Startling contrast: NYC’s pension money is tied to an Israeli arms maker, a disclosure that could complicate Brad Lander’s 2026 campaign against Rep. Dan Goldman.
Under Comptroller Brad Lander, New York City’s public pension funds have yielded profits from investments in Elbit Systems, an Israeli defense contractor. Those gains could become a political obstacle for Lander as he launches a 2026 primary challenge against Goldman. Lander publicly criticized Israel’s Gaza war in a recent interview with the Daily News, signaling he intends to leverage the investment issue in the race.
Lander told The News that while both he and Goldman condemn Hamas’s Oct. 7 attacks as war crimes, he believes Prime Minister Netanyahu’s conduct—specifically the bombardment of schools and hospitals—also constitutes war crimes, a stance he says Goldman has trouble reconciling, which he argues impacts Goldman’s ability to represent the district. He attributed U.S. foreign policy influence to members of Congress and noted that American taxpayers fund large weapons used in Gaza.
Yet this campaign angle is delicate for Lander for several reasons. Records show the city’s public pension funds, under his watch as comptroller, increased investments in Elbit Systems, the largest supplier to the Israel Defense Forces. Lander highlighted this investment during a March appearance on an Orthodox Jewish radio program.
A self-described liberal Zionist, Lander’s stance has evolved over time. Years ago, he showed stronger support for Israel, even visiting the country with other local officials amid protests over its treatment of Palestinians in Gaza and the West Bank. Now he is framing his critique as part of an anti-war message targeting Goldman, aided by an endorsement from incoming Mayor Zohran Mamdani, who won a notable victory in Goldman’s Lower Manhattan and Brooklyn-based district.
Mamdani has described Israel’s actions in Gaza as genocidal, a position that aligns with a broader group of allies who might gain politically by embracing a similar view. However, divestment concerns from Elbit holdings could muddy that alignment.
The Elbit stake in the pension funds totals over $1.5 million, part of roughly $300 million across various Israeli companies held by the city’s pension system. The Teachers’ Retirement System (TRS), the city’s second-largest fund and responsible for public school teachers’ benefits, holds the largest share of Elbit stock—over $1 million as of June 30, the latest detailed data. This marks a 268% jump from about $280,000 in Elbit stock a year earlier, driven partly by rising stock prices and partly by new purchases.
The comptroller oversees the five city pension funds, guided by investment policy and the advice of fund boards. Before Lander took office in January 2022, the funds held less than $250,000 in Elbit stock as of June 2021.
Elbit has faced international scrutiny. The company has been accused of supplying weapons used in Gaza-related strikes, with some European governments divesting in protest. When asked about the Elbit holdings, Lander defended a fiduciary approach, saying pension investments must be evaluated primarily on returns for retirees, not politics. He argued he does not personally review every investment decision, noting that investment managers operate under broad policy guidelines.
Lander’s record on Israel-related issues has been inconsistent, complicating how he presents the pension investment as a campaign lever. In 2025, during a progressive dialogue, he claimed the funds were not invested in Israeli government bonds, a claim later contradicted by available data showing substantial holdings in Israel bonds at the time. He has also supported some ties to Israeli companies, including Elbit, while articulating opposition to broader divestment efforts such as the Boycott, Divestment and Sanctions (BDS) movement.
Past actions include a 2015 trip to Israel with other Council members, which drew criticism from groups urging a different approach to the Israeli-Palestinian conflict. Lander has admitted at times that he could do more to challenge Israel’s actions and has appeared with Mamdani at events focused on racial and economic justice.
Requests for comment from Goldman’s camp on Elbit investments were declined. A Mamdani spokesperson did not respond to inquiries about the endorsement or related positions.
Would you view the pension fund investments as an appropriate basis to critique a candidate’s foreign-policy stance, or as strictly a fiduciary matter that should remain separate from electoral considerations?
