donation from the stamford institute for economic and policy research says for every year calpers gets from a did a bigger hole for employers who have to make up that difference. if of a budget pallas this big and you're spending a million dollars on pensions and iras spending to 3 million that means you're not paying our funding parks streets libraries. >>> a gradual erosion of services called service in solvency. reality which last year went bankrupt and since has cut back on police services and libraries among other things. but experts say this is just the beginning. other cities like los angeles and san francisco are well on their way. >>> the robber already hit the road many years ago people don't realize how these defenseless programs have been heard it's like a frog slowly being boil in not realizing it's been boiled. he was appointed to the board of cal stairs the pension fund which manages public school teacher retirement he warns that like calpers and their numbers are not adding up. the translation of the stock market is growing pretty much 10 times faster than the stock mar

. >> calpers is the state agency that manages more than 2400 public employee pensions.t is the largest program in the nation like it. each year they have been overly optimistic. >> in the last 10 years they have earned less than a 5% rate of return. last five years that number has dropped to just 1%. but all the while cal-pers estimates that their earnings would be 8%. a lot of numbers that add up to $180 billion shortfall. a tad that cities and states and ultimately taxpayers need to pick up but still calpers believes they are hitting the mark. >> it is very easy to focus short term and anytime you focus short term you will find a time where it is below or above. the key is to look long term because that is what we focus on. >> most of the decision makers at all this do not do the math. >> the stanford institute for economic policy institute says that for every year calpers gets wrong, they dig a bigger hole for employers who have to make up that difference. >> if you have a pie that is this big and you're spending $1 million on pensions and now you're spending two or

supervisor farrell: we had some talk of this about how -- what it means for retirement, calpers, health care -- >> we were given quite a task by the governor lays let -- late last year when the courts decided the agencies would be abolished and the work would be integrated into the city workforce. we have been required to absorb a certain number of employees and figure out how to mesh the classification position rubric of the redevelopment agency and to our rather byzantine civil service rules. we have in doing our best to create a crosswalk between those classis. there are a number of benefits that do not line up. the retirement system, the retiree health care is contrary to the rules most of us live with. we have done our best to integrate them and some of the benefits the employees received above and beyond what employees have been addressed by this very amendment and the unions have agreed to drop the employer pick up of the retirement contributions so they will be harmonized where almost every employee and this round -- there were only one or two that are not paid the full rate. >>

i have more soup kitchens in the southeastnear the calpers area. and if people do not want to pay taxes, begged. and we need to repair the 30,000 units for people to have enough senior housing as well as housing for everyoneelse. thank you. >> [speaking foreign language] >> @ bekker afternoon, supervisors. i am the case manager for mr. he. i represent the family services of san francisco. e suffered a stroke two years ago an is right now living in the basement of his in-laws. he is trying to find pce with lor rent, but it has been jt going to look at himare because of his disability. they find it difficult to accommodate him. hes getti the support for the case manager and this is something ongoing until he finds stabilization in his life. please consider supporting the senior citizens. >> i am with the senior action network and i'm primaly concerne with ordae housing and seniors with disabilities and pedestrian when i moved into the herbert herte in 1995 -- herbert hotel in 1995, i would estimate 50 plus residents in the hotel, but current manageme

calpers rush to the hospital after dozens got sick -- campers rushed to the hospital after doesn't cut six. zens got sick. >> and dozens of high school students are sick this afternoon. officials thought it was he related or food poisoning, but now they believe is the norovirus. it was supposed to be the final day of a summer camp. instead, the day has ended here at george mason university with fairfax fire and rescue crews working. >> my son was sending text messages starting in the evening, saying people were starting to get sick. people were starting to get sick. >> the students were in town as part of the annual congressional awards foundation and they began falling ill last night. this woman's daughter ended up in hospital. >> all of the kids were quarantined. >> this morning, the outbreak intensify. students rushed to the hospital. others treated in emergency buses. the rest are quarantined. so far more than half of the a teenagers are tisick. >> it seems to have signs of food poisoning, possibly. we really cannot rule anything out right now. they ate at several different locatio

we will outperform calpers this year.e next major area of a challenge for us is the implementation of the marriage -- implementation of e-merge. it will change the way we manage our workload because we will not have access to get two days a month. but we will work with the unified school district, the community college district, and retirees during these outages and accomplish a lot of reconciliation that usually happens simultaneously. most of the processes will lead dodt -- will require additional screen input rather than fewer, but we do expect more timely entrance, leave of absence and retirements. that will require retroactive adjustment. chairperson chu: a quick question. why will e-merge not be available two days a month? >> because of the payroll processing that we are bringing to merge with e-merge. during the processing of paychecks will not have access to the system. chairperson chu: is that a continual issue? or just in the implementation phase? >> currently, we have as you know, one system that produces paych

we will outperform calpers this year.e next major area of a challenge for us is the implementation of the marriage -- implementation of e-merge. it will change the way we manage our workload because we will not have access to get two days a month. but we will work with the unified school district, the community college district, and retirees during these outages and accomplish a lot of reconciliation that usually happens simultaneously.

. >> calpers, one of the most quote unquote, seven lee the largest, richest and at one time most respect, i mean the self-dealing that appears in the relationship between public employees, these government units, and calpers nationwide. megyn: people have to ask themselves when they get these sweetheart deals. i go to my employer and said i want to be paid 10 million. he says great. i said how about 20e, he says great. i say how about 50 he says great. but it's not worth anything if it's not worth the paper it's printed on. >> if this continues some people need to go to jail. megyn: and owe stations to the bios on a website adding president obama's own achievements. now the bios have changed. why? the administration stood by the move initially. on social secu. ...but washington isn't talking to the american people. [ female announcer ] when it comes to the future of medicare and social security, you've earned the right to know. ♪ ...so what does it mean for you and your family? [ female announcer ] you've earned the facts. ♪ washington may not like straight talk, but i do. [ female annou

on top of that calpers reported it was down.nley cup. >> congratulations to the kings. you can't make it up. we'll take them. we'll take the facebook gazilli gazillionai gazillionaires. >> we still have not learned how to have a tax system that's not dependent on the capital began of the richest residents. it's the same argument every year and it never changes. >> it's amazing. we all watch and shake our heads on this side, too. thanks a lot. jane wells in los angeles. when we come back the governor of tennessee explains why he's so against a state income tax. we'll be right back. egan with the rx. ♪ then we turned the page, creating the rx hybrid. ♪ now we've turned the page again with the all-new rx f sport. ♪ this is the next chapter for the rx. this is the next chapter for lexus. this is the pursuit of perfection. wanted to provide better employee benefits while balancing the company's bottom line, their very first word was... [ to the tune of "lullaby and good night" ] ♪ af-lac ♪ aflac [ male announcer ] find out more at...

i believe it's calpers right now asking the company to reconsider their current incorporation in thema which has allowed them to have this staggered board so that not everyone is re-elected every year. the company wants to see what happens with that proposal. whether there's enough support behind the delaware plan to do that. if not they'll voluntarily make sure everyone is re-elected every year even under oklahoma state law. which is unusual in the sense that it does allow for those staggered boards. kate, for people watching, wondering if they should pick up the stock, what are we able to say to them in terms of greater realization of value for shareholders? can we anticipate the stock will rally from here? what do you think? >> simon, i think there are two issues here. one is aubrey mcclendon and the other is chesapeake's exposure to natural gas and how quickly it can become more of an oil play. on the aubrey front, he has foes and fans. i think a lot of people find it hard to imagine the company without him. he, after all, has built the second largest gas in the company out of ch