The trustees of the New York City Teachers’ Retirement System (TRS) voted March 7 to “prudently divest” from Russian securities to stand in solidarity with Ukraine during the current conflict in Eastern Europe.
The NYC Teachers’ Retirement System holds about $90 million in Russian securities out of the $104 billion total TRS portfolio.
United Federation of Teachers (UFT) President Michael Mulgrew along with fellow colleagues applauded the decision to depart from Russian securities, emphasizing the importance of standing up for those impacted by the crisis in Ukraine.
“We have to stand up for justice,” said Mulgrew. “Russia’s invasion of Ukraine is an attack on democracy. There must be consequences for this kind of offense against international peace.”
A representative from the city comptroller’s office told amNew York Metro that TRS has “myriad investments in both publicly traded securities (including emerging markets indexes) and private markets. Of the Teachers’ Retirement Systems’ total value of $103.9 billion, less than 1 percent (approximately $90 million) were in Russian securities.”
This move will also ensure the long-term stability of the NYC TRS pension system for retired teachers.
“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,” said Debra Penny, chair of the UFT’s TRS members.
The UFT has three members on the TRS board, while Mayor Adams as well as NYC Comptroller Brad Lander and the NYC Department of Education (DOE) also have representatives on the board.
Members of the TRS board found it integral to make this decision not only to ensure financial security for the city’s teachers, but also to make a statement condemning the actions of Russia in Ukraine.
“A vicious and unjust war continues to be waged on Ukraine, driving deaths, destruction and displacement of civilians,” said Comptroller Lander. “New Yorkers remain steadfast in solidarity with Ukrainians here in our city and abroad. The decision by the trustees of the Teachers’ Retirement System is another step forward as we work to hold the Putin regime and those who continue to fund it accountable, while safeguarding the assets of thousands of active members and beneficiaries.”
Mayor Eric Adams agreed with this sentiment and stood by the decision made by the board.
“Freedom cannot be denied, here or anywhere,” said Adams. “That’s why I stand in support of efforts to divest the city’s pension funds from Russian assets in light of the ongoing invasion of Ukraine — an unprovoked and unjustified war. 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. Our administration is committed to standing with Ukrainians and refugees here and abroad while doing all we can to advance peace, in collaboration with the community and our federal partners.”
