pension reform. states, there have been extra benefits added. washington state public utility workers have not taken any vacation in the last three years. they get a boost in their pensions where it is higher than their salaries. we have seen some interesting things. worked withn arizona the police and firemen. what i found out before, when you talk to union officials, if you talk frankly and turn on the facts, they change their position. too often in the past as conservative legislators, we have demonized the public employees. it is the state legislators and union officials that create a problem. --e you show them the facts they were able to come up with a pension reform for the police and firemen. that required a constitutional amendment. the amazing thing about the amendment is the police and firemen supported a constitutional amendment -- it applied to only new employees -- they supported because they realized if we don't do something, there will be not enough money for us. when you talk about cutting their pensions, they got worried. when you talk about cutting ex

. >> turning to the state's public pension deficit. governor brown, investment officials say that oregon public pension system is beyond crisis. over talking about is a 22,000,000,000 dollar funding gap. yet oregon is the only large public pension system that requires no employee contributions. so so do you think it's time to require employees to contribute to their own pension. >> yes. and over 50% of state and local employees already do. if we are to move forward with the rest of the state employees, number one we would have to tackle a 6% pay cut. i think that would be challenging. secondly, you will not see the significant financial savings because over 50% of state local employees are ready pick up their 6%. when i'm proposing based on my discussions with the oregon investment council is to provide the oregon investment counsel with additional tools and flexibility that they can use to stabilize the system over the long-term. we're working on a proposal and will be submitting it to the 2017 legislative session. >> and a follow-up

also the markets tend to adjust faster than the assumptions in the public sector pension plans but the trend has been to have these assumptions being lowered in the public sector. last year the median was about 3.25. this year it's 3% and then at the height and it was about 3.5 and now it's 3.25%. so [inaudible] is on the high percent of the inflation but we still feel it's reasonable based on an epc's long-term inflation assumption. turning to the wage inflation assumption, this can be thought of as an annual across-the-board increase in wages or another way to look at it is a total payroll growth rates. the components of wage inflation are price inflation, plus a real wage growth piece. paid for individual members of salary increases includes the wage growth plus merit increases but were only talking our right now is the wage inflation not the individual merit increases. that's done in our demographic experience study. the two places in the valuation we are we using wage inflation to value liabilities and compute costs are in the individual minimum salary increases and also the payro

also the markets tend to adjust faster than the assumptions in the public sector pension plans but the trend has been to have these assumptions being lowered in the public sector. last year the median was about 3.25. this year it's 3% and then at the height and it was about 3.5 and now it's 3.25%. so [inaudible] is on the high percent of the inflation but we still feel it's reasonable based on an epc's long-term inflation assumption. turning to the wage inflation assumption, this can be thought of as an annual across-the-board increase in wages or another way to look at it is a total payroll growth rates. the components of wage inflation are price inflation, plus a real wage growth piece. paid for individual members of salary increases includes the wage growth plus merit increases but were only talking our right now is the wage inflation not the individual merit increases. that's done in our demographic experience study. the two places in the valuation we are we using wage inflation to value liabilities and compute costs are in the individual minimum salary increases and also the payro

including the theft of personal information from a public pension service. many of these attacks came through servers overseas. making global cooperation key to stopping them. >> translator: we hope people can use the internet safely just like air or water. researchers need to develop new technology. >> he also said the team wants to get more involvement from governments and companies. >>> health experts have long warned that the zika virus could cause problems for pregnant women, but a new study suggests it could also pose a risk to men. researchers in the u.s. found it inhibits sperm in mice. and they've called for studies to see if it does the same to humans. a group led by researchers from washington university in st. louis published their findings in the science journal of nature. they say the mice produced less sperm and fewer male hormones two weeks after becoming infected. the group says the mice could only impregnate females at about 20% of the normal rate. the researchers say it's not clear yet whether there's a similar risk to humans. and need to

. >>> a lower house committee has approved by majority vote a bill to reform japan public pension system. lawmakers of the ruling coalition liberal democratic party along with the opposition innovation party voted in favor. members of the opposition democratic party and japanese communist party surrounded the committee chairs seat and protested a key pillar of the proposal reform new rule for advising pension payouts. reign in expenditures. such revision of the rule would be necessary for securing the payout level for future generations. the ruling coalition hopes to have the lower house approve the bill next tuesday. the democratic party and other parties say the revision would cut pension payouts by a large margin and affect the living standards of pensioners. they're calling for thorough debate in the diet. >>> the fund that operates government pension contributions in japan says it closed the july through september quarter can about $21 billion in the black. the first surplus in three quarters. reports that the earning was 1..84%. eleaveiation of excessive concerns immediately after

