. >>> another example of the crisis in the public pension system, the public pension system.etroit today filed its plan to dig o of its 18 bell dollars debt. the city's -- $18 billion debt. the pl which the court must approve before it can get out of the biggest u.s. bankruptcy in history. fire and police officers take 10% cut. city employees take 34% cut and bondholders would recov only 20% of their money. kevyn orr rewriting all pension rules. >>> did sony steal from "american idol" contestants? we warned you about the recall of hot pockets with meat deribed as unfit for human food but are there hidden dangers in the meat? details coming up. ♪ [ vet 1 ] i'm a returning veteranooking for advice... [ vet 2 ] to start a career... [ vet 3 ] write a resume... [ vet 4 ] translate my skills... [ vet 5 ] and make my military experience... [ vet 6 ] a real asset. [ alex ] acp advisornet has built a non-profit online community to connect our veterans with business professionals, like you and me. so why not share your valuable experience? please go to acp advisornet. because their ser

. >>> another example ofhe crisis in the public pension system, the public pension system detroit todayed its plan to dig out of its 18 bell dollars debt. the city's -- $18 billion debt. the plan which the court must approve before it can get out of the biggest u.s. bankruptcy in history. fire and police officers take 10% cut. city employees take 34% cut and bondholders would recover only 20% of their money. kevyn orr rewriting all pension rules. >>> did ny steal from "american idol" contestants? we warned you about the recall of hot pockets with meat described as unfit for human food but are there hidden ngers in the meat? details coming up. ♪ ♪ here we are, me and you ♪ on the road ♪ and we know that it goes on and on ♪ [ female announcer ] you're the boss of your life. in charge of making memories and keeping promises. ask your financial profession how lincoln financial can help you take charge of your future. ♪ ♪ oh, oh, all the way ♪ oh, oh [poof!] [beep] [clicks use] nice office. how you doing? good. automatic discnts the moment you sign up. michael adams? here. michael adams? her

. >>> another example of the crisis in the public pension system, the public pension system.etroit today filed its plan to dig out of its 18 bell dollars debt. the city's -- $18 billion debt. the plan which the court must approve before it can get out of the biggest u.s. bankruptcy in history. fire and police officers take 10% cut. city employees take 34% cut and bondholders would recover only 20% of their money. kevyn orr rewriting all pension rules. >>> did sony steal from "american idol" contestants? we warned you about the recall of hot pockets with meat described as unfit for human food but are there hidden dangers in the meat? details coming up. power consumption in china, .. lipper aver t. rowe price. inest with confidence. quest a prospectus or summary prospectu with investment informion, risks, fees and expenses to read andonsidecarefully befinvesting. with investment informion, risks, fees and expenses so ally bank has a that wothat's correct.a rate. cause i'm really nervous about getting trapped. why's that? , mark? go get help! i have my reasons. look, you don't h

. >>> another example of the crisis in the public pension system, the public pension system.etroit today filed its plan to dig out of its 18 bell dollars debt. the city's -- $18illion debt. the plan which the court must approve before it can getut o the biggest u.s bankruptcy in history. fire and police officers take 10% cut. city employees take 34% cut and bondholders would recover only 20% of their money. kevyn orr rewriting all pension rules. >>> did sony stealrom merican idol" contestants? we warned you about the recall of hot pockets with meat described as unfit for human food but are there hidn dangers in the meat? details coming up. [ female announcer ] it's time for the annual shareholders meeting. ♪ there'll be the usual presentations on research. and developme. some new members of the team will be introduced. the chairman emeritus will distribute his usual wisdom. and you? well, you're the chief life officer. you just need the right professional to help you take charge. ♪ [ caalarm chirps ] ♪ [ male announcer ] don't juscerty our pre-owned vehics. we inspect, analyz

