14.d Resolution on Divestment from Israel bonds, Cortland

UUP-UNITED-UNIVERSITY-PROFESSIONS

WHEREAS, the New York State Common Retirement Fund (NYSCRF) holds, by estimates’, $332.5 million in bonds issued by the Israeli government, making New York State one of the biggest direct lenders to the State of Israel in the United States; and
WHEREAS, NYS funds invested in Israel Bonds represent approximately 76% of the pension’s exposure to foreign bonds, and
WHEREAS, these NYSCRF Israel Bonds are fundamentally inferior to comparable fixed-rate investments, putting the pensions of New York public sector workers and retirees at more risk; and
WHEREAS, these investiments do not prioritize pension security and performance and are fundamentally untransparent to pension members, since they are sold through private placements, behind closed doors, away from the oversite of markets, in contrast to the treatment of other bonds by the Comptroller and other financial managers of the Common Retirement Fund; and
WHEREAS, these Israel Bonds have also accorded special treatment as the Comptroller has continued to invest in these high-risk debt instruments even when Israel’s credit rating was downgraded and the country faced heightened legal and political risks; and
WHEREAS, such overtly political investment decisions prioritize the relationship with Israel over the needs of New York State workers and retirees; and WHEREAS, other states have initiated the process of withdrawing from thier investments in Israel Bonds, notably the Maryland State Retirement and Pension System, which cut $62 million in May of 2026; and
WHEREAS, these investments provide unrestricted financial support to the Israeli military and government while they conduct the indiscriminate bombing of civilians and have extended military hostilities into the West Bank, Lebanon, Syria, and Iran and
WHEREAS, the Israeli forces have leveled all of the universities (and as of December 2024) significantly damaged 94.7 of all of the schools in Gaza, which presents a direct conflict with UUP’s role as a leader in advocating for education.
NOW THEREFORE, be it
RESOLVED, that UUP leaders shall call on the Comptroller DiNapoli to suspend new investments in Israel Bonds, and request that he find any means available to reduce the amount of any existing Israeli Bonds in the NYSCRF portfolio; and be it further
RESOLVED that UUP leadership formulate in appropriate form and actively endorse these demands as a resolution and content of this resolution to the next NYSUT Representative Assembly on behalf of our UUP Delegate Assembly; and be it further
RESOLVED, that the rationale and content of this resolution be communicated to our statewide membership, to our affiliate organizations NYSUT, the NYS AFL-CIO, and to the leadership of the American Federation of Teachers.
The Executive Board recommends a YES vote.