. >> what is the return that you correct gekko >> lower that public pension plans assume. a lot of volatility. we think people are being particularly in the public section plan. >> the fear is it is more than that. >> absolutely. >> larry summers has saieven infrastructure that donald trump is set to be planning well .ot help anything that does not generate a commercial return will not be included. if it is that kind of fiscal funding, does that change the growth trajectory for the u.s. gekko >> i think it does. i think there is real risk about how you implement a plan of that size. the u.s. has not had a private partnership in infrastructure. if you wanted it done from the primaryector, infrastructure happens. i think there is real risk. maybe not as easy as one things through thes plan government proven channels. >>>> you have touched on why thy got it so wrong. the expected life and of humans. >> i think there has been a underestimation of medical break is. the hiv virus and the retroactive drugs for that. most recently our focus is on therapy.g genetic that is not buil

those are nice things to have, but you don't invest in those things when you have a hemorrhaging public pensionem like we have in south carolina. john: and, again, you're not the worst. ten other states are worse than you. thank you for coming onto talk about it. >>> i should point out three states have been responsible about pensions. wisconsin, oregon and south dakota have zero pension debt. good for them! >>> next, obamacare isn't bad enough for you? tuesday colorado gets to vote whether to impose complete government-run health care. >> there's only one industrialized democracy that doesn't provide health care for everybody. that's the world's richest country, the united states. . >> obamacare is a disaster. you know it, we all know it. john: it must be. even bill clinton agrees with him. >> we got this crazy system lined up with the premiums doubled and coverage cut in half. it's the craziest thing in the world. john: yet his wife our likely next president says she wants to expand it. >> i'm not going to let anybody repeal it, and we're not going to start over. john: that's another reason w

those are nice things to have, but you don't invest in those things when you have a hemorrhaging public pensionystem like we have in south carolina. john: and, again, you're not the worst. ten other states are worse than you. thank you for coming onto talk about it. >>> i should point out three states have been responsible about pensions. wisconsin, oregon and south dakota have zero pension debt. good for them! >>> next, obamacare isn't bad enough for you? tuesday colorado gets to vote whether to impose complete government-run health care. >> there's only one industrialized democracy that doesn't provide health care for everybody. that's the world's richest country, the united states. you totanobody's hurt, new car. but there will still be pain. it comes when your insurance company says they'll only pay three-quarters of what it takes to replace it. what are you supposed to do? drive three-quarters of a car? now if you had liberty mutual new car replacement™, you'd get your whole car back. i guess they don't want you driving around on three wheels. smart. with liberty mutual new car replacement

those are nice things to have, but you don't invest in those things when you have a hemorrhaging public pensionm like we have in south carolina. john: and, again, you're not the worst. ten other states are worse than you. thank you for coming onto talk about it. >>> i should point out three states have been responsible about pensions. wisconsin, oregon and south dakota have zero pension debt. good for them! >>> next, obamacare isn't bad enough for you? tuesday colorado gets to vote whether to impose complete government-run health care. >> there's only one industrialized democracy that doesn't provide health care for everybody. that's the world's richest country, the united states. many people clean their dentures with toothpaste or plain water. and even though their dentures look clean, in reality they're not. if a denture were to be put under a microscope, we can see all the bacteria that still exists on the denture, and that bacteria multiplies very rapidly. that's why dentists recommend cleaning with polident everyday. polident's unique micro clean formula works in just 3 minutes, killing 99

yet oregon is the only large public pension system that requires no employee contribution. so do you think it's time to require employees to contribute to their own pension? >> yes and frankly sissy, over 50 percent of state and local employees already do. if we were to move forward with the rest of the state employees, number one we would have to tackle a six percent pay cut. i think that would be challenging and secondly, you are not going to see the significant financial savings because over 50 percent of state and local employees already pick up their six percent. what i'm proposing based on my discussions with the oregon investment council is to provide the oregon investment council with tools and flexibility that they can use to stabilize the system over the long term. and we're working on the proposal, we will be submitting it to the 20 17th legislative session. >> follow-up so people have an idea of how much that would save states, $22 billion is that deficit. how much would your proposal say? >> i don't know the numbers because some of the pieces are being implement

the bill would require the state to make payments into the public employee pension fund, every three months. >> from the news journal, man and dog rescued after becoming trapped in frigid water near ocean view. the duck had left his boat to retrieve his dog who had jumped overboard, then got stuck in deep mud, and couldn't get back into the boat. >> glad they're okay. that's a look at some of the newspaper headlines, from around the delaware valley. >> and unwelcome distraction during monday night football. >> and the sixers try to do something they haven't done in more than many years, they're matched with the heat next in eyewitness sports. wwstart saving for retirement.le then we asked some older people when they actually did start saving. this gap between when we should start saving and when we actually do is one of the reasons why too many of us aren't prepared for retirement. just start as early as you can. it's going to pay off in the future. if we all start saving a little more today, we'll all be better prepared tomorrow. prudential. bring your challenges. >> inned good news

