there is amount for calpers for retiree health and unfunded liability and the pension. i will talk about that in a moment but they come to 1.1 million and finally some other small items that were there, the $700,000 related to transbay, some of the asset management costs and grant match that is carried forward on the shipyard. so the largest thing on this rops -- why it's a large total amount comes from the other funds and that includes almost $300 million that passed through our agency so it's not things that we're spending here. we're hoping to conclude the sales -- this was mentioned lasted week that these are sales that -- one of them already occurred but we need the authority on the rops. we didn't include it on this one and block nine and the other ones we hope that completed in the next rops period and provide that to the authority to complete the transit center. there are impact fees used for affordable housing for blocks one, seven and eight in transbay and finally an extraordinary item related to the sale of jessie square garage that we hope will close in this

calpers is the largest. it is above that 80% threshold. that's largely dube by the way o high investment returns. over the past year, they received 18.4%. that's far ahead of its 7.5. >> pretty good. i would be happy if my portfolio was doing so well. >> to go one further, over the past three years, it has gone up more than 10% a year. it has a nice track report. even with the great recession hurt every portfolio, vicky. the fact is that they have recovered. that one is in good shape. >> let's talk about this after the state teacher's fund. >> we are talking about a different story here. the calsters is under 70%. it is leading a lot of us to believe the fund could deplete all its assets within 30 years. that goes by pretty fast. unlike state workers, teachers don't participate in social security. a calster's pension, that's all they have. >> getting ahold of these, that's all they have. if you cut too much, you hurt your chances with labor. if you don't do enough, the public, the popular vote, people want to see pension reform. we have to

well, really calpers has decided and makes a lot of sense actually to split the two apart so in terms of percent of payroll it will go down to 9% but they're going to charge a dollar amount and to bring it up to full funding requires the contribution regardless of how much staff we have and estimated that for 537,000. it's going to go up -- they're phasing it in and go up over the next couple of years and then stabilize and go down hopefully. they give a discount if you pay up front and 20,000 a year and taking that option of the lump sum payment so if you combine the two together it's 5.8 million. we have an estimated annual amount of 11.5 million for administrative costs. and i'm going to go into some more information more detail as we go. these staffing costs -- this budget does allow for the 6% cola which was approved in the labor agreements that you just approved. that was just implemented and there was a three and a quarter percent of cola for staff and this accommodates that. it accommodates the pension contribution costs, the filling of vacancies and one additional staff posit

they are settling a similar claim with calpers. s&p will pay calpers $125 million.ur -- author harper lee is back with his second book more than 50 years -- with her second book more than 50 years after the publishing of "to kill a mockingbird." this will be -- chipotle is out with a earnings after the bell. the restaurant is doing with its controversial decisions on its pork products. "bottom line" continues in a minute. ♪ >> as to belay prepares to report after the close of trading investors remain unfazed by the restaurant's pork problems. they harm -- they halted sales of carney does in what one analyst calls a rolling pork blackout. julie hyman took it closer look -- there is a giggle effect, but this is serious stuff stop >> rolling pork blackout is a pretty fantastic phrase. it's a serious issue because chipotle, which has been growing very rapidly has these supply issues that time because they've made a commitment to sources products from what it consoles -- considers to be sustainable or humanely raised sources. it seems as though there's only so much suppl

calpers brought the lawsuit in 2009.e that begins, maybe we'll get a couple of data points possibly taken live. >>> when we come back bp earnings out. nice surprise windfall from its stake in russia's oil giant. stocks doing well. retail names, a staples office depot merger? more on those stories w. the dow up 157. return in a moment. >>> stock markets across europe up more than 1% at this hour. headlines out of greece boyy stock markets. michelle caruso-cabrera back at hq with more. last i looked athens up 11%. >> not surprised. minute by minute headlines out of europe but one moving the market the most new greek government, sara backing off on one of the major demands it was making when it came to office just one week ago today. no longer insisting on forgiveness fore50% of the debt that they owe to other european countries. new finance minister varoufakis, on a tour across europe this week announced late yesterday that greece would no longer press for forgiveness or a write-down, as it's called in the bond world. inst

we have talked frequently in the past about when it does and doesn't make sense for a fund like calpersecting in places like europe and japan. we will get to japan in a minute but what does greece mean to you? >> i have to point out today that my color today is by robin in my cut is by norelco. >> are you making fun of us? >> no, that was very cool. >> you can make fun of us on tom's show but on our show, you can only give us love. >> no kobe beef -- >> so it was your $300,000 tab? >> i was in napa yesterday and i shockingly open the car door and a 200 bottle dollar of wine -- $200 bottle of wine fell out. i went back to silver oak and they replaced it. >> enough of these niceties. let's talk europe. >> let's get back to greece. it's back to 2012. the same situation -- last time it was the liquidity crisis and now we are dealing with a default. we are going to run out of cash by the end of this month. i was over there about a month ago and it's pretty clear people think germany is going to have to give up on some of the restrictions if they want to keep greece in the euro. personally, i

then it's going to pay calpers $125 million. we're talking about $1.5 billion all in.lement will be for those ratings. of course this relates back to the financial crisis of 2008 actually really before them. >> the reserve at this point, you think? >> most of it was reserve. >> and that's after tax? >> that's a good question. i'm assuming so. >> okay. let's see, john what was the last thing you said? okay. even on technical terms, we see 50% retracement. i'm trying to figure out. a hundred down to 45. it's at 55. so add 45 plus 27. so that's where you'd figure $70 probably is not -- would not be surprising to see it go back there at least. >> certainly. and i suggest by probably later this year. the one thing that is true also is that the industry particularly in north america has to use a british expression the bit in the teeth on the cost. we're into the ruthless cost-cutting mode now. that has led to an enormous number of rigs being shut down. faster than predicted. and now a lot of folks here in houston are raising their estimate on how many additional rigs will be

standard and poor's to the federal government and state governments but is still what lawsuit involving calpersthe california pension fund which is the largest in the nation. there are equities on both sides. there are serious issues about what standard and poor's new and what it revealed in the mortgage bundling crisis the bubble of which burst in 2008 but there's a strong argument to be made and you made it very nicely simply by quoting the words out of the mouth of the treasury secretary that the motivation for this lawsuit by the federal government, it is heavy-handed negotiation techniques bring in 25 fbi agents and federal prosecutors to the same room to meet three or four lawyers from standard and poor's to intimidate them. it demands billions and billions even from people who hadn't even sued. it is because standard and poor's in its response to the government lawsuit said the only reason you sued us is we downgraded the debt of the united states of america and your treasury secretary was upset by that and promised revenge and this is the revenge. tom: part of the settlement of this cas

we thought calpers pulling out -- >> another year of let's face it, bad returns, barely 3% there is overi just have been asking around like people who are investing, why are you still putting money in these things? >> what have you fine. >> the same song we've heard throughout history, which is we will deliver, higher returns at lower risk. i've heard that sales pitch dressed up i mean i remember the junk bond year that was junk bonds. there's a market you know incorrect here it's not priced correctly, we'll give you better returns at lower risk. guess what? ultimately, you know decades went by. they didn't deliver better returns with lower risk. i think that one thing investors should realize there's never higher returns without higher risk. yet, the appeal -- with the fresh memories of the financial crisis every pension fund adviser i spoke to mentioned the financial crisis we can't go through that again. what i found interesting ten-year data's now out and if you're in the 60/40 blend index fun thing over ten years which expands the financial crisis you come out a full percentage poin