oci employs are provided calpers retirement benefits. calpers asked to enter into a new contract and there is a added benefit to the employee if those are pre-taxed the employer contsbution which was negotiated through mou's so these are 2 implementing steps observe before you. bree [inaudible] will walk through these 2 actions for your consideration. >> chair rosales, commissioners my name is bree, [inaudible] here to 202 resolution both of which deal with our retirement contract with calpers. just to put things into context for you, retirement benefits were provided to employees at sfrda through calpers and post disaleutiancally pers required to enter into new contracts. the calpers contracts are continuations of the existing contract jz no change to employee benefits. to provide context to what happened to date, we met with union local 21 and 1021 regarding the new retirement contract in the midolf october. we came to you at the end of october with a resolution of intention to hold a employee election so the employees can validate and

oci employs are provided calpers retirement benefits. calpers asked to enter into a new contract and there is a added benefit to the employee if those are pre-taxed the employer contsbution which was negotiated through mou's so these are 2 implementing steps observe before you. bree [inaudible] will walk through these 2 actions for your consideration. >> chair rosales, commissioners my name is bree, [inaudible] here to 202 resolution both of which deal with our retirement contract with calpers. just to put things into context for you, retirement benefits were provided to employees at sfrda through calpers and post disaleutiancally pers required to enter into new contracts. the calpers contracts are continuations of the existing contract jz no change to employee benefits. to provide context to what happened to date, we met with union local 21 and 1021 regarding the new retirement contract in the midolf october. we came to you at the end of october with a resolution of intention to hold a employee election so the employees can validate and

oci employs are provided calpers retirement benefits. calpers asked to enter into a new contract and there is a added benefit to the employee if those are pre-taxed the employer contsbution which was negotiated through mou's so these are 2 implementing steps observe before you. bree [inaudible] will walk through these 2 actions for your consideration. >> chair rosales, commissioners my name is bree, [inaudible] here to 202 resolution both of which deal with our retirement contract with calpers. just to put things into context for you, retirement benefits were provided to employees at sfrda through calpers and post disaleutiancally pers required to enter into new contracts. the calpers contracts are continuations of the existing contract jz no change to employee benefits. to provide context to what happened to date, we met with union local 21 and 1021 regarding the new retirement contract in the midolf october. we came to you at the end of october with a resolution of intention to hold a employee election so the employees can validate and

calpers is a huge fund. we have $300 billion.is important to know that our reliability stretch out to the better part of 100 years. is no way tothere hide from climate change. you can see why we see this as part of the risk, but also an opportunity. betty: it is a risk and opportunity, but combing through your portfolio worth $300 billion, are you looking at divesting in companies that don't match your philosophy? anne: we are interested in change. the most important thing is that the companies in our portfolio kit with the program. in 30 years, energy companies should see themselves as part of a new low carbon future. we were struck by the chief executive of shell saying that solar is the energy of the future. that is what we want. betty: what about the other companies, other fossil fuel companies, that are not? anne: the situation in color on you is we have local legend -- the situation in california is we have local legislation that if we cannot persuade the coal companies to change their strategy, we should sell our sh ares.

but under no conditions will it be like the defined benefit calpers where if things go back, state tax coffers fill up the fund. >> if they wanted to opt out, they could. >>> crunching the numbers and said shoppers should consider finishing online purchases this week. the reason, shipping costs will soon be going up. beginning next monday, shipping costs on average will increase by 15%. the week after that, they'll double. not only that, but many items will be out of stock as retailers did a better job this year of not overbuying. >> you better get my present then. >> now, let's turn to sandhya patel for a look at our accuweather forecast. >> hi there. tell eric i already have his gift. >> okay. he'll be pleased. >> i'm sure he will be. ama and eric, out here right now cloudy skies. we still have lingering fog around parts of the bay area and it will affect your morning commute. let's take a look at live doppler 7 hd right now. you'll notice no rain up there, but this is going to turn green as we head towards wednesday. our detailed look in just a minute. and the camera looking across

the liability is measured as your proportionate share with calpers because sfcts participates with calpersn the pension liabilities. you are going to see quite a bit of some revisions. the numbers are not that significant when it comes to the pension liabilities. although cta is and the payroll expenses and the number of total expenses they have is not as significant as you would see in the city or the county. the impact was not very significant in a financial statement. it's a reporting requirement , not a funding requirement. these amounts are paid through the annual contributions that sf cta provides through calpers. again, this is a transition year. i do want to thank the finance department for making this a smooth transition. we were able to complete the financial statements on time. i believe the financial statements are sent to the city and county of san francisco who uses these financial statements as a component within the financial statement. they report on these financial statements. i want to thank sfcts staff. we have no difficulties in the performance of the audit, although i

the we did is we insured kitchen plans and california combined calpers and counselors, which are theargest in the value, $500 billion in the vest from thermal coal will stop 20 13, all investments in our kitchen plans in the state of california will be formal or coal-free. amy: how do you answer those who say it is illegal to do this because you're supposed to safely maximize profit? >> fair question. or so for most, we have movements throughout the country throughout the world of these pension plans have been responsibility -- have a responsibility to the pensioners. we have to make sure we turn value, maximum value. at the bottom line is this, and i want to underscore the following, with regards to thermal coal, the values from these publicly traded companies have fallen at least approximately by 95%. that is a bad, risky bet for pensioners in california. amy: at the news conference just before our broadcast, you described the circuit. explain. >> as a senator for the state of california, as a leader but in my senate district 24, one million constituents will have the freeways at t