Tell New York State: Stop purchasing Israel Bonds for the Common Retirement Fund!
As employees, retirees, taxpayers, and residents of New York State, we envision a state where all of our communities can thrive — where our families and neighbors have access to resources like education, healthcare, and housing in order to flourish.
But State Comptroller Thomas DiNapoli continues to put his political aspirations before the needs of our communities here in New York.
He has spent hundreds of millions in state retirement funds on Israel Bonds, unrestricted loans that go directly into the Israeli treasury and provide critical financial support for Israel’s apartheid system, the forced displacement of Palestinians, illegal settlement construction, and the ongoing killing of Palestinians in Gaza and the West Bank. The New York State Common Retirement Fund (NYSCRF) is one of the top U.S. investors in Israel Bonds, with over $340 million worth of Israel Bond holdings as of March 2024.
Israel Bonds are not only ethically unconscionable, they are also a low return and increasingly risky investment.
By continuing to invest in Israel Bonds, including purchasing more than $100 million in new bonds in the six months following October 7, 2023, DiNapoli has prioritized his political agenda over his obligation to maximize the retirement funds of more than 1 million state and local government employees, non-teaching school district employees, firefighters, and public sector retirees.
We call on Comptroller DiNapoli to be on the right side of history and bring this pension fund into alignment with its own legal mandate by prioritizing sustainable investments that benefit state workers, retirees, and all New Yorkers — as well as by refusing to fund Israeli apartheid and genocide.
DiNapoli can follow in the tradition of the New York City Employees’ Retirement System, which divested from companies doing business with South Africa’s apartheid government in 1984, helping to end South African apartheid through economic pressure.
As workers, retirees, taxpayers, and residents of New York State, we call on New York State Comptroller Thomas DiNapoli to stop buying Israel Bonds and prioritize the financial and ethical interests of our communities.
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Break the Bonds NY FAQ
Break the Bonds New York State (BTBNYS) is a statewide grassroots campaign organizing to end New York’s practice of investing state retirement benefits in Israel Bonds.
By investing the retirement funds of more than 1 million New York State employees and retirees in Israel Bonds, New York is providing financial support for genocide and occupation in Palestine. BTBNYS is organizing around one simple demand: No more Israel Bond purchases.
An Israel Bond is an investment directly in the Israeli treasury. When an Israel Bond is purchased, the buyer is loaning a sum of money to the Israeli government that can be used for any purpose. The owner of the bond is then paid back with interest after a set period of time.
Occupation and genocide are expensive. The revenue generated from Israel Bonds provides critical financial support for Israel’s apartheid system, the forced displacement of Palestinians, and illegal settlement construction, as well as the Israeli military’s ongoing genocidal campaign against Palestinians in Gaza.
Without the money raised by Israel Bond purchases, it would be more challenging for the Israeli government and military to fund these activities.
A large portion of New York State’s investment in Israel Bonds is through the New York State Common Retirement Fund (NYSCRF). As of March 2024, NYSCRF holds $352.7 million in Israel Bonds, meaning it has one of the highest Israel Bond holdings of any state treasury or pension fund in the United States.
The tax dollars of New York State public employees, retirees, and taxpayers are being used to buy these bonds, which fund Israeli apartheid and genocide. This investment funds the continued bombing and apartheid infrastructure that is causing starvation, displacement, death, and the spread of disease impacting 2 million people in Gaza, and many more people in the Occupied West Bank and Southern Lebanon.
If you are a member of the New York State and Local Retirement System (NYSLRS), your pension is invested in a fund that holds $352.7 million worth of Israel Bonds. There are more than 1.2 million members of the NYSLRS, including state and local government employees, fire fighters, and public sector retirees.
In addition to the NYSLRS, other public employees' unions, such as K-12 and SUNY/CUNY unions, are invested in these bonds, but our campaign at this time focuses on the largest Israel Bond holder in New York, the NYSLRS. There is also a possibility that if you work in the private sector with a pension, the asset management company that handles “fixed income” for your pension may also hold Israel Bonds.
No, Israel Bonds are increasingly seen as risky investments. These bonds have been downgraded by all major credit rating agencies, based on a negative outlook about Israel’s growth, public finances, and balance of payments. As of October 2024, the credit rating agency Moody’s has downgraded Israel’s credit rating twice within one year to Baa1, putting these bonds at risk of becoming effectively “junk.”
As the genocide in Gaza and the West Bank drags on and the Israel Defense Forces escalates attacks on Lebanon, Syria, and Iran, the credit agencies expect that Israel’s economy will stagnate even further. Over 1 million skilled Israeli citizens have permanently left the country, tourism has notably declined, and credit agencies predict a delayed economic recovery after a ceasefire. NYS pension fund members deserve financially responsible investments - our money is not safe in Israel Bonds!
State Comptroller Thomas DiNapoli, as the sole Trustee, has full decision-making authority over purchasing Israel Bonds for the New York State Common Retirement Fund (NYSCRF). In his own words, DiNapoli has purchased “well over $100 million” worth of Israel Bonds since October 7, 2023.
Yes. If the NYS Comptroller ceases new purchases of Israel Bonds, all current holdings will eventually mature and no longer be part of the Fund. By refusing to purchase new bonds, the NYS Comptroller can cease the flow of money from NYS to support Israeli aggression. However, there is no way to divest from funds before they mature, meaning that NYS is funding Israel for years or decades at a time, despite the uncertainty of Israel’s future credit.
Check out our linktree for a Know Your Rights document.
A full list can be found here.
First, you can sign the petition demanding that Comptroller DiNapoli stop buying Israel Bonds! Then, ask your coworkers, family members, and friends to do the same.
To get more involved, contact us at BTBNYS at proton.me and find links to BTBNYS on social media here.
Organizing Coalition
