NY State Identifies Pension Fund Investments Link to Terrorist Countries

June 18, 2007 (PLANSPONSOR.com) - A report released by New York State Senator Jeff Klein suggests the New York State pension fund has $12 billion invested in companies that do business with nations identified by the State Department as sponsors of terrorism.

The New York Sun reports that Klein found that 16% of the $140 billion fund is invested in companies that do business with Syria, Iran, Sudan, and North Korea. The fund – the second largest pension fund in the country – has investments in 235 such companies, the news report said.

Klein is sponsoring legislation dubbed the Terror Free Investment Act, calling on the state comptroller Thomas DiNapoli to divest the pension fund from companies that do business with state sponsors of terrorism. DiNapoli last week announced a plan to divest pension funds investments with companies that do business in Sudan (See NY Comptroller Unveils Three-Phase Divestment Plan).

More information about Klein’s report is  here.