WEBVTT
Region: id=rollup2 lines=2 scroll=up
00:00:12.646 --> 00:00:16.316 region:rollup2
AT THE MOMENT.
00:00:13.514 --> 00:00:18.151 region:rollup2
WE DON'T HAVE A QUORUM SO WE
00:00:16.316 --> 00:00:20.120 region:rollup2
WILL BEGIN AS A SUB COMMITTEE
00:00:18.151 --> 00:00:22.022 region:rollup2
AND I THINK THEY'RE MORE LIKE
00:00:20.120 --> 00:00:24.324 region:rollup2
FOR FOR BEING HERE.
00:00:22.022 --> 00:00:26.293 region:rollup2
WE WERE BOTH THE BNP AND GOT
00:00:24.324 --> 00:00:26.727 region:rollup2
EVER SINCE POSSIBLE. SO WITH
00:00:26.293 --> 00:00:27.928 region:rollup2
THAT.
00:00:26.727 --> 00:00:29.463 region:rollup2
WELCOME EVERYONE.
00:00:27.928 --> 00:00:32.065 region:rollup2
WE ARE OF GOING IN SIGNED AN
00:00:29.463 --> 00:00:33.834 region:rollup2
ORDER AND I BELIEVE I CENTER
00:00:32.065 --> 00:00:34.868 region:rollup2
VITE ACT.
00:00:33.834 --> 00:00:39.106 region:rollup2
THANK YOU GOT HERE FIRST SO
00:00:34.868 --> 00:00:40.040 region:rollup2
WELCOME.
00:00:39.106 --> 00:00:42.175 region:rollup2
RIGHT ACTION BEFORE YOU BEGIN
00:00:40.040 --> 00:00:44.678 region:rollup2
SINCE WE DO HAVE A QUORUM LET ME
00:00:42.175 --> 00:00:47.848 region:rollup2
GO AHEAD AND CALL ROLES LIKE
00:00:44.678 --> 00:00:50.617 region:rollup2
ESTABLISHED CORE.
00:00:47.848 --> 00:00:51.818 region:rollup2
THEY'RE CAN PRESENT MORAL LEYVA.
00:00:50.617 --> 00:00:53.387 region:rollup2
MORLOCK PRESENT FOR LIKE
00:00:51.818 --> 00:00:55.022 region:rollup2
PRESIDENT PORTANTINO. HERE
00:00:53.387 --> 00:00:58.125 region:rollup2
PORTANTINO PRESENT.
00:00:55.022 --> 00:01:00.127 region:rollup2
OKAY WE HAVE A QUORUM.
00:00:58.125 --> 00:01:00.761 region:rollup2
WELCOME GETS ENTERPRISE WILL
00:01:00.127 --> 00:01:03.830 region:rollup2
GOOD AFTERNOON MISTER CHAIR AND
00:01:00.761 --> 00:01:04.731 region:rollup2
MEMBERS.
00:01:03.830 --> 00:01:05.365 region:rollup2
HIS NINETEEN NINETEEN OUR STATE
00:01:04.731 --> 00:01:06.466 region:rollup2
IS REQUIRED ALMOST ALL PRIVATE
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EMPLOYERS TO PAY THEIR EMPLOYEES
00:01:06.466 --> 00:01:09.903 region:rollup2
AT LEAST TWICE A MONTH. THE
00:01:08.201 --> 00:01:10.904 region:rollup2
STATE HOWEVER EXCLUDED ITSELF
00:01:09.903 --> 00:01:12.673 region:rollup2
FROM THIS REQUIREMENT AND THAT'S
00:01:10.904 --> 00:01:14.408 region:rollup2
HOW IT'S BEEN FOR THE PAST ONE
00:01:12.673 --> 00:01:15.776 region:rollup2
HUNDRED YEARS. I PERSONALLY
00:01:14.408 --> 00:01:17.544 region:rollup2
THINK THAT ONE HUNDRED YEARS IS
00:01:15.776 --> 00:01:19.146 region:rollup2
LONG ENOUGH. THE STATE NEEDS OF
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ALL THE SAME RULES IT REQUIRES
00:01:19.146 --> 00:01:22.582 region:rollup2
OF ALL OTHER EMPLOYEES. S. B.
00:01:21.114 --> 00:01:25.319 region:rollup2
TWELVE THIRTY FOUR WOULD REQUIRE
00:01:22.582 --> 00:01:27.120 region:rollup2
ALL STATE EMPLOYEES TO BE PAID
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AT LEAST TWICE A WEEK. TO HELP
00:01:27.120 --> 00:01:29.957 region:rollup2
ALLEVIATE THE CONCERNS FROM THE
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STATE COMPTROLLER'S OFFICE HAVE
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AMENDED THE BILL TO DELAY
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IMPLEMENTATION UNTIL TWO
00:01:32.926 --> 00:01:35.529 region:rollup2
THOUSAND TWENTY TO GIVE THEM
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TIME TO MAKE THE NECESSARY
00:01:35.529 --> 00:01:38.732 region:rollup2
CHANGES.
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MANY COMPANIES LARGE AND SMALL
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MANAGED TO COMPLY WITH OUR LABOR
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LAWS APPLE INTEL AND EVEN OUR
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LEGISLATIVE PATH STAFF OR ALL
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PAID TWICE A MONTH. HECK EVEN
00:01:45.739 --> 00:01:49.476 region:rollup2
OUR STATE UNEMPLOYMENT INSURANCE
00:01:47.274 --> 00:01:50.544 region:rollup2
IS PAID OUT TWICE A MONTH SO I
00:01:49.476 --> 00:01:52.012 region:rollup2
CAN OUR STATE PAYROLL DO THE
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SAME I RESPECTFULLY ASK YOUR
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ABOUT CERTAIN.
00:01:54.314 --> 00:01:56.116 region:rollup2
AND THANK YOU.
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DEAL WITH IT BUT THIS IS A
00:01:56.116 --> 00:01:58.251 region:rollup2
SUPPORT.
00:01:57.784 --> 00:02:01.355 region:rollup2
OKAY.
00:01:58.251 --> 00:02:01.989 region:rollup2
WITNESS IN OPPOSITION.
00:02:01.355 --> 00:02:06.460 region:rollup2
ALRIGHT QUESTIONS FROM COMMITTEE
00:02:01.989 --> 00:02:09.763 region:rollup2
MEMBERS.
00:02:06.460 --> 00:02:11.398 region:rollup2
RIGHT OKAY SO IT'S BEEN MOVED BY
00:02:09.763 --> 00:02:12.265 region:rollup2
SPARE MORE LOCK SO I. CAN
00:02:11.398 --> 00:02:13.367 region:rollup2
SURVIVE ECHO AT LE THANK YOU FOR
00:02:12.265 --> 00:02:17.037 region:rollup2
BRINGING THIS BILL FORWARD.
00:02:13.367 --> 00:02:18.105 region:rollup2
I DO NOT APPRECIATE WHAT YOU
00:02:17.037 --> 00:02:18.939 region:rollup2
FOR A TESTIFIED TO.
00:02:18.105 --> 00:02:21.875 region:rollup2
I THINK ONE OF THINGS THOUGH.
00:02:18.939 --> 00:02:23.176 region:rollup2
CERTAINLY HERE IN THE STATE OF
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CALIFORNIA.
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YOU KNOW WE DO HAVE. A
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COLLECTIVE BARGAINING BY
00:02:26.213 --> 00:02:29.483 region:rollup2
EMPLOYEES THE ADMIT THAT.
00:02:28.181 --> 00:02:32.119 region:rollup2
SFAR'S I'VE KNOWN.
00:02:29.483 --> 00:02:33.887 region:rollup2
WHILE CERTAINLY APPRECIATE YOUR.
00:02:32.119 --> 00:02:35.822 region:rollup2
SENSITIVITY TO.
00:02:33.887 --> 00:02:37.491 region:rollup2
ATIV WHY THIS IS IMPORTANT FOR
00:02:35.822 --> 00:02:38.225 region:rollup2
SOME PEOPLE IS NOT SOMETHING
00:02:37.491 --> 00:02:38.959 region:rollup2
THAT.
00:02:38.225 --> 00:02:40.460 region:rollup2
HAS BEEN.
00:02:38.959 --> 00:02:42.129 region:rollup2
REQUESTED.
00:02:40.460 --> 00:02:44.698 region:rollup2
IS THIS PART OF COLLECTIVE
00:02:42.129 --> 00:02:46.166 region:rollup2
BARGAINING. SWELL AND I I DO.
00:02:44.698 --> 00:02:48.468 region:rollup2
PERSONALLY FEEL THAT.
00:02:46.166 --> 00:02:50.170 region:rollup2
THAT'S SOMETHING I WANT TO
00:02:48.468 --> 00:02:51.738 region:rollup2
RESPECT AS WELL AS WELL.
00:02:50.170 --> 00:02:53.707 region:rollup2
AND SO.
00:02:51.738 --> 00:02:55.409 region:rollup2
UNFORTUNATELY I AM NOT ABLE TO
00:02:53.707 --> 00:02:57.244 region:rollup2
SUPPORT THE BILL TODAY BECAUSE
00:02:55.409 --> 00:02:57.811 region:rollup2
OF THAT BUT I DO APPRECIATE
00:02:57.244 --> 00:02:58.679 region:rollup2
WHERE YOU'RE COMING FROM HER
00:02:57.811 --> 00:02:59.746 region:rollup2
AND.
00:02:58.679 --> 00:03:00.947 region:rollup2
AND.
00:02:59.746 --> 00:03:02.649 region:rollup2
SO.
00:03:00.947 --> 00:03:04.084 region:rollup2
PAY LIKE THAT DO YOU WISH TO
00:03:02.649 --> 00:03:06.353 region:rollup2
CLOSE YOUR EYE OUT BLOOD TO
00:03:04.084 --> 00:03:08.021 region:rollup2
CLOSE IN AND THAT IF I MAY JUST.
00:03:06.353 --> 00:03:08.622 region:rollup2
BURKE VIRTUALLY DESTROYED TOUCH
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A LITTLE BIT ON THE COLLECTIVE
00:03:08.622 --> 00:03:13.293 region:rollup2
BARGAINING PART O IT. I
00:03:11.958 --> 00:03:13.960 region:rollup2
UNDERSTAND THAT TOTALLY AND.
00:03:13.293 --> 00:03:14.561 region:rollup2
AND COLLECTED BY GETTING I THINK
00:03:13.960 --> 00:03:16.697 region:rollup2
IT'S A GIVE AND TAKE BETWEEN
00:03:14.561 --> 00:03:16.997 region:rollup2
EMPLOYERS AD EMPLOYEES. AND I
00:03:16.697 --> 00:03:19.466 region:rollup2
THINK THAT.
00:03:16.997 --> 00:03:20.434 region:rollup2
.
00:03:19.466 --> 00:03:22.102 region:rollup2
THAT PUTS ME IN A IN A
00:03:20.434 --> 00:03:24.371 region:rollup2
PREDICAMENT WHERE I'M SAYING WHY
00:03:22.102 --> 00:03:26.073 region:rollup2
DO STATE EMPLOYEES HAVE WHITE
00:03:24.371 --> 00:03:27.708 region:rollup2
WHY DON'T THEY HAVE PARITY WITH.
00:03:26.073 --> 00:03:29.276 region:rollup2
WORKERS IN THE PRIVATE SECTOR
00:03:27.708 --> 00:03:30.444 region:rollup2
AND THE PRIVATE UNIONS WHY
00:03:29.276 --> 00:03:32.713 region:rollup2
SHOULD WE TAKE A CHIP AWAY FROM
00:03:30.444 --> 00:03:34.314 region:rollup2
THEM. A WHEN THEY GO INTO CLICK
00:03:32.713 --> 00:03:35.749 region:rollup2
MARJORIE AND WITH THAT I ASKED
00:03:34.314 --> 00:03:36.516 region:rollup2
HER ABOUT THANK YOU.
00:03:35.749 --> 00:03:38.151 region:rollup2
WELL THANK YOU THANK YOU VERY
00:03:36.516 --> 00:03:39.619 region:rollup2
MUCH AND.
00:03:38.151 --> 00:03:40.454 region:rollup2
BUT THEN AGAIN I APPRECIATE YOU
00:03:39.619 --> 00:03:42.522 region:rollup2
PRESENTING THE BILL SO THE
00:03:40.454 --> 00:03:45.225 region:rollup2
BILL'S BEEN MOVED BY CENTER MORE
00:03:42.522 --> 00:03:47.527 region:rollup2
LOCK AND US SECRETARY OF PLEASE
00:03:45.225 --> 00:03:48.829 region:rollup2
CALL THE ROLL. ADMISSION IS TO
00:03:47.527 --> 00:03:52.165 region:rollup2
PASS IN A REFER TO SLIDE
00:03:48.829 --> 00:03:54.000 region:rollup2
APPROPRIATIONS COMMITTEE PAN OUT
00:03:52.165 --> 00:03:57.104 region:rollup2
NOW PIANO MURROW.
00:03:54.000 --> 00:03:58.238 region:rollup2
LEYVA NO LEYVA NO MORE LOCK OUR
00:03:57.104 --> 00:03:59.372 region:rollup2
PUBLIC AYE PORTANTINO.
00:03:58.238 --> 00:04:01.041 region:rollup2
PORTANTINO.
00:03:59.372 --> 00:04:03.543 region:rollup2
OKAY AND I UNDERSTAND THAT US A
00:04:01.041 --> 00:04:05.579 region:rollup2
SUMMER ELLIS ABSENT TODAY SO THE
00:04:03.543 --> 00:04:07.781 region:rollup2
VOTERS. ONE TO THREE AND THE
00:04:05.579 --> 00:04:09.282 region:rollup2
BILL BILL FAILS I DO WISH
00:04:07.781 --> 00:04:10.016 region:rollup2
RECONSIDERATION.
00:04:09.282 --> 00:04:12.452 region:rollup2
OKAY AS ANY OBJECTION TO
00:04:10.016 --> 00:04:14.554 region:rollup2
RECONSIDERATION OKAY WILL BE
00:04:12.452 --> 00:04:15.088 region:rollup2
PLEASED TO GRANT RECONSIDERATION
00:04:14.554 --> 00:04:16.022 region:rollup2
THANK YOU THANK YOU MIGHT
00:04:15.088 --> 00:04:17.557 region:rollup2
CENTER.
00:04:16.022 --> 00:04:18.158 region:rollup2
OKAY SO THE NEXT ITEM IS GOING
00:04:17.557 --> 00:04:20.060 region:rollup2
TO BE.
00:04:18.158 --> 00:04:21.461 region:rollup2
ITEM NUMBER TWELVE AS SHE ARE A
00:04:20.060 --> 00:04:28.902 region:rollup2
TWENTY FOUR BY CENTER JACKSON
00:04:21.461 --> 00:04:32.305 region:rollup2
WELCOME.
00:04:28.902 --> 00:04:35.208 region:rollup2
THERE.
00:04:32.305 --> 00:04:37.277 region:rollup2
ISN'T.
00:04:35.208 --> 00:04:38.845 region:rollup2
GOOD AFTERNOON MR RICHER AND
00:04:37.277 --> 00:04:41.081 region:rollup2
MEMBERS I AM HERE TODAY TO
00:04:38.845 --> 00:04:43.049 region:rollup2
PERCENT SJR TWENTY FOR. A
00:04:41.081 --> 00:04:44.584 region:rollup2
RESOLUTION CALLING ON CONGRESS
00:04:43.049 --> 00:04:46.286 region:rollup2
AND THE PRESIDENT TO ADOPT A
00:04:44.584 --> 00:04:49.022 region:rollup2
COMPREHENSIVE ASSAULT WEAPONS
00:04:46.286 --> 00:04:52.025 region:rollup2
BAN. AND ALSO CALLING ON CALPERS
00:04:49.022 --> 00:04:54.427 region:rollup2
TO DIVEST ITS GUN HOLDINGS.
00:04:52.025 --> 00:04:56.630 region:rollup2
RAPID FIRE ASSAULT WEAPONS.
00:04:54.427 --> 00:04:58.698 region:rollup2
WITH LARGE CLIPS OF AMMUNITION
00:04:56.630 --> 00:05:00.367 region:rollup2
HAVE ONLY ONE PURPOSE.
00:04:58.698 --> 00:05:02.135 region:rollup2
THE MASS SLAUGHTER OF LARGE
00:05:00.367 --> 00:05:03.670 region:rollup2
NUMBERS OF HUMAN BEINGS.
00:05:02.135 --> 00:05:05.038 region:rollup2
THEY WERE DESIGNED FOR MILITARY
00:05:03.670 --> 00:05:07.073 region:rollup2
USE TO ACHIEVE THAT MISSION IN
00:05:05.038 --> 00:05:08.742 region:rollup2
COMBAT.
00:05:07.073 --> 00:05:11.144 region:rollup2
FOR NEARLY EIGHTY YEARS FEDERAL
00:05:08.742 --> 00:05:13.313 region:rollup2
LAW HAS BANNED MACHINE GUNS
00:05:11.144 --> 00:05:15.115 region:rollup2
GRENADES AND BOMBS OTHER WEAPONS
00:05:13.313 --> 00:05:17.083 region:rollup2
OF WARS OF WAR LIKE ASSAULT
00:05:15.115 --> 00:05:18.351 region:rollup2
WEAPONS. THAT ARE SIMPLY TOO
00:05:17.083 --> 00:05:19.986 region:rollup2
DANGEROUS TO BE IN CIVILIAN
00:05:18.351 --> 00:05:21.288 region:rollup2
HANDS.
00:05:19.986 --> 00:05:22.522 region:rollup2
CONGRESS PASSED AN ASSAULT
00:05:21.288 --> 00:05:25.058 region:rollup2
WEAPONS BAN AS PART OF THE
00:05:22.522 --> 00:05:26.793 region:rollup2
VIOLENT CRIME CONTROL AND LAW
00:05:25.058 --> 00:05:28.328 region:rollup2
ENFORCEMENT ACT IN NINETEEN
00:05:26.793 --> 00:05:30.363 region:rollup2
NINETY FOUR.
00:05:28.328 --> 00:05:32.532 region:rollup2
BUT IT EXPIRED IN TWO THOUSAND
00:05:30.363 --> 00:05:34.301 region:rollup2
AND FOUR. BEFORE ITS EXPIRATION
00:05:32.532 --> 00:05:35.569 region:rollup2
THE FEDERAL ASSAULT WEAPONS BAN
00:05:34.301 --> 00:05:37.971 region:rollup2
REDUCE THE NUMBER OF SCHOOL
00:05:35.569 --> 00:05:40.040 region:rollup2
SHOOTING VICTIMS BY FIFTY FOUR
00:05:37.971 --> 00:05:43.276 region:rollup2
POINT FOUR PERCENT. ACCORDING TO
00:05:40.040 --> 00:05:44.744 region:rollup2
A QUINNIPIAC UNIVERSITY STUDY.
00:05:43.276 --> 00:05:46.313 region:rollup2
COMPARED WITH THE TEN YEAR
00:05:44.744 --> 00:05:48.381 region:rollup2
PERIOD BEFORE THE BAND WAS IN
00:05:46.313 --> 00:05:49.950 region:rollup2
PLACE THE NUMBER OF MASS
00:05:48.381 --> 00:05:52.085 region:rollup2
SHOOTINGS DURING THE BAND FELL
00:05:49.950 --> 00:05:53.720 region:rollup2
BY THIRTY SEVEN PERCENT.
00:05:52.085 --> 00:05:55.455 region:rollup2
AND THE NUMBER OF PEOPLE DYING
00:05:53.720 --> 00:05:57.190 region:rollup2
FROM MASS SHOOTINGS.
00:05:55.455 --> 00:05:58.892 region:rollup2
FELL BY FORTY THREE PERCENT BUT
00:05:57.190 --> 00:06:00.827 region:rollup2
AFTER THE BAN LAPSED INTO
00:05:58.892 --> 00:06:03.029 region:rollup2
THOUSAND AND FOR THE NUMBER SHOT
00:06:00.827 --> 00:06:05.065 region:rollup2
UP AGAIN AN ASTONISHING ONE
00:06:03.029 --> 00:06:08.168 region:rollup2
HUNDRED AND EIGHTY THREE PERCENT
00:06:05.065 --> 00:06:09.536 region:rollup2
INCREASE. IN GUN MASSACRES AND
00:06:08.168 --> 00:06:12.105 region:rollup2
TWO HUNDRED AND THIRTY NINE
00:06:09.536 --> 00:06:13.607 region:rollup2
PERCENT INCREASE IN DEATHS.
00:06:12.105 --> 00:06:15.408 region:rollup2
THE ONLY GUN CONTROL MEASURE
00:06:13.607 --> 00:06:17.277 region:rollup2
THAT IS HAD A STATISTICALLY
00:06:15.408 --> 00:06:18.945 region:rollup2
SIGNIFICANT EFFECT.
00:06:17.277 --> 00:06:21.047 region:rollup2
ON THE NUMBER AND SEVERITY OF
00:06:18.945 --> 00:06:23.350 region:rollup2
SCHOOL SHOOTINGS HIS THE FEDERAL
00:06:21.047 --> 00:06:25.285 region:rollup2
ASSAULT WEAPONS BAN.
00:06:23.350 --> 00:06:27.087 region:rollup2
ITS GOAL IS TO STEM HORRIFIC
00:06:25.285 --> 00:06:29.256 region:rollup2
MASS SHOOTING INCIDENTS.
00:06:27.087 --> 00:06:30.457 region:rollup2
IT WON'T STOP EVERY GUN MASSACRE
00:06:29.256 --> 00:06:32.158 region:rollup2
BUT IT WILL CUT DOWN ON THEIR
00:06:30.457 --> 00:06:33.960 region:rollup2
CARNAGE.
00:06:32.158 --> 00:06:35.896 region:rollup2
IT WILL ALSO REDUCE THE PROBLEMS
00:06:33.960 --> 00:06:38.498 region:rollup2
OF POROUS BORDERS FOR STATES
00:06:35.896 --> 00:06:40.934 region:rollup2
LIKE CALIFORNIA THAT HAVE PASSED
00:06:38.498 --> 00:06:42.002 region:rollup2
TOUGH GUN CONTROL LAWS.
00:06:40.934 --> 00:06:43.970 region:rollup2
IN LIGHT OF THE STATISTICAL
00:06:42.002 --> 00:06:45.805 region:rollup2
SIGNIFICANCE I BELIEVE IT'S TIME
00:06:43.970 --> 00:06:48.208 region:rollup2
FOR CALIFORNIA'S INVESTMENT
00:06:45.805 --> 00:06:50.343 region:rollup2
POLICIES COMMANCHE THE VIEWS OF
00:06:48.208 --> 00:06:51.678 region:rollup2
THE STATE'S CITIZENS AND STAND
00:06:50.343 --> 00:06:53.246 region:rollup2
WITH THE VICTIMS OF THESE
00:06:51.678 --> 00:06:55.382 region:rollup2
HORRIFIC CRIMES.
00:06:53.246 --> 00:06:57.150 region:rollup2
HELL STIRS HAS ALREADY TAKEN THE
00:06:55.382 --> 00:06:59.386 region:rollup2
STEP OF THE VESTING ITS HOLDING
00:06:57.150 --> 00:07:01.621 region:rollup2
IN GUN MANUFACTURERS PERHAPS
00:06:59.386 --> 00:07:03.623 region:rollup2
REALIZING THE DISCONTENT BETWEEN
00:07:01.621 --> 00:07:05.158 region:rollup2
ITS RETIREE INVESTMENTS. AND
00:07:03.623 --> 00:07:07.761 region:rollup2
TEACHERS MISSIONS OF KEEPING
00:07:05.158 --> 00:07:09.729 region:rollup2
STUDENTS SAFE IN THE CLASSROOM.
00:07:07.761 --> 00:07:11.364 region:rollup2
FURTHER WE KNOW THE PRESSURE IS
00:07:09.729 --> 00:07:12.832 region:rollup2
MOUNTING ON WALL STREET TO DO
00:07:11.364 --> 00:07:15.302 region:rollup2
SOMETHING ABOUT GUN VIOLENCE
00:07:12.832 --> 00:07:17.070 region:rollup2
INDEED. INVESTMENT FIRMS ARE RE
00:07:15.302 --> 00:07:19.072 region:rollup2
EXAMINING THEIR PORTFOLIOS
00:07:17.070 --> 00:07:20.607 region:rollup2
DROPPING GUN STOCKS AND ASKING
00:07:19.072 --> 00:07:21.908 region:rollup2
WEAPONS MANUFACTURERS WHAT
00:07:20.607 --> 00:07:23.710 region:rollup2
THEY'RE DOING TO MAKE SURE THEIR
00:07:21.908 --> 00:07:25.011 region:rollup2
PRODUCTS. DON'T END UP IN A MASS
00:07:23.710 --> 00:07:26.646 region:rollup2
SHOOTING.
00:07:25.011 --> 00:07:28.848 region:rollup2
SEVERAL MAJOR RETAILERS
00:07:26.646 --> 00:07:30.517 region:rollup2
INCLUDING DICK'S SPORTING GOODS
00:07:28.848 --> 00:07:34.087 region:rollup2
HAVE DECIDED TO STOP SELLING A
00:07:30.517 --> 00:07:36.022 region:rollup2
STOP ASSAULT WEAPON. CLUB STYLE
00:07:34.087 --> 00:07:37.924 region:rollup2
WEAPONS ALTOGETHER.
00:07:36.022 --> 00:07:39.726 region:rollup2
AND OTHERS LIKE WALMART WILL BE
00:07:37.924 --> 00:07:41.928 region:rollup2
REACHING THE AGE TO PURCHASE A
00:07:39.726 --> 00:07:43.430 region:rollup2
FIREARM IN THEIR STORES TO
00:07:41.928 --> 00:07:45.398 region:rollup2
TWENTY ONE. IN SHORT GUNS ARE
00:07:43.430 --> 00:07:46.900 region:rollup2
BAD FOR BUSINESS.
00:07:45.398 --> 00:07:48.468 region:rollup2
IN THE SPIRIT OF THE STUDENTS
00:07:46.900 --> 00:07:50.236 region:rollup2
FROM PARK LAND WHO HAVE BEEN
00:07:48.468 --> 00:07:52.038 region:rollup2
VILIFIED IN MARGINALIZED IN
00:07:50.236 --> 00:07:53.974 region:rollup2
THEIR QUEST FOR COMMON SENSE GUN
00:07:52.038 --> 00:07:56.576 region:rollup2
REFORMS. I RESPECTFULLY ASK FOR
00:07:53.974 --> 00:07:57.577 region:rollup2
YOUR AYE VOTE.
