |
| Amazon.com | GE Aerospace, RTX Corp, Honeywell International Inc, Eaton Corp PLC, Lockheed Martin Corp |
| Apple | GE Aerospace, Amphenol Corp, Eaton Corp PLC, RTX Corp |
| Autodesk | GE Aerospace, Honeywell International Inc, RTX Corp, Boeing Co |
| Bloomberg | GE Aerospace, RTX Corp, Eaton Corp PLC, Amphenol Corp, Boeing Co |
| Booking Holdings | Airbus SE, Safran SA, GE Aerospace, RTX Corp |
| Bristol-Myers Squibb | Eaton Corp PLC, Airbus SE, Honeywell International Inc |
| Broadcom | Eaton Corp PLC, GE Aerospace, RTX Corp, Amphenol Corp |
| Campbell Soup Company | GE Aerospace, Airbus SE, TransDigm Group Inc, Safran SA, Boeing Co, General Dynamics Corp |
| Centene Corporation | GE Aerospace, Safran SA, BAE Systems PLC, Boeing Co, Airbus SE, Rheinmetall AG |
| Chevron | Airbus SE, GE Aerospace, RTX Corp, Honeywell International Inc, Eaton Corp PLC |
| Chipotle Mexican Grill | GE Aerospace, RTX Corp, Airbus SE, Eaton Corp PLC, Honeywell International Inc, Lockheed Martin Corp, Safran SA |
| Comcast | GE Aerospace, Boeing Co, RTX Corp, Airbus SE, Eaton Corp PLC |
| Disney | GE Aerospace, Amphenol Corp, RTX Corp, TransDigm Group Inc, Honeywell International Inc, Eaton Corp PLC |
| Dollar General | RTX Corp, GE Aerospace, AMETEK Inc, Airbus SE |
| Dollar Tree | RTX Corp, Honeywell International Inc, Eaton Corp PLC, General Dynamics Corp, GE Aerospace, Northrop Grumman Corp, Boeing Co, Parker Hannifin Corp, Airbus SE |
| Duke University | Amphenol Corp, GE Aerospace, Eaton Corp PLC, RTX Corp, Honeywell International Inc, Northrop Grumman Corp, General Dynamics Corp |
| Etsy | GE Aerospace, RTX Corp, Eaton Corp PLC, Honeywell International Inc |
| FedEx | Airbus SE, Honeywell International Inc, RTX Corp, General Dynamics Corp, TransDigm Group Inc |
| Fiserv | GE Aerospace, RTX Corp, Eaton Corp PLC, Honeywell International Inc, Lockheed Martin Corp |
| Fortinet | GE Aerospace, RTX Corp, Airbus SE, Honeywell International Inc |
| GE Aerospace, RTX Corp, Eaton Corp PLC, Honeywell International Inc | |
| Intuit | GE Aerospace, RTX Corp, Eaton Corp PLC, Honeywell International Inc |
| Keurig Dr Pepper | GE Aerospace, Eaton Corp PLC, Honeywell International Inc, RTX Corp |
| Mastercard | Parker Hannifin Corp, Amphenol Corp, Honeywell International Inc, BAE Systems PLC, General Dynamics Corp, Curtiss-Wright Corp, Howmet Aerospace Inc, Safran SA |
| Meta | GE Aerospace, RTX Corp, Eaton Corp PLC, Honeywell International Inc, Lockheed Martin Corp |
| Microsoft | GE Aerospace, Eaton Corp PLC, Amphenol Corp, RTX Corp, Honeywell International Inc |
| Monster Energy Company | Amphenol Corp, General Dynamics Corp, RTX Corp, Northrop Grumman Corp, Honeywell International Inc |
| Netflix | GE Aerospace, Amphenol Corp, Eaton Corp PLC, Honeywell International Inc, RTX Corp, Parker Hannifin Corp |
| Nvidia | Amphenol Corp, Eaton Corp PLC, GE Aerospace, Airbus SE, Northrop Grumman Corp, General Dynamics Corp |
| Oracle | GE Aerospace, Eaton Corp PLC, RTX Corp, Amphenol Corp |
| O'Reilly Automotive | Amphenol Corp, General Dynamics Corp, AMETEK Inc, Honeywell International Inc |
| Palo Alto Networks | Amphenol Corp, GE Aerospace, Eaton Corp PLC |
| GE Aerospace, Eaton Corp PLC, RTX Corp, Honeywell International Inc | |
| Progressive | Amphenol Corp, GE Aerospace, TransDigm Group Inc, Eaton Corp PLC, Boeing Co, RTX Corp |
| Prologis | GE Aerospace, TransDigm Group Inc, Boeing Co, RTX Corp, Amphenol Corp, Northrop Grumman Corp, BAE Systems PLC |
| Qualcomm | Amphenol Corp, Eaton Corp PLC, GE Aerospace, Honeywell International Inc, RTX Corp |
| Quanta Services | GE Aerospace, RTX Corp, Safran SA, Boeing Co, BAE Systems PLC, Airbus SE, TransDigm Group Inc |
| Regeneron Pharmaceuticals | Eaton Corp PLC, TransDigm Group Inc, Amphenol Corp, Airbus SE, Safran SA |
| SAP America | Honeywell International Inc, Boeing Co, Parker Hannifin Corp, RTX Corp, Fortive Corp, GE Aerospace |
| State Farm | GE Aerospace, RTX Corp, Eaton Corp PLC, Honeywell International Inc, Lockheed Martin Corp, Boeing Co |
| Stryker | Amphenol Corp, GE Aerospace, Airbus SE, Eaton Corp PLC, Safran SA, RTX Corp, Honeywell International Inc |
| Sutter Health | GE Aerospace, Safran SA, BAE Systems PLC, Airbus SE, Boeing Co, RTX Corp |
| T-Mobile USA | Amphenol Corp, AMETEK Inc |
| Take-Two Interactive Software | GE Aerospace, RTX Corp, Honeywell International Inc, Eaton Corp PLC |
| Target | GE Aerospace, RTX Corp, Honeywell International Inc, Eaton Corp PLC |
| Tesla | Amphenol Corp, General Dynamics Corp, AMETEK Inc, Honeywell International Inc |
| Thrift Savings Plan | GE Aerospace, RTX Corp, Honeywell International Inc, Eaton Corp PLC |
| TJX Companies | Northrop Grumman Corp, Eaton Corp PLC, RTX Corp, Airbus SE, Honeywell International Inc |
| Amphenol Corp, General Dynamics Corp, Honeywell International Inc, AMETEK Inc | |
| Vertex Pharmaceuticals | Amphenol Corp, GE Aerospace, Eaton Corp PLC, Boeing Co, RTX Corp |
| VISA | GE Aerospace, Amphenol Corp, Eaton Corp PLC, RTX Corp, Lockheed Martin Corp, Honeywell International Inc, Parker Hannifin Corp |
| Whole Foods | GE Aerospace, Amphenol Corp, Eaton Corp PLC, RTX Corp |
The full analysis can be found here.
Taking action
Now that you know, what can you do about it? Start by examining your own retirement plan. Use tools like As You Sow’s Weapon Free Funds to find funds that exclude investments in arms manufacturers. Our toolkit has a sample letter you can send to your HR department retirement plan administrator to express your concerns and advocate for more ethical investment options.
By aligning your investments with your values, you can help build a future that prioritizes peace and sustainability over conflict and destruction. Take control of your financial future today!
