Employees of New York City, encompassing teachers, police officers, and firefighters, suffered a loss of nearly $30 million in pension funds due to the failure of Silicon Valley Bank. Comptroller Brad Lander, who is responsible for the pension systems, has been criticized for allegedly prioritizing the socially conscious bank over its shareholders.

As of January 31, five city pension funds had invested a total of $41,867,214 in the ill-fated bank, according to data obtained by The Post through a Freedom of Information request to the comptroller's office. The investment portfolios are managed by the comptroller's Bureau of Asset Management.

The Teachers Retirement System, which invested at least $15,804,413 in Silicon Valley Bank, was among the largest funds affected. Other significant losses were incurred by the New York City Employees' Retirement System ($12,930,936) and the Police Pension Fund ($8,967,580).

The funds were invested in unsecured corporate bonds that were not covered by the Federal Deposit Insurance Corporation's bailout, which protected other depositors. Between January 31 and May 1, third-party asset managers sold almost all of the invested amounts, recovering about $14 million. However, Lander's office confirmed a loss of $27.9 million.