00:07:56.576 --> 00:08:00.280 region:rollup2
THANK YOU SENATE JACKSON.
00:07:57.577 --> 00:08:01.381 region:rollup2
WITNESSES IN SUPPORT.
00:08:00.280 --> 00:08:03.917 region:rollup2
OKAY SEE NO ANY WITNESSES
00:08:01.381 --> 00:08:04.784 region:rollup2
OPPOSITION.
00:08:03.917 --> 00:08:07.087 region:rollup2
PACING NINE.
00:08:04.784 --> 00:08:08.488 region:rollup2
COMMITTEE MEMBER OF CUTS
00:08:07.087 --> 00:08:09.689 region:rollup2
QUESTIONS AS THEIR MORE LIKE
00:08:08.488 --> 00:08:11.191 region:rollup2
WORK MORE OF A COMMENT BECAUSE I
00:08:09.689 --> 00:08:13.259 region:rollup2
KIND OF HAD A CONCERN ABOUT
00:08:11.191 --> 00:08:14.928 region:rollup2
TELLING INVESTMENT PROFESSIONALS
00:08:13.259 --> 00:08:16.162 region:rollup2
AT THE RETIREMENT SYSTEMS.
00:08:14.928 --> 00:08:17.831 region:rollup2
TO DIE BEST A PART THAT'S FROM
00:08:16.162 --> 00:08:18.698 region:rollup2
HAVING DIFFICULTY WITH THE WITH
00:08:17.831 --> 00:08:23.336 region:rollup2
THE RESOLUTION.
00:08:18.698 --> 00:08:25.905 region:rollup2
THANK YOU MISTER CHAIR.
00:08:23.336 --> 00:08:27.040 region:rollup2
OKAY FILLED UNVEILED BY. A OKAY
00:08:25.905 --> 00:08:28.141 region:rollup2
WHO FOR THE RESOLUTION OF THE
00:08:27.040 --> 00:08:29.042 region:rollup2
MOVE BY SIR LEYVA. A SCENE NO
00:08:28.141 --> 00:08:30.643 region:rollup2
OTHER QUESTIONS FROM COMMITTEE
00:08:29.042 --> 00:08:32.078 region:rollup2
MEMBERS IT'S WHAT FIRST OF ALL
00:08:30.643 --> 00:08:34.014 region:rollup2
THANK YOU SENATOR JACKSON UP FOR
00:08:32.078 --> 00:08:34.581 region:rollup2
BRING THIS RESOLUTION FORWARD
00:08:34.014 --> 00:08:35.915 region:rollup2
AND FOR TAKING I UNDERSTAND
00:08:34.581 --> 00:08:37.751 region:rollup2
THEM.
00:08:35.915 --> 00:08:39.319 region:rollup2
THEIR AMENDMENTS AS WELL. OF
00:08:37.751 --> 00:08:40.220 region:rollup2
COURSE THIS COMMITTEE HAS BEEN
00:08:39.319 --> 00:08:41.821 region:rollup2
WRESTLING WITH THE ISSUE.
00:08:40.220 --> 00:08:43.256 region:rollup2
AROUND.
00:08:41.821 --> 00:08:45.492 region:rollup2
ENGAGEMENT.
00:08:43.256 --> 00:08:46.960 region:rollup2
AND DIVESTMENT AND APPRECIATE
00:08:45.492 --> 00:08:47.327 region:rollup2
YOU WORKING WITH THE COMMITTEE
00:08:46.960 --> 00:08:48.962 region:rollup2
AND.
00:08:47.327 --> 00:08:50.730 region:rollup2
GIVING IN THIS HELPS PROVIDE
00:08:48.962 --> 00:08:52.098 region:rollup2
GUIDANCE TO BUY CALPERS AND
00:08:50.730 --> 00:08:54.034 region:rollup2
CERTAINLY I THINK A SENDS A
00:08:52.098 --> 00:08:55.435 region:rollup2
MESSAGE ABOUT WHAT OUR VALUES
00:08:54.034 --> 00:08:56.436 region:rollup2
ARE HERE INSTEAD OF CALIFORNIA'S
00:08:55.435 --> 00:08:57.971 region:rollup2
APPRECIATE THE WORK THAT YOU'VE
00:08:56.436 --> 00:08:59.572 region:rollup2
DONE WITH COMMITTEE ON THAT
00:08:57.971 --> 00:09:00.607 region:rollup2
BRING THIS FORWARD. TO WITH THAT
00:08:59.572 --> 00:09:03.243 region:rollup2
OF THE BILL'S BEEN MOVED BY
00:09:00.607 --> 00:09:06.046 region:rollup2
ASTER LEYVA AND THE MOTION IS TO
00:09:03.243 --> 00:09:10.150 region:rollup2
BE ADOPTED AND EXITS RIVER. GETS
00:09:06.046 --> 00:09:11.317 region:rollup2
APPROPRIATIONS OKAY RESOLUTIONS
00:09:10.150 --> 00:09:12.218 region:rollup2
GOES APPROPRIATIONS.
00:09:11.317 --> 00:09:13.620 region:rollup2
ALRIGHT IT'S GOING TO
00:09:12.218 --> 00:09:14.421 region:rollup2
APPROPRIATIONS OKAY.
00:09:13.620 --> 00:09:16.890 region:rollup2
SO.
00:09:14.421 --> 00:09:20.093 region:rollup2
SIX A PLEASE CALL THE ROLL.
00:09:16.890 --> 00:09:21.828 region:rollup2
PM I CAN AYE MORRELL LEYVA AYE
00:09:20.093 --> 00:09:23.696 region:rollup2
LEVER AYE MORE LOCK. MORE LIKE
00:09:21.828 --> 00:09:25.598 region:rollup2
NO PORTANTINO. PORTANTINO AYE.
00:09:23.696 --> 00:09:26.633 region:rollup2
OKAY THAT BILLS OUT THREE ONE
00:09:25.598 --> 00:09:27.967 region:rollup2
THANK YOU MISTER CHAIRMAN VERSE
00:09:26.633 --> 00:09:32.305 region:rollup2
THANK YOU. OKAY.
00:09:27.967 --> 00:09:33.273 region:rollup2
NEXT UP IS A. BAD NUMBER TEN SP
00:09:32.305 --> 00:09:40.780 region:rollup2
FOURTEEN THIRTEEN BY CENTER
00:09:33.273 --> 00:09:41.815 region:rollup2
NIELSEN WELCOME.
00:09:40.780 --> 00:09:43.750 region:rollup2
KEVIN FOR AN AND MEMBERS OF THE
00:09:41.815 --> 00:09:45.852 region:rollup2
COMMITTEE.
00:09:43.750 --> 00:09:47.954 region:rollup2
THANK YOU FOR. AN OPPORTUNITY TO
00:09:45.852 --> 00:09:49.923 region:rollup2
OFFER.
00:09:47.954 --> 00:09:52.559 region:rollup2
A LITTLE WAY THAT WE CAN.
00:09:49.923 --> 00:09:53.460 region:rollup2
CHIP AWAY AT OUR PENSION.
00:09:52.559 --> 00:09:55.528 region:rollup2
LIABILITIES AND PROBLEMS IN
00:09:53.460 --> 00:09:57.397 region:rollup2
CALIFORNIA.
00:09:55.528 --> 00:09:57.931 region:rollup2
BUT BEGIN BY ACCEPTING THE
00:09:57.397 --> 00:09:59.365 region:rollup2
PROPOSED AMENDMENTS OF THE
00:09:57.931 --> 00:10:01.034 region:rollup2
COMMITTEE.
00:09:59.365 --> 00:10:02.902 region:rollup2
THESE WOULD HAVE THE INVESTMENT
00:10:01.034 --> 00:10:03.970 region:rollup2
OPTIONS PROVIDED IN PARALLEL
00:10:02.902 --> 00:10:06.206 region:rollup2
WITH THOSE OF CALIFORNIA
00:10:03.970 --> 00:10:09.843 region:rollup2
EMPLOYEES RETIREMENT BENEFITS
00:10:06.206 --> 00:10:11.244 region:rollup2
TRUST TO WE'RE. VERY PURSUE.
00:10:09.843 --> 00:10:13.413 region:rollup2
THIS GIVES SEA HAVE THIS BILL
00:10:11.244 --> 00:10:15.381 region:rollup2
GUEST CALPERS THE AUTHORITY TO
00:10:13.413 --> 00:10:16.282 region:rollup2
ESTABLISH ONE FIFTEEN TRUST
00:10:15.381 --> 00:10:17.851 region:rollup2
THROUGH WHICH ELIGIBLE
00:10:16.282 --> 00:10:19.586 region:rollup2
CALIFORNIA PUBLICATION SEE
00:10:17.851 --> 00:10:22.522 region:rollup2
EMPLOYEES HERB IS COMPLETE FUND
00:10:19.586 --> 00:10:24.023 region:rollup2
THEIR FUTURE ANNUAL. PENSION.
00:10:22.522 --> 00:10:25.291 region:rollup2
OBLIGATIONS.
00:10:24.023 --> 00:10:26.426 region:rollup2
AND AN ADDITIONAL OPTION FOR
00:10:25.291 --> 00:10:28.161 region:rollup2
EMPLOYERS TO PAY DOWN THERE
00:10:26.426 --> 00:10:31.231 region:rollup2
UNFUNDED LIABILITY TO A DEFINED
00:10:28.161 --> 00:10:32.899 region:rollup2
BENEFIT PLAN GIVING THEM SOME
00:10:31.231 --> 00:10:35.568 region:rollup2
REPS RESPONSIBLE OPTIONS.
00:10:32.899 --> 00:10:37.003 region:rollup2
BE PROACTIVE I WOULD SAY.
00:10:35.568 --> 00:10:38.271 region:rollup2
PRIVATE SECTOR PROVIDERS HAVE
00:10:37.003 --> 00:10:40.406 region:rollup2
DEVELOPED AT THE INTERNAL
00:10:38.271 --> 00:10:42.342 region:rollup2
REVENUE SERVICE CODE SECTION ONE
00:10:40.406 --> 00:10:44.010 region:rollup2
FIFTEEN YEAR VOCAL TRUST.
00:10:42.342 --> 00:10:45.078 region:rollup2
BUT PUBLIC AGENCIES THAT THEY
00:10:44.010 --> 00:10:46.679 region:rollup2
USE TO PRE FUND THEIR PENSION
00:10:45.078 --> 00:10:47.981 region:rollup2
COSTS.
00:10:46.679 --> 00:10:50.416 region:rollup2
AND HELP PRODUCE THE UNFUNDED
00:10:47.981 --> 00:10:52.619 region:rollup2
LIABILITIES.
00:10:50.416 --> 00:10:54.020 region:rollup2
THIS IS TRUST. PROVIDED IN
00:10:52.619 --> 00:10:55.421 region:rollup2
SENATE BILL FOURTEEN THIRTEEN
00:10:54.020 --> 00:10:55.955 region:rollup2
WOULD ALLOW SIMILAR CALPERS
00:10:55.421 --> 00:10:58.591 region:rollup2
EMPLOYERS RETIREE BENEFITS
00:10:55.955 --> 00:11:00.627 region:rollup2
TRUST.
00:10:58.591 --> 00:11:02.061 region:rollup2
CURRENTLY IS LIMITED.
00:11:00.627 --> 00:11:04.497 region:rollup2
THE P. FUNDING EMPLOYERS ANOTHER
00:11:02.061 --> 00:11:06.032 region:rollup2
POST EMPLOYMENT BENEFITS.
00:11:04.497 --> 00:11:09.335 region:rollup2
LIABILITIES BUT NOT.
00:11:06.032 --> 00:11:10.737 region:rollup2
FOR PENSIONS.
00:11:09.335 --> 00:11:12.872 region:rollup2
IBM AVID FUND BECAUSE THEY'RE
00:11:10.737 --> 00:11:13.439 region:rollup2
ALL OF THE SAID TONGUE TWISTING
00:11:12.872 --> 00:11:15.208 region:rollup2
HAS.
00:11:13.439 --> 00:11:16.376 region:rollup2
ACRONYMS AND THEN THE
00:11:15.208 --> 00:11:17.911 region:rollup2
DESCRIPTION OF THE WORD IT'S
00:11:16.376 --> 00:11:20.146 region:rollup2
IT'S KIND OF FUN WE HAVE SO MANY
00:11:17.911 --> 00:11:21.614 region:rollup2
OF THE. CURRENT MARKET TRENDS IN
00:11:20.146 --> 00:11:22.549 region:rollup2
THE RECENT CHANGES AND THE
00:11:21.614 --> 00:11:24.851 region:rollup2
GENERAL ACCOUNTING ACCEPTED
00:11:22.549 --> 00:11:26.186 region:rollup2
STANDARDS.
00:11:24.851 --> 00:11:28.087 region:rollup2
AND THEN THE MORLOCK MUST
00:11:26.186 --> 00:11:29.489 region:rollup2
UNDERSTAND WHAT THOSE ARE I CAN
00:11:28.087 --> 00:11:30.456 region:rollup2
ONLY ASSUME BY THE VIRTUE OF THE
00:11:29.489 --> 00:11:33.259 region:rollup2
WORD.
00:11:30.456 --> 00:11:36.196 region:rollup2
ACCEPTED STANDARDS.
00:11:33.259 --> 00:11:37.230 region:rollup2
BUT THEY THESE PENSIONS OR THE
00:11:36.196 --> 00:11:39.566 region:rollup2
STANDARDS HAVE RESULTED IN
00:11:37.230 --> 00:11:41.734 region:rollup2
DEMAND AMONG PUBLIC AGENCY
00:11:39.566 --> 00:11:43.703 region:rollup2
EMPLOYER COMMUNITY FOR CREATION
00:11:41.734 --> 00:11:45.004 region:rollup2
OF A TRUST FOR PRE FUNDING.
00:11:43.703 --> 00:11:48.174 region:rollup2
PENSION COSTS THAT ARE THEIR
00:11:45.004 --> 00:11:48.741 region:rollup2
OBLIGATION.
00:11:48.174 --> 00:11:50.743 region:rollup2
STRUCTURE AVAILABLE ON THE
00:11:48.741 --> 00:11:51.644 region:rollup2
PRIVATE MARKET.
00:11:50.743 --> 00:11:52.912 region:rollup2
THE COST OF THE PUBLICATIONS
00:11:51.644 --> 00:11:55.148 region:rollup2
USED THAT WOULD BE LOWER IF THE
00:11:52.912 --> 00:11:56.382 region:rollup2
TRUST WERE OFFERED BY CALPERS.
00:11:55.148 --> 00:11:57.584 region:rollup2
AND WOULD PROVIDE A MORE COST
00:11:56.382 --> 00:11:59.152 region:rollup2
EFFECTIVE USE OF OUR TAXPAYER
00:11:57.584 --> 00:12:00.286 region:rollup2
DOLLARS.
00:11:59.152 --> 00:12:02.288 region:rollup2
IT WOULD BUDGET NICK DRESS
00:12:00.286 --> 00:12:03.656 region:rollup2
SIGNIFICANT TOOL FOR PUBLIC
00:12:02.288 --> 00:12:06.059 region:rollup2
AGENCIES TING UTILIZED
00:12:03.656 --> 00:12:06.492 region:rollup2
IRRESPONSIBLY AND RESPONSIBLY
00:12:06.059 --> 00:12:10.129 region:rollup2
MANAGE THEIR PENSION
00:12:06.492 --> 00:12:10.663 region:rollup2
OBLIGATIONS.
00:12:10.129 --> 00:12:12.498 region:rollup2
DOES NOT HAVE ANY KNOWN.
00:12:10.663 --> 00:12:14.100 region:rollup2
OPPOSITION.
00:12:12.498 --> 00:12:16.302 region:rollup2
I THINK THIS MIGHT BE A SMALL
00:12:14.100 --> 00:12:18.705 region:rollup2
BUT NOT IN CONSEQUENCE BILL
00:12:16.302 --> 00:12:20.707 region:rollup2
CHIPPING AWAY. AND PROVIDING
00:12:18.705 --> 00:12:22.575 region:rollup2
ANOTHER OPTION. THAT I HAVE WITH
00:12:20.707 --> 00:12:24.644 region:rollup2
ME DILLON GIVENS CALIFORNIA
00:12:22.575 --> 00:12:27.447 region:rollup2
SPECIAL DISTRICTS ASSOCIATION.
00:12:24.644 --> 00:12:28.915 region:rollup2
WELCOME WITNESSES SUPPORT.
00:12:27.447 --> 00:12:29.716 region:rollup2
A CHAIR AND MEMBERS OF THE
00:12:28.915 --> 00:12:30.883 region:rollup2
COMMITTEE DELEGATE AS WITH
00:12:29.716 --> 00:12:32.151 region:rollup2
CALIFORNIA SPECIAL DISTRICTS
00:12:30.883 --> 00:12:34.354 region:rollup2
ASSOCIATION.
00:12:32.151 --> 00:12:36.255 region:rollup2
LIKE TO THINK AS THE SENATOR
00:12:34.354 --> 00:12:37.557 region:rollup2
FOR AUTHORING THE BILL.
00:12:36.255 --> 00:12:39.959 region:rollup2
COMMITTEE STAFF.
00:12:37.557 --> 00:12:41.127 region:rollup2
LABOR AND CALPERS FOR WORKING
00:12:39.959 --> 00:12:43.029 region:rollup2
WITH US ON.
00:12:41.127 --> 00:12:44.998 region:rollup2
CRAFTING THIS MEASURE.
00:12:43.029 --> 00:12:46.532 region:rollup2
AND TO INDICATE THAT WE WERE
00:12:44.998 --> 00:12:48.534 region:rollup2
COMMITTED TO CONTINUING TO WORK
00:12:46.532 --> 00:12:49.202 region:rollup2
WITH ALL STAKEHOLDERS TO ENSURE
00:12:48.534 --> 00:12:51.604 region:rollup2
THAT.
00:12:49.202 --> 00:12:52.705 region:rollup2
ANY CONCERNS WHO MAY BE MAY
00:12:51.604 --> 00:12:54.507 region:rollup2
EXIST WITH THE BILL.
00:12:52.705 --> 00:12:56.709 region:rollup2
WOULD BE ADDRESSED.
00:12:54.507 --> 00:12:58.678 region:rollup2
AND SO WHILE CURRENTLY THERE IS.
00:12:56.709 --> 00:12:59.979 region:rollup2
ONE FIFTEEN TRUST OPTIONS
00:12:58.678 --> 00:13:01.814 region:rollup2
AVAILABLE TO PUBLIC AGENCIES
00:12:59.979 --> 00:13:02.682 region:rollup2
THEY ARE ONLY AVAILABLE ON THE
00:13:01.814 --> 00:13:05.685 region:rollup2
PRIVATE MARKET.
00:13:02.682 --> 00:13:06.386 region:rollup2
ONE DOES NOT EXIST AT CALPERS
00:13:05.685 --> 00:13:09.255 region:rollup2
FOR.
00:13:06.386 --> 00:13:09.756 region:rollup2
REGULAR ANNUAL CONTRIBUTIONS
00:13:09.255 --> 00:13:11.591 region:rollup2
ONLY FROM.
00:13:09.756 --> 00:13:12.625 region:rollup2
AS THE SENATOR MENTIONED FOR
00:13:11.591 --> 00:13:14.761 region:rollup2
OUR OPAP.
00:13:12.625 --> 00:13:16.529 region:rollup2
LIABILITIES.
00:13:14.761 --> 00:13:18.731 region:rollup2
AND.
00:13:16.529 --> 00:13:19.399 region:rollup2
WHERE WHILE YOU'RE VERY AWARE OF
00:13:18.731 --> 00:13:22.135 region:rollup2
THE?
00:13:19.399 --> 00:13:24.704 region:rollup2
PENDING IN RATE INCREASES AT
00:13:22.135 --> 00:13:26.839 region:rollup2
CALPERS SIR RESULT OF.
00:13:24.704 --> 00:13:30.977 region:rollup2
MANY YEARS OF.
00:13:26.839 --> 00:13:32.578 region:rollup2
ECONOMIC DOWNTURN ACTUARIAL
00:13:30.977 --> 00:13:34.547 region:rollup2
ADJUSTMENTS OVER AS.
00:13:32.578 --> 00:13:36.482 region:rollup2
HE CALPERS WHO WE'VE BEEN
00:13:34.547 --> 00:13:39.619 region:rollup2
SEEKING IS PUBLIC AGENCIES TOOLS
00:13:36.482 --> 00:13:41.454 region:rollup2
TO HELP US PROACTIVELY ADDRESS.
00:13:39.619 --> 00:13:41.888 region:rollup2
THE CONCERNS WITH OUR. MAKING
00:13:41.454 --> 00:13:43.990 region:rollup2
PAYMENTS ARE PENSION
00:13:41.888 --> 00:13:45.224 region:rollup2
LIABILITIES.
00:13:43.990 --> 00:13:47.093 region:rollup2
AND THE PRE FUNDING TRUST WOULD
00:13:45.224 --> 00:13:48.861 region:rollup2
BE ESTABLISHING CALPERS UNDER
00:13:47.093 --> 00:13:50.330 region:rollup2
THIS ONE FIFTEEN TRUSTS WITH. I
00:13:48.861 --> 00:13:52.098 region:rollup2
HOPE THE STOOGES THAT.
00:13:50.330 --> 00:13:53.499 region:rollup2
THE FUNDS INVEST IN THE TRUST
00:13:52.098 --> 00:13:54.701 region:rollup2
COULD ONLY BE USED FOR PENSION
00:13:53.499 --> 00:13:55.868 region:rollup2
OBLIGATIONS.
00:13:54.701 --> 00:13:57.870 region:rollup2
THAT'S THAT'S.
00:13:55.868 --> 00:14:00.640 region:rollup2
INVESTED FUNDS CAN BE USED TO
00:13:57.870 --> 00:14:01.607 region:rollup2
OFFSET UNFUNDED LIABILITIES ARE
00:14:00.640 --> 00:14:02.175 region:rollup2
REPORTED UNDER GOD BE SIXTY
00:14:01.607 --> 00:14:04.844 region:rollup2
EIGHT.
00:14:02.175 --> 00:14:06.512 region:rollup2
AND MAY IMPROVE OUR AGENCIES
00:14:04.844 --> 00:14:08.247 region:rollup2
BOND RATINGS ADDITIONALLY
00:14:06.512 --> 00:14:09.882 region:rollup2
AGENCIES THAT UTILIZE THE TRUST
00:14:08.247 --> 00:14:12.051 region:rollup2
WILL BE ABLE TO DRAW ON FUNDS.
00:14:09.882 --> 00:14:13.252 region:rollup2
THEN I CAN TRANSFER TO OFFSET
00:14:12.051 --> 00:14:14.620 region:rollup2
THEIR ANNUAL PAYMENTS.
00:14:13.252 --> 00:14:15.688 region:rollup2
SO IN YEARS WHERE THERE WOULD
00:14:14.620 --> 00:14:18.224 region:rollup2
BE A RATE INCREASE.
00:14:15.688 --> 00:14:20.560 region:rollup2
AGENCY COULD PULL DOWN FUNDS.
00:14:18.224 --> 00:14:22.395 region:rollup2
FROM THE TRUST TO OFFSET THAT
00:14:20.560 --> 00:14:26.232 region:rollup2
THAT INCREASE IN REDUCE THEIR
00:14:22.395 --> 00:14:27.600 region:rollup2
THEIR GENERAL FUND PAYMENTS.
00:14:26.232 --> 00:14:28.401 region:rollup2
TO CALPERS.
00:14:27.600 --> 00:14:29.402 region:rollup2
FURTHERMORE THERE'S A DOWNTURN
00:14:28.401 --> 00:14:30.136 region:rollup2
IN THE ECONOMY MAJOR
00:14:29.402 --> 00:14:32.038 region:rollup2
INFRASTRUCTURE PROJECT OF THE
00:14:30.136 --> 00:14:33.172 region:rollup2
AID AGENCIES WORKING ON. OR
00:14:32.038 --> 00:14:35.508 region:rollup2
OTHER FOR SEEN.
00:14:33.172 --> 00:14:37.643 region:rollup2
FACTORS. A PUBLIC AGENCY CAN
00:14:35.508 --> 00:14:38.945 region:rollup2
DRAW THOSE TRUST FUNDS AGAIN TO
00:14:37.643 --> 00:14:40.146 region:rollup2
OFFSET THEIR GENERAL FUND
00:14:38.945 --> 00:14:42.281 region:rollup2
OBLIGATIONS.
00:14:40.146 --> 00:14:43.683 region:rollup2
SO WELL AS BE FOURTEEN THIRTEEN
00:14:42.281 --> 00:14:44.584 region:rollup2
ISN'T THE BE ALL END ALL
00:14:43.683 --> 00:14:46.552 region:rollup2
SOLUTION TO.
00:14:44.584 --> 00:14:48.221 region:rollup2
ADDRESSING OUR PUBLIC PENSION
00:14:46.552 --> 00:14:49.822 region:rollup2
LIABILITIES IT IS AN EFFECTIVE
00:14:48.221 --> 00:14:50.823 region:rollup2
TOOL FOR MANY OF OUR AGENCIES TO
00:14:49.822 --> 00:14:52.125 region:rollup2
USE.
00:14:50.823 --> 00:14:54.193 region:rollup2
AS.
00:14:52.125 --> 00:14:55.495 region:rollup2
WITH THE OPEC LIABILITIES IS
00:14:54.193 --> 00:14:57.363 region:rollup2
CURRENTLY OVER FIVE HUNDRED
00:14:55.495 --> 00:14:59.232 region:rollup2
PUBLIC AGENCIES ARE USING THAT
00:14:57.363 --> 00:14:59.599 region:rollup2
THAT PRE FUNDING MECHANISM AND
00:14:59.232 --> 00:15:01.768 region:rollup2
WE WOULD.
00:14:59.599 --> 00:15:02.969 region:rollup2
WE CAN AS SOON THAT WE WOULD
00:15:01.768 --> 00:15:04.137 region:rollup2
HAVE ROUGHLY THE SAME AMOUNT
00:15:02.969 --> 00:15:06.706 region:rollup2
THAT WOULD BE ABLE TO.
00:15:04.137 --> 00:15:08.708 region:rollup2
USE THIS PROGRAM TO DRESS THEIR
00:15:06.706 --> 00:15:10.977 region:rollup2
ACTUAL LIABILITIES AND FOR THOSE
00:15:08.708 --> 00:15:12.979 region:rollup2
REASONS I ASK FOR YOUR AYE VOTES
00:15:10.977 --> 00:15:13.980 region:rollup2
FOR THE BILL.
