New York pension money ‘held hostage’ by Vladimir Putin, Russia

Link: https://nypost.com/2022/05/14/ny-pension-money-held-hostage-by-vladimir-putin-russia/

Excerpt:

New York employees and taxpayers are unwittingly financing Russian companies and the oligarch pals of Vladimir Putin with at least $519 million invested in assets now frozen by the war-mongering dictator, The Post has learned.

City and state pension systems have pledged to sell off the holdings in protest of Russia’s assault on Ukraine, but Moscow has prohibited foreign investors from dumping the stocks.

“Putin is a thug and he’s holding our money hostage,” said Gregory Floyd, a Teamsters union leader and trustee of the New York City Employee Retirement System, NYCERS.

New York City’s five pension systems – covering teachers, cops, firefighters and other city employees – have invested a total $284.5 million in 33 publicly traded Russian stocks, according to records released to The Post by city Comptroller Brad Lander’s office. 

On Feb. 25, the market value of the Russian assets was $185.9 million, nearly $100 million less than the purchase price, the latest available records show.

Author(s): Susan Edelman, Thomas Barrabi

Publication Date: 14 May 2022

Publication Site: NY Post

As Comptroller, Lander Would Use ‘Environmental, Social and Governance’ Factors to Inform Pension Investment

Link: https://www.gothamgazette.com/city/10773-comptroller-lander-environmental-social-governance-esg-pension-investment?mc_cid=234d7207fb&mc_eid=1a5d3a1f3d

Excerpt:

The New York City Comptroller is an investment advisor and fiduciary for New York City’s $266 billion public pension system that serves 700,000 current and former teachers, firefighters, health care workers, police officers, and other retired city employees.

Brad Lander, the Democratic nominee for Comptroller, is all but certain to win the general election this fall in the overwhelmingly Democratic city after prevailing in a competitive primary earlier this year. If successful, Lander would be inaugurated in January and soon be able to make recommendations to the Boards of Trustees of the city’s five public pension funds on how their many billions should be invested, while also voting directly on four of the five pension boards, making him the key figure in almost all investment decisions.

The implications are significant given that city workers’ pensions are on the line, and because the city guarantees those pensions, billions are spent each year to make up for what the pensions themselves don’t produce in returns. Better returns from pension fund investments can save city government a significant amount of money that could be used for other priorities or put aside for a crisis.

Those investment decisions can also be made to further other goals than simply the funds’ bottom lines, though the returns and overall financial health of the pension funds are the comptroller’s main city charter-mandated responsibility.

Author(s): Carmen Vintro

Publication Date: 17 Sept 2021

Publication Site: Gotham Gazette