Fourth Largest Pension System in the U.S. Votes To Divest From Russia

New York, NY – Following a vote today by the trustees of the New York City Fire Pension Fund, Comptroller Brad Lander and Mayor Eric Adams announced that the entire New York City Retirement System is moving forward to divest from Russian securities.
 
The NYC Fire Pension Fund serves approximately 28,000 active members and retirees. The Fund held $19.5 million in Russian securities at the close of business on February 25. Today’s trustee vote follows the Board of Education Retirement System’s (BERS) vote on March 15. At close of business on February 25, BERS held $3.1 million in Russian Securities. The full resolution approved by the New York City Fire Pension Fund is available here.
 
The five pension systems that make up the New York City Retirement System are governed by five separate boards that vote on investment decisions. Comptroller Lander brought a resolution urging divestment from Russian securities to the boards, which met and voted over the course of the last three weeks, starting with the New York City Police Pension Fund (PPF) on March 1. That vote was followed by the New York City Employees’ Retirement System (NYCERS) on March 2, the Teachers’ Retirement System on March 3, and the Board of Education Retirement System (BERS) on March 15. The five pension funds held a total of $185.9 million in Russian securities at the close of business on February 25, the last day of open business for trading on the Russian stock market.

“The rallying cry for peace in Ukraine has reverberated globally as millions of people are displaced and families torn apart. 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. New York City continues to stand with the people of Ukraine, and we hope that the global effort to hold the Russian government accountable for their abhorrent actions accelerates a path toward peace as soon as possible,” said New York City Comptroller Brad Lander.
 
“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.”
 
“I applaud the New York City Fire Department Pension Board for their vote to divest their funds from Russian securities. This decision by the Board is not a statement against a group of people; it is a statement against an unjust war. The hearts of FDNY members are with the innocent lives still in grave danger and the first responders bravely risking their lives to save others as their homeland is attacked,” said Acting Fire Commissioner Laura Kavanagh.
 
“The Uniformed Fire Officers Association joins with our partners in organized labor to stand with the people of Ukraine. New York, and the United States, is the melting pot of the world, where individuals of all backgrounds, races, creeds, and ethnicities may live free. Now is the time to reflect these principles in word and in action, and stand up to Russia, which has done unspeakable harm to thousands of innocent civilians, in an attempt to strip a population of its freedom and sovereignty. Russia’s actions must have consequences and we join with many others in divesting from Russian investments, in the name of human rights,” said James McCarthy, President of the Uniformed Fire Officers Association.
 
The full list of trustees of the New York City Retirement Systems are as follows:
 
New York City Employees’ Retirement System (NYCERS): New York City Comptroller Brad Lander; Mayor Eric Adams’ Representative; New York City Public Advocate Jumaane Williams; Borough Presidents: Mark Levine (Manhattan), Donovan Richards (Queens), Antonio Reynoso (Brooklyn), Vito Fossella (Staten Island), and Vanessa L. 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.   
 
Teachers’ Retirement System (TRS): New York City Comptroller Brad Lander; Mayor Eric Adams’ Appointee; Chancellor’s Representative, Lindsey Oates, New York City Department of Education; and Debra Penny (Chair), Thomas Brown and David Kazansky, all of the United Federation of Teachers.  
 
New York City Police Pension Fund (PPF): New York City Comptroller Brad Lander; Mayor Eric Adams’ Representative; New York City Finance Commissioner Preston Niblack; New York City Police Commissioner Keechant Sewell (Chair); Chris Monahan, Captains Endowment Association; Louis Turco, Lieutenants Benevolent Association; Vincent Vallelong, Sergeants Benevolent Association; Paul DiGiacomo, Detectives Endowment Association; and Patrick Lynch, John Puglissi, Joseph Alejandro, and Thomas Gilmore, all of the Patrolmen’s Benevolent Association.  
 
New York City Fire Pension Fund (Fire): New York City Comptroller Brad Lander; Mayor Eric Adams’ Representative; Acting New York City Fire Commissioner Laura Kavanagh (Chair); New York City Finance Commissioner Preston Niblack; Andrew Ansbro, President, Robert Eustace, Vice President, Edward Brown, Treasurer, and Eric Bischoff, Staten Island Representative and Chair, Uniformed Firefighters Association of Greater New York; Liam Guilfoyle, Captains’ Rep.; Paul Mannix, Chiefs’ Rep., and Christopher Jensen, Lieutenants’ Rep., Uniformed Fire Officers Association; and Peter Devita, Marine Engineers Association.
 
Board of Education Retirement System (BERS): Schools Chancellor David C. Banks, Represented by Lindsey Oates; Mayoral: Tom Allon, Vasthi Acosta, Gregory Faulkner, Dr. Angela Green, Anthony Lopez, Alan Ong, Gladys Ward, Karina Tavera; Thomas Sheppard (CEC); Geneal Chacon (Bronx), Tazin Azad (Brooklyn), Kaliris Salas-Ramirez (Manhattan), Jaclyn Tacoronte (Staten Island), and Deborah Dillingham (Queens); and employee members John Maderich of the IUOE Local 891 and Donald Nesbit of District Council 37, Local 372.

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