lastly, there is a letter that will i believe 10 congress people sent to ca calpers sent. i'd like staff to review this letter and see if our fund is invested in the realistic venture that the 10 congress people called out. i will provide staff way copy of the letter dated october 30th, 2017. mr. president, that concludes my items. >> anything else from the board? seeing none, we'll open it to public comment. any members of the public that want to address this item in particular? >> i'd like to say when it comes to pub lik public pension fundsd hedge funds and calpers have pension fundle larger than -- funds larger than ours. the main reason you went into hedge funds was the down-market protection. 2008 you didn't get the down market protection. last 10 years averaged about 3% retain on a high-risk investment. if calper having and others are getting out of hijack funds, why are you getting into hedge funds? >> i will close public comment. last item mr. secretary. i guess it's not the last item, or pretty close. next item. >> secretary: item 18, discussion item retirement b

ethan: if you look at she, it was effectively underwritten by calpers, who gave them significant seedey used three perfectly valid social screens. best sga -- ssg is a great eight organization, i'm not sure they're the best arbiter of what a good corporate citizen should look like when it comes to woman empowerment. for us, it was harnessing the expertise of the ywca and a gender diversity firm out of the netherlands. and creating a strategy that focuses more on appropriate social outcomes relative to company policy and products and services, versus, you know, having what i would say is having thin expectations from social outcomes and were they marginal employees. it's important we are aligning our interests with the ywca, the leading nonprofit in the space. eric: you talk about ywca and you have the naacp. are you planning to work with other nonprofits? ethan: yes. as i said, we are a utility to be used by nonprofits, and we would like to have every social issue represented a leading nonprofits accessible in a separately investable etf, so the investing public can create bespoke soc

calpers and the california state teachers' retirement system has two-thirds of the assets they would need to pay the benefits they owe. >>> the sf marin food bank needs to raise $2 million in the next few days to reach its year-end goal. abc 7 news was in san francisco's dog patch neighborhood where food bank staff and volunteers are asking for donations to help feed the 225,000 people it serves every single year. the food bank raises about 25% of that money during the month of december, but this year, donations are coming up short. >> hunger never takes a break, and we know that there's about 25% of the people living in our community are wondering where their next meal could be coming from so the holiday season is a really important time for people to celebrate with family and friends, and also keep in mind neighbors who are in need and who are hungry. >> and this is something to keep in mind, the food bank prefers cash over canned goods and that's because it can actually turn $1 into two meals. . we have a link to donate at abc7news.com. >>> if you're planning on making a new year'

she, itf you look at by effectively underwritten calpers, who gave them significant seed capital.ed three perfectly valid social screens. great organization, i'm not sure they're the best arbiter of what a good corporate citizen should look like when it comes to woman empowerment. for us, it was harnessing the expertise of the ywca and a genderive felt just -- diversity firm out of the netherlands. creating a strategy that focuses more on appropriate social outcomes relative to company policy and products and services, versus, you know, having what i would say is having thin expectations from social outcomes and were they marginal employees. it's important we are aligning our interests with the ywca, the leading nonprofit in the space. eric: you talk about ywca and you have the naacp. i you planning to work with other nonprofits? ethan: yes. as i said, we are a utility to be used by nonprofits, and we would like to have every social issue represented a leading nonprofits accessible in a separately investable etf, so public can create bespoke socially responsible investment portfol

we received official notification from calpers that over the next seven years, our pension is going to 47%. we already have an unfunded liability of $2.8 billion. these are real financial facts. and we cannot afford -- it's not good for the workers or the residents for us to give raises that will result in us having to cut services and lay off workers. that happened to us in 2010. we eliminated one quarter of the work force. and what happens to the remaining workers is that their workload becomes just unbearable. >> and that's one of the issues in dispute under this contrac. so you come to this impasse. something's got to give. > well, the state law has a process, and that's what we're following right now. we did request mediation and we're very pleased that sciu agreed to state mediation. >> but this is nonbinding. >> it is nonbinding. the next step, if we don't reach an agreement, is that sciu can invoke back finding. that's a longer process. it can take five to eight months but it involves outside experts that do the financial analysis. at the end of that, again, a nonbinding recomm

ethan: if you look at she, it was effectively underwritten by calpers, who gave them significant seedd three perfectly valid social screens. it is a great organization, i'm not sure they're the best arbiter of what a good corporate citizen should look like when it comes to woman empowerment. for us, it was harnessing the expertise of the ywca and a gender diversity firm out of the netherlands. and creating a strategy that focuses more on appropriate social outcomes relative to company policy and products and services, versus, you know, having what i would say is having thin expectations from social outcomes and were they marginal employees. it's important we are aligning our interests with the ywca, the leading nonprofit in the space. eric: you talk about ywca and you have the naacp. you planning to work with other nonprofits? ethan: yes. as i said, we are a utility to be used by nonprofits, and we would like to have every social issue represented a leading nonprofits accessible in a separately investable etf, so the investing public can create bespoke socially responsible investment

that is through pri and could sponsored by calpers where globally managers and investment managers are going to be engaging 100 of the largest global companies both on the production as well as the demand and use of carbon resources. and so as a member of pri, we were able to join as a signatory on that, so i wanted to make that announcement. and then, we had provided you copies of two letters. one from supervisor peskin, and -- peskin, and you, at yesterday's board of supervisors meeting. >> investment? >> yeah. >> i just spoke about how we were doing. just the mayor and i were working on the -- >> the charter amendment? >> i haven't signed off on that. that was introduced yesterday at the board of supervisors. and should this body take up and divest from the dirty -- the dirty of the bad offenders, peskin will withdraw his charter amendment. so it's important that we stick to the calendar of january 24 -- the calendar date of january 24th for the discussion of it. because if we don't take action for it, we can face other actions, i think with far greater consequences, because in esse