Dedicated to serving their city, public employees in NYC are entitled to have their pension dollars managed in a way that best promotes their retirement interests.
New York, NY – On Thursday, May 11, Americans for Fair Treatment joined four current and former New York City municipal employees in filing a complaint against the New York City Employees’ Retirement System (“NYCERS”), Teachers’ Retirement System of the City of New York (“TRS”), and Board of Education Retirement System of the City of New York (“BERS”).
Under New York law, trustees of pension plans are required to manage the plans with a singular and exclusive focus on promoting the retirement interests of plan participants and beneficiaries. NYCERS, TRS, and BERS breached their obligations to workers and retirees by using plan assets to advance a political agenda when they chose to divest the plans of their holdings in fossil-fuel related securities, for the ostensible purpose of fighting climate change.
“We take this issue very seriously; pensions are a promise, and governments owe it to their employees to keep their commitment,” said Elisabeth Messenger, Chief Executive Officer of Americans for Fair Treatment. “The teachers, maintenance workers, municipal employees, and more who keep our government running effectively deserve properly managed retirement systems, free from politically motivated intervention.”
As an advocate for public employees, Americans for Fair Treatment hopes this complaint will ensure that the trustees of NYCERS, TRS, and BERS honor their obligations to the City’s public servants, and make investment decisions based solely on what will promote the financial interests of workers and retirees.
If you are a public employee in New York City interested in learning more, AFFT would love to connect with you. Contact us at info@americansforfairtreatment.org
Americans for Fair Treatment is a national nonprofit organization that educates public employees about their rights in a unionized workplace and connects these employees with all available resources to defend those rights. We offer a free membership program, networking opportunities, and professional development scholarships to support qualifying public employees.