Maryland lawmakers to seek pension divestment from Russia
ANNAPOLIS, Md. (AP) — Maryland lawmakers say they will introduce legislation to direct the state’s $70 billion pension system to divest its relatively small and declining assets in Russia in response to the war in Ukraine.
The announcement came after lawmakers received an update on the system's assets on Tuesday from system officials.
They say the system had $197 million in assets in Russian securities in the beginning of last month.
That represented about one-third of 1% of its portfolio.
The amount has dropped from both divestment activities and devaluations to about $32 million. Of that, $7 million is actively managed in accounts that the state controls.
My cochair @SenatorSarah and I chaired a special meeting of the Joint Committee on Pensions today to discuss the pension fund's investments in Russia and whether divestment in line with federal requirements & fiscal necessity is happening. Watch: https://t.co/fECtruEqL2— Brooke Lierman (@BrookeELierman) March 3, 2022