Thompson Announces NYCERS Purchase of $15 Million in State of Israel Bonds

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ttt.jpgNew York City Comptroller William C. Thompson, Jr. announced today on behalf of the New York City Employees’ Retirement System (NYCERS) the purchase of $15 million of State of Israel fixed rate bonds. The bonds, which were purchased from the Development Corporation for Israel, have a final maturity of 2 years.

“The purchase of these bonds will strengthen and diversify the NYCERS portfolio, assist the State of Israel, and demonstrate our continued confidence in Israel’s economy,” Thompson said.  “I am proud that the New York City pension funds have been able to serve the best financial interests of their members while furthering a tradition of support for a great ally. Friends and supporters of Israel in the United States helped create the economic foundation that has allowed Israel to grow into a strong and vibrant nation.”

Thompson will formally announce the acquisition at the State of Israel Bonds Testimonial Dinner tonight at 7:30 PM at the Grand Hyatt New York at Grand Central Terminal.

This is the third direct purchase of bonds from the State of Israel by a New York City pension fund system. In 2003, the Teacher’ Retirement System (TRS) purchased $5 million in State of Israel bonds. TRS made a second $5 million purchase in 2004.

Public Advocate Betsy Gotbaum said: “Having visited Israel in May 2008 as a NYCERS trustee to investigate current and potential investments, I saw first-hand Israel’s strong economy and growing industries. When I met with leaders of the Israeli political and business sectors and saw the success and stability of the state of Israel, I knew that increasing New York’s investment there would be wise. As a fiduciary of NYCERS and a passionate supporter of Israel, I fully support the purchase of these bonds from the Development Corporation for Israel.”

Bronx Borough President Adolfo Carrion said: “This investment is a solid addition to the NYCERS portfolio. It’s always a good day when we can make a prudent, smart investment that also supports the State of Israel.”

Israel Bonds President and CEO Joshua Matza, a former Israeli Cabinet Minister and member of the Knesset, Israel’s parliament, said:  “Once again, Mr. Thompson has demonstrated his abiding confidence in the growth and development of Israel’s economy and his personal commitment to America’s best friend and strongest ally in the Middle East.” 

Besides Thompson, the NYCERS trustees are: New York City Finance Commissioner Martha E. Stark (Chair); New York City Public Advocate Betsy Gotbaum; Borough Presidents Scott Stringer (Manhattan), Helen Marshall (Queens), Marty Markowitz (Brooklyn), Adolfo Carrion (Bronx), and James Molinaro (Staten Island); Lillian Roberts, Executive Director, District Council 37, AFSCME; Roger Toussaint, President Transport Workers Union Local 100; and, Gregory Floyd, President, International Brotherhood of Teamsters, Local 237.

(Moshe Altusky – YWN NYC)



1 COMMENT

  1. How is a 2.775% return on investment a “solid addition to the NYCERS portfolio”? That’s the current rate IB is paying on its 2 year bonds, according to its website.