NYC Fire Pension Fund votes to divest Russian securities

The trustees of the New York City Fire Pension Fund voted on Thursday to divest its holdings of Russian securities, making it the last of the five pension funds in the New York City Retirement Systems to authorize divestiture.

The firefighter's pension fund held $19.5 million in Russian securities as of Feb. 25. Total plan assets were $19.3 billion as of Jan. 31, according to the comptroller's website.

Each of the five pension funds in the retirement system is independent and governed by a board of trustees. New York City Comptroller Brad Lander is the fiduciary for the funds, and the comptroller's bureau of asset management handles investment for the funds.

"The hearts of FDNY members are with the innocent lives still in grave danger and the first responders bravely risking their lives to save others as their homeland is attacked," Acting Fire Commissioner Laura Kavanagh said in a news release announcing the firefighters' action.

"The New York City Retirement Systems have taken bold, unified action to express solidarity with those under attack in Ukraine and to protect the long-term value of their portfolio as additional sanctions are placed on Russia," Mr. Lander said in the news release.

Ms. Kavanagh and Mr. Lander are members of the fund's board of trustees.

Starting in early March, the individual pension fund trustees began voting to divest Russian securities:

• The New York City Police Pension Fund on March 1, which voted to divest $42.2 million. Total plan assets are $52 billion.
• The New York City Employees' Retirement System on March 2, which voted to divest $31.1 million. Total plan assets are $85.3 billion.
• The Teachers' Retirement System of the City of New York, which voted to divest $90 million. Total plan assets are $100.5 billion.
• The Board of Education Retirement System on March 15, which voted to divest $3.1 million in Russian securities. Total plan assets are $8.8 billion.