Calpers Conundrum: A $300 Million Hit to Dump Bets on Russia
- Biggest U.S. public pension is debating how to handle holdings
- Fallout from Ukraine invasion reverberating throughout markets
This article is for subscribers only.
A debate is raging inside the California Public Employees’ Retirement System over whether it should quickly exit its Russia investments -- at a hefty cost.
In the past week, staffers at the largest U.S. public pension discussed the possibility of dumping the holdings, a decision that would ultimately require the board’s approval. That followed California Governor Gavin Newsom’s call for state pensions to cut off money to Russia following its invasion of Ukraine -- and to send a message to the world that the country is uninvestable.