00:15:12.979 --> 00:15:14.914 region:rollup2
GOOD AFTERNOON MISTER CHAIRMAN
00:15:13.980 --> 00:15:16.182 region:rollup2
RESTORE THE JOBS OFTHE
00:15:14.914 --> 00:15:19.819 region:rollup2
CALIFORNIA STATE ASSOCIATION OF
00:15:16.182 --> 00:15:20.520 region:rollup2
pREASONS MY COLLEAGUE FROM THE
00:15:19.819 --> 00:15:22.488 region:rollup2
SPECIAL DISTRICTS SAID THIS IS A
00:15:20.520 --> 00:15:23.756 region:rollup2
TOOL IN THE TOOLBOX FOR COUNTY
00:15:22.488 --> 00:15:25.224 region:rollup2
PENSION OBLIGATIONS MEAGER DRIVE
00:15:23.756 --> 00:15:25.792 region:rollup2
OUT. AND KILL.
00:15:25.224 --> 00:15:27.760 region:rollup2
THANK YOU OTHER WITNESSES A
00:15:25.792 --> 00:15:28.461 region:rollup2
SUPPORT.
00:15:27.760 --> 00:15:29.629 region:rollup2
GOOD AFTERNOON CHAIR MEMBERS
00:15:28.461 --> 00:15:30.830 region:rollup2
DEREK CLINICS ON BEHALF THE
00:15:29.629 --> 00:15:32.031 region:rollup2
SMALL SCHOOL DISTRICTS
00:15:30.830 --> 00:15:33.699 region:rollup2
ASSOCIATION IN THE SCHOOL BOARDS
00:15:32.031 --> 00:15:40.606 region:rollup2
ASSOCIATION OF CALLA CALIFORNIA
00:15:33.699 --> 00:15:41.474 region:rollup2
ALSO IN SUPPORT.
00:15:40.606 --> 00:15:42.241 region:rollup2
CHAIRMAN SENATORS JERRY BROWN
00:15:41.474 --> 00:15:44.076 region:rollup2
AND.
00:15:42.241 --> 00:15:46.312 region:rollup2
I WAS WAITING COUSIN ACTUALLY
00:15:44.076 --> 00:15:48.047 region:rollup2
TWEENER UP OKAY WE APPRECIATE
00:15:46.312 --> 00:15:49.081 region:rollup2
THE CONCEPT IN THE EFFORT I
00:15:48.047 --> 00:15:50.650 region:rollup2
APPRECIATE THE WORK WITH THE
00:15:49.081 --> 00:15:50.950 region:rollup2
COMMITTEE STAFF ON THE
00:15:50.650 --> 00:15:54.020 region:rollup2
AMENDMENTS.
00:15:50.950 --> 00:15:55.621 region:rollup2
OUR CONCERN IS CALPERS NOT
00:15:54.020 --> 00:15:55.988 region:rollup2
GETTING INTO A BUSINESS THEY ARE
00:15:55.621 --> 00:15:57.957 region:rollup2
NOT.
00:15:55.988 --> 00:16:00.126 region:rollup2
FULLY.
00:15:57.957 --> 00:16:01.828 region:rollup2
DESIGNED FOR THE CURRENTLY HAVE
00:16:00.126 --> 00:16:03.462 region:rollup2
THOSE OPAP TRUSTS THAT ARE VERY
00:16:01.828 --> 00:16:05.364 region:rollup2
SIMILAR THESE ARE ESSENTIALLY
00:16:03.462 --> 00:16:07.733 region:rollup2
JUST SAVINGS ACCOUNTS THERE'S NO
00:16:05.364 --> 00:16:10.269 region:rollup2
ACTUARIAL CALCULATION. THERE'S
00:16:07.733 --> 00:16:11.170 region:rollup2
JUST SEPARATE A ASSET CLASS.
00:16:10.269 --> 00:16:12.705 region:rollup2
CHOICES.
00:16:11.170 --> 00:16:14.640 region:rollup2
WE WANNA MAKE SURE THESE ARE%
00:16:12.705 --> 00:16:16.008 region:rollup2
RESTRICTED TO THE SAME ASSET
00:16:14.640 --> 00:16:18.811 region:rollup2
CLASS CHOICES AND SAYING RISK
00:16:16.008 --> 00:16:19.912 region:rollup2
PROFILES. THAT CURRENTLY EXIST
00:16:18.811 --> 00:16:21.514 region:rollup2
SO WE'RE NOT REINVENTING THE
00:16:19.912 --> 00:16:23.015 region:rollup2
WHEEL JUST FOR THE ONE FIFTEEN
00:16:21.514 --> 00:16:24.517 region:rollup2
TRUST THANK YOU.
00:16:23.015 --> 00:16:25.218 region:rollup2
CONNECTION LECTURE I DON'T KNOW
00:16:24.517 --> 00:16:28.154 region:rollup2
WHO YOU ARE.
00:16:25.218 --> 00:16:30.089 region:rollup2
NAME AND ORGANIZATION HAVE A
00:16:28.154 --> 00:16:32.024 region:rollup2
RECORD OF PERFORMS FORGET TERRY
00:16:30.089 --> 00:16:33.192 region:rollup2
BRENDA BEHALF S. YEAH CALIFORNIA
00:16:32.024 --> 00:16:35.061 region:rollup2
THANK YOU. THANK YOU.
00:16:33.192 --> 00:16:36.829 region:rollup2
OKAY ANY OTHER WITNESSES AND
00:16:35.061 --> 00:16:38.664 region:rollup2
SUPPORT HURT WIENERS OKAY
00:16:36.829 --> 00:16:39.665 region:rollup2
WITNESSES IN OPPOSITION.
00:16:38.664 --> 00:16:40.666 region:rollup2
PRICING NINE QUESTIONS FROM
00:16:39.665 --> 00:16:43.436 region:rollup2
COMMITTEE MEMBERS.
00:16:40.666 --> 00:16:44.136 region:rollup2
THURMOND LIKE.
00:16:43.436 --> 00:16:46.505 region:rollup2
THANK THANK YOU MISTER CHAIR.
00:16:44.136 --> 00:16:48.207 region:rollup2
.
00:16:46.505 --> 00:16:49.442 region:rollup2
MISTER GIVENS ONLY.
00:16:48.207 --> 00:16:50.710 region:rollup2
ARE YOU MENTIONED THAT THERE
00:16:49.442 --> 00:16:52.378 region:rollup2
WERE NO OTHER OPTIONS EXCEPT FOR
00:16:50.710 --> 00:16:54.247 region:rollup2
ONE.
00:16:52.378 --> 00:16:56.148 region:rollup2
IT'S YOURS OR SOME KIND OF FIRM
00:16:54.247 --> 00:16:57.884 region:rollup2
OR A COMPANY THAT'S PROVIDING
00:16:56.148 --> 00:16:59.852 region:rollup2
THESE ONE FIFTEEN TRUSTS.
00:16:57.884 --> 00:17:01.787 region:rollup2
YES SIR ISN'T THERE ARE OPTIONS
00:16:59.852 --> 00:17:03.556 region:rollup2
ONE FIFTEEN TRUSTS ARE AVAILABLE
00:17:01.787 --> 00:17:05.091 region:rollup2
IN THE PRIVATE MARKET AND PUBLIC
00:17:03.556 --> 00:17:07.226 region:rollup2
AGENCIES ARE USING THEM.
00:17:05.091 --> 00:17:08.861 region:rollup2
HOWEVER WE BELIEVE THAT WITH
00:17:07.226 --> 00:17:10.663 region:rollup2
CALPERS IF THEY WERE TO BE
00:17:08.861 --> 00:17:11.130 region:rollup2
RUNNING A ONE FIFTEEN TRUST THEY
00:17:10.663 --> 00:17:12.765 region:rollup2
COULD.
00:17:11.130 --> 00:17:14.734 region:rollup2
REDUCE THE.
00:17:12.765 --> 00:17:16.669 region:rollup2
FEES THAT MIGHT BE ASSOCIATED
00:17:14.734 --> 00:17:19.338 region:rollup2
WITH THAT AS OR NOT NOT FOR
00:17:16.669 --> 00:17:21.107 region:rollup2
PROFIT A STATE AGENCY SERVE LIKE
00:17:19.338 --> 00:17:23.376 region:rollup2
THE ECONOMIES OF SCALE CORRECT
00:17:21.107 --> 00:17:25.478 region:rollup2
WHO WITH THE FUNDS BE INVESTED
00:17:23.376 --> 00:17:26.312 region:rollup2
JUST LIKE.
00:17:25.478 --> 00:17:27.580 region:rollup2
OTHER FUNDS WHICH WOULD THEY
00:17:26.312 --> 00:17:29.048 region:rollup2
JUST BE IN THE PORTFOLIO SO IT
00:17:27.580 --> 00:17:30.750 region:rollup2
WOULD B SIMILAR TO THE.
00:17:29.048 --> 00:17:32.385 region:rollup2
AS AS.
00:17:30.750 --> 00:17:34.420 region:rollup2
DEAR BETTER WITH THAT YEAH YOU
00:17:32.385 --> 00:17:35.655 region:rollup2
MENTIONED THE THE WAY THAT THE
00:17:34.420 --> 00:17:37.723 region:rollup2
SERVER IS.
00:17:35.655 --> 00:17:38.491 region:rollup2
ALLOCATED THEREFORE ASSET
00:17:37.723 --> 00:17:40.760 region:rollup2
CLASSES.
00:17:38.491 --> 00:17:42.528 region:rollup2
IN AGENCY CAN DETERMINE WHICH
00:17:40.760 --> 00:17:43.829 region:rollup2
LEVEL OF RISK THEY WANT TO TAKE
00:17:42.528 --> 00:17:45.998 region:rollup2
WITHIN THAT WOULD THAT AND.
00:17:43.829 --> 00:17:47.400 region:rollup2
INVEST THEIR FUNDS WITHIN ONE
00:17:45.998 --> 00:17:50.603 region:rollup2
OF THOSE FOR ASSET CLASSES.
00:17:47.400 --> 00:17:53.739 region:rollup2
WITH VARYING LEVELS OF RISK.
00:17:50.603 --> 00:17:55.474 region:rollup2
SO THE CITY DECIDES
00:17:53.739 --> 00:17:56.309 region:rollup2
ALL BONDS ARE ALL STOCK OR
00:17:55.474 --> 00:17:58.544 region:rollup2
SOMETHING HAS SAID IT WAS
00:17:56.309 --> 00:17:59.645 region:rollup2
CLEARLY ASSET CLASS THREE AND
00:17:58.544 --> 00:18:01.447 region:rollup2
WE'RE WE'RE GOING TO.
00:17:59.645 --> 00:18:02.949 region:rollup2
PUT FIFTY PERCENT OF OUR FUNDS
00:18:01.447 --> 00:18:04.617 region:rollup2
IN THERE MAYBE MAYBE THEY GO
00:18:02.949 --> 00:18:06.619 region:rollup2
FIFTY PERCENT THERE TWENTY
00:18:04.617 --> 00:18:08.654 region:rollup2
PERCENT AND AN ASSET CLASS ONE
00:18:06.619 --> 00:18:10.189 region:rollup2
BLANDON THAT THEY COMPLETED IT'S
00:18:08.654 --> 00:18:12.625 region:rollup2
THE IT'S THEIR MONEY THAT GOES
00:18:10.189 --> 00:18:14.560 region:rollup2
INTO THE TRUST AND ANY OF THE.
00:18:12.625 --> 00:18:16.195 region:rollup2
INTERESTS THAT IS IN THERE IS
00:18:14.560 --> 00:18:18.331 region:rollup2
THERE MONEY THAT CAN ONLY BE
00:18:16.195 --> 00:18:21.334 region:rollup2
USED FOR PENSION OBLIGATIONS.
00:18:18.331 --> 00:18:23.135 region:rollup2
OKAY AND SO HAVE YOU.
00:18:21.334 --> 00:18:24.770 region:rollup2
DISCUSS WITH CALPERS WHETHER OR
00:18:23.135 --> 00:18:26.539 region:rollup2
NOT. THEY WOULD BE WILLING TO
00:18:24.770 --> 00:18:28.341 region:rollup2
GIVE SOME KIND OF INCENTIVE TO
00:18:26.539 --> 00:18:28.874 region:rollup2
JUST MAKE UP PREPAYMENT PERIOD.
00:18:28.341 --> 00:18:31.344 region:rollup2
AS OPPOSED TO. SENDING THE
00:18:28.874 --> 00:18:34.313 region:rollup2
FUNDS.
00:18:31.344 --> 00:18:36.449 region:rollup2
THERE.
00:18:34.313 --> 00:18:38.117 region:rollup2
WE'VE FOR FUTURE PAYMENTS.
00:18:36.449 --> 00:18:39.652 region:rollup2
I HAVE NOT HAD THAT DISCUSSION
00:18:38.117 --> 00:18:41.354 region:rollup2
WITH CALPERS TO ONE OF THE
00:18:39.652 --> 00:18:45.324 region:rollup2
BENEFITS OF THE ONE FIFTEEN
00:18:41.354 --> 00:18:47.793 region:rollup2
TRUST IS THAT IT DOES. ALLOW THE
00:18:45.324 --> 00:18:49.962 region:rollup2
ABILITY FOR A PUBLIC AGENCY TO
00:18:47.793 --> 00:18:52.631 region:rollup2
BETTER MANAGE THEIR FUNDS.
00:18:49.962 --> 00:18:54.166 region:rollup2
AND PLAN FOR THE FUTURE WHERE.
00:18:52.631 --> 00:18:55.701 region:rollup2
THEY THEY HAVE UNFUNDED
00:18:54.166 --> 00:18:57.870 region:rollup2
LIABILITIES IN THIS ONE FIFTEEN
00:18:55.701 --> 00:18:59.639 region:rollup2
TRUST COULD BE APPLIED TO THOSE
00:18:57.870 --> 00:19:02.208 region:rollup2
THEY HAVE THEY CAN MAKE.
00:18:59.639 --> 00:19:03.676 region:rollup2
EARLY PAYMENTS ON THE ACCRUED
00:19:02.208 --> 00:19:05.378 region:rollup2
LIABILITIES.
00:19:03.676 --> 00:19:06.479 region:rollup2
AND AND THEY'RE ABLE TO DO THAT
00:19:05.378 --> 00:19:08.047 region:rollup2
THEY'RE CURRENTLY ISN'T A
00:19:06.479 --> 00:19:12.218 region:rollup2
MECHANISM TO.
00:19:08.047 --> 00:19:14.120 region:rollup2
SEND A CHECK TO CALPERS BOOK
00:19:12.218 --> 00:19:15.554 region:rollup2
FOR A BILL IS DUE.
00:19:14.120 --> 00:19:18.157 region:rollup2
BUT IT IT'S OF THIS THIS WOULD
00:19:15.554 --> 00:19:20.226 region:rollup2
REALLY JUST HELP THEM AND. AND
00:19:18.157 --> 00:19:21.961 region:rollup2
PLANNING FOR THE FUTURE AND
00:19:20.226 --> 00:19:23.629 region:rollup2
SMOOTH OUT THEIR THEIR ANNUAL
00:19:21.961 --> 00:19:26.365 region:rollup2
PAYMENTS IF THAT'S WHY THEY
00:19:23.629 --> 00:19:28.734 region:rollup2
CHOOSE TO DO IT. THANK YOU
00:19:26.365 --> 00:19:29.835 region:rollup2
PROBABLY.
00:19:28.734 --> 00:19:30.436 region:rollup2
OKAY IT'S BEEN MOVED BY CELLMARK
00:19:29.835 --> 00:19:32.371 region:rollup2
OTHER QUESTIONS FOR COMMITTEE
00:19:30.436 --> 00:19:33.205 region:rollup2
MEMBERS.
00:19:32.371 --> 00:19:34.206 region:rollup2
RIGHT.
00:19:33.205 --> 00:19:35.508 region:rollup2
SO IT SENATORS AND I THANK YOU
00:19:34.206 --> 00:19:36.676 region:rollup2
FOR BRINGING THIS BILL FORWARD
00:19:35.508 --> 00:19:38.244 region:rollup2
AND ALSO TAKING THE COMMITTEE
00:19:36.676 --> 00:19:39.211 region:rollup2
MINUTES WORKING ON THE COMMITTEE
00:19:38.244 --> 00:19:41.313 region:rollup2
ON THIS AND.
00:19:39.211 --> 00:19:42.681 region:rollup2
ALSO WHICH LIKE CLOTHES YES YOU
00:19:41.313 --> 00:19:44.583 region:rollup2
MISTER WE'VE WE HAVE AND WILL
00:19:42.681 --> 00:19:45.918 region:rollup2
CONTINUE TO WORK WITH OTHER.
00:19:44.583 --> 00:19:48.020 region:rollup2
LIKE IT'S BRENNAN THAT SHE AYE
00:19:45.918 --> 00:19:49.855 region:rollup2
USES FOR SCENES THAT I BELIEVE
00:19:48.020 --> 00:19:52.191 region:rollup2
THAT THERE'S AN ACCEPTABLE. PATH
00:19:49.855 --> 00:19:54.860 region:rollup2
TO THE TO THE FORE AND I JUST
00:19:52.191 --> 00:19:56.462 region:rollup2
THINK IF YOU SEE ANOTHER OPTION
00:19:54.860 --> 00:19:57.830 region:rollup2
THE VERY POSITIVE OPTION.
00:19:56.462 --> 00:19:58.798 region:rollup2
TO GIVE SPECIAL DISTRICTS FOR
00:19:57.830 --> 00:20:00.332 region:rollup2
EXAMPLE AND I COULD SAVE CORRUPT
00:19:58.798 --> 00:20:01.067 region:rollup2
LET NINETEEN DIFFERENT COUNTIES
00:20:00.332 --> 00:20:02.668 region:rollup2
OVER THE YEARS THAT I REPRESENT
00:20:01.067 --> 00:20:04.670 region:rollup2
MORE SPECIAL. THAN ANYBODY
00:20:02.668 --> 00:20:05.705 region:rollup2
THEY DO HAVE A NEED THERE WILL
00:20:04.670 --> 00:20:07.339 region:rollup2
OTHERS WHO WOULD BENEFIT FROM
00:20:05.705 --> 00:20:08.441 region:rollup2
THIS. BUT WE'D LIKE TO SEE THIS
00:20:07.339 --> 00:20:10.876 region:rollup2
PROCEED AND THANK YOU FOR YOUR
00:20:08.441 --> 00:20:12.344 region:rollup2
CONSIDERATION.
00:20:10.876 --> 00:20:14.046 region:rollup2
ALRIGHT THANKS VERY MUCH US IN
00:20:12.344 --> 00:20:16.382 region:rollup2
THEM RECOMMENDING SUPPORT SO THE
00:20:14.046 --> 00:20:17.750 region:rollup2
SPIN MOVES BY SENATOR MORE LOCK
00:20:16.382 --> 00:20:20.086 region:rollup2
IN THE MOTION IS TO PASS AS
00:20:17.750 --> 00:20:21.854 region:rollup2
AMENDED AND REFERRED TO SENATE
00:20:20.086 --> 00:20:23.856 region:rollup2
APPROPRIATIONS SECTOR PLEASE
00:20:21.854 --> 00:20:26.425 region:rollup2
CALL THE ROLL. PAN HIGH PAN AYE
00:20:23.856 --> 00:20:27.626 region:rollup2
MORRELL LEYVA I BELIEVE I
00:20:26.425 --> 00:20:30.262 region:rollup2
MORLOCK. MORE LIKE AYE
00:20:27.626 --> 00:20:32.765 region:rollup2
PORTANTINO AYE PORTANTINO AYE
00:20:30.262 --> 00:20:34.467 region:rollup2
OKAY THAT THOSE AT FOUR ZERO
00:20:32.765 --> 00:20:34.867 region:rollup2
THANK YOU MEMBERS. THANK YOU.
00:20:34.467 --> 00:20:35.468 region:rollup2
ALRIGHT.
00:20:34.867 --> 00:20:38.003 region:rollup2
I THINK.
00:20:35.468 --> 00:20:40.306 region:rollup2
CENTER SKINNER IS NOT HERE.
00:20:38.003 --> 00:20:44.443 region:rollup2
BY SEE SENATOR DODD IT OUT.
00:20:40.306 --> 00:20:45.778 region:rollup2
WELCOME.
00:20:44.443 --> 00:20:48.147 region:rollup2
SO WE'RE GOING TO BE BRINGING UP
00:20:45.778 --> 00:20:49.682 region:rollup2
THIS IS ITEM NUMBER SIX SP
00:20:48.147 --> 00:20:51.183 region:rollup2
ELEVEN FORTY FOUR SENATOR DODD.
00:20:49.682 --> 00:20:53.252 region:rollup2
THANK YOU MISTER CHAIRMAN AND
00:20:51.183 --> 00:20:54.720 region:rollup2
MEMBERS LAST YEAR. I INTRODUCED
00:20:53.252 --> 00:20:55.988 region:rollup2
S. B. THREE THREE FOUR WHICH
00:20:54.720 --> 00:20:57.823 region:rollup2
PASSED THE LEGISLATURE
00:20:55.988 --> 00:20:59.658 region:rollup2
UNANIMOUSLY AND WAS SIGNED BY
00:20:57.823 --> 00:21:01.494 region:rollup2
THE GOVERNOR.
00:20:59.658 --> 00:21:04.029 region:rollup2
IT EXTENDED ENHANCE INDUSTRIAL
00:21:01.494 --> 00:21:06.665 region:rollup2
DISABILITY LEAVE E. IDEA HOW TO
00:21:04.029 --> 00:21:07.867 region:rollup2
CAL FIRE FIREFIGHTERS INJURED ON
00:21:06.665 --> 00:21:09.769 region:rollup2
THE JOB INCLUDING DURING
00:21:07.867 --> 00:21:11.170 region:rollup2
TRAINING.
00:21:09.769 --> 00:21:11.604 region:rollup2
S. B. ELEVEN FORTY FOUR IS A
00:21:11.170 --> 00:21:14.006 region:rollup2
CLEANUP BILL TO THAT
00:21:11.604 --> 00:21:15.474 region:rollup2
LEGISLATION.
00:21:14.006 --> 00:21:16.976 region:rollup2
THIS BILL THAT EXTENDS ANY
00:21:15.474 --> 00:21:19.445 region:rollup2
SALARY INCREASES GIVEN ACT OF
00:21:16.976 --> 00:21:21.480 region:rollup2
FIREFIGHTERS FOR THOSE ON E.
00:21:19.445 --> 00:21:23.616 region:rollup2
IDEA HOW. THIS EXTENSION OF
00:21:21.480 --> 00:21:25.451 region:rollup2
SALARY INCREASES TO THOSE ON EID
00:21:23.616 --> 00:21:28.254 region:rollup2
AL IS NOT UNPRECEDENTED UNDER
00:21:25.451 --> 00:21:29.922 region:rollup2
CALIFORNIA LAW IN FACT LOCAL
00:21:28.254 --> 00:21:31.323 region:rollup2
FIREFIGHTERS LOCAL POLICE. THE
00:21:29.922 --> 00:21:32.391 region:rollup2
CALIFORNIA HIGHWAY PATROL AND
00:21:31.323 --> 00:21:35.094 region:rollup2
OTHER STATE AGENCIES.
00:21:32.391 --> 00:21:36.462 region:rollup2
ALREADY HAVE THIS.
00:21:35.094 --> 00:21:38.297 region:rollup2
AFTER THE DEVASTATING FIRES MY
00:21:36.462 --> 00:21:40.399 region:rollup2
DISTRICT LAST YEAR I'VE SEEN
00:21:38.297 --> 00:21:42.434 region:rollup2
FIRST HAND THE AMAZING HARD WORK
00:21:40.399 --> 00:21:44.003 region:rollup2
FIREFIGHTERS DO. THIS BILL IS
00:21:42.434 --> 00:21:45.304 region:rollup2
ANOTHER IMPORTANT STEP
00:21:44.003 --> 00:21:47.039 region:rollup2
TO GIVE THEM SOME PARITY WITH
00:21:45.304 --> 00:21:49.074 region:rollup2
OTHER LAW ENFORCEMENT AGENCIES
00:21:47.039 --> 00:21:50.409 region:rollup2
AND FIREFIGHTERS.
00:21:49.074 --> 00:21:52.178 region:rollup2
SB ELEVEN FORTY FOUR IS NO
00:21:50.409 --> 00:21:54.313 region:rollup2
OPPOSITION IS SPELT SPONSORED BY
00:21:52.178 --> 00:21:54.914 region:rollup2
CAL FIRE LOCAL TO EIGHT EIGHT
00:21:54.313 --> 00:21:57.683 region:rollup2
ONE WITH ME TODAY IN SUPPORT.
00:21:54.914 --> 00:22:00.586 region:rollup2
IS.
00:21:57.683 --> 00:22:01.487 region:rollup2
ERA READ RESPECT CLASSROOMS.
00:22:00.586 --> 00:22:02.488 region:rollup2
THANK YOU WITNESSES SPORTS
00:22:01.487 --> 00:22:04.356 region:rollup2
FIGURES CHAIRMAN MEMBERS AND
00:22:02.488 --> 00:22:05.524 region:rollup2
READ REPRESENTING CAL FIRE LOCAL
00:22:04.356 --> 00:22:07.226 region:rollup2
TWENTY EIGHT EIGHTY ONE.
00:22:05.524 --> 00:22:09.728 region:rollup2
WITH THE SPONSORS IT'S A CLEAN
00:22:07.226 --> 00:22:12.064 region:rollup2
UP BILL. INADVERTENT ERROR THAT
00:22:09.728 --> 00:22:14.366 region:rollup2
IF YOU'RE ON A DISABILITY LEAVE
00:22:12.064 --> 00:22:16.001 region:rollup2
AND THEN THE OTHER ACTIVES GETA
00:22:14.366 --> 00:22:17.937 region:rollup2
AB AN INCREASE IN THEIR PAY THAT
00:22:16.001 --> 00:22:20.706 region:rollup2
HAD BEEN PREVIOUSLY NEGOTIATED
00:22:17.937 --> 00:22:21.640 region:rollup2
THEY DON'T GET IT THIS IS FIXES
00:22:20.706 --> 00:22:22.274 region:rollup2
THAT.
00:22:21.640 --> 00:22:24.109 region:rollup2
THANK YOU OTHER WITH THIS IS A
00:22:22.274 --> 00:22:26.278 region:rollup2
SUPPORT.
00:22:24.109 --> 00:22:29.148 region:rollup2
IN A WITNESSES OPPOSITION.
00:22:26.278 --> 00:22:33.352 region:rollup2
OKAY COMMITTEE MEMBER QUESTIONS.