export manufacturing and deregulate globalize and privatize to break the union bankrupt the pension system for public education to make debt-free colleges thing of the past to turn our backs on the middle-class repaid -- replaced jim crow laws that net economic impact for women doubling the work-force participation is eurodollars for those bottom-line% in for a family that can reasonably afford a middle-class life today we'll need to or three and come to live the same life one generation from now. obviously given such as speech would doom a candidate the party would have been out of power. nobody would have voted pet yet this second part bottles so turnout to be true now because of a historical accident but the economic system is rigged in favor of large corporations and wealthy americans trickle-down economics came into the consciousness as if rounding -- written to the founding documents intentionally refers to for the course of the last four years if foreign power had announced it was the plan we would have gone to war. >> it is easy for them to provide a willingness into the local economy. but th

hsbc is advising saudi arabia's public pension agency on the sale of its financial health to the country'sent fund is required people -- for less of the $8 billion investment. a deal has not been reached and the offer may change. the u.s. is reviewing the purchase of german robotics maker by chinese -- committee on foreign investment is still looking on whether to improve the transaction. plans to -- as part of its effort to get regulatory approval. to get the approval by the first quarter. that is your business flash update. amanda: here is julie hyman. julie: i am looking at retail retail etf that tracks the industry, up two point 2% today, one of the best performing etf's that we watch. remember the retail companies are on a bit of a later schedule than much of the rest of the industry, particularly in the s&p 500 and the smaller cap as well. many companies coming out with earnings are doing relatively well. there seems to be something of a trend. some companies are missing on the sales side but are beating on management for example. cutting its inventory by 12%, earnings beating estima

a new report from the american legislative exchange council shows that they public pension plans are now unfunded by 5.6 trillion dollars. then, policy analysts discuss how state and local governments andaddressing the rise unfunded pension liabilities. from the heritage foundation, this is about an hour.

pensions they have earned. listening to the perspectives of others was perhaps the most important lesson i learned through my years of public service. my volunteer service with the academy, the actuarial standards board pension committee and the so side of actuaries helped me to become a better listener and therefore, a better public servant. it always helped me to hear different view points and take them back to my job. reenforcing that being an actuarial public servant is more than being just a technician. in closing, i hope this award in some small way inspires actuaries and others to a career in public service in the spirit of robert myers. working with younger actuaries at pbgc, and encouraging them to improve their skills and gain credentials, even when the credentials were not an explicit job requirement, was one of the most fulfilling aspects of my years in public service. the greatest honor i can think of would be if one of these younger actuaries could receive the myers award from the academy some day. finally, i offer thanks to my partner peter chakin who works from our home. he always has a smile for me and a ho

sooner the structure the tax deregulate globalize privatized bankrupt our pension system strike funding for rural in urban public education make debt-free college thing of the past. we are going to turn our backs on the class and replace old jim crow laws with a new economic apartheid for black and brown america. the economic impact for women doubling their workplace participation will be $0 take him for the bottom 90% of income earning families and the families that can reasonably afford a low class life on a single person's paycheck will need two or three incomes to live the same life a generation from now. obviously giving such as speech would have doomed anyone's presidential campaign. his party probably would have been out of power for years. no one in america would have voted for such a vision and yet just like you optimistic first part the second part of our fictional presidential speech would also turn out turn out speech or became true not because of some historical accident but because our economic system was intentionally rigged in favor of large corporations and wealthy americans over everyone else.

they'll use it to raise pay for public workers and pensions, in particular. >> yeah. >> and now thiss supposed to be temporary! now it's going to be semi-permanent! don't ever believe a politician who tells you something is temporary! >> never. nope! this is a public sector's strike-back for some of the reforms you've been seeing going on out there, like in wisconsin. >> and speaking of high, dan, marijuana on the ballot in five states. >> yeah. who could doubt it? it's on the ballot, legalization is on the ballot in massachusetts, arizona, california, maine, and nevada. national polls show that people favor legalization about 57 to -- 57-37%, which is the opposite of what it was ten years ago. this is mainly because of millennial support for legalization. in massachusetts, it's up by 55%. the diocese of boston have thrown in $750,000 to oppose this, because they think it will damage the people they're trying to help. such as kids. in colorado, young people are getting access to legalized pot. criminals are under-selling the price of the legalized pot out there. and even employers ar

