The fund that manages New York City teachers' retirement accounts said last week that it will invest $1-billion in repairing homes, bridges, and power and water systems devastated by Superstorm Sandy, Bloomberg writes.
The pledge by the Teachers Retirement System is part of a commitment U.S. labor leaders made earlier this year to the Clinton Global Initiative to provide money and skilled workers for projects to improve the economy. "Hurricane Sandy has brought those needs into keener focus," said Michael Mulgrew, president of the United Federation of Teachers.
The pension fund had $46-billion in assets as of Sept. 30. Projects to be supported by the pension fund will be chosen by investment professionals in the office of New York City Comptroller John Liu.