pension funds

NYC's Retirement System Divesting From Russia Over Invasion

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New York City's retirement system will be divesting from Russian securities, following votes from all five of the pension funds that make up the system deciding to do so, city officials announced Thursday.

Comptroller Brad Lander said the final vote came Thursday when the New York City Fire Pension Fund approved a resolution to divest. Pension fund systems for police, city workers, teachers and Board of Education workers had made similar votes in the weeks since Russia invaded Ukraine late last month.

“The New York City Retirement Systems have taken bold, unified action to express solidarity with those under attack in Ukraine and to protect the long-term value of their portfolio as additional sanctions are placed on Russia," Lander said in the announcement.

The funds had $185.9 million in Russian securities on Feb. 25, the last day the Russian stock market was fully open.

Copyright AP - Associated Press
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