. >> when you consider pensions, when you ask about the pensions we are not being greedy. septa slapped the public if the face and the employees in the face, saying they are doing pension reform but instead they line their pockets. >> they are looking for solutions to combat driver fatigue. that would save lives. a typical front line worker makes $69,000 annually. >> we hope both parties will be engaged at the bargaining table. >> but the talks broke down at midnight and resumed this afternoon. >> we are urging them to continue to talk and work on this, and we understand that people are upset and they should be because it's very inconvenient. >> this is something that is bad for everybody and it has to end. >> and septa says they are going to do everything to make sure this doesn't disrupt the november 8th election. they will go so far as get a federal unjunction if they have to to get the voters to the polls. >> wenty thank you. >>> the action cam spotted workers picketing at various stations, this group was in fern rock carrying signs that said on strike for dignity and justice on the job and un

pensions. there is no way a person who has been convicted of a crime while in elected office and violated public trust to have the ability to collect a pension by having forfeited that right whether they committed that crime. we have to look at money in politics, we have to remove money in politics, and we have to make it much more transparent. there are rules out there, some of those get circumvented when you have dark money that exists. electionsle influence , frankly, there is no place for it in our society. we have to cut to the chase and first and foremost, restore integrity to the process. which means holding everyone accountable. everyone, when they are convicted or when they have put themselves in a position of casting taint on their office, they have to resign. >> next topic is taxes. long islanders have been barraged with negative ads, some criticizing your tenure as county executive, and the others, the same for you when you were serving as the mayor of mineola. thathould voters believe if they send you to washington there will be a tax cut? sen. martins: when i was elected mayor, the

pension on partial pay. >> we are working on this for two years and the thing that gets me the most. we are not being greedy, i think septa slapped the public in the face and the taxpayers in the face when they said they would do pension reform but what they did was line their pockets. >> and other issues are health care and driver fatigue. the average pay for a septa worker is $68,000. we expect to see the union president later this afternoon. he said a few small issues were resolved but we had to draw a line in the stand somewhere. >> we could come together for bathroom breaks and lunch time for operators and scheduling and operating fatigue and that sort but we couldn't come to any kind of agreement. >> septa released a statement saying that mr. brown walk add way from a contract offer with raises and enhanced benefits and continued job security. >> also, just in union ocs are telling us they expected a proposal from septa any time now but septa has not confirmed that and they hope to have the issue resolved before the election, septa saying if they do not come to an agreement, they would come to get people to the polls. wendy saltzman c

pensions we're not being greedy. you know, i think septa slapped the riding public in the face slapped the taxpayers in the face when told you they going to do pension reform. instead of doing pension reform what they did was lined their pockets. >> reporter: now, septa released a statement that said in part mr. brown walked away from a contract offer that would have provided his members pay raises enhanced pension benefits maintained healthcare coverage levels and continued job security. now, septa also put in their statement last night that if this strike looks like its going to go beyond the election, up until election day that they could possibly go to court for an injunction. last night when asked specifically about whether or not this strike could go that long, the union leader was unable to say how long that this would go. now, both governor wolf and mayor kenney have also released statements both urging both sides to stay at the table saying that this is devastating to the city. again, the last strike we had back in 2009 i believe lasted about six days. so, for now reporting live outside of the cher none s-a

the most is when you consider pensions, when you ask about the pensions we're not being agreed he deal. i think septa slapped the riding publicthe face they slapped the taxpayers in the face when they told you they going to do pension reform. instead of doing pension he reform what they did was lined their pockets. >> reporter: now, septa released a statement saying in part mr. brown walked away from a contract offer that would have provided his members pay raises and enhanced pension benefits maintained healthcare coverage levels and continue job security both governor wolf and mayor kenney are also weighing in saying this could be devastating to individuals and families. they're urging both sides to continue their negotiations and to come to an agreement. for now reporting live in center city, annie mccormick channel6 "action news." back to you. >> annie, thank you for that. >>> septa estimates that 56,000 school children in philadelphia ride its trains buses and trolleys in order to get to school. philadelphia public and charter schools are opened today. archdiocesan schools are closed for a religious holiday. >>> the scho

of crimes there is no way a person convicted of a crime was violated the public trust should have the ability to collect a pension they forfeit the right when they committed the crime. it goes beyond that look at money in politics, with the influence of money and frankly we have to make it much more transparent. some of those rules are circumvented with the advertisements and campaigns where they influence the elections. we have to cut to the chase and we have to restore integrity which means holding everyone accountable and plan they are convicted to put themselves in a position that they have to resign. >> moderator: the next topic is taxes. pdf some criticize the county executive is raising taxes but the same for you senator martins so the question is to senator martin's why did they believe a case said you to washington you will cut taxes by. >> when i was elected mayor pet town was literally bankrupt it had happened million dollars shortfall with reserves. $43 million in debt and 23 million was short-term and rehab to have short-term debt into long-term debt. we restructure the finances and when i was electe