00:22:29.148 --> 00:22:36.755 region:rollup2
OKAY SENATOR MORE LOCKED HER
00:22:33.352 --> 00:22:38.591 region:rollup2
ABOUT CERTAINLY BUT I DON'T.
00:22:36.755 --> 00:22:39.625 region:rollup2
COME THROUGH DODD YOU KNOW WHEN
00:22:38.591 --> 00:22:41.293 region:rollup2
WINNER WHEN SOME OF THOSE ON.
00:22:39.625 --> 00:22:43.028 region:rollup2
STABILITY AND AND FOR FOR AN
00:22:41.293 --> 00:22:44.730 region:rollup2
INCIDENT AND YOU KNOW THE RETURN
00:22:43.028 --> 00:22:46.599 region:rollup2
RATE. I DID DO.
00:22:44.730 --> 00:22:48.601 region:rollup2
DID A HUNDRED PERCENT COME BACK
00:22:46.599 --> 00:22:50.336 region:rollup2
NINETY PERCENT EIGHTY PERCENT. I
00:22:48.601 --> 00:22:52.037 region:rollup2
DON'T KNOW THAT'S MY MY OF WHAT
00:22:50.336 --> 00:22:53.906 region:rollup2
YOUR STUFF. IT'S A VERY HIGH
00:22:52.037 --> 00:22:55.574 region:rollup2
PERCENTAGE OF RETURNS AND THE
00:22:53.906 --> 00:22:56.609 region:rollup2
FIREFIGHTERS GETTING WILDLAND
00:22:55.574 --> 00:22:57.743 region:rollup2
FIREFIGHTER THAT ONE OF TE MOST
00:22:56.609 --> 00:23:00.145 region:rollup2
DANGEROUS THERE IS.
00:22:57.743 --> 00:23:01.280 region:rollup2
THEY HAVE LOTS OF INJURIES BUT
00:23:00.145 --> 00:23:03.315 region:rollup2
BUT THEY WANT TO GET BACK TO
00:23:01.280 --> 00:23:04.817 region:rollup2
WORK AS FAST AS THEY CAN BECAUSE
00:23:03.315 --> 00:23:06.719 region:rollup2
THEY THEY GONNA FIRE THEY'RE OUT
00:23:04.817 --> 00:23:08.053 region:rollup2
FOR A MONTH AT A TIME. THEY DO
00:23:06.719 --> 00:23:10.122 region:rollup2
MAKE A LOT OF EXTRA MONEY WITH
00:23:08.053 --> 00:23:11.757 region:rollup2
OVERTIME BECAUSE WE'RE SO SHORT
00:23:10.122 --> 00:23:12.024 region:rollup2
STAFFED FOR ALL THE SHORT
00:23:11.757 --> 00:23:13.792 region:rollup2
STAFFED.
00:23:12.024 --> 00:23:15.094 region:rollup2
SO THEM THEY GET A LOT OF MONEY
00:23:13.792 --> 00:23:16.262 region:rollup2
ON OVERTIME SO THEY MY
00:23:15.094 --> 00:23:18.030 region:rollup2
EXPERIENCE AND I'VE BEEN DOING
00:23:16.262 --> 00:23:18.898 region:rollup2
IT FOR FORTY YEARS REPRESENTING
00:23:18.030 --> 00:23:19.732 region:rollup2
THE SCRIPT FOR FORTY YEARS THIS
00:23:18.898 --> 00:23:21.233 region:rollup2
YEAR.
00:23:19.732 --> 00:23:23.102 region:rollup2
IS THEY WANT TO GET BACK TO
00:23:21.233 --> 00:23:26.038 region:rollup2
WORK AS FAST AS THEY CAN. AND TO
00:23:23.102 --> 00:23:27.706 region:rollup2
MY KNOWLEDGE I THEY OFTEN GO
00:23:26.038 --> 00:23:28.574 region:rollup2
BACK AND THEY SHOULDN'T.
00:23:27.706 --> 00:23:30.276 region:rollup2
SOMETIMES YOU'RE JUST NOT FULLY
00:23:28.574 --> 00:23:31.744 region:rollup2
READY BUT YOU KNOW THEY SAID I
00:23:30.276 --> 00:23:32.278 region:rollup2
CAN TAKE IT BACK AND GET IT BACK
00:23:31.744 --> 00:23:33.178 region:rollup2
THEY REALLY HAVE A CAN DO
00:23:32.278 --> 00:23:34.680 region:rollup2
SPIRIT.
00:23:33.178 --> 00:23:36.649 region:rollup2
I'D SAY THE PERCENTAGE IS VERY
00:23:34.680 --> 00:23:37.950 region:rollup2
HIGH I DON'T KNOW THE EXACT
00:23:36.649 --> 00:23:39.852 region:rollup2
PERCENTAGE BE HAPPY TO ASK THE
00:23:37.950 --> 00:23:40.419 region:rollup2
DEPARTMENT FOR THAT. OF THE
00:23:39.852 --> 00:23:42.521 region:rollup2
COULD PROBABLY GIVE YOU THE
00:23:40.419 --> 00:23:43.822 region:rollup2
EXACT. PERCENTAGE BUT I THINK IS
00:23:42.521 --> 00:23:44.523 region:rollup2
VERY HIGH.
00:23:43.822 --> 00:23:45.958 region:rollup2
MEXICANS ARE JUST WONDERING
00:23:44.523 --> 00:23:47.226 region:rollup2
INSTEAD OF.
00:23:45.958 --> 00:23:49.361 region:rollup2
GIVING THE REYES AND THEN THEY
00:23:47.226 --> 00:23:50.562 region:rollup2
DON'T COME BACK.
00:23:49.361 --> 00:23:52.531 region:rollup2
THAT THEY GET THE REYES IF THEY
00:23:50.562 --> 00:23:54.733 region:rollup2
DO COME BACK.
00:23:52.531 --> 00:23:56.535 region:rollup2
WELL I JUST RESPOND THAT I I
00:23:54.733 --> 00:23:57.569 region:rollup2
GUESS I'VE I FEEL VERY STRONGLY
00:23:56.535 --> 00:23:58.737 region:rollup2
IF YOU HAVE HARD WORKING
00:23:57.569 --> 00:24:00.739 region:rollup2
FIREFIGHTERS AND THEY GET
00:23:58.737 --> 00:24:02.775 region:rollup2
INJURED ON THE JOB.
00:24:00.739 --> 00:24:03.742 region:rollup2
AND THEY'VE CONTRACTED WITH BIKE
00:24:02.775 --> 00:24:05.644 region:rollup2
THROUGH COLLECTIVE BARGAINING OR
00:24:03.742 --> 00:24:07.346 region:rollup2
HELP WHATEVER METHOD.
00:24:05.644 --> 00:24:09.014 region:rollup2
THAT THEIR DO THAT.
00:24:07.346 --> 00:24:10.482 region:rollup2
YA THAT REYES IF THEY NEVER
00:24:09.014 --> 00:24:12.217 region:rollup2
COME BACK.
00:24:10.482 --> 00:24:12.885 region:rollup2
YEAH THAT'S PERHAPS THE A BASIS
00:24:12.217 --> 00:24:15.020 region:rollup2
FOR FUTURE.
00:24:12.885 --> 00:24:17.156 region:rollup2
YOUR DISABILITY OR SOMETHING OF
00:24:15.020 --> 00:24:19.525 region:rollup2
THAT NATURE BUT I THINK IT IT'S
00:24:17.156 --> 00:24:21.427 region:rollup2
SEEMS TO ME. THAT'S FAIR AND
00:24:19.525 --> 00:24:23.062 region:rollup2
IT'S ALSO IN PARITY WITH WHAT
00:24:21.427 --> 00:24:25.764 region:rollup2
OTHER STATE AGENCIES SOBRE STATE
00:24:23.062 --> 00:24:27.433 region:rollup2
AGENCIES AND LOCAL AGENCIES ARE
00:24:25.764 --> 00:24:28.867 region:rollup2
GETTING AT THIS TIME.
00:24:27.433 --> 00:24:30.936 region:rollup2
WELL THEN THEY WOULD GET IT
00:24:28.867 --> 00:24:32.338 region:rollup2
WOULD JUST BE RETROACTIVE.
00:24:30.936 --> 00:24:33.472 region:rollup2
I'M NOT SAYING THEY SHOULDN'T
00:24:32.338 --> 00:24:36.608 region:rollup2
GET IT THAT'S THAT'S WHY I WAS
00:24:33.472 --> 00:24:38.277 region:rollup2
ASKING THANK YOU MISTER CHAIR.
00:24:36.608 --> 00:24:40.079 region:rollup2
AND THE QUESTIONS ME MEMBERS.
00:24:38.277 --> 00:24:41.380 region:rollup2
OKAY A SILENT THANK YOU SO MUCH
00:24:40.079 --> 00:24:43.015 region:rollup2
FOR BRINGING THIS BILL FORWARD
00:24:41.380 --> 00:24:44.650 region:rollup2
AND I THINK I SAID SOMETHING
00:24:43.015 --> 00:24:46.352 region:rollup2
THAT WE'D FIX AND US IN
00:24:44.650 --> 00:24:48.187 region:rollup2
RECOMMENDING A SUPPORT ON THIS.
00:24:46.352 --> 00:24:48.620 region:rollup2
THAT'S BEEN MOVED BY CENTER
00:24:48.187 --> 00:24:50.556 region:rollup2
LEYVA.
00:24:48.620 --> 00:24:52.057 region:rollup2
I WOULD LIKE TO CLOSE
00:24:50.556 --> 00:24:53.993 region:rollup2
RESPECTFULLY ASK GRAB. OKAY
00:24:52.057 --> 00:24:56.195 region:rollup2
THANK YOU CENTER DOT SO THE
00:24:53.993 --> 00:24:57.162 region:rollup2
MOTION.
00:24:56.195 --> 00:24:57.363 region:rollup2
OKAY SO THIS IS A MOTIONS TO
00:24:57.162 --> 00:24:58.697 region:rollup2
PASS.
00:24:57.363 --> 00:24:59.598 region:rollup2
AND REFERRED JUST
00:24:58.697 --> 00:25:01.266 region:rollup2
APPROPRIATIONS COMMITTEES BEEN
00:24:59.598 --> 00:25:03.068 region:rollup2
MOVED BY SARAH LABOR SECRETARY
00:25:01.266 --> 00:25:05.738 region:rollup2
PLEASE CALL THE ROLL PAN HIGH
00:25:03.068 --> 00:25:07.039 region:rollup2
THEN I MORRELL LEYVA AYE LIVER
00:25:05.738 --> 00:25:09.875 region:rollup2
AYE MORLOCK.
00:25:07.039 --> 00:25:11.410 region:rollup2
PORTANTINO AYE PORTANTINO AYE.
00:25:09.875 --> 00:25:12.378 region:rollup2
OKAY THAT BILLS OUT THREE ZERO
00:25:11.410 --> 00:25:14.413 region:rollup2
IF YOU EXTRA MY ANSWERS AND I
00:25:12.378 --> 00:25:14.813 region:rollup2
SEE CENTER SKINNER HERE SO NEXT
00:25:14.413 --> 00:25:17.182 region:rollup2
ITEM UP.
00:25:14.813 --> 00:25:18.417 region:rollup2
WILL BE ITEM NUMBER FOUR SP TEN
00:25:17.182 --> 00:25:24.723 region:rollup2
EIGHTY FIVE BY SENATOR SKINNER.
00:25:18.417 --> 00:25:26.358 region:rollup2
WELCOME.
00:25:24.723 --> 00:25:28.660 region:rollup2
GOOD AFTERNOON NO CHAIR AND
00:25:26.358 --> 00:25:30.529 region:rollup2
MEMBERS OF THE COMMITTEE. SP TEN
00:25:28.660 --> 00:25:32.698 region:rollup2
EIGHTY FIVE RECOGNIZES THAT
00:25:30.529 --> 00:25:34.133 region:rollup2
EMPLOYEES WHO ARE STEWARDS FOR
00:25:32.698 --> 00:25:36.435 region:rollup2
THEIR UNION OR HAVE ANOTHER ROLE
00:25:34.133 --> 00:25:38.070 region:rollup2
LIKE THAT SOMETIMES NEED TO TAKE
00:25:36.435 --> 00:25:39.538 region:rollup2
TIME OFF FROM THEIR REGULAR JOB
00:25:38.070 --> 00:25:40.806 region:rollup2
DUTIES TO PERFORM THEIR UNION
00:25:39.538 --> 00:25:43.342 region:rollup2
RESPONSIBILITY.
00:25:40.806 --> 00:25:45.511 region:rollup2
SO TO PROTECT THAT EMPLOYEES JOB
00:25:43.342 --> 00:25:47.846 region:rollup2
PUBLIC SECTOR UNIONS NEGOTIATE
00:25:45.511 --> 00:25:50.215 region:rollup2
LOST TIME ARRANGEMENTS AND UNDER
00:25:47.846 --> 00:25:51.617 region:rollup2
THAT ARRANGEMENT. THE UNION
00:25:50.215 --> 00:25:52.885 region:rollup2
ITSELF COVERS THE COST OF THE
00:25:51.617 --> 00:25:54.420 region:rollup2
EMPLOYEES THEY PAY BACK THE
00:25:52.885 --> 00:25:56.188 region:rollup2
EMPLOYER FOR THE WAGES AND
00:25:54.420 --> 00:25:58.056 region:rollup2
BENEFITS AND THE EMPLOYERS ABLE
00:25:56.188 --> 00:26:00.993 region:rollup2
TO BRING IN A TEMPORARY WORKER
00:25:58.056 --> 00:26:02.494 region:rollup2
TO COVER. THE JOB DUTIES.
00:26:00.993 --> 00:26:03.829 region:rollup2
NOW UNFORTUNATELY SOMETIMES
00:26:02.494 --> 00:26:06.465 region:rollup2
EMPLOYERS AREN'T WILLING TO
00:26:03.829 --> 00:26:08.333 region:rollup2
NEGOTIATE THAT LOST TIME EVEN
00:26:06.465 --> 00:26:10.035 region:rollup2
THOUGH THE UNION IS PAYING ALL
00:26:08.333 --> 00:26:11.970 region:rollup2
THE COST COVERING ALL THE COSTS.
00:26:10.035 --> 00:26:14.673 region:rollup2
SO SB TEN EIGHTY FIVE SOLVES
00:26:11.970 --> 00:26:16.375 region:rollup2
THAT PROBLEM BY REQUIRING PUBLIC
00:26:14.673 --> 00:26:18.343 region:rollup2
EMPLOYERS TO GRAN LEVON OUT OF
00:26:16.375 --> 00:26:19.645 region:rollup2
ABSENCE FOR THE EMPLOYEE TO DO
00:26:18.343 --> 00:26:21.647 region:rollup2
THEIR UNION BIZ THEIR WORK.
00:26:19.645 --> 00:26:23.649 region:rollup2
WITHOUT LOSS OF COMPENSATION
00:26:21.647 --> 00:26:25.050 region:rollup2
BENEFITS AND MAKES CLEAR THAT
00:26:23.649 --> 00:26:26.718 region:rollup2
THE UNION COVERS ALL OF THE
00:26:25.050 --> 00:26:28.654 region:rollup2
EMPLOYEES COSTS.
00:26:26.718 --> 00:26:31.223 region:rollup2
AND ALLOWS THE LEAVE OF ABSENCE
00:26:28.654 --> 00:26:32.391 region:rollup2
TO BE FULL TIME OR PART TIME.
00:26:31.223 --> 00:26:34.259 region:rollup2
AND GIVES THE EMPLOYEE THE RIGHT
00:26:32.391 --> 00:26:36.161 region:rollup2
OF REINSTATEMENT.
00:26:34.259 --> 00:26:37.796 region:rollup2
SO THAT'S THE YEAR THAT'S WHAT
00:26:36.161 --> 00:26:40.032 region:rollup2
THE BLL DEBTS AND I HAVE.
00:26:37.796 --> 00:26:41.867 region:rollup2
MITCHELL CASTRO WITH ME TO.
00:26:40.032 --> 00:26:43.202 region:rollup2
TEST FIND SUPPORT MICHELLE CAST
00:26:41.867 --> 00:26:44.770 region:rollup2
MICHELLE CAST OF THE SERVICE
00:26:43.202 --> 00:26:45.804 region:rollup2
EMPLOYEES INTERNATIONAL UNION ON
00:26:44.770 --> 00:26:46.939 region:rollup2
THIS BILL BUILDS OFF OF THE LAW
00:26:45.804 --> 00:26:48.640 region:rollup2
THAT WAS ENACTED IN NINETEEN
00:26:46.939 --> 00:26:50.175 region:rollup2
EIGHTY SEVEN THE PROVIDE SCHOOL
00:26:48.640 --> 00:26:51.677 region:rollup2
COMMUNITY COLLEGES THE SLEEVES
00:26:50.175 --> 00:26:52.611 region:rollup2
OF ABSENCES. CIVILLY WHAT WE'RE
00:26:51.677 --> 00:26:53.846 region:rollup2
DOING HERE IS JUST FINALLY
00:26:52.611 --> 00:26:55.681 region:rollup2
PUTTING THESE EMPLOY OTHER
00:26:53.846 --> 00:26:56.348 region:rollup2
PUBLIC EMPLOYEES ON PAR WITH
00:26:55.681 --> 00:26:58.183 region:rollup2
THEM A PROVIDING THEM EQUAL
00:26:56.348 --> 00:26:59.718 region:rollup2
TREATMENT. AS SENATOR SKINNER
00:26:58.183 --> 00:27:01.186 region:rollup2
SAID TO SIMPLY PROVIDES A
00:26:59.718 --> 00:27:03.288 region:rollup2
REASONABLE.
00:27:01.186 --> 00:27:04.022 region:rollup2
AMOUNT OF TIME OFF AND
00:27:03.288 --> 00:27:05.924 region:rollup2
EVERYTHING ELSE IS SUBJECT TO
00:27:04.022 --> 00:27:07.326 region:rollup2
BARGAINING SO THAT EMPLOYERS AND
00:27:05.924 --> 00:27:08.894 region:rollup2
EMPLOYEES CAN MEET THE UNIQUE
00:27:07.326 --> 00:27:10.796 region:rollup2
CIRCUMSTANCES OF THEIR OWN.
00:27:08.894 --> 00:27:11.864 region:rollup2
SITUATION THEIR OWN COUNTY ON
00:27:10.796 --> 00:27:13.866 region:rollup2
THE BILL IS CONSISTENT WITH
00:27:11.864 --> 00:27:15.834 region:rollup2
CURRENT LAW POLICIES AND
00:27:13.866 --> 00:27:16.668 region:rollup2
PRACTICES AND WE ASK FOR YOUR
00:27:15.834 --> 00:27:17.236 region:rollup2
VOTE THANK YOU.
00:27:16.668 --> 00:27:19.171 region:rollup2
THANK YOU OTHER WITNESSES IN
00:27:17.236 --> 00:27:21.373 region:rollup2
SUPPORT.
00:27:19.171 --> 00:27:22.975 region:rollup2
THE CABINET MEMBERS GUYS THE
00:27:21.373 --> 00:27:26.678 region:rollup2
PLEASURE OF HIS COMPANY
00:27:22.975 --> 00:27:30.482 region:rollup2
SCHOOLBOYS APPRECIATION OFFER.
00:27:26.678 --> 00:27:31.450 region:rollup2
ANYTHING RECENTLY.
00:27:30.482 --> 00:27:32.017 region:rollup2
MISTER CHAIRMAN FOUNDER SOFT
00:27:31.450 --> 00:27:33.519 region:rollup2
RUMBLE HERE ON BEHALF OF THE
00:27:32.017 --> 00:27:36.455 region:rollup2
CALIFORNIA TEACHERS
00:27:33.519 --> 00:27:38.357 region:rollup2
ASSOCIATION FINGERS.
00:27:36.455 --> 00:27:40.092 region:rollup2
WE SANTA SLEEPERS LOCAL PARK
00:27:38.357 --> 00:27:40.959 region:rollup2
MAINTENANCE SUPPORT PULSE ON
00:27:40.092 --> 00:27:41.660 region:rollup2
BEHALF OF KAREN KISSED WORKERS
00:27:40.959 --> 00:27:42.594 region:rollup2
UNABLE TO BE HERE LOS ANGELES
00:27:41.660 --> 00:27:43.996 region:rollup2
COUNTY PROFESSIONAL PEACE
00:27:42.594 --> 00:27:45.030 region:rollup2
OFFICERS ORGANIZATION OF SMART
00:27:43.996 --> 00:27:45.831 region:rollup2
EMPLOYEES SAN DIEGO KEPT COR
00:27:45.030 --> 00:27:48.367 region:rollup2
EMPLOYEES ASSOCIATION. AND
00:27:45.831 --> 00:27:50.068 region:rollup2
UNITED PUBLIC EMPLOYEES. THANK
00:27:48.367 --> 00:27:51.003 region:rollup2
YOU.
00:27:50.068 --> 00:27:51.637 region:rollup2
WHAT'S YOUR MEMBERS KOBE BECAUSE
00:27:51.003 --> 00:27:52.337 region:rollup2
IT WITH CALIFORNIA ASSOCIATION
00:27:51.637 --> 00:27:52.604 region:rollup2
OF PSYCHIATRIC TECHNICIANS AND
00:27:52.337 --> 00:27:54.873 region:rollup2
SUPPORT.
00:27:52.604 --> 00:27:55.641 region:rollup2
KEEP.
00:27:54.873 --> 00:27:56.108 region:rollup2
SECURE MEMBERS PET RIGHT THERE
00:27:55.641 --> 00:27:57.009 region:rollup2
AND READING ASSOCIATE
00:27:56.108 --> 00:27:58.343 region:rollup2
REPRESENTING THE ORANGE COUNTY
00:27:57.009 --> 00:28:00.879 region:rollup2
EMPLOYEES ASSOCIATION IN SUPPORT
00:27:58.343 --> 00:28:01.547 region:rollup2
THANK YOU THANK YOU.
00:28:00.879 --> 00:28:02.681 region:rollup2
THANK YOU MISTER CHAIRMAN
00:28:01.547 --> 00:28:03.849 region:rollup2
MEMBERS TRISTEN BROWN OF THE
00:28:02.681 --> 00:28:04.783 region:rollup2
CALIFORNIA FEDERATION OF
00:28:03.849 --> 00:28:07.152 region:rollup2
TEACHERS HERE IN SUPPORT THANK
00:28:04.783 --> 00:28:07.786 region:rollup2
YOU YOU.
00:28:07.152 --> 00:28:08.787 region:rollup2
GOOD AFTERNOON MISTER CHAIRMAN
00:28:07.786 --> 00:28:10.589 region:rollup2
SENATORS TALKS WILL VOCAL WITH
00:28:08.787 --> 00:28:11.456 region:rollup2
THE AMERICAN FEDERATION OF STATE
00:28:10.589 --> 00:28:14.359 region:rollup2
COUNTY AND MUNICIPAL EMPLOYEES
00:28:11.456 --> 00:28:15.627 region:rollup2
AND SUPPORT THANK YOU.
00:28:14.359 --> 00:28:16.795 region:rollup2
GOOD AFTERNOON RANGE FROM WITH
00:28:15.627 --> 00:28:19.898 region:rollup2
THE RIVERSIDE SHERIFF'S
00:28:16.795 --> 00:28:20.899 region:rollup2
ASSOCIATION IN SPORT ADVOCATE.
00:28:19.898 --> 00:28:21.934 region:rollup2
MISTER CHAIRMAN MEMBERSHIP
00:28:20.899 --> 00:28:22.801 region:rollup2
GUSMAN ON BEHALF OF THE
00:28:21.934 --> 00:28:24.603 region:rollup2
TEAMSTERS HIM OUT OF MADE A
00:28:22.801 --> 00:28:26.772 region:rollup2
TRANSIT UNION THE MACHINIST AND
00:28:24.603 --> 00:28:28.907 region:rollup2
I AM PT LOCAL TWENTY ONE
00:28:26.772 --> 00:28:29.675 region:rollup2
EXPORT. THANK YOU.
00:28:28.907 --> 00:28:30.909 region:rollup2
THE CHAIRMAN MEMBERS KRISTIE
00:28:29.675 --> 00:28:31.476 region:rollup2
BELL ON BEHALF OF CALIFORNIA
00:28:30.909 --> 00:28:32.344 region:rollup2
PROFESSIONAL FIREFIGHTERS IN
00:28:31.476 --> 00:28:34.446 region:rollup2
SUPPORT.
00:28:32.344 --> 00:28:36.982 region:rollup2
OKAY.
00:28:34.446 --> 00:28:38.650 region:rollup2
WITNESSES OPPOSITION.
00:28:36.982 --> 00:28:41.219 region:rollup2
XENA QUESTION FOR COMMITTEE
00:28:38.650 --> 00:28:42.454 region:rollup2
MEMBERS US THERE LEYVA.
00:28:41.219 --> 00:28:43.689 region:rollup2
NO QUESTION I JUST WANNA THINK
00:28:42.454 --> 00:28:44.656 region:rollup2
THE AUTHOR FOR BRINGING THIS
00:28:43.689 --> 00:28:46.225 region:rollup2
BILL FORWARD.
00:28:44.656 --> 00:28:47.526 region:rollup2
WHEN I RAN MY LOCAL UNION FOR
00:28:46.225 --> 00:28:49.528 region:rollup2
TWELVE YEARS WE HAD THIS
00:28:47.526 --> 00:28:51.597 region:rollup2
PRACTICE IN OUR UNION OUR IN OUR
00:28:49.528 --> 00:28:53.465 region:rollup2
CONTRACT AND IT'S JUST A WIN WIN
00:28:51.597 --> 00:28:55.467 region:rollup2
FOR BOTH OF THE M. REMEMBER THE
00:28:53.465 --> 00:28:56.768 region:rollup2
EMPLOYEE AND THE EMPLOYER. THE
00:28:55.467 --> 00:28:57.336 region:rollup2
EMPLOYER USED TO TELL US THAT
00:28:56.768 --> 00:28:58.770 region:rollup2
WHEN THE.
00:28:57.336 --> 00:28:59.972 region:rollup2
MEMBER CAME BACK TO WORK THAT
00:28:58.770 --> 00:29:02.074 region:rollup2
THEY WERE EVEN BETTER THAN THEY
00:28:59.972 --> 00:29:03.575 region:rollup2
HAD BEEN BEFORE AND FROM A UNION
00:29:02.074 --> 00:29:05.110 region:rollup2
STANDPOINT THERE'S NOTHING
00:29:03.575 --> 00:29:06.912 region:rollup2
BETTER THAN HAVING SOMEONE WHO'S
00:29:05.110 --> 00:29:08.447 region:rollup2
ACTUALLY WORKING. TO OUT TALK TO
00:29:06.912 --> 00:29:09.848 region:rollup2
OTHER MEMBERS SO THANK YOU FOR
00:29:08.447 --> 00:29:11.316 region:rollup2
BRINGING THIS FORWARD I LOOK
00:29:09.848 --> 00:29:13.952 region:rollup2
FORWARD TO SUPPORTING IT WILL
00:29:11.316 --> 00:29:14.586 region:rollup2
MOVE IT WHEN APPROPRIATE.
