normal member contributions are repaid by the employer shall be reported to the calpers as additional compensation. 7.3, approving the second them into the interim agreement with the san francisco planning department to increase the compensation. supervisor kim: thank you. two board members want to sever any of these items? -- do for members want to sever any of these items? we will take a roll call vote. [calling roll] >5 ayes. the consent calendar is approved. item #8, authorizing the executive director to execute a professional services agreement with the towns and management to provide construction management services for the bus storage facility for an amount not to exceed 1,250,000 and at three- year term, with the option to extend the term for an additional two years. supervisor kim: we have a representative from towns and management here as well -- townsend management here as well. in >> we have gone through a very lengthy process to get our cm for the bus storage. it is three parts, pre- construction services, the services, and construction management services. we have repres

supervisor chu: is there a large number of employees under the calpers system? >> it is about 1000. out of the total of 26,000 employees. the bottom line here shows you the overall assumptions and best projections on salary and benefit costs over the coming four years. as you saw earlier, we have a projected shortfall that has been revised to approximately $170 million in year one. about $300 million in year two. $111 million is related to our employees wage and benefit costs. on the next slide, these are some highlighted departmental and city-wide cost that the report of sam's. -- assumes. it will cost the city of $32 million increase in fiscal year 12-13. that is a choice for the mayor and for this board. those bodies have made a different choice in prior years. it also assumes inflation on non salary items. contracts, grants this is where the conversation about non- profit, where we assume the cost associated with that and make a choice about whether we're able to find that cpi or not. we also see projected in this shortfall some significant new cost associated with the capital i

supervisor chu: is there a large number of employees under the calpers system? >> it is about 1000. out of the total of 26,000 employees. the bottom line here shows you the overall assumptions and best projections on salary and benefit costs over the coming four years. as you saw earlier, we have a projected shortfall that has been revised to approximately $170 million in year one. about $300 million in year two. $111 million is related to our employees wage and benefit s.

you will recognize some of the large investors, including calpers, ontario municipal retirement fund, pennsylvania state employees retirement fund and many others. she sits on an number of cities service boards and the foundation that it works on improving the lives of orphans and china. she is on the advisory board for room to read and she, our message, her accomplishments are an inspiration to all of the women who want to be numbers women and to want to take a chance and accept risks and for all of the women who know it's ok to pay the past that has not been paid yet. she is real proof the glass ceiling can really be broken. that she cannot be here today, i would like to thank her for all of her accomplishments and thank you for being here to accept her award. thank you. [applause] >> on behalf of melissa, out we send our deepest condolences she could not be here in person but she is honored and remains deeply committed to san francisco personally and professionally. thank you. [applause] president chiu: our next presentation will be made by supervisor cohen. supervisor cohen: thank

and at a meeting today calpers washed plans are between 55% and 75% under funded if approved that is trigger an increase in the amount of money the state has to contribute to makeup the difference. >> the economy is a factor. we're looking at slightly lower rates of return in the mid term and next 10 years. >> there is one of the largest systems providing benefits to 1.6 million public employees and family autos fight for the republican presidential nomination runs to the south, and while polls show santorum could sweep both races analysts say it's still mom romney's nomination to lose. >> the republican race has shifted south. >> people in mississippi and alabama want a conservative for sure. >> polls show the race is tight. two victories can make the case he's a tough alternative to not romney. if he can squeak out a win it will show he can appeal to the conservative base. and today, romney was all wet. >> this could be an election coming down a small margin between three people running here aggressively. >> and romney's 65th birthday. his wish isn't that surprising. >> we're going

what about calpers? maybe it will make it more attractive, to melissa point, to a pension fund perspective. >> right. jpmorgan had a report out saying 40% of the index to the russell 1000 do not own apple. 40% do not own apple. 77% of shares are held by institutions. in terms of hedge funds holding apple, that doesn't affect them in terms of the dividend payout but only 40% of the market cap. >> it's incredible. you go to an apple store. i happen to have a fabulous apple store near me. it's remarkable. you go over to a store that's a gap and nordstrom but this is a heavily owned retail stock. it's one of the major issues i have with the stock market. how can people be so negative if it's right there to have? >> number one, they rarely work in terms of stock price appreciation but number two it's a sign to the market that you don't have something better to do with your money. >> except for the fact that they still have tons of money to do something zels what could they possibly do? tvs? >> you're getting

we see many of the things that you have been talking about in terms of the person's calpers coming innd taking advantage -- helpers coming in and taking advantage. >> we have been talking about strangers calling up. you are talking about folks to know -- >> these are family members, as we have been discussing, but somebody who takes advantage of this situation of being in the home of the individual. we have also seen persons who are committing identity theft. this is something we warn people about all the time. this is where you have got an individual who is coming into the home to fix the toilet or something in the home and especially elderly people, but any of us, do not think about what kinds of personal information might be lying around in the house what that individual is wandering around. one of the things we educate people about is before you have some stranger into your home, walk around your home especially where they might be in and cover up everything. make sure everything that anything that has your identification information is taken and put away someplace safe. we find t