The New York City Teachers Retirement System pledged $1 billion for post-Sandy reconstruction and infrastructure projects in New York City and surrounding areas. Included are improvements to transportation, power, water, communications and housing.
"It's a win-win for our union: Infrastructure investments can yield solid rates of return for our pension fund … [and] help New York City recover from the devastation of the superstorm," said Michael Mulgrew, president of the United Federation Teachers, the NYSUT local representing New York City public school educators.
The $1 billion pledge is part of a larger multiyear $10 billion commitment by the AFL-CIO, the American Federation of Teachers and other public sector unions to invest, under the aegis of the Clinton Global Initiative, in upgrading the nation's infrastructure and create thousands of jobs.
Former President Bill Clinton called the pledge "a remarkable commitment" to put Americans back to work and to rebuild after Superstorm Sandy.
AFT President Randi Weingarten praised NYCTRS for once again stepping in at a critical moment. The pension system invested millions in city bonds in 1975 when New York City was on the brink of bankruptcy, and again after the Sept. 11 terrorist attacks on the World Trade Center.