. >> we have a $300 million calpers hit.ir proposal is 82 million above above what the city is proposing. >> the city is offering a 10% raise. now, if there is a strike in sunnyvale, it could happen in the next couple of days. nonessential services could be affected if places like libraries and parks. tchlts national rifle association filed a first in a series of lawsuits targeting new gun control laws in california. the federal suit is aimed at overturning a ban on the sale of semiautomatic rifles with what's called bullet buttons that allow ammunition magazines to be changed out quickly. the california rifle and pistol association plans to file six lawsuits. the first challenges the state's ban on assault-style weapons. >> we in the legislature will act with the appropriate level of urgency in a response to the growing scourge of gun violence in our streets. >> guns that are chosen by people, by law-abiding citizens for waffle purposes, those kind of guns are protected by the 2nd amendment. >> >> police like it, gun advoca

. >> we have a $300 million calpers hit, and it's $82 million above what the city is proposing. >> reporter: if city employees do strike, it could be felt in the libraries, parks, and city departments to the 140,000 sun have avale residents. >> i think it could be rash to think about planning a strike. >> we're finding out that even with our salary combined it's still hard to live in this area so i understand. >> reporter: essential services like police and fire will not be impacted. the union plans to notify city leaders about this potential strike tomorrow, giving them reasonable notice. and he told me this strike could happen in the next two days, we'll of course keep you posted. back to you. >> so where do we stand with negotiations? any plan to get back to the bargaining table any time soon? >> reporter: they are going to talk to city leaders tomorrow, and as i mentioned in the piece, a 14% increase over the period. the city isn't budging. the mayor says the city must be fiscally responsible so they're proposing a 10% increase and of course, there's that difference right there where th

. >> we have a calpers hit. >> the union wants a 14% pay raise over 7 years.city is offering a 10% raise. if there is a strike and it could happen in the next cupful days, nonessential services like libraries and parks could be affected. >>> lawmakers in washington, d.c. are considering ai new bill that would prohibit airlines from involuntarily bumping confirmed passengers after being seated on a plane. it comes after the controversial video of the passenger being dragged off a united plane when erectussed to give up his seat for crew members. the proposal is called the board fairly act. it will require airlines that need to make room on a flight to negotiate with passengers before boarding the flight. airlines would be prohibited from removing a passenger that has already boarded unless it is for a safety reasoner for genuine security reasons. >>> our time is 7:57. time now to check in with mike. >> thank you, dave. president trump plans to fight back after a federal judge's ruling tied to the executive order on sanctuary cities and federal funding. >> repor

. >> we have a calpers hit and their proposal is above what they are proposing. >> the city is offeringraise. if there is a strike and it could happen in the next couple of days, nonessential services could be affected like libraries and parks, there's a warning in the north bay after several suspected deaths from heroin and in just a matter of days. christina rendone talked to officials. >> reporter: black tar heroin is one of the most common drugs in sonoma county. lately -- >> the heroin being sold in santa rosa is highly toxic. >> reporter: it is suspected to be responsible for the death of five people in the last ten days. >> the last death was yesterday at a coffee shop. a person was found in a bathroom stall? it happened at a starbucks. the man was a transient. two other transients, a man and woman died in separate cases. one found outside a petco. two santa rosa residents overdosed in their own homes. all between the ages of 27 and 66. >> it is homeless, not homeless, men, women, young people, old people. everybody is risk. >> reporter: he calls the bad batch potentially toxic.

it is something we have seen in pension funds, whether it is calpers or other retirements shifting thisand this is just a microcosm of a larger shift in the fund management industry. carol: not always so easy, right? there are long-term contracts that have locked them in. megan: he argued that they are a most favored nation and that this is a bad move. and that they have them an alternative investments with higher returns, long-term contracts that are difficult to unwind to get the assets out. i do think that when we look at this trend, and we see the markets doing what they are doing, continuing to be pretty good, talking about whether we will see the end of this bull market, more than eight years and counting. but this debate about what you are actually paying for. it is something that roils the huge funds we know about. it is also on a state by state and municipality by municipality argument now. oliver: we always talk about a macro, top-down conversation about active versus passive. this is a very intricate look at what it means to make the switch. let's talk about a story in the fu

