(Bloomberg) -- New York City's $53.6 billion pension fund for police officers voted to sell stocks and bonds issued by Russian companies, beginning with those sanctioned by the U.S. government.
The fund, with more than 85,000 active members and retirees, held $42.2 million in Russian securities as of Feb. 25.
“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,” Mayor Eric Adams said in a statement. “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.”
New York City has five public pensions--for police officers, firefighters, teachers, school administrators and municipal employees. The $270 billion pension funds had about $270 million in Russian assets as of Feb. 23. City Comptroller Brad Lander, the investment adviser to the retirement systems, has called on all of the funds to divest. Lander brought the resolution to the police pension board, which is made up of union representatives and elected officials.
The resolution approved by the police pension only applies to publicly traded stocks and bonds and makes no mention of private equity holdings. The board directed the comptroller to sell the securities in an “orderly” fashion.
Read more here: U.S. Pensions Face Demands to Exit Hard-to-Unwind Russia Assets
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