NYC Employees’ Retirement System Votes To Divest From Russian Securities

 

 The trustees of the New York City Employees’ Retirement System (NYCERS) voted Wednesday to approve a resolution directing the Comptroller to carry out the divestment of the System’s investments in securities issued by Russian companies, beginning with those identified by the United States government as financing, supporting or enabling the Putin regime.

The New York City Employees’ Retirement System is one the nation’s largest municipal retirement funds in the United States with over 350,000 active members and retirees. The System held approximately $31.1 million in Russian securities at the close of business on February 25. As of December 31, 2021, the System had $88.2 billion in total assets under management (AUM).

“As the unlawful invasion of Ukraine by the Putin regime continues, the investment risks, economic volatility, and calls for an immediate end to these acts of aggressions by the global community have only grown,” said Comptroller Brad Lander. “Today’s vote by the New York City Employees’ Retirement System sends both a strong signal of solidarity with the Ukranian people and reinforces the commitment of NYCERS to safeguard the assets of the System’s thousands of beneficiaries.”

“Freedom cannot be denied, here or anywhere. That’s why I stand in support of efforts to divest the city’s pension funds from Russian assets in light of the ongoing invasion of Ukraine — an unprovoked and unjustified war,” said New York City Mayor Eric Adams. “This is not about penalizing the Russian people, but about holding President Putin and his government accountable for violating a nation’s sovereignty and inflicting widespread suffering on its people. Our administration is committed to standing with Ukrainians and refugees here and abroad while doing all we can to advance peace, in collaboration with the community and our federal partners.”

“Together with my trustee to the New York City Employees’ Retirement System Board, I am proud to support this divestment, and to support the Ukrainian people under attack. New York City should take every action available to hold Russia to account and help end the suffering caused by Putin’s aggression and oppression. Divesting NYCERS from securities issued by Russian companies answers both a moral and fiscal obligation as we work to ensure the long-term health and stability of New Yorkers’ pensions, and I thank the Comptroller for leading this effort,” said New York City Public Advocate Jumaane Williams.

“Russian’s unprovoked invasion of Ukraine is an atrocity,” said Staten Island Borough President Vito Fossella. “Our actions today, while largely symbolic, convey the right messages at the right time to the Russian government. We continue to stand in solidarity with the people of Ukraine, and our main priority now is to help Ukraine remain free.”

“Today’s announcement that NYCERS will divest from Russian assets is a step in the right direction. As New Yorkers, we have a responsibility to set an example for the world and ensure our investments reflect our values. I am proud that NYCERS has taken this action and fully support their decision. Our City must be willing to use its financial muscle to stand up for what is right and just,” said Bronx Borough President Vanessa L. Gibson.

“New York City must be a leader in standing up to this immoral war in Ukraine, and that includes divesting our municipal pensions from Russian assets,” said Manhattan Borough President Mark Levine. “I hope other cities around the country and the world follow the excellent example set today by the NYCERS board and Comptroller’s office.”

“Given the unprovoked attacks on a sovereign country, the Office of the Brooklyn Borough President supports NYCERS’ divestment from funds according to the Comptroller’s resolution,” said Brooklyn Borough President Antonio Reynoso. “Brooklyn, specifically Brighton Beach and Sheepshead Bay, is home to the largest Ukrainian community outside of that nation. We stand with Ukrainian Brooklynites and those whose loved ones remain in Ukraine.”

“Russia’s vicious and unjust invasion of Ukraine has caused a heartbreaking human catastrophe, senselessly stealing countless lives and forcing nearly one million innocent Ukrainian families on harrowing journeys across the nation’s borders toward a safer, yet uncertain existence. New York City stands in lockstep with Ukraine in opposition to this crime against humanity, and I was proud to vote in favor of NYCERS’ critical, commonsense divestment from Russian securities,” said Queens Borough President Donovan Richards Jr. “The global community has come down swiftly and severely on Putin and his enablers for their heinous war, and, as demonstrated today, New York City takes its responsibility in this shared action seriously.”

“Labor unions stand for freedom. Now is the time for us to act against inhumanity and aggression. Putin’s Russia has no place in our investment portfolio. We support the people of Ukraine,” said President of Teamsters Local 237 Gregory Floyd.

“As a NYCERS trustee and as Executive Director of District Council 37, AFSCME, New York City’s largest municipal union, I am strongly in support of the action taken by the NYCERS Board of Trustees today to divest all of NYCERS’ holdings in Russia. We have taken this action to register our condemnation of Russia’s unprovoked invasion of Ukraine, a sovereign state, and to affirm our support for the Ukrainian people. District Council 37 has been a strong supporter of liberty and human rights around the world. We are proud to stand in solidarity with Ukraine,” said Executive Director of District Council 37, AFSCME, Henry Garrido.

In addition to Comptroller Lander, the trustees of the New York City Employees’ Retirement System include: Mayor Bill de Blasio’s Representative Cynthia Collins (Chair); New York City Public Advocate Jumaane Williams; Borough Presidents: Mark Levine (Manhattan), Donovan Richards (Queens), Antonio Reynoso (Brooklyn), Vito Fossella (Staten Island), and Vanessa Gibson (Bronx); Henry Garrido, Executive Director, District Council 37, AFSCME; Tony Utano, President Transport Workers Union Local 100; and Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

The full resolution approved by the New York City Employees’ Retirement System is available here.