BOISE, Idaho — Idaho's Public Employee Retirement System of Idaho (PERSI) announced Thursday morning that it will immediately begin divesting the fund of assets and currency connected to Russia.
The move was made in response to the Russian invasion of Ukraine, and follows several other U.S. states, including Colorado, in removing Russian currency and assets from public retirement funds.
Last year, more than 73,000 Idahoans were active members of the fund, with more than 50,000 drawing benefits. The $17 billion dollar fund provides a pension to those who have worked in public service for Idaho, including school teachers, state government workers, firefighters and other employees.
This fiscal year PERSI had more than $8.3 million invested in the ruble, the Russian version of the dollar.
PERSI officials said in a brief statement that removing Russia-connected assets from the fund was a decision made "in close consultation with Governor Brad Little." Liquid assets - like money and stocks - will be divested immediately, officials said.
"Illiquid investments, which are minor in nature, will be monitored for opportunities for expeditious disposition," the statement continued.
Last week, two Idaho representatives put together draft legislation that would have required to divest from Russian assets. Boise Democrat Rep. John Gannon and Nampa Republican Rep. Bruce Skaug told KTVB they believed the move would both support the democracy of Ukraine and be a wise financial investment.
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