Dovetailing on President Biden’s clean-energy initiatives shortly after taking office, two of New York City’s five pension funds voted to divest their portfolios of an estimated $4 billion from securities related to fossil fuel companies.
The New York City Employees’ Retirement System and New York City Teachers’ Retirement System voted to approve divestments on Monday and the New York City Board of Education Retirement System is expected to proceed on a divestment vote imminently, Mayor Bill de Blasio and city Comptroller Scott Stringer said in a joint statement.
NYCERS and Teachers were valued at $91.4 billion and $77.4 billion as of November, according to data from Stringer’s office. Overall, the five systems have roughly $240 billion in assets under management, constituting the fourth largest public pension plan in the U.S.
Author: Paul Burton
Publication Date: 26 January 2021
Publication Site: Fidelity Fixed Income