Second Large Pennsylvania Pension Fund Sells Russian Assets – CBS Pittsburgh

HARRISBURG, Pa. (AP) – The board of another major public pension system in Pennsylvania voted Friday to sell its Russia-related investments amid bipartisan calls from lawmakers and top state officials to respond to Russia’s attack on Ukraine.

The vote by the board of the government employee pension scheme affects about $7 million of the $40 billion in assets the scheme reported in early 2022, it said. This exposure is 0.02%.

CONTINUE READING: “Fight for what is right:” Mayor Ed Gainey is a supporter of Starbucks

In a statement, Chairman of the Board David Fillman cited “increased volatility, risks and potential losses resulting from exposure to Russia-related investments” and expressed sympathy for Ukrainians.

The board’s decision also bans new investments in assets related to Russia or Belarus, a key ally of Russia in its attack on Ukraine.

On Thursday, the board of directors of the $72.5 billion public school employee pension scheme voted similarly to sell nearly $300 million that was invested directly in Russia and Belarus.

CONTINUE READING: ‘I live off the hugs and prayers of others’: Jason Chavis is remembered by friends and family

Governors and lawmakers in numerous US states have taken steps to divert state investment from Russian companies while encouraging private companies to do the same.

In Pennsylvania, Gov. Tom Wolf and Treasurer Stacy Garrity have called for the spin-off of pension systems, while lawmakers have begun drafting legislation mandating it.

The Treasury said it had sold as much as possible of its $2.9 million invested in Russian companies.

MORE NEWS: Girls Of Steel Robotics show “Buzzband”, a fitness device that helps children with autism

(Copyright 2022 The Associated Press. All rights reserved. This material may not be published, broadcast, transcribed or redistributed.)