NYPD pension fund to divest $42 million in Russian-issued securities investments

The New York police pension fund is to sell its investments in securities issued by Russian companies, following a series of state and federal sanctions boycotting the military invasion of Ukraine by Vladimir Putin.

Trustees of the fund — which include Mayor Eric Adams, City Comptroller Brad Lander and NYPD Commissioner Keechant Sewell — voted on Tuesday ordering the Comptroller to divest $42.2 million following a review of its investments in public shares and fixed income securities in Russian companies.

Trustees wrote in the adopted resolution that they were “concerned about the Russian Federation’s unprovoked invasion of the sovereign nation of Ukraine.”

“The United States government has identified the financial institutions that fund Putin’s regime, as well as Russian state-owned companies that provide key services crucial to the Kremlin and the Russian military, and is in the process of identifying the owned companies by Russian elites who benefit from their relations with the Kremlin,” the document reads.

Russian President Vladimir Putin made the unprovoked decision to invade Ukraine on February 24.
Alexei Nikolsky/TASS/Getty Images

“Freedom cannot be denied, here or elsewhere. This is why I support efforts to remove the city’s pension funds from Russian assets in light of the ongoing invasion of Ukraine – an unprovoked and unwarranted war,” Mayor Eric Adams said in a statement. a statement.

“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.”

get latest updates in the Russian-Ukrainian conflict with the Post’s live coverage.

One of the largest municipal pension funds in the nation, the pension fund is made up of 85,000 active and retired members – including 36,000 active and 43,000 retired NYPD members.

Mayor Eric Adams
Mayor Eric Adams is a trustee of the New York City Police Pension Fund.
William Farrington

PBA Chairman Patrick J. Lynch – also a fund administrator – echoed his support for anti-Russian divestment in a statement: “In all matters relating to pension funds, we have a fiduciary responsibility to act in the best interests of fund members. This divestment was necessary to protect those interests.

“Besides the issue of pension investments, the PBA stands with the people of Ukraine against this unprovoked attack. We join our members of Ukrainian descent in praying for the safety of their friends and family in the conflict zone. We hope for peace as soon as possible and we pray that the forces of freedom will prevail,” he added.

Dolores W. Simon