January 25, 2024

We, New York City public sector workers, call on NYCERS to divest from all Israeli bonds and holdings that fund and profit from war and occupation in Palestine.

We issued this call in the wake of the State of Israel’s escalated siege and bombardment of Gaza since October 7th, a genocidal campaign that has claimed the lives of over 60,000 Palestinians, with thousands more severely injured or reported missing under the rubble. Israel has bombed hospitals, schools, residential blocks, and refugee camps, while cutting off water, fuel, electricity, medical supplies, and internet access, leaving many to face mass starvation and disease. At least 1.9 million people – 90% of Gaza’s total population – have been displaced as a result of this violence. Israel’s war crimes against Palestinians in Gaza, the West Bank, and the occupied Palestinian territories, which began more than 75 years ago, have been well-documented by the United Nations and many international human rights organizations, including Amnesty International and Human Rights Watch.

New York City Employees’ Retirement System (NYCERS), New York City’s largest public pension system, is using the retirement savings of city employees to finance the displacement and ethnic cleansing of Palestinians. We demand that the NYCERS Board of Trustees carry out the divestment of the System’s investments in securities issued by the State of Israel and Israeli companies. In solidarity with Palestinian trade unions, we, the undersigned, call upon NYCERS to ensure that our paychecks are not invested in bonds and industries that fund and profit from the ongoing violence against Palestinians, as well as the people of Lebanon, Syria, and Yemen.

As of January 2023, NYCERS holds approximately $115 million in Israeli securities, including:

• Over $30 million in short and long term bonds. The purchase of Israeli bonds directly funds Israel’s military forces and the occupation of Palestine, including:
• The indiscriminate bombardment of Gaza by Israeli military forces
• The military enforcement of an apartheid state, as ruled by the International Court of Justice
• The unlawful, indefinite administrative detention of Palestinians, including children

• The 17 year long land, sea, and air blockade of Gaza, which has restricted the flow of people, goods, energy, and clean water into Gaza

• $1 million in Elbit Systems, Israel’s largest arms producer. Elbit Systems markets their weapons as “battle tested” on the people of Gaza. The U.S. Border Patrol also contracts Elbit Systems to supply the technology used at the U.S.-Mexico border wall.

• $2.3 million in chemical manufacturer ICL, the sole provider of white phosphorus for American projectiles. The US military then provides these projectiles to Israeli forces to kill and injure Palestinians. Firing white phosphorus at or near concentrations of civilians is prohibited by international law. Those exposed to white phosphorus can suffer from respiratory damage, organ failure, and other severe injuries.

• $2.8 million in oil production and exploration, despite NYCERS’ commitment to divest from fossil fuels in 2018. In addition to extracting and profiting from occupied land, Paz Oil Companies and Bazan Group have been issued dozens of environmental violations and even indicted on criminal charges for pollution. In June 2023, Israel greenlighted the development of untapped natural gas fields off the coast of Gaza and has since awarded twelve oil exploration licenses to six companies.

• $3.7 million in Israeli tech companies such as NICE Ltd., a surveillance technology company formed by alumni of Unit 8200, the IDF’s cyber spy unit. In addition to supplying technology used for the oppressive surveillance of Palestinians, NICE sells its voice recording and video surveillance technologies to U.S. prisons and police departments, including the NYPD. This technology disproportionately targets black and brown communities, putting them at a greater risk of facing police violence and incarceration.

• $10 million in real estate companies developing properties in illegal settlements and displacing Palestinians from their homeland

These investments amount to only 0.15% of the System’s entire investment portfolio, which means that divestment should not severely impact the financial viability of our pensions, while still making an important material and symbolic impact. We know that the Board of Trustees understands the importance of such an effort, as calls for divestment are not without precedent:

• In March 2022, NYC Comptroller Brad Lander presented a resolution urging the divestment of over $30 million from Russian securities to all five of New York City’s public pension systems’ boards. The boards passed said resolution within three weeks, with New York City politicians applauding the moral reasoning behind the decision.

• In 2018, NYCERS, TRS, and BERS announced a goal to divest from fossil fuel reserve companies, as part of NYC’s commitment to achieving net zero greenhouse gas emissions in its public pension funds by 2040. In 2021, the three aforementioned pension systems announced that they had reached this goal, divesting a total of about $4 billion.

• In 2017, the NYC pension system fully divested from the private prison system, selling $48 million of investments.

• In 2013, NYCERS and TRS announced divestment from all publicly traded gun and ammunition manufacturers with support from DC 37.

• In 1985, as a result of grassroots organizing by DC 37 members, City Council unanimously passed anti-apartheid legislation that included divestment of NYC public sector pension funds from South African securities.

Thus, our call to divest our pension funds from Israeli securities is in line with a long standing tradition of upholding ethics in decisions regarding NYCERS investments. As City workers concerned with the lives of working people everywhere, we shouldn’t have to choose between securing our futures and funding war crimes against the Palestinian people.

*The petition language has been updated to reflect current conditions as of February 2025.

Disclaimer: Names will be published once 500 signatures have been reached. If you wish to remain anonymous, please indicate so in the submission form.