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NYCERS Municipal Pension Fund Sells Russian Holdings Over Invasion

The Big Apple’s massive $88 billion municipal employee pension fund is dumping its Russian assets in a backlash against the Kremlin invasion of neighboring Ukraine keeps growing.

The NYC Employees’ Retirement System move announced on Thursday will affect assets valued at $31 million on Feb. 25 – before the United States, United Kingdom and European Union imposed a paralysis Sanctions against Russia’s main financial institutions and the country’s central bank.

And it comes two days after the city pension fund, which covers cops voted to sell $42 million in Russia-related assets.

It is not clear what the Russian investments are worth now – if they are worth anything at all. Russian officials have ordered their major financial markets to remain closed while trying to avert a crash. Meanwhile, the value of the country’s currency, the ruble, has also plummeted.

Mayor Eric Adams said he supports the decision to divest the municipal employee pension fund from Russian assets.
Mayor Eric Adams said he supports the decision to divest the municipal employee pension fund from Russian assets.
Stephen Jeremiah
Russian tanks and military vehicles in the Kyiv region of Ukraine on March 3, 2022.
Russian tanks and military vehicles in the Kyiv region of Ukraine on March 3, 2022.
via REUTERS

“Freedom cannot be denied, here or anywhere,” Mayor Eric Adams said in a statement. “That’s why I support efforts to segregate the city’s pension funds from Russian assets in light of the ongoing invasion of Ukraine — an unprovoked and unjustified war.”

The two major unions covered by NYCERS — AFSCME District Council 37 and Teamsters Local 237 — also supported the move.


Get the latest Update in the Russia-Ukraine conflict with live coverage of The Post.


“Putin’s Russia has no place in our investment portfolio. We support the people of Ukraine,” said Teamsters CEO Gregory Floyd.

https://nypost.com/2022/03/03/city-pension-fund-nycers-dumps-russian-holdings-over-invasion/ NYCERS Municipal Pension Fund Sells Russian Holdings Over Invasion

JACLYN DIAZ

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