Controller urges LA to divest $46.2 million in pension funds from Russian assets
The city's premier accountant called on the city to divest over $45 million in pension funds from any Russian investments after the country invaded Ukraine.
"Due to the heinous war crimes committed by Russia, I believe the city of Los Angeles should explore every option and take every measure in our power to support the people of Ukraine," said Los Angeles Controller Ron Galperin.
According to Galperin's office, between the Los Angeles Fire and Police Pensions, the Los Angeles City Employees' Retirement System and the Water and Power Employees' Retirement plan, the city has invested $46.2 million dollars in various Russian securities. Galperin said he has written a letter to the presidents of the retirement funds urging them to find the Russian investments and divest from them.
"There are financial complexities to consider when discussing divestment from current assets, but acting in solidarity with those suffering and taking a strong stand against violations of international law is in the interest of current and former city employees, and the residents of Los Angeles," said Galperin.
According to Galperin's office, more than 100,000 people are enrolled in the various pensions offered by the city and the assets add up to $74 billion.