political science professor, a sermon on what was wrong with 40% of the speech talked about the public employee pension systemt he offered no solutions. >> you tweeted yesterday, and i'll put it up on the screen, you tweeted mab it's just me, but chris christie's delivery of budget address seemed like he sensed it would be his last. his last means he'll be out in a year? is that what you're saying? >> you know, i think it's entirely possible. but if you look back at his election night speech, back then it was a different chris christie. he talked as if he had big plans. he said, you know, i didn't seek a second term to do small things. i sought a second term to get the job done. and so just watch me do it. and yet we had a speech yesterday where he really outlined the issues facing new jersey with pension, meeting our obligations regarding our increased debt load that he contributed to, and yet again he offered no solutions. he talked about -- he equated new jersey to detroit suggesting if he we did nothing we could head down that road of bankruptcy, yet he offer nod solutions. i think what we're seeing here

. >>> another example of the crisis in the public pension systemthe public pension system. oit today filed its plan to dig out of its 18 bell dollars debt. the city's -- $18 billion debt. the plan which the court must approve before it can get out of the biggest u.s. bankruptcy in history. fire and police officers take 10% cut. city employees take 34% cut and bondholders would recover only 20% of their money. kevyn orr rewriting all pension rules. >>> did sony steal from "american idol" contestants? we warned y about the recall of hot pkets with meat describeds unfit for human food but are there hidden dangers in the mt? details coming up. [ male annouer ] hands were made for playng. legs, for crossing. feet...splashing. better things than the joint pain and swelling of moderatto severe rheumatoid arthritis. you're trying to mage, now may be time to asabout xeljanz. xeljz (tacitinib) is a small pill, not an injection or infuon, for adults with moderate to severe ra for whom methotrexate did not work well. xeljanz can lower yr ability to fight infections, including tuberculos

instead of trying to improve the pension system and lift everyone up, there are too many people out there trying to score political points by case is goascapegoating public r state and local budget shortfalls. pensions aren't the cause of states' fiscal problems and retired public servants aren't living high on the hog on the taxpayers' dime. these are simply malicious myths being spread by people who i think have two objectives. one, to discredit public-sector unions and, secondly, to dismantle the pension system. pensions are one of the best ways to h ensure that middle-cls people can have a secure retirement because they provide a guaranteed source of income that a person can count on for as long as he or she lives. now, can the current pension system be improved? i believe so. but there's no reason to abandon a system that has worked for millions of people of th people. the sad truth is these days, the vast majority of employees with any retirement plan at all have a 401(k). now, again, i'm not here to badmouth 401(k)'s. they can be a very good way to help people put some money aside to supplement their pension. but 401(k)'s were never intended to re

important we have pension reform because we want to have enough money for our education, for our health care, for public safety, for our veterans. really important we reform the pension system. >> but mayor emmanuel has said that he hopes that the state legislature will help change the rules for pensions in chicago. actually, the eight times number does not count the teachers union pension which is an additional multimillion dollar burden. do you think your state is going to have to do something fairly dramatic to get the chicago pension funds which is the largest in the country. >> they have to negotiate like anything in life, they have to sit around a table and negotiate a fair system. that's what we did at the state level for our major three pension systems of the state. and what i've also done for a couple of local pensions. >> but after your negotiations, the union, i think, have already said they're going to file a lawsuit and immediately try to stop whatever you negotiate. >> any law you pass is a major law will have to be litigated. we'll defend it in court and i think we'll win in court. the bottom line is you have to take action. i inherited a big disaster. when i

the california public employees retirement system, has died after a long battle with prostate cancer. he took over calpers invests in the dark days of the 2008 financial crisis. responsible for restoring america's biggest pensionvesting in liquid invests. and hedge funds. john dear, dead at age of 62. adam: more on the special boomer retirement series. we'll focus where boomers should retire. ann arbor, michigan, why retirees want to head back to campus. cheryl: first, curious support around new york governor andrew cuomo. charlie gasparino is here with exclusive details coming up next. ♪ life's an adventure when you're with her. and it always has been. but yo erectile dysfunction - itould be a question of blood flolow. cialis tadalafil for daily use helps you be ready anytime the moment's right. you can be more confidentin y. and the same cialis is the only daily ed tablet approved to treat ed and symptoms of bph, like neeng to go frequently or urgently. tell your doctor abo all your medical conditions and medications, and ask if your heart is healthy enough for sexual activity. do not take cialis if you take nitrates for chest pain, as this may cause an unsafe drop in blood pressure. do notrink alcoholin exc