gets me the most when you you consider pensions, you asked about the pensions we're not being greedy. i think septa slapped the public in the face and taxpayers when they told you they will do pension reform. what they did was line their pockets. we found money, here's the money. how do you do pension reform but yet you give yourself, a $500 a month up to a you this dollars a month increase. the that is thiefry. >> i think it is crazy, i really think it is nuts because people, we all use septa system. 800 i believe early almost a million people are affected in this and i really think they need to actually come back on and resume rail service because this is really crazy, it is jussie don't understand why they always need to go on strike because this affect is a lot of people that need to travel to work. they need to go to doctor's offices. they need to go to schools, et cetera. >> i work every day, i work two jobs, i don't know how i get to work tomorrow. it is, what it is. but it will affect everybody out working to pay bills. >> a lot of people affect, life goes on here. steve keeley following very latest. he will

and then if they go public, they not only risk their pensions and freedom, but they risk their wholeompany's connection with the government. and so there's a lot of low-level fear among people who know stuff. and like i say, there's only a handful of i'll say bad people involved, but a lot of people just afraid to speak out. yes, sir. >> [inaudible] >> the captain of the coast guard, i do not know about that. there is -- i will say that there is just one angle of the story we have not talked about is this, is that on the night of july 17th, 1996, the coast guard went out there, as did a lot of just commercial fishermen and private yachtsmen, and many of them heard the distinctive ping from the black boxes, the flight data recorder, cockpit voice recorder. they're actually origin boxes. so it was only 120 feet of water. other than the bodies, this is the first thing that gets picked up. it took them a week to retrieve them. during that week they were putting out various stories, oh, they must be damages, they must be buried. and i've seen the video of the actual navy divers finding th

septa says strike threatening public safety and right to vote in tuesday's elect. biggest issues remain pensions>>> well, happening today a celebration to honor men and women who have served our country. we are hours from the second annual veterans parade. cherri gregg from kyw news radio is live with the preview, good morning, cherri. >> reporter: good morning, rahel. last year 10,000 people showed up to celebrate the cities veterans, today we're hoping that even more show up today. take a look for past hour or so setting up the stage area here at sixth and market streets where, dignitaries will speak later on today. there will be a festival for veterans that will happen from fifth street to third street beginning at 12:30. but take a look at the video and parade which will include about 150 different veterans organizations from all arms of the military will begin at noon at 16th and jfk, coming down and around city hall and in here at sixth and market all at the same time while that parade is going on beginning at 12:30 and all veteran paratrooper groups will do a spectacular jump and land in

septa says the strike threatens public safety, and the right to vote in tuesday's election. the biggest issue remains pensions and police do believe that seating was likely the cause after fatal two car accident in northeast philly. police say about 2:00 this morning, two cars were traveling at high speed before crashing into each other in the 1600 block of grant avenue. one of the cars burst into flames after hitting a utility pole killing the driver. the driver and passenger in the other car were both returned to the hospital. and both are expected to be okay. >>> meantime, crews return to the scene today of yesterday's massive water main break that flooded a shopping center in east falls. this was the scene this morning, it looks much different now, workers have drained most of that water. "eyewitness news" reporter anita oh, has more on what the city plans to do to make sure this doesn't happen again. >> it is a mess, big one. >> reporter: day after water main burst and sent 6 million-gallon of water, gushing through the bakers center parking lot, clean up continued throughout saturday afternoon. but boni

pension system. they did the opposite. the public needs to understanded that we won't tighten our belts while they raid the cookie jar. >> and make sure to stay with fox 29 on air and on line at fox29.com for the latest on the strike negotiations. >>> coming up: a world fueled with no luck. these folks usually hide out in basement, keeping to themselves, but we're going inside the world of model trains, finds out this may be the hobby that you want your husband and whom ever to pick up. check it out. plus with the holidays fast approaching, a lot of children are starting to dream about new toys. so how do you figure out the hottest gadget while keeping your kids safe, coming up, what you need to nope, while choosing the perfect gift. >>> and gentlemen, this tension in this election, trying to get people to focus on things that make them happy. sends us a thing that makes you happy. >> oh, that's easy, on the beach. >> the site of the ocean, thinking about what's underneath the water, sharks, pictures of the beach. >> scott? >> good f