amenities and aggregated where we implemented or proposed conceptual designs in the next phase the calper and webster and chair 1 and street likes steiner and golden gate communicated. >> i will be sharing final recommendations that came from the plan i want to headlight that the recommendations that are in the plan came purely out of outreach that we did 10 month processes we work closely with the community and we listened to what they had to say a consolidation how their transportation challenges were addressed so the plan has a funding implementation strategy that 3wr5ek9d the recommendations into phase three mid and long term near term recommendations where focusing on pedestrian safety and specifically visibility and those improvements are take place at 41 intersections with a data analysis and they closely mirror our vision zero quick and effective package and include the kept blocks and leading pedestrian zalz and this phase is fully funded and their intent to be completed by winter this year. >> so midterm recommendations focuses on two corridors in the neighborhood turk street an

buffett is expected to vote in favor of them, but others like calpers are voting against. all eyes on this. at least some will lose and be voted against by shareholders. that will be big news. >> absolutely. >> a big wake-up call for the board because so far criticism and punishment has focused on executives, not the board. >> we'll be watching that story closely. >>> in earnings news, shares of express scripts sharply lower despite a report that the prescription drug manager is losing its biggest customer. landon dowdy has that story. >> good morning. shares of express scripts, one of the largest pharmacy benefit managers is taking about 14% in early trading. the firm announced yesterday that anthem, its biggest customer, would not renew its contracts when it expires in 2019. anthem account ford about 18% of express script's q1 revenue. here's what the ceo had to say on "closing bell" yesterday. >> our model allows us to create competition, not only amongst retailers, and the supply chain, the manufacturers, the generic companies, all of those are things we'll have tremen

amenities and aggregated where we implemented or proposed conceptual designs in the next phase the calper and webster and chair 1 and street likes steiner and golden gate communicated. >> i will be sharing final recommendations that came from the plan i want to headlight that the recommendations that are in the plan came purely out of outreach that we did 10 month processes we work closely with the community and we listened to what they had to say a consolidation how their transportation challenges were addressed so the plan has a funding implementation strategy that 3wr5ek9d the recommendations into phase three mid and long term near term recommendations where focusing on pedestrian safety and specifically visibility and those improvements are take place at 41 intersections with a data analysis and they closely mirror our vision zero quick and effective package and include the kept blocks and leading pedestrian zalz and this phase is fully funded and their intent to be completed by winter this year. >> so midterm recommendations focuses on two corridors in the neighborhood turk street an

. >> calpers still trying to sell a billion of timber. >> anyone else? okay. thank you for your presentation. >> thank you very much. >> we will go to public comment on this item. seeing no comments, public comment is closed. mr. park could you call item 12 chief investment officer report? >> item 12, chief investment officer report. >> thank you. board members we had another very fine month. we were up 1.27 percent for the month of february and up 8.23 percent fiscal year to date so very good return. you see on the front page the u.s. equity market is up 15 and a half, so very very strong return. the fixed income portfolio is up about 1 and a half. turning to the narrative, the economic update, what i would say here is that the u.s. economy continues to do fine. we have more than 90 straight months of economic growth, employment growth, the economy is not doing spectacular but it is doing consistently well. the recent rise in the market which has been really significant is driven by a lot of optimism on the part of investors about the prospects for lower capi

keep in mind, very large hedge funds, much like larger than ours like calpers, state of new jersey, new york city, are all divesting from hedge funds and [inaudible] gave a good explanation. the simple math why hedge funds are bad investments and-it took 15 years >> thank you. all right, thank you. [inaudible / off mic] all right. any other member of the public that would like to speak? >> last but not last. clara polonsky representing 20,000 retirees through---but i've also been asked to put represent protect our benefits a and the sei you 10 to 1 retirees. i'm just going to ask you to consider when of the issues that we have in closed session i think two things. one is that when it comes to investing in hedge funds in closed session we don't know with those hedge funds are. and for all those here today to ask about fossil fuel investment i think we like to know how many of those fudge hedge funds are in fact in the hospital also fuel category. also the d thermal coal. but mostly i'm here to talk about the pre-96 retirees that's going to be on your close session agenda and i would like