NYC teachers fund latest to divest Russian securities

The trustees of the New York City Teachers' Retirement System have voted to divest the pension fund of its investments in Russia, becoming the third of five pension funds in the New York City Retirement Systems to protest Russia's invasion of Ukraine.

The $104 billion teachers' fund has about $90 million in Russian securities.

The board of trustees voted on Monday to "prudently divest" from its Russian holdings "to ensure the long-term stability of our pension system," said a news release from the United Federation of Teachers union, which has three members on the board.

"The trustees have voted — keeping in mind our commitment to our members to safeguard the system's assets — to join the international movement to hold the Russian government responsible for its actions," Debra Penny, UFT treasurer and a pension fund trustee, said in the release.

New York City Mayor Eric Adams, city Comptroller Brad Lander and the New York City Department of Education also have representatives on the board. Mr. Lander is the fiduciary for the five pension funds within the $274.7 billion New York City Retirement Systems.

Each pension fund has an independent board. The comptroller's Bureau of Asset Management handles investing for the funds, and it is in charge of the divesting for each of the funds.

"Russia's invasion of Ukraine is an attack on democracy," UFT President Michael Mulgrew said in the news release. "There must be consequences for this kind of offense against international peace."

On March 2, trustees of the New York City Employee's Retirement System voted to divest $31.1 million in Russian securities out of the pension fund's total $88.2 billion in assets.

On March 1, trustees of the New York City Police Pension fund approved a divestiture resolution calling for the selling of $42.2 million in Russian securities out of the pension fund's $53.6 billion in assets.