pension system. they did the opposite. the publiceeds to understanded that we won't tighten our belt while they raid the cookie jar. >> and make sure you stay with fox 29 on the air and on line at fox29.com. the latest on the strike negotiations. >>> in east falls, clean up crews from the philadelphia water department are back at that shopping center, one day after a massive water main break flooded stores and the parking lot. happened on the 2800 block of fox street. some of those businesses were able to open and operate today. the water department officials say clean up will continue throughout the week. and then they will take a look at what steps need to be taken after that. the pipe that burst friday afternoon was 48 inches. there have been three other larger water main breaks in that same area before yesterday. >> and on your radar tonight, it was a beautiful day across the area. people in center city enjoying a cool fall night. let's head on over to meteorologist, mike, who didn't want to come in tonight. >> no, they had to pu

law to make sure it was released halfway through their pensions irrespective of whether they misbehaved improvements or still posed to the public, which was contributed to the violence in our system. does the prime minister agree with the labor government that it should be released halfway through irrespective of how they behave to the general public or does she agree with me this is an outrage flying in the face of public opinion and must be reversed? >> the important point to indicate, the way decisions are taking the release of prisoners, and the impact of that release on wider community. that is why this is an issue that

pensions we're not being agreed he dee. you know, i think septa slapped the riding public in the face slapped the taxpayers in the face when told you that he going to do pension reform. instead of doing pension reform what they did was lined their pockets. >> reporter: now, septa released a statement and said in part that mr. brown walked away from a contract offer that would have provided his members pay raises enhanced pension benefits, maintained healthcare coverage levels and continued job security. now, septa also put in their statement that if this goes up until november 7th and it does threaten that septa will still be on strike for november 8th which is of course election day, that they will go to federal court and request an injunction since this is a federal election. now, at this point septa is saying they don't know how long that this could go on, the transit union workers saying that anything is possible as far as negotiations go. both governor wolf and also mayor kenney he are urging both sides to stay at the table and get this done. for now reporting live outside of the sheraton in center city, annie mccormi

pension payments. right now hundreds of thousands of people have trouble getting work but some fear the lack of public transportation could keep a lot of people from the polls if an agreement is not made soon. about 800,000 people use the transit system every day. >>> a pregnant amenity rescued last month is back in the ocean off the coast of florida today. volunteers in seaworld released the manatee named washburn this morning. the city to seaworld biplane last month after she was pulled from the waters. she was released at river breeze park in oak hill this >> campaign confusion. the key item that disappeared during the mike pence rally last night and what the trump campaign is now doing to get it back plus these top stories. >> and she is not alone. the growing claims against a clearwater business owner and the response to some serious questions about us. when abc action news news tried to get his side of the story. >> it could've helped fixed 6:00 even the sheriff admits a dashcam may find a hit and run driver. tonight the reason it is not enough to change his mind about cameras. >> please don't c

public. out on the picket line bus drivers say they need a reformed pension plan, more break down and affordable health care. but septa claims they offered an 8% increase in pension and still no deal. with the election just days away, septa says it will file an junction in state court to force workers back on the job so people can vote on tuesday. >> they want us to go off strike for the election on tuesday, but don't care about us today. keep talking until you get it right. >> reporter: septa said they were concern that a -- we have not heard back from septa whether those documents were filed. >>> and our coverage continues now with nbc10's andrea klein-thomas is at 30th street station. >> how does it compare to yesterday when you were there? >> reporter: the crowds are coming in waves, but in terms of the sheer volume of people, it is better than this time yesterday. but when people still come, they're going to have to come and stand in lines. these lines don't last too long however. i talked to some passengers earlier, and they say some of their concerns are that especially as it pertains to

pensions. there have been risky assumptions made by some of the public people.e done it right? i have heard about rhode island, and what does it mean to do it right? david: some of the funds that have taken a more pragmatic approach have done better. they have actually lowered the expected rate of return they are trying to hit. as they have done that, it has enabled them to take risk out of their portfolio and do a better job of trying to match their assets in their liabilities, so they have less volatility that happens in their funding status. david: can you lower expected returns without lowering benefits paid? do these retirees had to take a pay cut? david: you can absolutely lower these assumptions and that has nothing to do with what benefits are paid out. it is how you construct a portfolio with that assumption in mind. for the most part, the restructuring that will need to happen, it is our belief it will happen by keeping the sanctity of what has been promised to workers. we see our role in this as seeing to it that that happens. there was a lot of room