00:29:13.952 --> 00:29:14.786 region:rollup2
THE OTHER QUESTIONS UPS ARE MORE
00:29:14.586 --> 00:29:15.487 region:rollup2
LIKE.
00:29:14.786 --> 00:29:18.223 region:rollup2
I'M.
00:29:15.487 --> 00:29:19.458 region:rollup2
I'M.
00:29:18.223 --> 00:29:21.560 region:rollup2
CENTER SKINNER YOU SAID THAT THE
00:29:19.458 --> 00:29:23.295 region:rollup2
EMPLOYER PAYS FOR ALL THE COSTS
00:29:21.560 --> 00:29:25.063 region:rollup2
I JUST WANNA FEEL OF THE UNION
00:29:23.295 --> 00:29:26.565 region:rollup2
THE UNION CONTRACT REIMBURSES
00:29:25.063 --> 00:29:28.467 region:rollup2
THE EMPLOYER FOR ALL THE
00:29:26.565 --> 00:29:29.968 region:rollup2
BENEFITS AND THE WAIT FOR THAT
00:29:28.467 --> 00:29:31.403 region:rollup2
WOULD BE FOR THE EMPLOYEES. ERIC
00:29:29.968 --> 00:29:34.473 region:rollup2
WHAT ABOUT THE REPLACEMENT
00:29:31.403 --> 00:29:36.508 region:rollup2
EMPLOYEE THAT HAS TO FILL THE.
00:29:34.473 --> 00:29:37.843 region:rollup2
THE VACANCY DURING THE HOURS OR
00:29:36.508 --> 00:29:40.112 region:rollup2
DAYS OR WEEKS THAT THAT
00:29:37.843 --> 00:29:43.815 region:rollup2
EMPLOYEES WELL SINCE THE.
00:29:40.112 --> 00:29:46.652 region:rollup2
EMPLOYERS NOT FEARING ANY COST
00:29:43.815 --> 00:29:49.354 region:rollup2
DURING THE TIME THAT THE.
00:29:46.652 --> 00:29:50.922 region:rollup2
EMPLOYEE IS DOING THEIR YOU
00:29:49.354 --> 00:29:52.824 region:rollup2
KNOW RESPONSIBILITIES.
00:29:50.922 --> 00:29:54.526 region:rollup2
IF THE EMPLOYER OPS
00:29:52.824 --> 00:29:57.295 region:rollup2
TO USE A TEMPORARY WORKER THEY
00:29:54.526 --> 00:29:59.331 region:rollup2
COULD UTILIZE THE REIMBURSEMENT
00:29:57.295 --> 00:30:01.199 region:rollup2
THAT THE UNION IS. PROVIDING
00:29:59.331 --> 00:30:03.001 region:rollup2
THEM CONNECTS RECOVER YES RK AND
00:30:01.199 --> 00:30:05.637 region:rollup2
THEN.
00:30:03.001 --> 00:30:07.439 region:rollup2
HOW HOW DOES THE EMPLOYER?
00:30:05.637 --> 00:30:10.575 region:rollup2
I GUARANTEE THAT.
00:30:07.439 --> 00:30:12.477 region:rollup2
THE EMPLOYEE IS JUST FOCUSED ON.
00:30:10.575 --> 00:30:13.679 region:rollup2
BARGAINING IN AND IT BIG FIGHT
00:30:12.477 --> 00:30:15.781 region:rollup2
SCENE IT'S THE SAYS.
00:30:13.679 --> 00:30:16.415 region:rollup2
WORD THERE'S JUST A SMALL AMOUNT
00:30:15.781 --> 00:30:18.050 region:rollup2
OF WORK TO BE DONE FOR THE DAY
00:30:16.415 --> 00:30:19.785 region:rollup2
IT'S HAD AN IMPASSE. BUT THE
00:30:18.050 --> 00:30:21.386 region:rollup2
EMPLOYED TAKES THE WHOLE DAY OFF
00:30:19.785 --> 00:30:22.721 region:rollup2
AND I'M JUST WONDERING HOW DOES.
00:30:21.386 --> 00:30:24.723 region:rollup2
WHEN IT COULD TAKE LIKE AN HOUR
00:30:22.721 --> 00:30:26.892 region:rollup2
GAUDY AND WHAT KIND OF SOUL INTO
00:30:24.723 --> 00:30:28.427 region:rollup2
MORE WHAT KIND OF. TOOLS DOESN'T
00:30:26.892 --> 00:30:29.361 region:rollup2
EMPLOYER HAVE TO SAY I WANT TO.
00:30:28.427 --> 00:30:31.563 region:rollup2
PAY YOU DON'T NEED THE
00:30:29.361 --> 00:30:31.997 region:rollup2
REIMBURSEMENT FOR THE OLD THAT
00:30:31.563 --> 00:30:33.298 region:rollup2
LIKE TO HAVE YEAR.
00:30:31.997 --> 00:30:35.500 region:rollup2
SO WHAT WHAT THEY DO IS USUALLY
00:30:33.298 --> 00:30:37.302 region:rollup2
IT'S A UNION OFFICER OR A
00:30:35.500 --> 00:30:38.570 region:rollup2
STEWARD AND IT'S ACTUALLY. A
00:30:37.302 --> 00:30:40.005 region:rollup2
LEAVE OF ABSENCE SO COULD BE
00:30:38.570 --> 00:30:41.740 region:rollup2
LEAVE OF ABSENCE FOR A WEEK
00:30:40.005 --> 00:30:42.407 region:rollup2
COULD BELIEVE ABSENCE FOR TWO
00:30:41.740 --> 00:30:44.509 region:rollup2
WEEKS.
00:30:42.407 --> 00:30:47.846 region:rollup2
SO DURING THAT TIME TO PRETTY
00:30:44.509 --> 00:30:49.414 region:rollup2
MUCH OUT FOR YOU KNOW FOR THE
00:30:47.846 --> 00:30:51.216 region:rollup2
FULL DURATION SOMETIMES IT EVEN
00:30:49.414 --> 00:30:51.683 region:rollup2
BE A DAY JUST DEPENDS ON WHAT
00:30:51.216 --> 00:30:52.784 region:rollup2
THEY'VE AGREED UPON.
00:30:51.683 --> 00:30:56.621 region:rollup2
OKAY.
00:30:52.784 --> 00:30:58.223 region:rollup2
THANK YOU THANK YOU MISTER.
00:30:56.621 --> 00:30:59.391 region:rollup2
YES SECOND CURLY AND I WOULD
00:30:58.223 --> 00:31:01.193 region:rollup2
JUST SAY SENATOR MORLOCK I'M IN
00:30:59.391 --> 00:31:02.127 region:rollup2
MY EXPERIENCE BUT THROUGH THE
00:31:01.193 --> 00:31:04.596 region:rollup2
CHAIR SORRY.
00:31:02.127 --> 00:31:06.865 region:rollup2
IN MY EXPERIENCE WHEN WE RARELY
00:31:04.596 --> 00:31:08.066 region:rollup2
HAD WE ACTUALLY NEVER HAD THAT
00:31:06.865 --> 00:31:09.234 region:rollup2
EXPERIENCE THAT YOU REFER TO USE
00:31:08.066 --> 00:31:10.402 region:rollup2
IT WITH THE OPPOSITE WE'RE
00:31:09.234 --> 00:31:11.670 region:rollup2
TRYING TO KEEP THEM WITHIN AN
00:31:10.402 --> 00:31:13.638 region:rollup2
EIGHT HOUR DAY BECAUSE THERE WAS
00:31:11.670 --> 00:31:15.440 region:rollup2
SO MUCH WORK TO BE DONE. AND IT
00:31:13.638 --> 00:31:16.141 region:rollup2
TO YOUR FIRST QUESTION OF THE
00:31:15.440 --> 00:31:17.876 region:rollup2
AUTHOR.
00:31:16.141 --> 00:31:19.878 region:rollup2
MOST THE TIME THAT ONE WAS
00:31:17.876 --> 00:31:20.779 region:rollup2
REPLACED WHEN YOU PULL SOMEONE
00:31:19.878 --> 00:31:22.247 region:rollup2
OUT THE PLAYER HAS TO AGREE TO
00:31:20.779 --> 00:31:24.583 region:rollup2
THAT SO IF THEY THINK THAT THEIR
00:31:22.247 --> 00:31:25.384 region:rollup2
WORK CAN'T RECOVER THEY WON'T
00:31:24.583 --> 00:31:27.419 region:rollup2
RELEASE THAT PERSON TO GO.
00:31:25.384 --> 00:31:28.253 region:rollup2
SO THEN THROUGH THE.
00:31:27.419 --> 00:31:29.788 region:rollup2
THROUGH THE CHAIR OPEN. WHO
00:31:28.253 --> 00:31:31.022 region:rollup2
WEARS THE RESISTANCE COULD YOU
00:31:29.788 --> 00:31:33.291 region:rollup2
EXPLAIN?
00:31:31.022 --> 00:31:34.426 region:rollup2
WHY THERE'S RESISTANCE?
00:31:33.291 --> 00:31:36.061 region:rollup2
SOMETIMES EMPLOYERS.
00:31:34.426 --> 00:31:37.362 region:rollup2
ARE CONCERNED ABOUT BEING
00:31:36.061 --> 00:31:38.797 region:rollup2
IDENTIFIED SO WE'VE INCLUDED
00:31:37.362 --> 00:31:40.265 region:rollup2
INDEMNIFICATION THE BILL SO
00:31:38.797 --> 00:31:41.967 region:rollup2
ANYTHING HAPPENS WILL EMPLOYEES
00:31:40.265 --> 00:31:43.802 region:rollup2
OUT ON THE LEAVE. THE EMPLOYER
00:31:41.967 --> 00:31:45.404 region:rollup2
IS NOT HELD LIABLE UNDER HELD
00:31:43.802 --> 00:31:46.471 region:rollup2
HARMLESS SO THAT'S BEEN THE
00:31:45.404 --> 00:31:47.005 region:rollup2
PRIMARY CONCERN. WE'VE
00:31:46.471 --> 00:31:50.442 region:rollup2
ENCOUNTERED.
00:31:47.005 --> 00:31:52.077 region:rollup2
THANK YOU.
00:31:50.442 --> 00:31:53.812 region:rollup2
ALRIGHT WELL I WANT TO THANK YOU
00:31:52.077 --> 00:31:54.613 region:rollup2
SO MUCH US ARE GOOD FOR BRINGING
00:31:53.812 --> 00:31:56.181 region:rollup2
THIS BILL FORWARD I WOULD POINT
00:31:54.613 --> 00:31:57.983 region:rollup2
OUT THAT IN TERMS OF ANYONE
00:31:56.181 --> 00:31:59.284 region:rollup2
SLACKING OFF IT'S ACTUALLY THE
00:31:57.983 --> 00:32:00.986 region:rollup2
UNION THAT'S PAYING HAS SO
00:31:59.284 --> 00:32:02.521 region:rollup2
THEY'LL BE ON THE HOOK FOR THAT
00:32:00.986 --> 00:32:04.823 region:rollup2
ANYWAY SO I'M SURE THAT.
00:32:02.521 --> 00:32:05.824 region:rollup2
THEY WERE YOU KNOW BE SURE THAT
00:32:04.823 --> 00:32:07.726 region:rollup2
THE PERSON OR PULLING OUT HIS.
00:32:05.824 --> 00:32:09.327 region:rollup2
KEEPING VERY BUSY. DOING THEIR
00:32:07.726 --> 00:32:11.363 region:rollup2
UNION REPRESENTATION WORK.
00:32:09.327 --> 00:32:12.063 region:rollup2
BUT AGAIN I HAVE YOU TO SUPPORT
00:32:11.363 --> 00:32:14.166 region:rollup2
THE BILL.
00:32:12.063 --> 00:32:17.269 region:rollup2
IT'S BEEN MOVED BY SENATOR
00:32:14.166 --> 00:32:18.837 region:rollup2
LEYVA AND THE MOTION IS TO PASS
00:32:17.269 --> 00:32:20.372 region:rollup2
BUT REFER TO A SEPARATE BRIDGES
00:32:18.837 --> 00:32:23.608 region:rollup2
AS YOU WISH TO CLOSE. THANK YOU
00:32:20.372 --> 00:32:24.009 region:rollup2
I'M CHAIR I THINK WE COVERED IT
00:32:23.608 --> 00:32:24.876 region:rollup2
AND I APPRECIATE.
00:32:24.009 --> 00:32:26.411 region:rollup2
.
00:32:24.876 --> 00:32:28.613 region:rollup2
OUR COLLEAGUES QUESTION BECAUSE
00:32:26.411 --> 00:32:29.447 region:rollup2
IT ALLOWED THE INDEMNIFICATION
00:32:28.613 --> 00:32:31.416 region:rollup2
PART COME OUT WHICH I'D AILED
00:32:29.447 --> 00:32:32.884 region:rollup2
TO STATE MY OPENING SO I ASK
00:32:31.416 --> 00:32:34.386 region:rollup2
YOUR AYE VOTE.
00:32:32.884 --> 00:32:36.254 region:rollup2
OKAY THANK YOU SEE AGAIN THE
00:32:34.386 --> 00:32:38.323 region:rollup2
MOTION IS TO PASS REFER TO SET
00:32:36.254 --> 00:32:39.825 region:rollup2
APPROPRIATIONS COMMITTEE ACEKARD
00:32:38.323 --> 00:32:42.527 region:rollup2
PLEASE CALL THE ROLL. PAN BY
00:32:39.825 --> 00:32:43.628 region:rollup2
PENN AYE MORRELL LEYVA AYE LEAVE
00:32:42.527 --> 00:32:46.565 region:rollup2
I'D MORE LOCK.
00:32:43.628 --> 00:32:47.833 region:rollup2
PORTANTINO AYE PORTANTINO AYE.
00:32:46.565 --> 00:32:49.201 region:rollup2
THAT BUILDS UP THREE ZERO THANKS
00:32:47.833 --> 00:32:51.136 region:rollup2
VERY MUCH THANK YOU.
00:32:49.201 --> 00:32:53.605 region:rollup2
OKAY.
00:32:51.136 --> 00:32:55.674 region:rollup2
SEEING NO OTHER NINE COMMITTEE
00:32:53.605 --> 00:32:56.241 region:rollup2
AUTHORS AT THAT POINT.
00:32:55.674 --> 00:32:58.210 region:rollup2
SO.
00:32:56.241 --> 00:32:59.845 region:rollup2
THERMAL LIKE NOW YOU ARE FIRST
00:32:58.210 --> 00:33:01.079 region:rollup2
ON THE LIST YOU HAVE SEVERAL
00:32:59.845 --> 00:33:02.514 region:rollup2
BILLS THAT YOU WANT TO GO FIRST
00:33:01.079 --> 00:33:04.783 region:rollup2
OR SHOULD WE HAVE SEEN OUR LEYVA
00:33:02.514 --> 00:33:07.452 region:rollup2
WHO HAS JUST ONE DEL THE PRESENT
00:33:04.783 --> 00:33:09.721 region:rollup2
STEVEN. CARTER LEYVA ALRIGHT.
00:33:07.452 --> 00:33:11.790 region:rollup2
OKAY FOR OKAY WE'LL SEE A CENTER
00:33:09.721 --> 00:33:12.357 region:rollup2
GLAZER SHOWS UP BUT HE DOESN'T.
00:33:11.790 --> 00:33:12.757 region:rollup2
CONSIDER GOING THROUGH YOUR
00:33:12.357 --> 00:33:13.992 region:rollup2
BILLS TO
00:33:12.757 --> 00:33:15.727 region:rollup2
OKAY SO LET'S MOVE ON TO ITEM
00:33:13.992 --> 00:33:18.763 region:rollup2
NUMBER FIVE SP ELEVEN TWENTY
00:33:15.727 --> 00:33:20.098 region:rollup2
FOUR BY CENTER LEYVA.
00:33:18.763 --> 00:33:25.337 region:rollup2
THANK YOU MISTER CHAIR THINKING
00:33:20.098 --> 00:33:27.806 region:rollup2
MEMBERS.
00:33:25.337 --> 00:33:28.406 region:rollup2
CHRISTY.
00:33:27.806 --> 00:33:29.374 region:rollup2
GOOD AFTERNOON S. B. ELEVEN
00:33:28.406 --> 00:33:31.510 region:rollup2
TWENTY FOR PROTECTS THE
00:33:29.374 --> 00:33:32.711 region:rollup2
RETIREMENT SECURITY OF CALPERS
00:33:31.510 --> 00:33:34.479 region:rollup2
MEMBERS BY ENSURING THAT ANY
00:33:32.711 --> 00:33:36.648 region:rollup2
AGREED UPON COLLECTIVELY BARGAIN
00:33:34.479 --> 00:33:38.416 region:rollup2
COMPENSATION. THAT COUNTS TOWARD
00:33:36.648 --> 00:33:40.619 region:rollup2
RETIREMENT CANNOT BE ASKED TO BE
00:33:38.416 --> 00:33:42.687 region:rollup2
PAID BACK BECAUSE OF INCORRECTLY
00:33:40.619 --> 00:33:44.356 region:rollup2
REPORTED INFORMATION. THAT'S
00:33:42.687 --> 00:33:45.490 region:rollup2
MAJOR RESPONSE TO INCIDENTS
00:33:44.356 --> 00:33:47.459 region:rollup2
WHERE EMPLOYEES RETIREMENT
00:33:45.490 --> 00:33:49.494 region:rollup2
INFORMATION HAS BEEN INCORRECTLY
00:33:47.459 --> 00:33:51.863 region:rollup2
REPORTED TO CALPERS BY THEIR
00:33:49.494 --> 00:33:53.632 region:rollup2
EMPLOYER. IN THESE CASES THE
00:33:51.863 --> 00:33:54.533 region:rollup2
RETIRED MEMBERS ARE ASKED TO PAY
00:33:53.632 --> 00:33:57.035 region:rollup2
MONEY BACK TO THE RETIREMENT
00:33:54.533 --> 00:33:58.603 region:rollup2
SYSTEM AND TAKE A PERMANENT CUT
00:33:57.035 --> 00:34:00.372 region:rollup2
TO THE MONTHLY RETIREMENT.
00:33:58.603 --> 00:34:02.107 region:rollup2
RETIREES PLAN AND RELY ON A
00:34:00.372 --> 00:34:03.808 region:rollup2
FIXED INCOME AND SHOULD NOT BE
00:34:02.107 --> 00:34:04.843 region:rollup2
FORCED TO TAKE UNPREDICTABLE AND
00:34:03.808 --> 00:34:06.778 region:rollup2
UNFAIR CUTS
00:34:04.843 --> 00:34:07.913 region:rollup2
FOR EXAMPLE AFTER BRIEFLY
00:34:06.778 --> 00:34:09.848 region:rollup2
SERVING THE PUBLIC FOR NEARLY
00:34:07.913 --> 00:34:11.816 region:rollup2
THIRTY YEARS. A FIREFIGHTER
00:34:09.848 --> 00:34:14.519 region:rollup2
EMPLOYED BY CALPERS CONTRACTING
00:34:11.816 --> 00:34:15.854 region:rollup2
AGENCY DECIDED TO RETIRE.
00:34:14.519 --> 00:34:17.856 region:rollup2
NEARLY FIVE YEARS AFTER
00:34:15.854 --> 00:34:19.424 region:rollup2
RETIREMENT CALPERS NOTIFY THE
00:34:17.856 --> 00:34:21.359 region:rollup2
RETIRED FIREFIGHTER THAT HER
00:34:19.424 --> 00:34:23.328 region:rollup2
EMPLOYER HAD REPORTED INCORRECT
00:34:21.359 --> 00:34:24.296 region:rollup2
COMPENSATION NUMBERS. CALPERS
00:34:23.328 --> 00:34:26.698 region:rollup2
THEN DETERMINE THAT THE
00:34:24.296 --> 00:34:28.166 region:rollup2
FIREFIGHTER NOT ONLY OD LUMP SUM
00:34:26.698 --> 00:34:29.334 region:rollup2
OF FORTY TWO THOUSAND DOLLARS.
00:34:28.166 --> 00:34:31.136 region:rollup2
BUT WOULD ALSO BE FORCED TO TAKE
00:34:29.334 --> 00:34:32.971 region:rollup2
A SIGNIFICANT REDUCTION IN HER
00:34:31.136 --> 00:34:34.539 region:rollup2
MONTHLY RETIREMENT CHECK. THIS
00:34:32.971 --> 00:34:35.807 region:rollup2
IS ONE OF SEVERAL EXAMPLES THAT
00:34:34.539 --> 00:34:36.441 region:rollup2
HAVE COME TO LIGHT THAT
00:34:35.807 --> 00:34:38.977 region:rollup2
DEMONSTRATES THE NEED FOR THIS
00:34:36.441 --> 00:34:40.946 region:rollup2
BILL. SP ELEVEN TWENTY FOUR STEP
00:34:38.977 --> 00:34:42.514 region:rollup2
WISHES FAIR PRODUCT PROCEDURES
00:34:40.946 --> 00:34:43.982 region:rollup2
FOR ALL CALPERS RETIREES IN
00:34:42.514 --> 00:34:45.584 region:rollup2
CASES WHERE THEIR BENEFITS ARE
00:34:43.982 --> 00:34:46.952 region:rollup2
INCORRECTLY CALCULATED. I
00:34:45.584 --> 00:34:48.787 region:rollup2
REPORTED TO CALPERS BY THEIR
00:34:46.952 --> 00:34:50.722 region:rollup2
EMPLOYER. THE BILL ALSO SETS
00:34:48.787 --> 00:34:52.557 region:rollup2
FORTH PARAMETERS FOR RESOLVING
00:34:50.722 --> 00:34:52.991 region:rollup2
FUTURE ISSUES IN THE CASE OF
00:34:52.557 --> 00:34:54.960 region:rollup2
INCORRECTLY REPORTED
00:34:52.991 --> 00:34:56.428 region:rollup2
INFORMATION.
00:34:54.960 --> 00:34:57.595 region:rollup2
WITH ME TO SPEAK IN SUPPORT AS
00:34:56.428 --> 00:34:59.297 region:rollup2
CHRISTY BOUND UP WITH THE FOR
00:34:57.595 --> 00:35:00.832 region:rollup2
PROFESSIONAL FIREFIGHTERS THE
00:34:59.297 --> 00:35:01.399 region:rollup2
SPONSORS OF THE BILL
00:35:00.832 --> 00:35:03.635 region:rollup2
RESPECTFULLY ASK FOR AN AYE
00:35:01.399 --> 00:35:04.235 region:rollup2
VOTE.
00:35:03.635 --> 00:35:05.837 region:rollup2
I THINK KEY WITNESS SUPPORT.
00:35:04.235 --> 00:35:06.438 region:rollup2
MISTER CHAIRMAN MEMBERS OF THE
00:35:05.837 --> 00:35:07.539 region:rollup2
COMMITTEE CHRISTY BELMONT BE
00:35:06.438 --> 00:35:08.673 region:rollup2
HAVE THE CALIFORNIA PROFESSIONAL
00:35:07.539 --> 00:35:09.908 region:rollup2
FIREFIGHTERS.
00:35:08.673 --> 00:35:11.176 region:rollup2
A PLEASED TO BE SPONSORS OF THIS
00:35:09.908 --> 00:35:13.278 region:rollup2
MEASURE.
00:35:11.176 --> 00:35:14.813 region:rollup2
I AS THE AUTHOR AND SENATOR
00:35:13.278 --> 00:35:16.047 region:rollup2
MENTIONED WE HAVE MULTIPLE
00:35:14.813 --> 00:35:18.350 region:rollup2
FIREFIGHTERS HAVE COME FOR BUT
00:35:16.047 --> 00:35:19.851 region:rollup2
THIS PARTICULAR EXAMPLE. A WAS A
00:35:18.350 --> 00:35:21.052 region:rollup2
FIREFIGHTER WHO DEDICATED THIRTY
00:35:19.851 --> 00:35:23.154 region:rollup2
YEARS OF HER LIFE TO THE FIRE
00:35:21.052 --> 00:35:24.856 region:rollup2
SERVICE. A METER* AND
00:35:23.154 --> 00:35:26.224 region:rollup2
RETIREMENT CONTRIBUTIONS AS
00:35:24.856 --> 00:35:28.827 region:rollup2
IDENTIFIED BY HER EMPLOYER AND
00:35:26.224 --> 00:35:29.327 region:rollup2
CALPERS. BASED ON A COLLECTIVELY
00:35:28.827 --> 00:35:31.096 region:rollup2
BARGAINED.
00:35:29.327 --> 00:35:33.765 region:rollup2
ABOUT OF COMPENSATION THAT WAS
00:35:31.096 --> 00:35:34.899 region:rollup2
PENSIONABLE. SHE EVEN WENT SO
00:35:33.765 --> 00:35:36.501 region:rollup2
FAR AS TO REQUEST A PRE
00:35:34.899 --> 00:35:38.703 region:rollup2
RETIREMENT CONSULTATION WITH THE
00:35:36.501 --> 00:35:39.804 region:rollup2
PURSE COMMITTEE. THAT WHO THEN
00:35:38.703 --> 00:35:41.272 region:rollup2
ARABS ARE THE THE PERSISTENT WHO
00:35:39.804 --> 00:35:42.974 region:rollup2
TOLD HER WHAT HER BENEFIT WOULD
00:35:41.272 --> 00:35:45.710 region:rollup2
BE IN RETIREMENT. BUT ONLY TO BE
00:35:42.974 --> 00:35:48.413 region:rollup2
SURPRISED FIVE YEARS POST HER
00:35:45.710 --> 00:35:49.547 region:rollup2
RETIREMENT. THAT THE EMPLOYER
00:35:48.413 --> 00:35:52.651 region:rollup2
HAD REPORTED PAY ITEM THE
00:35:49.547 --> 00:35:54.452 region:rollup2
CALPERS SUBSEQUENTLY DISALLOWED.
