New York City Comptroller John C. Liu today announced, on behalf of the Board of Trustees at the New York City Employees’ Retirement System (NYCERS), the reinvestment of $15 million in State of Israel Bonds.

NYCERS purchased $15 million in bonds from the Development Corporation for Israel in 2008 with a two-year final maturity.  Today’s announcement is a reinvestment of that purchase for a floating rate bond with a three-year maturity and builds on NYCERS’ commitment to the success of the Israeli State.

“Israel has long been an ally and friend to New York, and there is no better way to reaffirm our commitment to the Israeli people than the investment of these funds in their country,” Comptroller Liu said.  “These bonds will help spur the economy, create jobs, and also provide a sound investment for NYCERS.”

“Supporting the State of Israel through investment is a continuation New York City’s longstanding partnership with Israel,” said New York City Public Advocate Bill de Blasio. “Renewing these bonds will help support the Israeli economy and provide a secure return for our pension funds.”

This is the fourth direct purchase of bonds from the State of Israel by a New York City Pension System. In addition to the NYCERS purchase in 2008, the Teachers’ Retirement System purchased $5 million in bonds in both 2003 and 2004.
 
Comptroller Liu will be joining a New York City delegation, led by the JCRC, to Israel in late August to meet with representatives of the Israeli Government.  During that trip, the Comptroller will have an opportunity to see firsthand how the Pension Funds’ investments are funding existing projects, as well as explore potential future investment opportunities.

(YWN Desk – NYC)