managed its own currency since 2009 when entire savings and pensions were wiped out because of hyperinflation. the imf pegged at 100,000,000,000%. publicfor women to be able to drive in the conservative kingdom. the prince twitted the demand, stop the debate, time for women to drive. in arabic andted english. saudi arabia is the only country in the world that does not allow women to drive. global news 24 hours a day, powered by more than 2600 journalists and analysts in more than 120 countries. i am christine harvey. this is bloomberg. it is after 7:30 a.m. in hong where1030 a.m. in sydney i am joined by paul allen for look at the markets. good morning. paul: good morning. off to a bright start after 35 minutes of trading, up two thirds of 1%. of the energyll stocks leading the gains, beach sandozand send us a -- up. ore's steepest decline since march. up tinto showing some gains two percent after announcing the plan to charge a premium. this is the world most traded iron ore product. data out of on china. growth.owing signs of bloomberg technology next. ♪ this is bloomberg technology. i am emily chang. technology is like -- t echnolog

public servant and serve the pbgc as chief evaluation actuary for 20 years. she let our team of actuaries, not only had to understand everything you do in the private sector regarding pension, had to calculate the benefits and responsible for the single-employer and multi employer liability is reported in financial statements. that is no minor task, she met that responsibility with grace and skill and every pbgc director to meet the challenge. that they faced. she is exemplified, the public service that i have experienced at pbgc and everywhere i go i hear about the quality of service the pbgc provides. having, as tom explained earlier, i worked in other agencies, we didn't have anywhere near the customer satisfaction that is documented that i hear about all the time the pbgc has and i am particularly -- going through the confirmation process of being director many people ask me, many senators ask me why would you want this job? i thought they were asking it in just. i would respond with a lighthearted answer, one time a very high level senator said no, why this job? he actually followed it by saying i am not sure i want to vote for anybody who wants this job. i didn't hav

septa says that the strike threatens public safety and right to vote in tuesday's election. big issue remains, pensions>>> happening today the second annual veterans parade, more than 100 groups are set to participate. cherri gregg from our sister station kyw news radio is live at independent mall with the preview, hey there, good morning, chere. >> good morning, rahel. in just a few hours this entire area near sixth and market will be transformed. take a look around me, there is already, lots of work being done, this is going to be, turned into a stage where dignitaries will speak, parade kicks off around 12:30 with a spectacular parachute jump and flight of a-10 aircraft, and it is here to tell us all bit is terry williamsson the president of the philadelphia veterans parade. this is only second year you guys have done this and you are trying to make it bigger, better then last year. tell me how. >> absolutely. these sorts of things grow. the one way we're doing it we have a non-profit board of all veterans that were formed. our theme is really veterans taking care of veterans, whether it is, need th

pensions continue. striking workers say they sympathize with frustrated commuters. >> we as union do apologize for the inconvenience. the ridin riding to the public e we don't want to do this. septa just forced our hasn't. >> reporter: while the strike continues so does commuter chaos across the city. >> this is horrible. taken me four minutes just to get the kids to school and around in traffic and just -- it's just really bad. >> they are late for work. missing doctors appointments and 400 thus san similar stories of how the strike is affecting them. >> i'm about to take 25 minute walk to my car because i usually drive to train station were you the regional rails have been so crazy, it's better to park somewhere and just walk. >> reporter: there is growing concern about the strike having a paralyzing effect on election day. septa saying it plans to file a court injunction to force workers back to work. meanwhile striking workers say they are preparing for a long fight. >> we'll stay out how far as long as it takes? >> reporter: all night, 24 hours. >> sick months. >> reporter: well, many commuters and workers hoping that doesn't not in fact hap

pensions. we are not being greedy. i think septa slapped the riding public in the face and taxpayers in the face when they told you they would do pension reform. what they did was line their pockets. we found money said here is money. how do you do pension reform but yet, you give yourself $500 a month up to a you this dollars a month increase. that is thiefry. >> i think it is crazy, and i think it is nuts because people, we all use the septa system. 800 i believe, i seen on the news earlier almost a million people air expected in it. i really think they need to come back on and resume services because this is crazy. i don't understand why they always need to go on strike because this effect as lot of people that need to travel to work, doctor offices, and they need to go to schools, et cetera. >> i work every day. i work two jobs. i don't know how to get to work tomorrow. it effects everybody out paying bills. >> reporter: a woman i spoke to said this is ten, that is right, ten strikes just since 1975, for septa. seventy-five, for people my age, it doesn't sound like that was too long ago. we have pickets, bond fires

injunction request, and septa ace that the strike threatens public safety and right to vote in tuesday's election, biggest issue remaining is pensions>>> well, preparations are underway for philadelphia a's second annual veterans parade. it starts today at noon at 16th and jfk and end at independent mall. 175 groups registered to take part in the parade for the first time for the the city at the that time. this year organizers added a festival that will include food, entertainment and beer garden. festival at independent mall runs from 12:30 to 4:30 and chere greg from our sister station kyw news radio will have a live preview of the parade in the next hour. >>> eagles look to bounce back from last sunday's crushing loss in dallas. today they will take on eli manning and new york giants in east rutherford, new jersey. kick off set for 1:00. hear the game on 94 wip. we will have have much more ahead in sports in the the next half an hour. >>> well, sixers have a officially set a new date for singer seven streeter to come back and perform the national anthem. she and sixers say she will sing on december 16th. you might remember street