00:35:52.651 --> 00:35:56.321 region:rollup2
AND THEY JUST REQUESTED FROM
00:35:54.452 --> 00:35:57.422 region:rollup2
THIS RETIREE THAT THEY GIVE
00:35:56.321 --> 00:35:59.591 region:rollup2
BUT SHE MAIL A CHECK OF A
00:35:57.422 --> 00:36:01.726 region:rollup2
SUBSTANTIAL AMOUNT TO PAY BACK
00:35:59.591 --> 00:36:02.260 region:rollup2
ALL OF THE. RETIREMENT ALLOWANCE
00:36:01.726 --> 00:36:03.395 region:rollup2
IT SHE RECEIVED OVER THE
00:36:02.260 --> 00:36:04.696 region:rollup2
PREVIOUS FIVE YEARS THAT THEY
00:36:03.395 --> 00:36:06.331 region:rollup2
WOULD PERMANENTLY REDUCED
00:36:04.696 --> 00:36:07.799 region:rollup2
RETIREMENT ALLOWANCE FOR THE
00:36:06.331 --> 00:36:09.267 region:rollup2
REST OF HER LIFE.
00:36:07.799 --> 00:36:11.102 region:rollup2
BUT WE THINK THIS IS A REALLY
00:36:09.267 --> 00:36:13.705 region:rollup2
FAIR BILL.
00:36:11.102 --> 00:36:16.808 region:rollup2
INTHAT IT ONLY REQUIRES PAYMENT
00:36:13.705 --> 00:36:19.377 region:rollup2
TO THE RETIREE FOR A PROMISED.
00:36:16.808 --> 00:36:20.645 region:rollup2
PROMISED AND PAID FOR BENEFIT A
00:36:19.377 --> 00:36:22.313 region:rollup2
COUPLE DETAILS I JUST WANT TO
00:36:20.645 --> 00:36:24.115 region:rollup2
HIGHLIGHT THAT THIS BILL. DOES
00:36:22.313 --> 00:36:25.684 region:rollup2
OBLIGATE THE EMPLOYER TO MAKE UP
00:36:24.115 --> 00:36:26.284 region:rollup2
THE DIFFERENCE IS NOT A COSTS
00:36:25.684 --> 00:36:27.819 region:rollup2
THAT WILL BE SOCIALIZED ACROSS
00:36:26.284 --> 00:36:29.087 region:rollup2
THE SYSTEM.
00:36:27.819 --> 00:36:30.488 region:rollup2
THE EMPLOYER BARGAIN FOR THE
00:36:29.087 --> 00:36:32.657 region:rollup2
EMPLOYER WILL PAY FOR IT OF
00:36:30.488 --> 00:36:33.958 region:rollup2
CALPERS DETERMINES THAT SOMEHOW
00:36:32.657 --> 00:36:36.161 region:rollup2
IN THE CONTRIBUTION AMOUNTS TO
00:36:33.958 --> 00:36:38.096 region:rollup2
CALPERS WAS DEMANDING PREVIOUSLY
00:36:36.161 --> 00:36:39.664 region:rollup2
DID NOT ADEQUATELY. COVER THAT
00:36:38.096 --> 00:36:41.032 region:rollup2
INCREASED AMOUNT THAT IS THE
00:36:39.664 --> 00:36:42.600 region:rollup2
EMPLOYER'S OBLIGATION I THINK
00:36:41.032 --> 00:36:45.870 region:rollup2
THAT'S AN IMPORTANT POINT. A BUT
00:36:42.600 --> 00:36:47.672 region:rollup2
ALSO THEN THIS BILL. OF CREATES
00:36:45.870 --> 00:36:49.741 region:rollup2
A PROCESS WHEREBY GOING FORWARD
00:36:47.672 --> 00:36:51.176 region:rollup2
AND FUTURE MO USE THAT THERE IS
00:36:49.741 --> 00:36:52.711 region:rollup2
A WAY FOR EMPLOYERS TO PROTECT
00:36:51.176 --> 00:36:54.412 region:rollup2
THEMSELVES AGAINST THE.
00:36:52.711 --> 00:36:55.780 region:rollup2
LIABILITY IN THAT IS TO CHECK
00:36:54.412 --> 00:36:57.148 region:rollup2
OFF ON THE FRONT AND WITH
00:36:55.780 --> 00:36:59.084 region:rollup2
CALPERS THAT IF THEY'VE
00:36:57.148 --> 00:37:00.185 region:rollup2
BARGAINED FOR A BENEFIT.
00:36:59.084 --> 00:37:01.720 region:rollup2
THAT IS ALLEGED TO BE COMPOSED
00:37:00.185 --> 00:37:02.954 region:rollup2
COMPENSABLE THE CALPERS AND THE
00:37:01.720 --> 00:37:05.390 region:rollup2
EMPLOYER CAN AGREE THAT IN FACT
00:37:02.954 --> 00:37:06.958 region:rollup2
THAT IS SO AND IN THAT CASE.
00:37:05.390 --> 00:37:08.059 region:rollup2
BEEN THE EMPLOYER IS REAP IS
00:37:06.958 --> 00:37:09.828 region:rollup2
PROTECTED FROM HAVING TO PAY
00:37:08.059 --> 00:37:11.629 region:rollup2
BACK ANY SUBSEQUENT OVER
00:37:09.828 --> 00:37:12.864 region:rollup2
PAYMENTS AND THE RETIREE OF
00:37:11.629 --> 00:37:14.632 region:rollup2
COURSE WOULD NOT BE ABLE TO MAKE
00:37:12.864 --> 00:37:16.334 region:rollup2
THE SAME CLAIM.
00:37:14.632 --> 00:37:16.835 region:rollup2
PROMISED AND PAID FOR BENEFIT TO
00:37:16.334 --> 00:37:17.435 region:rollup2
PROTECT RETIREES WHO DO
00:37:16.835 --> 00:37:18.703 region:rollup2
NOT-RECEIVE SOCIAL SECURITY WE
00:37:17.435 --> 00:37:21.106 region:rollup2
ASK
00:37:18.703 --> 00:37:21.773 region:rollup2
FOR YOUR SUPPORT.
00:37:21.106 --> 00:37:30.181 region:rollup2
THANK YOU.
00:37:21.773 --> 00:37:31.516 region:rollup2
OTHER WITNESSES A SUPPORT.
00:37:30.181 --> 00:37:32.717 region:rollup2
MISTER CHAIRMAN MEMBERS AARON
00:37:31.516 --> 00:37:34.319 region:rollup2
READ REPRESENTING. A PEACE
00:37:32.717 --> 00:37:36.721 region:rollup2
OFFICERS RESEARCH ASSOCIATION OF
00:37:34.319 --> 00:37:37.355 region:rollup2
CALIFORNIA POOR ACT AND CAL FIRE
00:37:36.721 --> 00:37:37.622 region:rollup2
LOCAL TWENTY EIGHT EIGHTY ONE IN
00:37:37.355 --> 00:37:40.425 region:rollup2
SUPPORT.
00:37:37.622 --> 00:37:41.526 region:rollup2
THANK YOU.
00:37:40.425 --> 00:37:43.161 region:rollup2
LIBBY SANTA'S LABOR'S LOCAL
00:37:41.526 --> 00:37:45.396 region:rollup2
SEVEN NINE TWO ALSO ON BEHALF OF
00:37:43.161 --> 00:37:48.666 region:rollup2
CARING KIESLER ORGANIZATION OF
00:37:45.396 --> 00:37:50.001 region:rollup2
* EMPLOYEES PICK PICK YOU.
00:37:48.666 --> 00:37:50.735 region:rollup2
RANCHER WITH THE RIVERSIDE
00:37:50.001 --> 00:37:51.302 region:rollup2
SHERIFF'S ASSOCIATION SUPPORT.
00:37:50.735 --> 00:37:53.505 region:rollup2
THANK YOU.
00:37:51.302 --> 00:37:55.907 region:rollup2
ALRIGHT.
00:37:53.505 --> 00:37:58.776 region:rollup2
I ANY WITNESSES IN OPPOSITION.
00:37:55.907 --> 00:38:01.913 region:rollup2
I SAY NONE QUESTIONS REMEMBERS.
00:37:58.776 --> 00:38:02.847 region:rollup2
SEVERAL.
00:38:01.913 --> 00:38:04.415 region:rollup2
I WAS HAVING SOME DIFFICULTY
00:38:02.847 --> 00:38:06.551 region:rollup2
WITH THE CODE SECTION BUT IT AND
00:38:04.415 --> 00:38:08.620 region:rollup2
APPARENTLY SAYS THAT.
00:38:06.551 --> 00:38:10.789 region:rollup2
IT'S THREE YEARS. A STATUTE BUT
00:38:08.620 --> 00:38:13.057 region:rollup2
IT'S THREE YEARS AFTER PAYMENT
00:38:10.789 --> 00:38:14.159 region:rollup2
NOT NECESSARILY A MISTAKE SO.
00:38:13.057 --> 00:38:15.794 region:rollup2
SO I'M ASSUMING THAT THIS
00:38:14.159 --> 00:38:16.261 region:rollup2
FIREFIGHTER ACTUALLY HAD A PAPER
00:38:15.794 --> 00:38:17.662 region:rollup2
THREE YEARS WORTH OF.
00:38:16.261 --> 00:38:19.497 region:rollup2
.
00:38:17.662 --> 00:38:21.566 region:rollup2
OVERPAYMENTS NOT FIVE THE OTHER
00:38:19.497 --> 00:38:24.435 region:rollup2
IN THAT CASE THE EMPLOYER IN THE
00:38:21.566 --> 00:38:26.204 region:rollup2
SYSTEM AGREED TO COLLECT.
00:38:24.435 --> 00:38:28.139 region:rollup2
WHICH WAS FORTY FIVE THOUSAND
00:38:26.204 --> 00:38:29.974 region:rollup2
DOLLARS RATHER THAN THE FULL SIX
00:38:28.139 --> 00:38:32.010 region:rollup2
A FIVE YEAR AMOUNT. BUT THE
00:38:29.974 --> 00:38:33.244 region:rollup2
STATUTE ALSO ALLOWS APPEARS TO
00:38:32.010 --> 00:38:35.947 region:rollup2
MAKE A DETERMINATION ABOUT A
00:38:33.244 --> 00:38:37.315 region:rollup2
DIFFERENT STATURE LIMITATION.
00:38:35.947 --> 00:38:39.250 region:rollup2
FOR I AM TRYING TO APPRECIATE
00:38:37.315 --> 00:38:41.953 region:rollup2
YOUR TRYING TO DO WHAT'S FAIR.
00:38:39.250 --> 00:38:42.520 region:rollup2
SO HOW DO WE SO SO IT IT IS
00:38:41.953 --> 00:38:43.121 region:rollup2
THIS BULL BUILDING TRYING TO
00:38:42.520 --> 00:38:44.622 region:rollup2
FORCE.
00:38:43.121 --> 00:38:46.391 region:rollup2
EMPLOYERS TO PROVIDE BETTER
00:38:44.622 --> 00:38:48.593 region:rollup2
QUALITY CONTROL TO WORK WITH
00:38:46.391 --> 00:38:51.729 region:rollup2
CALPERS TO SAY OKAY. WE WANT TO
00:38:48.593 --> 00:38:52.730 region:rollup2
BE ABLE TO SIGN OFF ON THAT.
00:38:51.729 --> 00:38:55.200 region:rollup2
DOLLAR AMOUNT GIVES WITH THEIR
00:38:52.730 --> 00:38:55.834 region:rollup2
HR DEPARTMENT JUST TO MAKE SURE
00:38:55.200 --> 00:38:57.302 region:rollup2
BUT HE'S GOT IT RIGHT THE FIRST
00:38:55.834 --> 00:38:58.269 region:rollup2
TIME.
00:38:57.302 --> 00:38:59.704 region:rollup2
MISTAKES WILL HAPPEN AND IT'S
00:38:58.269 --> 00:39:00.672 region:rollup2
JUST IT'S JUST LIFE WHAT WE'RE
00:38:59.704 --> 00:39:02.207 region:rollup2
SAYING IS WE WANT TO MAKE SURE
00:39:00.672 --> 00:39:03.775 region:rollup2
THE PERSON WHO'S GIVEN ALL THE
00:39:02.207 --> 00:39:05.944 region:rollup2
GOOD YEARS OF THEIR LIFE TO THAT
00:39:03.775 --> 00:39:08.246 region:rollup2
JOB ARE THE ONES WHO HAVE TO PAY
00:39:05.944 --> 00:39:13.351 region:rollup2
FOR THE MISTAKE RIGHT. RIGHT.
00:39:08.246 --> 00:39:14.919 region:rollup2
SO THIS. OTHER CONCERN IS GOING
00:39:13.351 --> 00:39:16.921 region:rollup2
TO CALPERS AND HAVING THEM.
00:39:14.919 --> 00:39:18.523 region:rollup2
REVIEW THE MO USE WOULD THAT BE
00:39:16.921 --> 00:39:20.658 region:rollup2
LIKE UGH I CAN IRIS PRIVATE
00:39:18.523 --> 00:39:21.659 region:rollup2
LETTER RULING WORRIED. IF IF YOU
00:39:20.658 --> 00:39:23.428 region:rollup2
HAVE BARGAINED FOR SOMETHING
00:39:21.659 --> 00:39:24.662 region:rollup2
BEEN CALPERS COULD ISSUE A
00:39:23.428 --> 00:39:25.563 region:rollup2
NOTICE SAYING WE'VE AGREED TO
00:39:24.662 --> 00:39:27.432 region:rollup2
ACTS.
00:39:25.563 --> 00:39:28.066 region:rollup2
THAT WE DO NOT EVERY EMPLOYER
00:39:27.432 --> 00:39:29.467 region:rollup2
HAS TO GO TO CALPERS THEY COULD
00:39:28.066 --> 00:39:31.269 region:rollup2
JUST.
00:39:29.467 --> 00:39:33.938 region:rollup2
REVIEW THE LISTING OF RULINGS.
00:39:31.269 --> 00:39:36.241 region:rollup2
YEAH.
00:39:33.938 --> 00:39:37.375 region:rollup2
I SUPPOSE WE COULD DO THAT.
00:39:36.241 --> 00:39:40.211 region:rollup2
AND SEEMS LIKE IT WOULD BE A
00:39:37.375 --> 00:39:41.279 region:rollup2
LITTLE TIME SAVING OPPORTUNITY.
00:39:40.211 --> 00:39:43.081 region:rollup2
I THINK THIS PARTICULAR
00:39:41.279 --> 00:39:45.283 region:rollup2
FIREFIGHTER ACTUALLY TRIED TO DO
00:39:43.081 --> 00:39:46.784 region:rollup2
THAT BY GOING TO THEIR PRE
00:39:45.283 --> 00:39:48.019 region:rollup2
RETIREMENT CONSULTATION WHICH.
00:39:46.784 --> 00:39:49.721 region:rollup2
THE TRUST FUND I SAID ON WE
00:39:48.019 --> 00:39:50.588 region:rollup2
ALWAYS DID THAT WITH OUR MEMBERS
00:39:49.721 --> 00:39:52.323 region:rollup2
WE ARE GOING TO DO PRE
00:39:50.588 --> 00:39:53.358 region:rollup2
RETIREMENT CONSULTATION WITH AND
00:39:52.323 --> 00:39:54.192 region:rollup2
THEY HAVE TO THEY NEED TO BUILD
00:39:53.358 --> 00:39:55.693 region:rollup2
A PLAN THEIR LIFE IF YOU'RE WITH
00:39:54.192 --> 00:39:57.462 region:rollup2
THE GOING TO BE MAKING AS A
00:39:55.693 --> 00:39:58.496 region:rollup2
RETIREE.
00:39:57.462 --> 00:40:00.498 region:rollup2
THANK YOU MISTER THANK YOU
00:39:58.496 --> 00:40:02.300 region:rollup2
SENATOR.
00:40:00.498 --> 00:40:03.901 region:rollup2
WE. THING ANOTHER QUESTION SO I
00:40:02.300 --> 00:40:05.503 region:rollup2
I DID SO I THANK YOU FOR
00:40:03.901 --> 00:40:07.739 region:rollup2
BRINGING THIS BILL FORWARD I.
00:40:05.503 --> 00:40:09.240 region:rollup2
AYE I APPRECIATE BEYOND THAT
00:40:07.739 --> 00:40:12.143 region:rollup2
THAT THE SITUATION WHERE REALLY
00:40:09.240 --> 00:40:13.478 region:rollup2
THE RETIRE YOU DID EVERYTHING
00:40:12.143 --> 00:40:15.046 region:rollup2
THAT THEY COULD COULD BE
00:40:13.478 --> 00:40:17.148 region:rollup2
REASONABLY EXPECTED DUE TO DO
00:40:15.046 --> 00:40:18.983 region:rollup2
THEIR DUE DILIGENCE RIGHT AND SO
00:40:17.148 --> 00:40:20.551 region:rollup2
PEOPLE ARE MAKING LIFE DECISIONS
00:40:18.983 --> 00:40:22.120 region:rollup2
ABOUT AND I'VE PRAYED TO RETIRE
00:40:20.551 --> 00:40:23.955 region:rollup2
WHAT'S MY RETIREMENT HOW MY
00:40:22.120 --> 00:40:25.290 region:rollup2
SAVINGS IN THE LAST. YOU KNOW
00:40:23.955 --> 00:40:27.158 region:rollup2
THE YOU KNOW THROUGHOUT MY
00:40:25.290 --> 00:40:28.259 region:rollup2
REMAINING YEARS ETCETERA. AND
00:40:27.158 --> 00:40:31.763 region:rollup2
PEOPLE ARE BEING GIVEN
00:40:28.259 --> 00:40:33.965 region:rollup2
INFORMATION THAT'S INCORRECT.
00:40:31.763 --> 00:40:36.434 region:rollup2
THAT AND THIS AND THAT
00:40:33.965 --> 00:40:37.835 region:rollup2
SHOULDN'T BE ON THEIR BACKS TO I
00:40:36.434 --> 00:40:39.570 region:rollup2
HAVE TO MAKE UP FOR THAT
00:40:37.835 --> 00:40:41.306 region:rollup2
ESPECIALLY SINCE IT'S BUT I
00:40:39.570 --> 00:40:42.440 region:rollup2
THINK IT ALSO. THE TYPE OF
00:40:41.306 --> 00:40:43.708 region:rollup2
INFORMATION THEY WOULD NEED TO
00:40:42.440 --> 00:40:45.009 region:rollup2
KNOW IS NOT REALLY IN THEIR
00:40:43.708 --> 00:40:46.210 region:rollup2
HANDS EITHER RIGHT THE DETAILS
00:40:45.009 --> 00:40:47.545 region:rollup2
OF.
00:40:46.210 --> 00:40:49.213 region:rollup2
YOU KNOW USE THINGS LIKE THAT.
00:40:47.545 --> 00:40:50.882 region:rollup2
SO THEY CAN ONLY TRUST THAT
00:40:49.213 --> 00:40:52.250 region:rollup2
WHEN YOU GO ASK YOUR EMPLOYER
00:40:50.882 --> 00:40:54.419 region:rollup2
YOU GO ASK CALPERS WHO'S
00:40:52.250 --> 00:40:55.153 region:rollup2
ACTUALLY THE MINISTER. THAT THAT
00:40:54.419 --> 00:40:57.021 region:rollup2
PERSON KNOWS WHAT THEY'RE
00:40:55.153 --> 00:40:57.221 region:rollup2
TALKING ABOUT THE SO I THINK
00:40:57.021 --> 00:40:59.157 region:rollup2
THIS.
00:40:57.221 --> 00:41:00.858 region:rollup2
THE DEFINITELY ADDRESSES THIS
00:40:59.157 --> 00:41:02.293 region:rollup2
ISSUE AND ENSURES THAT THE
00:41:00.858 --> 00:41:03.728 region:rollup2
SYSTEMS IN PLACE TO HELP HEAL
00:41:02.293 --> 00:41:05.129 region:rollup2
THE RETIRING SYSTEM AND THE
00:41:03.728 --> 00:41:05.863 region:rollup2
PLAYERS ARE WORKING TOGETHER TO
00:41:05.129 --> 00:41:08.366 region:rollup2
BE SURE THERE'S ACCURATE
00:41:05.863 --> 00:41:10.234 region:rollup2
INFORMATION. AND THAT IF THE.
00:41:08.366 --> 00:41:12.937 region:rollup2
EMPLOYEE DID DEAR DUE DILIGENCE
00:41:10.234 --> 00:41:14.572 region:rollup2
STATION BE HELD HARMLESS OUT
00:41:12.937 --> 00:41:15.406 region:rollup2
FROM THAT SIDE OF SAFETY DONE
00:41:14.572 --> 00:41:16.474 region:rollup2
THEIR DUE REASONABLE DUE
00:41:15.406 --> 00:41:18.109 region:rollup2
DILIGENCE IN TRYING TO DETERMINE
00:41:16.474 --> 00:41:19.177 region:rollup2
THAT'S I CERTAINLY.
00:41:18.109 --> 00:41:21.779 region:rollup2
PLEASED TO SUPPORT THE BILL I
00:41:19.177 --> 00:41:23.281 region:rollup2
THINK ABOUT THERE'S A MOTION
00:41:21.779 --> 00:41:24.048 region:rollup2
FROM CENTER PORTANTINO.
00:41:23.281 --> 00:41:26.918 region:rollup2
AND SO.
00:41:24.048 --> 00:41:28.286 region:rollup2
THE MOTION IS.
00:41:26.918 --> 00:41:30.288 region:rollup2
DO IS TO PASS AND REFERRED
00:41:28.286 --> 00:41:33.758 region:rollup2
CENTER PROCREATION IS COMMITTEE.
00:41:30.288 --> 00:41:36.728 region:rollup2
SECRETARY PLEASE CALL THE ROLL.
00:41:33.758 --> 00:41:38.663 region:rollup2
KAREN. ONE CLOSE TIGHT RESPECT
00:41:36.728 --> 00:41:40.531 region:rollup2
US FROM ABOUT FIVE OKAY THANK
00:41:38.663 --> 00:41:43.101 region:rollup2
YOU ARE VERY SICK OF THESE CALL
00:41:40.531 --> 00:41:47.105 region:rollup2
THE ROLL PENS BY THEN I RURAL
00:41:43.101 --> 00:41:47.972 region:rollup2
LABOR. AYE LEYVA AYE MORLOCK.
00:41:47.105 --> 00:41:49.741 region:rollup2
I WOULD LIKE AYE PORTANTINO.
00:41:47.972 --> 00:41:52.677 region:rollup2
PORTANTINO AYE.
00:41:49.741 --> 00:41:55.113 region:rollup2
OKAY SETTLES OUT FOUR ZERO THANK
00:41:52.677 --> 00:41:57.348 region:rollup2
YOU. CARETAKING RIVERSIDE OKAY.
00:41:55.113 --> 00:41:58.583 region:rollup2
SEEN THAT THERE'S OTHER AUTHORS
00:41:57.348 --> 00:41:59.450 region:rollup2
THERMAL.
00:41:58.583 --> 00:42:01.419 region:rollup2
I THINK FOR WE GO AHEAD AND.
00:41:59.450 --> 00:42:02.086 region:rollup2
TO JUST TAKE THEM ORDER.
00:42:01.419 --> 00:42:02.754 region:rollup2
THAT'S FINE OKAY SO WE'LL START
00:42:02.086 --> 00:42:05.256 region:rollup2
OFF WITH ITEM NUMBER ONE S. B.
00:42:02.754 --> 00:42:15.767 region:rollup2
TEN THIRTY ONE.
00:42:05.256 --> 00:42:21.839 region:rollup2
SIR MORLOCK.
00:42:15.767 --> 00:42:24.442 region:rollup2
JOHNSON I HAD A LOOK.
00:42:21.839 --> 00:42:26.878 region:rollup2
THANK YOU MISTER CHAIR.
00:42:24.442 --> 00:42:28.613 region:rollup2
COLLEAGUES ARE.
00:42:26.878 --> 00:42:30.214 region:rollup2
RECENTLY I ATTENDED A A DINNER
00:42:28.613 --> 00:42:32.050 region:rollup2
AT THE OTHER WAS HOSTED BY THE
00:42:30.214 --> 00:42:33.551 region:rollup2
GOVERNOR AT THE MANSION BRENDA
00:42:32.050 --> 00:42:34.852 region:rollup2
HAD THE PRIVILEGE OF EXIT EXIT
00:42:33.551 --> 00:42:35.620 region:rollup2
AND GUESSED IT WAS A.
00:42:34.852 --> 00:42:37.588 region:rollup2
LOVELY EVENING.
00:42:35.620 --> 00:42:38.990 region:rollup2
.
00:42:37.588 --> 00:42:40.057 region:rollup2
AFTER PRESIDENT PRO TEM ATKINS
00:42:38.990 --> 00:42:41.659 region:rollup2
AND REPUBLICAN LEADER BATES
00:42:40.057 --> 00:42:42.927 region:rollup2
SHARED A FEW THOUGHTS THAT THE
00:42:41.659 --> 00:42:45.096 region:rollup2
GOVERNOR TURNED TO US AND WATCH
00:42:42.927 --> 00:42:47.131 region:rollup2
ALL GIVE A LITTLE. TALK AND THEN
00:42:45.096 --> 00:42:49.133 region:rollup2
HE GOT UP AND TALKED HIMSELF FOR
00:42:47.131 --> 00:42:50.902 region:rollup2
A LITTLE BIT AND HE WAS
00:42:49.133 --> 00:42:52.870 region:rollup2
CONCERNED ABOUT TIED TO.
00:42:50.902 --> 00:42:54.839 region:rollup2
BOMBS ON THE HORIZON THE PENSION
00:42:52.870 --> 00:42:55.973 region:rollup2
BOMB IN THE CLIMATE CHANGE BOMB
00:42:54.839 --> 00:42:57.341 region:rollup2
AND WE HAD.
00:42:55.973 --> 00:42:59.143 region:rollup2
QUITE INTERESTING A
00:42:57.341 --> 00:43:00.945 region:rollup2
CONVERSATION COLLEAGUES SAID
00:42:59.143 --> 00:43:02.780 region:rollup2
GOVERNOR BROWN IS CORRECT ON HIS
00:43:00.945 --> 00:43:04.549 region:rollup2
CONCERNS FOR PUBLIC. EMPLOYEE
00:43:02.780 --> 00:43:06.084 region:rollup2
PENSIONS AND I I APPLAUD HIM FOR
00:43:04.549 --> 00:43:07.785 region:rollup2
HIS EFFORTS.
00:43:06.084 --> 00:43:09.086 region:rollup2
IN REGARDS TO PEPPER.
