State Street, PIMCO, Blackstone and other large asset managers joined other financial services firms Monday and said they would pay for employees' travel expenses related to abortion care.
On June 24, the U.S. Supreme Court's ruling in Dobbs vs. Jackson Women's Health Organization overturned Roe vs. Wade, a case that set a federal precedent nearly 50 years ago guaranteeing women the right to seek an abortion. Abortion became illegal through trigger laws, new laws, or laws that preceded Roe in almost a dozen states, and employers began reacting.
Shortly after the court's ruling last week, J.P. Morgan Chase & Co. sent a memo to employees saying it would begin paying for them to travel for abortion care. Bank of America, Goldman Sachs and Citi also sent emails to employees that day assuring them that it would pay for their travel.
Now, money managers say they will do the same.
"In light of the U.S. Supreme Court's decision, we are working to ensure that all U.S. employees will have access to reproductive healthcare no matter what state they live in," State Street said in a statement emailed to Pensions & Investments. The asset manager also said it would cover the costs for employees to travel outside of the state where they live to receive care.
Pacific Investment Management Co. said in an email that the company is "responsible for ensuring our employees have equitable access to quality healthcare. As such, PIMCO will cover reasonable eligible travel expenses for those U.S. employees whose reproductive health services require travel to receive care out-of-state."
Private equity firms Blackstone and TPG said they would cover travel expenses for employees seeking abortion care.
"We are concerned that overturning Roe may also have a ripple effect on other individual rights and disproportionately disadvantage underserved and minority communities," said Jon Winkelried, CEO of TPG, which is headquartered in both San Francisco and Fort Worth, Texas, in a statement. "We will stand and take actions in support of the women at this firm and elsewhere to preserve their rights."
Franklin Templeton and Capital Group will also cover the costs for employees to travel, something both firms said they did before the Supreme Court's ruling last week.
How employees will engage companies about the travel benefit, and how their privacy would be protected from states that seek information about their health care, is unclear.
Bloomberg contributed to this story.