next presidential election there were a significant alteration in the pension system, how do you think this would affect broad public attitudes toward the state? >> even mentioning the possibility, i believe there will be a harsh policy [inaudible] the inflation last year was at the level of 9%, and even by the end it was 16%. it had decreased dramatically. [inaudible] [inaudible] [inaudible] >> short questions back here. steve crowley, i'm a fellow at the wilson wilson center. i just want to follow up on the question, how about the support for vladimir putin and how does this breakdown by social groups? he heard in 2011, 2012 there were protests, we were told mainly by middle-class professional class folks in moscow and st. petersburg and vladimir putin seems to claim the support of the working class and the industrial enter lands and so on. what does your data say about who exactly is supporting prudent? [inaudible] [inaudible] why are they silent [inaudible] [inaudible] [inaudible] [inaudible] is the situation then worsened and i would not call it a majority [inaudible] the situation is going to change dramatical

public safety and the right to vote in tuesday's election. the union is fighting this injunction. negotiations between both sides are continuing. the biggest issue he remains pensionseding played a role in a fatal two-car accident in northeast philly. police say around 2 o'clock this morning two cars were traveling at high speeds before crashing into each other in the 1600 block of grant avenue. one of the cars burst into flames after hitting a utility pole killing the driver. the driver and passenger in the other car were both rushed to the hospital and are expected to be okay. >>> also crews return to the scene of yesterday's massive water main break that flooded a shopping center in east falls. let's take you back to last night. this was the scene and this is the scene this morning. it looks very different. workers have drained most of the water. "eyewitness news" reporter anita oh he has more on what the city plans to do now to make sure this doesn't happen again. >> it was a mess, a big one. >> reporter: a day after a water main burst and sent 6 million gallons of water gushing through the baker center parking lot, cleanup continued throughout saturday afterno

pension. there is no way a person who has been convicted of a crime while in elected office, who has violated the publicy to collect a pension, having forfeited that right when they committed that crime. we have to look at money in politics. we have to remove the influence of money in politics. frankly, we have to make it much more transparent. there are rules, and some rules get circumvented as a result of dark money that exists. you see these advertisements in campaigns, were people influence elections, and frankly there's no place for it in our democratic society. we have to cut to the chase, and first and foremost, we have to restore integrity to the process, which means holding everyone accountable. it also means everyone, when they are convicted, frankly, when they have put themselves in a position of passing taint on their office, they have to resign. >> ok. let's move on to the next topic now. that is taxes. long islanders have been barraged with negative ads, some criticizing your tenure as county executive, mr. suozzi. same for you, senator martins, when you are serving as mayor of mineola. th

public doesn't know. >> he's most concerned about how that will affect his kids when he retires. >> reporter: the union says pensionsre one of the main disagreements, and benefits. mayor jim kenney says he's optimistic. >> i understand people getting to work and school and the grocery store and the doctors, it's an inconvenience and we need to get it resolved. >> twe'll take as long as it takes, it could be six days, 60 days, it could be six months, but we're out here. >> reporter: we have been told that they're talking, and actually a negotiator has been brought in to help move these negotiations along. randy gyllenhaal, nbc 10 news. >> we have been seei ining a lo delays because of this. >> regional rail backup, mitch blacher told us that media-elwyn line is suspended? >> that's because the inbound service right now service is suspended, outbound service has resumed a little bit earlier both inbound and outbound service was suspended. a police investigation into the person struck right around angora station. and with a police investigation and a fatality involved, it may be a while. some lines dealing with 40 minu

public affairs, available wherever you buy books and now available in paperback. >> more about the election later. right now we are from the director of the pension benefit guarantee corporation, the federal agency that insures the pensions of workers and retirees. he says multi-employer plans back by the agency with more than likely be canceled in 10 years unless congress and the white house take action. this is about 50 minutes your. [applause] >> thanks everybody. it's a pleasure to be here and my colleagues will verify the fact that i'm more nervous than average about addressing actuaries because it is one of the groups, although it's extremely important, it is one of the groups were i am fairly confident that everybody on your everybody in the room knows more than i do. and that's a nervous task. but i also know that everybody in the room or nearly everybody in the room is either already totally prepared for their retirement, or on track to be so. so i am, what i talk about retirement security, i am really talking to the choir. pbgc is have a long relationship and want to continue to build on that relationship and the value and benefit from