Board members of the Pennsylvania state workers' retirement plan watched nervously as the value of its Russian investments shrank rapidly — from $60 million at the end of last year to $21 million on Feb. 28, four days into the Russian invasion of Ukraine. Then it plummeted to $7 million by last Thursday.
Members debated whether the SERS pension fund should sell and take a tiny loss compared with its overall holdings to support an embattled Ukraine. Or whether they should hold on and wait for a recovery.
The arguments on both sides were pointed during the debate last week.