the public employees from across the state descending on the capital to fight a massive overhaul of new jersey's pension systemt chris christie was pushing through the legislature. they were aimed at trimming the state's liability by $120 trillion over the next few years. it was a ban on collective bargaining on health care for four years, increase in employee contribution to health care costs, increase in employment pension payments, end of cost of living increases for retirees. christie called all of these open reforms and he got his way. democrats may control the legislature but there's a group of bosses with whom he's cultivated similar bee yotic relationships. they came through with the key cross partisan votes to pass this landmark pension overhaul bill. >> it is an important moment for the state of new jersey, for its citizens, its taxpayers and new jersey has once again become a model for america. >> but public employee yuans up and down the street were irate, one group in particular, law enforcement. there are four mayor unions representing police officers in new jersey and christie per sued all of th

public policy at stanford. he sees california's municipal budget cries is as a preview of worse things to come in other states. >> if you look at the pnks status of california of the pension systems here versus the rest of the country, we're not in the worst shape. we're probably about the middle of the pact. >> reporter: he believes that as long as the cost of pensions keeps rising, cities all over the country will have to either raise taxes or cut other parts of the budget. >> and that is the path people are on right now. the numbers are staggering. >> reporter: in california, the cost of pensions is rising faster than that of police and fire departments you can sanitation, education, or anything else in municipal budgets. stephanie gomes sees no way for cities to rein in that cost because they would have to cut pensions to do it. and since that's prohibited under california law, they're likely to go bankruptcy. she's been campaigning to change that law, to give cities the right to negotiate for pension cuts. she and other supporters hope to get the initiative on to the ballot in the statewide sleeks that california voters can decide. >> i'm going to pay -- >> reporter: she's a

pension. unions oppose that, likely ballot initiative. >> 401(k)s gary no guaranty, that is the distinction between a defined contribution system and a defined benefit system. >> we think all employees, public should have benefits that are no better or no worse than the citizens who are paying for it. >> reporter: statewide public pensions tripled in the last 14 years. the average first month pension for police and fire jumped from 2 grand to $5,000 a month. martha? martha: what are the cities doing about it? >> reporter: san jose voters passed a measure, not only putting future workers in 401(k)s, but gave current employees an option. take lower benefits or increase your monthly contributions. san diego voters approved something similar. unions claim in court that existing pensions can not be changed n a statewide initiative in november, that could settle the question. >> reforming these pensions is really popular with the voters in blue states, red states, doesn't matter. people want the government workers to have benefits that are in somewhat in line they expect to get in the private sector jobs. >> reporter: now the initiative in november may or may not happen depending on collecting th

pension system collected over $300,000 in 2012. more than 95 former government workers in the state took home $ 250,000 each in total payouts. twitter has quarterly earnings, the first since it went publicsocial media company stock has performed strongly since it made the day but on the stock exchange in november. share subjected from the initial $26 to the price now of $66. the report give investors a look at how quickly twitter is adding users after the close of trading. >> a hot of search having to do with mobile and now we will check with mike nicco and our rain totals will surge in a big way. >> we can double the amount we have received so far this rain year just with this storm and especially with our weekend storm. today, though, it is cold. woodi'd is 33 and palo alto is 34. redwood city is 37. it is milder in foster city at 42 and san mateo and belmont is 44. heading north we have 43 in san francisco and 40 at half moon bay and 46 in san carlos and upper 30's for mountain view and 36 in oakland. freezing in san ramon at 32. freezing at 27 in napa. 32 in novato. concord is chose at 35. it is chilly. the next 12 hours colorful sunrise with breaks in the clouds. i will try to post