00:43:07.785 --> 00:43:10.455 region:rollup2
IN JANUARY THE LEAGUE OF
00:43:09.086 --> 00:43:11.956 region:rollup2
CALIFORNIA CITIES RELEASED A
00:43:10.455 --> 00:43:13.724 region:rollup2
RETIREMENT SYSTEM SUSTAINABILITY
00:43:11.956 --> 00:43:15.326 region:rollup2
STUDY IN FINDINGS
00:43:13.724 --> 00:43:17.195 region:rollup2
THE THREE KEY KEY FINDINGSWERE
00:43:15.326 --> 00:43:19.764 region:rollup2
AS FOLLOWS ONE. CITY PENSION
00:43:17.195 --> 00:43:21.499 region:rollup2
COSTS WILL DRAMATICALLY INCREASE
00:43:19.764 --> 00:43:23.367 region:rollup2
THE UNSUSTAINABLE LEVELS.
00:43:21.499 --> 00:43:25.369 region:rollup2
TWO RISING PENSION COSTS WILL
00:43:23.367 --> 00:43:26.871 region:rollup2
REQUIRE CITIES TO NEARLY DOUBLE
00:43:25.369 --> 00:43:28.372 region:rollup2
THE PERCENTAGE OF THEIR GENERAL
00:43:26.871 --> 00:43:30.441 region:rollup2
FUND DOLLARS THEY PAY THE
00:43:28.372 --> 00:43:32.110 region:rollup2
CALPERS. AND THREE CITIES HAVE
00:43:30.441 --> 00:43:33.644 region:rollup2
FEW OPTIONS TO ADDRESS GROWING
00:43:32.110 --> 00:43:35.446 region:rollup2
PENSION LIABILITIES.
00:43:33.644 --> 00:43:37.682 region:rollup2
THE COLLEAGUES BOTH CALPERS AND
00:43:35.446 --> 00:43:38.816 region:rollup2
CAL STIRS ENJOYED A NICE TRUMP
00:43:37.682 --> 00:43:40.585 region:rollup2
BOB THIS LAST YEAR WITH THE
00:43:38.816 --> 00:43:42.820 region:rollup2
STOCK MARKET BUT IF THE STOCK
00:43:40.585 --> 00:43:44.555 region:rollup2
MARKET CONTINUES TO HOLD FLAT OR
00:43:42.820 --> 00:43:46.057 region:rollup2
DECLINE BEFORE JUNE THIRTIETH.
00:43:44.555 --> 00:43:47.191 region:rollup2
THE NUMBERS FOR THIS FISCAL YEAR
00:43:46.057 --> 00:43:48.659 region:rollup2
WILL NOT BE PRETTY.
00:43:47.191 --> 00:43:50.528 region:rollup2
CONSEQUENTLY THE LEGISLATURE
00:43:48.659 --> 00:43:53.931 region:rollup2
NEEDS TO GET IN FRONT OF THIS.
00:43:50.528 --> 00:43:55.199 region:rollup2
SUSTAINABILITY CONCERN AND SOON.
00:43:53.931 --> 00:43:56.934 region:rollup2
ONE CITY IN MY DISTRICT A
00:43:55.199 --> 00:43:58.703 region:rollup2
HUNTINGTON BEACH HAS REDUCED
00:43:56.934 --> 00:44:00.138 region:rollup2
STAFFING BY FIFTEEN PERCENT.
00:43:58.703 --> 00:44:01.072 region:rollup2
BUT IT'S CALPERS CONTRIBUTIONS
00:44:00.138 --> 00:44:02.607 region:rollup2
HAVE STILL GONE UP EIGHTY EIGHT
00:44:01.072 --> 00:44:04.008 region:rollup2
PERCENT.
00:44:02.607 --> 00:44:05.276 region:rollup2
MOST SAVVY UNION LEADERS KNOW
00:44:04.008 --> 00:44:06.777 region:rollup2
THAT IN ORDER TO PROTECT
00:44:05.276 --> 00:44:08.579 region:rollup2
RETIREMENT BENEFITS YOU HAVE TO
00:44:06.777 --> 00:44:10.047 region:rollup2
PROTECT THE EMPLOYER.
00:44:08.579 --> 00:44:12.049 region:rollup2
LAST FALL I REQUESTED ACTUARIAL
00:44:10.047 --> 00:44:13.317 region:rollup2
ASSISTANCE ON THE IMPACT OF A
00:44:12.049 --> 00:44:15.353 region:rollup2
MODIFICATION TO COST OF LIVING
00:44:13.317 --> 00:44:16.787 region:rollup2
ADJUSTMENTS FROM CALPERS.
00:44:15.353 --> 00:44:18.923 region:rollup2
PENNANT INSTEAD OF RESPONDING TO
00:44:16.787 --> 00:44:21.225 region:rollup2
MY LETTER THEY. WENT AHEAD AND
00:44:18.923 --> 00:44:22.160 region:rollup2
HAD A. OF FINANCING
00:44:21.225 --> 00:44:23.327 region:rollup2
ADMINISTRATIVE COMMITTEE EDGED
00:44:22.160 --> 00:44:24.829 region:rollup2
OUT MEETING AND HAD ON THEIR
00:44:23.327 --> 00:44:26.964 region:rollup2
AGENDA.
00:44:24.829 --> 00:44:29.267 region:rollup2
SOME DOZEN PLAN SPONSOR SHOWED
00:44:26.964 --> 00:44:30.768 region:rollup2
UP MANY CITIES CITY MANAGERS.
00:44:29.267 --> 00:44:31.335 region:rollup2
STARTED TO EXPLAIN WHAT MONTH
00:44:30.768 --> 00:44:32.637 region:rollup2
AND WHAT YEAR THEY BE OUT OF
00:44:31.335 --> 00:44:34.205 region:rollup2
CASH
00:44:32.637 --> 00:44:35.339 region:rollup2
BASED ON PROJECTIONS HOW MANY
00:44:34.205 --> 00:44:36.607 region:rollup2
HAVE ALREADY REDUCED THEIR.
00:44:35.339 --> 00:44:38.376 region:rollup2
POLICE DEPARTMENTS BY TWENTY
00:44:36.607 --> 00:44:38.976 region:rollup2
FIVE PERCENT THEIR FIRE
00:44:38.376 --> 00:44:40.511 region:rollup2
DEPARTMENTS FOR TWENTY FIVE
00:44:38.976 --> 00:44:42.113 region:rollup2
PERCENT. THAT PLEADED FOR AN
00:44:40.511 --> 00:44:43.581 region:rollup2
OPTION IN THEIR EMPLOYEE
00:44:42.113 --> 00:44:45.016 region:rollup2
NEGOTIATIONS TOOL BOX
00:44:43.581 --> 00:44:46.851 region:rollup2
FUNDING CURRENTLY HAS THREE
00:44:45.016 --> 00:44:49.086 region:rollup2
SOURCES THE EMPLOYER MAKES THE
00:44:46.851 --> 00:44:50.788 region:rollup2
CONTRIBUTIONS WHICH ARE RISING.
00:44:49.086 --> 00:44:52.356 region:rollup2
TO THE EMPLOYEE MAKES
00:44:50.788 --> 00:44:54.158 region:rollup2
CONTRIBUTIONS WHICH ARE ALSO
00:44:52.356 --> 00:44:55.560 region:rollup2
RISING AND THREE THE NET
00:44:54.158 --> 00:44:57.061 region:rollup2
INVESTMENT EARNINGS WHICH ARE
00:44:55.560 --> 00:44:58.262 region:rollup2
VOLATILE.
00:44:57.061 --> 00:45:00.631 region:rollup2
THIS THREE LEGGED STOOL COULD
00:44:58.262 --> 00:45:02.300 region:rollup2
USE AN ASSIST IF A PLAN SPONSORS
00:45:00.631 --> 00:45:03.668 region:rollup2
UNFUNDED ACTUARIAL ACCRUED
00:45:02.300 --> 00:45:05.770 region:rollup2
LIABILITY THE DIFFERENCE BETWEEN
00:45:03.668 --> 00:45:07.505 region:rollup2
ASSETS AND LIABILITIES. EXCEEDS
00:45:05.770 --> 00:45:09.307 region:rollup2
TWENTY PERCENT BEEN.
00:45:07.505 --> 00:45:09.874 region:rollup2
I BELIEVE COST OF LIVING
00:45:09.307 --> 00:45:10.942 region:rollup2
ADJUSTMENT SHOULD BE PUT ON
00:45:09.874 --> 00:45:12.476 region:rollup2
HOLD.
00:45:10.942 --> 00:45:13.811 region:rollup2
WHEN A PLAN IS LOSING GROUND
00:45:12.476 --> 00:45:15.780 region:rollup2
THAN ONE FAUCET THAT'S
00:45:13.811 --> 00:45:17.515 region:rollup2
DISTRIBUTING FUNDS OR INCREASING
00:45:15.780 --> 00:45:18.983 region:rollup2
THE LIABILITY. SHOULD BE
00:45:17.515 --> 00:45:20.284 region:rollup2
TEMPORARILY TURNED OFF.
00:45:18.983 --> 00:45:21.819 region:rollup2
EMPLOYERS ARE STEPPING UP UNTIL
00:45:20.284 --> 00:45:23.521 region:rollup2
THEY CAN'T.
00:45:21.819 --> 00:45:25.923 region:rollup2
EMPLOYEES ARE STEPPING UP AND
00:45:23.521 --> 00:45:27.725 region:rollup2
FUTURE RETIREES SHOULD ALSO BE A
00:45:25.923 --> 00:45:29.560 region:rollup2
LEG OF THE CHAIR TO ADDRESS.
00:45:27.725 --> 00:45:30.094 region:rollup2
FUNDING LEVEL CONCERNS IT'S
00:45:29.560 --> 00:45:31.495 region:rollup2
THEIR PENSION THAT THEY'RE
00:45:30.094 --> 00:45:35.633 region:rollup2
PROTECTING.
00:45:31.495 --> 00:45:37.768 region:rollup2
BY TAKING A TEMPORARY. PAUSE.
00:45:35.633 --> 00:45:40.705 region:rollup2
WHY I'M NOT HERE TO BE?
00:45:37.768 --> 00:45:42.006 region:rollup2
MEAN TO RETIREES BUT IN DETROIT.
00:45:40.705 --> 00:45:43.074 region:rollup2
CONTEMPT IT TO WATCH CHAPTER
00:45:42.006 --> 00:45:44.475 region:rollup2
NINE BANKRUPTCY PROCEEDINGS
00:45:43.074 --> 00:45:46.244 region:rollup2
ALLOWED IN CANADA HAVE AN
00:45:44.475 --> 00:45:48.279 region:rollup2
INTEREST IN THAT TOPIC.
00:45:46.244 --> 00:45:49.046 region:rollup2
BEATRIZ ROADS IN DEVELOPING THE
00:45:48.279 --> 00:45:51.582 region:rollup2
PLAN OF ADJUSTMENT FOR THE CITY
00:45:49.046 --> 00:45:52.650 region:rollup2
OF DETROIT. HAD THE RETIREES
00:45:51.582 --> 00:45:55.219 region:rollup2
TAKE REDUCTIONS IN THEIR
00:45:52.650 --> 00:45:57.622 region:rollup2
BENEFITS SO THEY ARE SUSCEPTIBLE
00:45:55.219 --> 00:45:58.122 region:rollup2
IN IT IN A FEDERAL COURT TO
00:45:57.622 --> 00:45:59.390 region:rollup2
HAVING THEIR RETIREMENT
00:45:58.122 --> 00:46:01.058 region:rollup2
BENEFITS.
00:45:59.390 --> 00:46:02.326 region:rollup2
IMPACTED THEY ARE VULNERABLE.
00:46:01.058 --> 00:46:03.761 region:rollup2
SO THEY SHOULD AS PART OF THE
00:46:02.326 --> 00:46:05.162 region:rollup2
TEAM GET IN FRONT OF UNFUNDED
00:46:03.761 --> 00:46:06.097 region:rollup2
PENSION PLAN BEFORE THEY FIND A
00:46:05.162 --> 00:46:07.965 region:rollup2
FEDERAL JUDGE MAKING MORE SEVERE
00:46:06.097 --> 00:46:09.934 region:rollup2
ADJUSTMENTS.
00:46:07.965 --> 00:46:11.736 region:rollup2
TO THE RETIREMENT BENEFITS SP
00:46:09.934 --> 00:46:13.638 region:rollup2
TEN THIRTY ONE APPLIES TO THOSE
00:46:11.736 --> 00:46:15.072 region:rollup2
RETIRING AFTER JANUARY ONE
00:46:13.638 --> 00:46:16.974 region:rollup2
TWENTY NINETEEN SO IT IS
00:46:15.072 --> 00:46:18.776 region:rollup2
PROSPECTIVE. PEPPER WAS ALSO
00:46:16.974 --> 00:46:21.545 region:rollup2
PERSPECTIVE AND MADE CHANGES
00:46:18.776 --> 00:46:23.547 region:rollup2
THAT DROVE. OVER MEET AND CONFER
00:46:21.545 --> 00:46:24.682 region:rollup2
CONCERNS SOME MINOR CHANGES
00:46:23.547 --> 00:46:27.084 region:rollup2
SHOULD BE PURSUED BY THE
00:46:24.682 --> 00:46:27.918 region:rollup2
LEGISLATURE AND PUT ON THE
00:46:27.084 --> 00:46:29.487 region:rollup2
GOVERNOR'S DESK FOR HIS
00:46:27.918 --> 00:46:31.389 region:rollup2
CONSIDERATION. BELIEVE
00:46:29.487 --> 00:46:33.124 region:rollup2
CALIFORNIA CITIES WANTS TO WAIT
00:46:31.389 --> 00:46:35.159 region:rollup2
FOR THE NEXT GOVERNOR. BUT I
00:46:33.124 --> 00:46:36.827 region:rollup2
THINK THAT STRATEGY COULD DELAY
00:46:35.159 --> 00:46:38.229 region:rollup2
REFORMS FOR YEARS. WE HAVE A
00:46:36.827 --> 00:46:39.463 region:rollup2
CHANCE NOW TO PLACE A SIMPLE
00:46:38.229 --> 00:46:41.198 region:rollup2
MODIFICATION BEFORE THE
00:46:39.463 --> 00:46:42.700 region:rollup2
LEGISLATURE WEREN'T HONEST
00:46:41.198 --> 00:46:44.302 region:rollup2
DISCUSSION ON THIS CRITICAL
00:46:42.700 --> 00:46:45.936 region:rollup2
SUBJECT SHOULD BE ENGAGED.
00:46:44.302 --> 00:46:47.538 region:rollup2
COLLEAGUES I RECENTLY RANKED
00:46:45.936 --> 00:46:50.174 region:rollup2
CITIES BY THEIR UNRESTRICTED NET
00:46:47.538 --> 00:46:50.708 region:rollup2
POSITIONS DIVIDED BY THEIR
00:46:50.174 --> 00:46:53.444 region:rollup2
POPULATIONS.
00:46:50.708 --> 00:46:55.146 region:rollup2
A CALIFORNIA CITIES A LOT OF
00:46:53.444 --> 00:46:56.681 region:rollup2
THEM HAVE PHYSICAL DISTRESS.
00:46:55.146 --> 00:46:58.249 region:rollup2
WE JUST REVIEWED CALIFORNIA'S
00:46:56.681 --> 00:46:59.216 region:rollup2
COMMITTEE COLLEGES OF THE
00:46:58.249 --> 00:47:01.252 region:rollup2
SEVENTY TWO DISTRICTS.
00:46:59.216 --> 00:47:03.187 region:rollup2
.
00:47:01.252 --> 00:47:05.022 region:rollup2
THEY'RE ALSO LOOKING.
00:47:03.187 --> 00:47:07.625 region:rollup2
PRETTY DISTRESSED IN FACT.
00:47:05.022 --> 00:47:09.794 region:rollup2
ARE OUT OF.
00:47:07.625 --> 00:47:11.696 region:rollup2
SEVEN TWO DISTRICTS ONE DOES
00:47:09.794 --> 00:47:13.497 region:rollup2
GLENDALE COMMUNITY COLLEGE
00:47:11.696 --> 00:47:14.932 region:rollup2
DISTRICT PLACE SIXTY NINE.
00:47:13.497 --> 00:47:17.601 region:rollup2
SO WE HAVE TO HAVE SOME REAL
00:47:14.932 --> 00:47:19.203 region:rollup2
CONCERN. BUT CUMULATIVELY OF ALL
00:47:17.601 --> 00:47:19.837 region:rollup2
JUST TO.
00:47:19.203 --> 00:47:21.372 region:rollup2
JUNIOR COLLEGES THERE UNFUNDED
00:47:19.837 --> 00:47:22.606 region:rollup2
LIABILITY WAS FIVE POINT FIVE
00:47:21.372 --> 00:47:24.208 region:rollup2
BILLION THAT IT INCLUDE THE TWO
00:47:22.606 --> 00:47:25.776 region:rollup2
AND A HALF BILLION OF AND.
00:47:24.208 --> 00:47:27.511 region:rollup2
BUDGET RETIREE MEDICAL CASA TAKE
00:47:25.776 --> 00:47:28.446 region:rollup2
BILLION DOLLARS ANOTHER BIG.
00:47:27.511 --> 00:47:29.447 region:rollup2
ISSUE THAT WE HAVE THE
00:47:28.446 --> 00:47:30.915 region:rollup2
LEGISLATURE HAVE TO FACE DOWN
00:47:29.447 --> 00:47:32.717 region:rollup2
THE ROAD.
00:47:30.915 --> 00:47:34.051 region:rollup2
COLLEAGUES ITS TIME FOR ALL PLAN
00:47:32.717 --> 00:47:35.519 region:rollup2
PARTICIPANTS TO PUT THEIR HANDS
00:47:34.051 --> 00:47:38.122 region:rollup2
ON THE ORDERS. TO ADDRESS
00:47:35.519 --> 00:47:38.856 region:rollup2
UNDERFUNDED PLANS THOSE THAT ARE
00:47:38.122 --> 00:47:40.458 region:rollup2
NOT FUNDED EIGHTY PERCENT OR
00:47:38.856 --> 00:47:41.826 region:rollup2
HIGHER I APPRECIATE YOUR
00:47:40.458 --> 00:47:43.394 region:rollup2
ATTENTION AND RESPECTFULLY
00:47:41.826 --> 00:47:45.162 region:rollup2
REQUEST AN AYE VOTE.
00:47:43.394 --> 00:47:46.497 region:rollup2
I THINK YOU WITNESSES SUPPORT.
00:47:45.162 --> 00:47:47.631 region:rollup2
THANK YOU MISTER CHAIR SARS
00:47:46.497 --> 00:47:49.100 region:rollup2
DIVERSE BEST BEST GREATER
00:47:47.631 --> 00:47:50.101 region:rollup2
REPRESENTING THE ASSOCIATION OF
00:47:49.100 --> 00:47:51.602 region:rollup2
CALIFORNIA CITIES FOR ORANGE
00:47:50.101 --> 00:47:52.737 region:rollup2
COUNTY. IT'S ALWAYS A PLEASURE
00:47:51.602 --> 00:47:53.637 region:rollup2
TO TESTIFY IN SUPPORT OF THE
00:47:52.737 --> 00:47:54.905 region:rollup2
CENTER FOR MORE LIKE BILL
00:47:53.637 --> 00:47:57.108 region:rollup2
BECAUSE HE LEADS SOME GREAT
00:47:54.905 --> 00:47:58.642 region:rollup2
TALKING POINTS GOVERNOR. BUT
00:47:57.108 --> 00:47:59.343 region:rollup2
NONETHELESS I'M GLAD TO BE HERE.
00:47:58.642 --> 00:48:01.712 region:rollup2
BECAUSE.
00:47:59.343 --> 00:48:02.346 region:rollup2
PENSION REFORM IS IS A TICKING
00:48:01.712 --> 00:48:04.315 region:rollup2
TIME BOMB EVER WINNING KNOWLEDGE
00:48:02.346 --> 00:48:05.883 region:rollup2
IS WHAT A PROBLEM IT IS AND
00:48:04.315 --> 00:48:07.017 region:rollup2
THERE ARE NO SIMPLE SOLUTIONS SO
00:48:05.883 --> 00:48:08.319 region:rollup2
SOONER OR LATER THE LEGISLATURE
00:48:07.017 --> 00:48:10.788 region:rollup2
IS GOING TO HAVE TO FIND
00:48:08.319 --> 00:48:11.722 region:rollup2
SOMETHING TO SAY YES TO. THOUGH
00:48:10.788 --> 00:48:12.590 region:rollup2
IT'S GOING TO BE DIFFICULT.
00:48:11.722 --> 00:48:14.358 region:rollup2
YOU BRING A BILL THAT'S
00:48:12.590 --> 00:48:16.560 region:rollup2
COMPREHENSIVE THAT TRIES TO HAVE
00:48:14.358 --> 00:48:17.595 region:rollup2
THE IMMEDIATE IMPACT OR TRY TO
00:48:16.560 --> 00:48:19.363 region:rollup2
ADDRESS THE PROBLEM IN THE SHORT
00:48:17.595 --> 00:48:19.864 region:rollup2
TERM AND IT TOO CONTROVERSIAL
00:48:19.363 --> 00:48:21.465 region:rollup2
BECAUSE THE IMPACTS TO
00:48:19.864 --> 00:48:22.867 region:rollup2
RECIPIENTS. SO SENATOR MORE LIKE
00:48:21.465 --> 00:48:24.602 region:rollup2
BRINGS A BILL WHICH MAKES A
00:48:22.867 --> 00:48:26.637 region:rollup2
SUBTLE CHANGE TO ONE ASPECT OF
00:48:24.602 --> 00:48:28.105 region:rollup2
IT DOESN'T ATTEMPT TO DO THE
00:48:26.637 --> 00:48:29.840 region:rollup2
ENTIRE PROBLEM ALL OF ONE'S.
00:48:28.105 --> 00:48:31.242 region:rollup2
AND IT TAKES EFFECT IN THE
00:48:29.840 --> 00:48:32.943 region:rollup2
FUTURE WHEN WE CAN PICK
00:48:31.242 --> 00:48:34.445 region:rollup2
ANTICIPATED EXPECTED MINUTES
00:48:32.943 --> 00:48:36.981 region:rollup2
CRITICIZED FOR BEING PREMATURE
00:48:34.445 --> 00:48:38.649 region:rollup2
OR NOT A COMPREHENSIVE SOLUTION.
00:48:36.981 --> 00:48:40.284 region:rollup2
SO IT DOESN'T TRY TO BE A FIX
00:48:38.649 --> 00:48:42.153 region:rollup2
ALL IT DOESN'T TRY TO SOLVE ALL
00:48:40.284 --> 00:48:44.054 region:rollup2
THE PROBLEMS IT TAKES A TRAGEDY
00:48:42.153 --> 00:48:46.090 region:rollup2
TOOL THAT IS AVAILABLE IN THE
00:48:44.054 --> 00:48:47.758 region:rollup2
FUTURE WHEN THERE'S A PROBLEM.
00:48:46.090 --> 00:48:49.393 region:rollup2
AND YOU KNOW FALL GOES WELL
00:48:47.758 --> 00:48:50.327 region:rollup2
PRACTICE TO WOULD NEVER BE USED
00:48:49.393 --> 00:48:51.962 region:rollup2
WE CAN ONLY HOPE.
00:48:50.327 --> 00:48:52.596 region:rollup2
FOR THOSE REASONS THE
00:48:51.962 --> 00:48:53.531 region:rollup2
ASSOCIATION CALIFORNIA CITIES
00:48:52.596 --> 00:48:55.1000 region:rollup2
ORANGE COUNTY DOES ASK FOR YOUR
00:48:53.531 --> 00:48:56.567 region:rollup2
SUPPORT.
00:48:55.1000 --> 00:48:58.536 region:rollup2
THANK YOU OTHER WITNESSES IN
00:48:56.567 --> 00:48:59.437 region:rollup2
SUPPORT.
00:48:58.536 --> 00:49:00.404 region:rollup2
RIGHT KEY CO IT ON BEHALF OF THE
00:48:59.437 --> 00:49:04.074 region:rollup2
CITIES OF HUNTINGTON BEACH IN
00:49:00.404 --> 00:49:05.142 region:rollup2
FULLERTON IN SUPPORT.
00:49:04.074 --> 00:49:06.243 region:rollup2
GOOD AFTERNOON CARE ROSS ON
00:49:05.142 --> 00:49:09.313 region:rollup2
BEHALF OF THE CITY OF SAN MARCOS
00:49:06.243 --> 00:49:21.225 region:rollup2
IN SUPPORT.
00:49:09.313 --> 00:49:22.393 region:rollup2
OKAY WITNESSES IN OPPOSITION.
00:49:21.225 --> 00:49:23.027 region:rollup2
THE CABINET MEMBERS JUDGE
00:49:22.393 --> 00:49:24.128 region:rollup2
SURPRISE THIRD WITH THE
00:49:23.027 --> 00:49:25.496 region:rollup2
CALIFORNIA SCHOOL EMPLOYEES
00:49:24.128 --> 00:49:25.996 region:rollup2
ASSOCIATION.
00:49:25.496 --> 00:49:29.800 region:rollup2
HARM WE ARE NOT POSITION
00:49:25.996 --> 00:49:30.601 region:rollup2
BECAUSE.
00:49:29.800 --> 00:49:32.603 region:rollup2
DENY AND COLA TO.
00:49:30.601 --> 00:49:34.705 region:rollup2
SENIORS.
00:49:32.603 --> 00:49:35.739 region:rollup2
WOULD BE JUST DEVASTATING TO
00:49:34.705 --> 00:49:36.974 region:rollup2
THEM.
00:49:35.739 --> 00:49:39.143 region:rollup2
WHEN THEY HAVE TO FACE THE
00:49:36.974 --> 00:49:40.711 region:rollup2
RISING COST OF FOOD ALL
00:49:39.143 --> 00:49:41.912 region:rollup2
HEALTHCARE COSTS IN THE FUTURE.
00:49:40.711 --> 00:49:43.781 region:rollup2
AND SETTING UP TWENTY PERCENT
00:49:41.912 --> 00:49:45.149 region:rollup2
BENCHMARK RECOGNIZE TO SWING AND
00:49:43.781 --> 00:49:47.117 region:rollup2
UNFUNDED.
00:49:45.149 --> 00:49:48.652 region:rollup2
STATUS OF OUR PENSION.
00:49:47.117 --> 00:49:50.454 region:rollup2
AS YOU KNOW DOING TO GREAT
00:49:48.652 --> 00:49:51.722 region:rollup2
RECESSION WE LOST SOME.
00:49:50.454 --> 00:49:52.623 region:rollup2
WHEN THE PRIVATE OR PUBLIC
00:49:51.722 --> 00:49:54.358 region:rollup2
PENSION SYSTEM. NEARLY THIRTY
00:49:52.623 --> 00:49:56.060 region:rollup2
PERCENT.
00:49:54.358 --> 00:49:57.027 region:rollup2
AND RIGHT BEFORE IT INDIA
00:49:56.060 --> 00:49:57.795 region:rollup2
PENSION FUND WAS ACTUALLY ON AND
00:49:57.027 --> 00:49:59.797 region:rollup2
ONE PERCENT.
00:49:57.795 --> 00:50:01.165 region:rollup2
UNFUNDED.
00:49:59.797 --> 00:50:02.333 region:rollup2
AND SO IT DOESN'T RECOGNIZE
00:50:01.165 --> 00:50:04.301 region:rollup2
THESE KINDS OF SWING IT DOESN'T
00:50:02.333 --> 00:50:06.537 region:rollup2
RECOGNIZE A POLICY DECISION THAT
00:50:04.301 --> 00:50:07.071 region:rollup2
THE COUPLES WOULD HAVE ADOPTED.
00:50:06.537 --> 00:50:08.072 region:rollup2
THEY MEET ALSO THE BUT YES
00:50:07.071 --> 00:50:09.640 region:rollup2
SPENT.
00:50:08.072 --> 00:50:10.941 region:rollup2
WANT TO REDUCE DATA.
00:50:09.640 --> 00:50:12.643 region:rollup2
DISCOUNT RATE FOR THEM EIGHT THE
00:50:10.941 --> 00:50:13.878 region:rollup2
QUARTER TO HOW TO SEVEN PERCENT
00:50:12.643 --> 00:50:15.813 region:rollup2
AND DOT KIND OF REDUCTION HAS A
00:50:13.878 --> 00:50:17.014 region:rollup2
DIRECT IMPACT.
00:50:15.813 --> 00:50:18.115 region:rollup2
ON THE UNFUNDED STATUS WHEN A
00:50:17.014 --> 00:50:20.017 region:rollup2
WE'RE GOING TO ALLOW THESE
00:50:18.115 --> 00:50:21.785 region:rollup2
POLICY TO BE IN PLACE.
00:50:20.017 --> 00:50:22.353 region:rollup2
BEFORE BE AT MORE CHANGES THAT
00:50:21.785 --> 00:50:24.188 region:rollup2
COULD HURT HOUSING IS IN THE
00:50:22.353 --> 00:50:24.788 region:rollup2
FUTURE.
00:50:24.188 --> 00:50:26.023 region:rollup2
PUT THOSE RECENTLY OPPOSED THE
00:50:24.788 --> 00:50:28.325 region:rollup2
BILL.
00:50:26.023 --> 00:50:30.394 region:rollup2
MMHM.
00:50:28.325 --> 00:50:31.762 region:rollup2
FISHERMEN SENATORS TERRY BROWN
00:50:30.394 --> 00:50:32.062 region:rollup2
ON BEHALF OF FAST HERE YOU
00:50:31.762 --> 00:50:34.265 region:rollup2
CALIFORNIA.
00:50:32.062 --> 00:50:35.399 region:rollup2
.
00:50:34.265 --> 00:50:37.468 region:rollup2
I'M HAVING TROUBLE FIGURING OUT
00:50:35.399 --> 00:50:39.637 region:rollup2
WHERE TO BEGIN WITH THIS BILL.
00:50:37.468 --> 00:50:42.806 region:rollup2
BUT.
00:50:39.637 --> 00:50:44.942 region:rollup2
AYE I WILL SEE ATTACKING.
00:50:42.806 --> 00:50:46.977 region:rollup2
THE PROBLEM THROUGH. PRETTY HIGH
00:50:44.942 --> 00:50:48.679 region:rollup2
RE. AND.
00:50:46.977 --> 00:50:50.247 region:rollup2
.
00:50:48.679 --> 00:50:52.216 region:rollup2
SURVIVOR BENEFITS.
00:50:50.247 --> 00:50:54.385 region:rollup2
SEEMS.
00:50:52.216 --> 00:50:57.121 region:rollup2
DISASSOCIATED WITH THE PROBLEM
00:50:54.385 --> 00:50:58.555 region:rollup2
AND IN THE STATE FOR EXAMPLE.
00:50:57.121 --> 00:51:00.791 region:rollup2
THIS IS FUNDED IN A COMPLETELY
00:50:58.555 --> 00:51:02.893 region:rollup2
SEPARATE FUND THAT IS NOT UNDER
00:51:00.791 --> 00:51:04.762 region:rollup2
FUNDED YET WE'RE GOING TO APPLY
00:51:02.893 --> 00:51:06.597 region:rollup2
THAT TO.
00:51:04.762 --> 00:51:10.200 region:rollup2
THE.
00:51:06.597 --> 00:51:11.936 region:rollup2
COLAS OF RETIREES RATHER THAT
00:51:10.200 --> 00:51:13.804 region:rollup2
DISTANCE NOTHING TO REALLY SOLVE
00:51:11.936 --> 00:51:17.308 region:rollup2
THE PROBLEM. BUT IT DOES
00:51:13.804 --> 00:51:20.277 region:rollup2
EXACERBATE THE LIVES OF RETIREES
00:51:17.308 --> 00:51:22.446 region:rollup2
WHO RELY ON THAT COLA TO MAKE A
00:51:20.277 --> 00:51:26.283 region:rollup2
LIVING TO PAY THEIR BILLS TO US
00:51:22.446 --> 00:51:28.319 region:rollup2
SURVIVE. AND IT SEEMS UNUSUALLY
00:51:26.283 --> 00:51:28.852 region:rollup2
WHO MISSED TARGETED. TO THE
00:51:28.319 --> 00:51:31.956 region:rollup2
PROBLEM.
00:51:28.852 --> 00:51:33.057 region:rollup2
THEY DID NOTHING THERE WERE NO
00:51:31.956 --> 00:51:33.557 region:rollup2
ENHANCEMENTS TO CALL LIZ.
00:51:33.057 --> 00:51:35.826 region:rollup2
DURING.
00:51:33.557 --> 00:51:38.662 region:rollup2
THIS PERIOD WHERE THE MARKETS
00:51:35.826 --> 00:51:40.631 region:rollup2
TANKED. AND WALLSTREET ABOUT
00:51:38.662 --> 00:51:42.199 region:rollup2
LOST TRILLIONS OF DOLLARS FROM
00:51:40.631 --> 00:51:44.101 region:rollup2
OUR MEMBERS MONEY.
00:51:42.199 --> 00:51:46.904 region:rollup2
WHY SHOULD THE BURDEN FALL UPON
00:51:44.101 --> 00:51:49.006 region:rollup2
RETIREES AND SURVIVORS? AND THE
00:51:46.904 --> 00:51:49.940 region:rollup2
FAMILIES AND THAT'S EXACTLY WHAT
00:51:49.006 --> 00:51:52.643 region:rollup2
THIS BILL DOES AND I THINK IT'S
00:51:49.940 --> 00:51:53.043 region:rollup2
THAT. MISGUIDED AIMED AT THE
00:51:52.643 --> 00:51:54.445 region:rollup2
WRONG PEOPLE AND.
00:51:53.043 --> 00:51:56.747 region:rollup2
.
00:51:54.445 --> 00:51:59.016 region:rollup2
I WON'T SAVE THE KIND OF MONEY.
00:51:56.747 --> 00:52:00.751 region:rollup2
THEY'RE HOPING IT WILL FOR THAT
00:51:59.016 --> 00:52:02.820 region:rollup2
REASON WE OPPOSE THANK YOU.
00:52:00.751 --> 00:52:03.821 region:rollup2
OKAY OTHER WITNESSES A SUPPLY
00:52:02.820 --> 00:52:04.955 region:rollup2
AND OPPOSITION YOU COULD
00:52:03.821 --> 00:52:05.856 region:rollup2
AFTERNOON JENNIFER BAKER WITH
00:52:04.955 --> 00:52:07.658 region:rollup2
THE CALIFORNIA TEACHERS
00:52:05.856 --> 00:52:09.626 region:rollup2
ASSOCIATION ALSO IN OPPOSITION
00:52:07.658 --> 00:52:11.595 region:rollup2
TO THE BILL THIS BILL DOES NOT
00:52:09.626 --> 00:52:13.397 region:rollup2
RECOGNIZE THAT A CONSIDERABLE
00:52:11.595 --> 00:52:14.465 region:rollup2
IMPACTS OF THE LEGISLATURE AND
00:52:13.397 --> 00:52:16.233 region:rollup2
THE GOVERNOR CREATED IN AB
00:52:14.465 --> 00:52:17.768 region:rollup2
FOURTEEN SIXTY NINE WHEN IT WAS
00:52:16.233 --> 00:52:19.536 region:rollup2
PASSED A FEW YEARS. AGO TO
00:52:17.768 --> 00:52:21.639 region:rollup2
ADDRESS THE LONG TERM UNFUNDED
00:52:19.536 --> 00:52:23.407 region:rollup2
OBLIGATION OF CAL STIRS. CASTERS
00:52:21.639 --> 00:52:25.042 region:rollup2
MEMBERS ARE SEVENTY TWO PERCENT
00:52:23.407 --> 00:52:27.044 region:rollup2
WOMEN SO FOR US THIS IS A
00:52:25.042 --> 00:52:29.013 region:rollup2
WOMAN'S ISSUE WE ALSO SEE THIS
00:52:27.044 --> 00:52:30.648 region:rollup2
AS AN ATTACK ON WOMEN IN CASTERS
00:52:29.013 --> 00:52:31.915 region:rollup2
WHO DISPROPORTIONATELY. LIVE
00:52:30.648 --> 00:52:32.683 region:rollup2
LONGER THAN MEN AND SO IF YOU DO
00:52:31.915 --> 00:52:34.518 region:rollup2
WANT TO LIVE LONGER
00:52:32.683 --> 00:52:35.285 region:rollup2
STATISTICALLY YOU WANT TO BE A
00:52:34.518 --> 00:52:37.354 region:rollup2
FEMALE TEACHER.
00:52:35.285 --> 00:52:38.689 region:rollup2
BUT WHAT I DO WANT TO KNOW IS
00:52:37.354 --> 00:52:40.057 region:rollup2
THAT ARE MEMBERS ARE PAYING MORE
00:52:38.689 --> 00:52:41.558 region:rollup2
THEY'RE ACTUALLY PAYING MORE TO
00:52:40.057 --> 00:52:43.394 region:rollup2
THEIR CAL STIRS BENEFITS WERE
00:52:41.558 --> 00:52:43.594 region:rollup2
GOING TO SEE OUR NEW MEMBERS WHO
00:52:43.394 --> 00:52:45.662 region:rollup2
WERE.
00:52:43.594 --> 00:52:47.464 region:rollup2
GIVEN THE TO IT SIXTY TWO
00:52:45.662 --> 00:52:48.799 region:rollup2
BENEFITS UNDER PEPPER ADAM ARE
00:52:47.464 --> 00:52:51.235 region:rollup2
NOW PAYING MORE IN THEY'RE GOING
00:52:48.799 --> 00:52:52.736 region:rollup2
TO LIKELY BE PAIN AN ADDITIONAL
00:52:51.235 --> 00:52:55.172 region:rollup2
ONE PERCENT OF THEIR SALARY.
00:52:52.736 --> 00:52:56.140 region:rollup2
MAYOR PAYING MORE AND UNDER A.
00:52:55.172 --> 00:52:58.275 region:rollup2
B. FOURTEEN SIXTEEN NINE THAT
00:52:56.140 --> 00:53:00.044 region:rollup2
SPECIFICALLY IMPACTED THEIR COLA
00:52:58.275 --> 00:53:02.046 region:rollup2
THIS WOULD UNDO THE AGREEMENT
00:53:00.044 --> 00:53:03.747 region:rollup2
THAT OUR EDUCATORS MADE WITH THE
00:53:02.046 --> 00:53:05.315 region:rollup2
LEGISLATURE AND GOVERNOR. IN
00:53:03.747 --> 00:53:06.617 region:rollup2
GOOD FAITH AND WE WOULD ASK YOU
00:53:05.315 --> 00:53:09.820 region:rollup2
TO HOLD UP YOUR COMMITMENT AND
00:53:06.617 --> 00:53:10.387 region:rollup2
ALSO SUPPORT THE EDUCATORS THAT
00:53:09.820 --> 00:53:12.589 region:rollup2
WE'RE TRYING TO KEEP IN THE
00:53:10.387 --> 00:53:13.323 region:rollup2
CLASSROOM.
00:53:12.589 --> 00:53:14.291 region:rollup2
MISTER CHAIRMAN MEMBERS OF THE
00:53:13.323 --> 00:53:15.125 region:rollup2
COMMITTEE CHRISTINE BAUM ON
00:53:14.291 --> 00:53:17.428 region:rollup2
BEHALF OF THE CALIFORNIA
00:53:15.125 --> 00:53:19.229 region:rollup2
PROFESSIONAL FIREFIGHTERS. WE
00:53:17.428 --> 00:53:19.830 region:rollup2
ALSO ARE OPPOSED TO THE MEASURE
00:53:19.229 --> 00:53:21.131 region:rollup2
HAVING WITH ARTIE STATED ALL
00:53:19.830 --> 00:53:23.567 region:rollup2
DISCREETLY STATE REALLY DOESN'T
00:53:21.131 --> 00:53:24.635 region:rollup2
BEAR ANY RELATION TO THE ACTUAL
00:53:23.567 --> 00:53:26.770 region:rollup2
FUNDED STATUS OF EACH PARTICULAR
00:53:24.635 --> 00:53:29.306 region:rollup2
EMPLOYER SO IT'S. IT'S ARBITRARY
00:53:26.770 --> 00:53:30.908 region:rollup2
AND NOT THE SOLUTION BUT WE ASK
00:53:29.306 --> 00:53:31.975 region:rollup2
FOR YOUR NOBLE. THANK YOU.
00:53:30.908 --> 00:53:32.743 region:rollup2
GOTTEN INTERMEMBRANE STARE
00:53:31.975 --> 00:53:34.111 region:rollup2
CLINICS ON BEHALF OF THE SCHOOL
00:53:32.743 --> 00:53:35.479 region:rollup2
EMPLOYERS ASSOCIATION
00:53:34.111 --> 00:53:37.281 region:rollup2
CALIFORNIANS SMALL SCHOOL
00:53:35.479 --> 00:53:38.449 region:rollup2
DISTRICTS ASSOCIATION ON BEHALF
00:53:37.281 --> 00:53:39.917 region:rollup2
OF THE FLOOR EMPLOYERS THAT WE
00:53:38.449 --> 00:53:42.219 region:rollup2
REPRESENT WE MUST REGRETTABLY
00:53:39.917 --> 00:53:43.954 region:rollup2
OPPOSE. I'M BECAUSE FOR US
00:53:42.219 --> 00:53:45.355 region:rollup2
SOLVING THE CRISIS OF THE
00:53:43.954 --> 00:53:46.557 region:rollup2
TEACHER SHORTAGE REALLY DEPENDS
00:53:45.355 --> 00:53:48.158 region:rollup2
ON THE GREAT BENEFITS OF HAVING
00:53:46.557 --> 00:53:49.626 region:rollup2
THOSE PROMISED BENEFITS BE THERE
00:53:48.158 --> 00:53:51.328 region:rollup2
IN THE FUTURE. BENEFIT
00:53:49.626 --> 00:53:52.663 region:rollup2
REDUCTIONS I'M AT NO FAULT OF
00:53:51.328 --> 00:53:54.398 region:rollup2
THE EMPLOYER EXTREMELY
00:53:52.663 --> 00:53:55.866 region:rollup2
PROBLEMATIC FOR US ON AND ALL
00:53:54.398 --> 00:53:56.967 region:rollup2
ALSO NOTE THAT WHETHER YOU'RE AN
00:53:55.866 --> 00:53:57.468 region:rollup2
EDUCATOR UP BECAUSE YOU'RE A
00:53:56.967 --> 00:53:59.236 region:rollup2
TEACHER OR A CLASSIFIED
00:53:57.468 --> 00:54:01.472 region:rollup2
EMPLOYEE.
00:53:59.236 --> 00:54:03.273 region:rollup2
BENEFITS ARE EXTREMELY MODEST
00:54:01.472 --> 00:54:04.541 region:rollup2
AND THE CALL THE SENATE TWO
00:54:03.273 --> 00:54:06.076 region:rollup2
PERCENT BOTH SYSTEMS COULD SAY
00:54:04.541 --> 00:54:07.678 region:rollup2
THAT BENEFITS OF THE PROBLEM IN
00:54:06.076 --> 00:54:09.346 region:rollup2
OUR CASE THE SCHOOLS CASE.
00:54:07.678 --> 00:54:11.148 region:rollup2
REALLY ISN'T KIND OF THE RIGHT
00:54:09.346 --> 00:54:12.816 region:rollup2
KIND OF APPROACH TO TACKLING THE
00:54:11.148 --> 00:54:15.619 region:rollup2
LIABILITY PROBLEM THANK YOU.
00:54:12.816 --> 00:54:17.121 region:rollup2
THANK YOU.
00:54:15.619 --> 00:54:18.288 region:rollup2
CHAIRMAN PAN MEMBERS TEN TOP AND
00:54:17.121 --> 00:54:19.756 region:rollup2
FOR THE CALIFORNIA STATE
00:54:18.288 --> 00:54:21.158 region:rollup2
RETIREES.
00:54:19.756 --> 00:54:21.625 region:rollup2
OF FOR THE STATE RETIREES IT'S
00:54:21.158 --> 00:54:23.861 region:rollup2
HARD NOT TO TAKE THIS
00:54:21.625 --> 00:54:26.630 region:rollup2
PERSONALLY.
00:54:23.861 --> 00:54:28.699 region:rollup2
PICOLA SEEMS THE LEAST YOU CAN
00:54:26.630 --> 00:54:30.734 region:rollup2
GET OCCASIONALLY. FOR DEDICATING
00:54:28.699 --> 00:54:32.436 region:rollup2
YOUR LIFE PUBLIC SERVICE TO THE
00:54:30.734 --> 00:54:33.737 region:rollup2
STATE OF CALIFORNIA. SO THEY ARE
00:54:32.436 --> 00:54:35.405 region:rollup2
STRONGLY OPPOSED.
00:54:33.737 --> 00:54:36.340 region:rollup2
A FOR THE PROFESSIONAL ENGINEERS
00:54:35.405 --> 00:54:37.641 region:rollup2
IN CALIFORNIA GOVERNMENT THE
00:54:36.340 --> 00:54:39.643 region:rollup2
CALIFORNIA ASSOCIATION OF
00:54:37.641 --> 00:54:41.745 region:rollup2
PROFESSIONAL SCIENTIST. ALSO
00:54:39.643 --> 00:54:43.313 region:rollup2
OPPOSED WE WOULD ARGUE THAT THIS
00:54:41.745 --> 00:54:44.314 region:rollup2
IS SOMETHING THAT TO A BELONGS
00:54:43.313 --> 00:54:45.883 region:rollup2
AT THE COLLECTIVE BARGAINING
00:54:44.314 --> 00:54:46.517 region:rollup2
TABLE IF THIS IS SOMETHING THAT
00:54:45.883 --> 00:54:52.890 region:rollup2
THE STATE OF CALIFORNIA SEEKS IN
00:54:46.517 --> 00:54:54.491 region:rollup2
MARKETING. SEX.
00:54:52.890 --> 00:54:55.025 region:rollup2
THANK YOU GOOD AFTERNOON MISTER
00:54:54.491 --> 00:54:55.926 region:rollup2
CHAIR MEMBERS TO ICELAND
00:54:55.025 --> 00:54:57.094 region:rollup2
MARTINEZ WEIGHT WITH THE
00:54:55.926 --> 00:54:58.462 region:rollup2
CALIFORNIA STATE TEACHERS
00:54:57.094 --> 00:54:59.897 region:rollup2
RETIREMENT SYSTEM AND FOR
00:54:58.462 --> 00:55:00.497 region:rollup2
REASONS ALREADY STATED
00:54:59.897 --> 00:55:02.566 region:rollup2
OPPOSITION TO THE BILL. THANK
00:55:00.497 --> 00:55:03.567 region:rollup2
YOU.
00:55:02.566 --> 00:55:05.202 region:rollup2
KOBE PRESIDED WITH CALIFORNIA
00:55:03.567 --> 00:55:06.303 region:rollup2
ASSOCIATION OF PSYCHIATRIC
00:55:05.202 --> 00:55:08.071 region:rollup2
TECHNICIANS ALSO IN OPPOSITION
00:55:06.303 --> 00:55:09.239 region:rollup2
THANK YOU.
00:55:08.071 --> 00:55:10.607 region:rollup2
JOSHUA VOCAL WITH THE AMERICAN
00:55:09.239 --> 00:55:11.909 region:rollup2
FEDERATION OF STATE COUNTY AND
00:55:10.607 --> 00:55:14.845 region:rollup2
MUNICIPAL EMPLOYEES ALSO IN
00:55:11.909 --> 00:55:17.114 region:rollup2
OPPOSITION. THANK YOU.
00:55:14.845 --> 00:55:18.115 region:rollup2
AARON READ REPRESENTING. CREDIT
00:55:17.114 --> 00:55:19.583 region:rollup2
HE THAT CAN READ OF AN
00:55:18.115 --> 00:55:21.018 region:rollup2
ALPHABETICAL ORDER ACCOUNT FIRE
00:55:19.583 --> 00:55:22.286 region:rollup2
LOCAL TWENTY EIGHT EIGHTY ONE
00:55:21.018 --> 00:55:23.720 region:rollup2
CALIFORNIA ASSOCIATION HAVE A
00:55:22.286 --> 00:55:24.354 region:rollup2
TROUBLING. CALIFORNIA
00:55:23.720 --> 00:55:25.989 region:rollup2
ASSOCIATION PROFESSIONAL
00:55:24.354 --> 00:55:27.024 region:rollup2
SCIENTISTS WHICH HAD MENTIONED
00:55:25.989 --> 00:55:28.992 region:rollup2
ORANGE COUNTY EMPLOYEES
00:55:27.024 --> 00:55:30.027 region:rollup2
ASSOCIATION PEACE OFFICERS
00:55:28.992 --> 00:55:33.030 region:rollup2
RESEARCH ASSOCIATION OF
00:55:30.027 --> 00:55:34.965 region:rollup2
CALIFORNIA POOR ACT. AND RETIRED
00:55:33.030 --> 00:55:35.632 region:rollup2
PUBLIC EMPLOYEES OCEAN.
00:55:34.965 --> 00:55:39.836 region:rollup2
NOTHING FURTHER TO ADD THANK YOU
00:55:35.632 --> 00:55:40.571 region:rollup2
THANK YOU.
00:55:39.836 --> 00:55:42.573 region:rollup2
A FRENCH WOMAN WITH THE
00:55:40.571 --> 00:55:44.741 region:rollup2
RIVERSIDE SHERIFF'S ASSOCIATION
00:55:42.573 --> 00:55:46.043 region:rollup2
IN OPPOSITION. THANK YOU.
00:55:44.741 --> 00:55:49.112 region:rollup2
ALRIGHT QUESTIONS FROM COMMITTEE
00:55:46.043 --> 00:55:51.148 region:rollup2
MEMBERS US ARE LEYVA.
00:55:49.112 --> 00:55:52.015 region:rollup2
I APPRECIATE THAT YOU ARE TRYING
00:55:51.148 --> 00:55:54.451 region:rollup2
TO LOOK OUT FOR.
00:55:52.015 --> 00:55:56.787 region:rollup2
PENSIONS AND MAKING SURE THAT
00:55:54.451 --> 00:55:57.854 region:rollup2
THEY ARE FULLY FUNDED BUT I JUST
00:55:56.787 --> 00:55:59.456 region:rollup2
THINK THIS IS THE WRONG GROUP OF
00:55:57.854 --> 00:56:00.958 region:rollup2
PEOPLE TO LOOK AT.
00:55:59.456 --> 00:56:02.759 region:rollup2
I KNOW YOU'VE ALL HEARD ME TALK
00:56:00.958 --> 00:56:03.760 region:rollup2
ABOUT MY MOM AND AFTER THIRTY
00:56:02.759 --> 00:56:04.895 region:rollup2
FIVE YEARS OF BEING AN
00:56:03.760 --> 00:56:07.097 region:rollup2
INSTRUCTIONAL AIDE IN THE CHINO
00:56:04.895 --> 00:56:08.999 region:rollup2
SCHOOL DISTRICT. HER PENSION IS
00:56:07.097 --> 00:56:11.268 region:rollup2
JUST ABOUT TWO THOUSAND DOLLARS
00:56:08.999 --> 00:56:13.036 region:rollup2
A MONTH SO AT A COST OF LIVING
00:56:11.268 --> 00:56:15.906 region:rollup2
OF TWO PERCENT WOULD BE ABOUT
00:56:13.036 --> 00:56:16.473 region:rollup2
FORTY DOLLARS A MONTH. AND I
00:56:15.906 --> 00:56:17.841 region:rollup2
JUST YOU KNOW. IF SHOULDN'T
00:56:16.473 --> 00:56:19.443 region:rollup2
HAVE%
00:56:17.841 --> 00:56:20.577 region:rollup2
MY DAD SHE WOULD BUILD LIVE ON
00:56:19.443 --> 00:56:22.312 region:rollup2
THAT'S WAS A SOMEONE WHO
00:56:20.577 --> 00:56:23.747 region:rollup2
DEDICATED HER LIFE FOR THIRTY
00:56:22.312 --> 00:56:25.349 region:rollup2
FIVE YEARS.
00:56:23.747 --> 00:56:27.284 region:rollup2
TEACHING OUR CHILDREN TO READ
00:56:25.349 --> 00:56:29.319 region:rollup2
SHE LOVED HER JOB SHE STILL GOES
00:56:27.284 --> 00:56:31.755 region:rollup2
BACK AND SUBSTITUTES ANA WIND
00:56:29.319 --> 00:56:33.023 region:rollup2
MOMUS EVERY WEEK. SO I DISAGREE
00:56:31.755 --> 00:56:33.991 region:rollup2
HAVE TO WORRY ABOUT THE PEOPLE
00:56:33.023 --> 00:56:35.626 region:rollup2
WHO MADE DECISIONS.
00:56:33.991 --> 00:56:37.094 region:rollup2
.
00:56:35.626 --> 00:56:38.795 region:rollup2
AND AND SPENT THEIR WHOLE LIFE
00:56:37.094 --> 00:56:41.331 region:rollup2
DOING WHAT WE WANT THEM TO DEAL
00:56:38.795 --> 00:56:42.733 region:rollup2
AND TWO PERCENT COLA INCREASE I
00:56:41.331 --> 00:56:45.269 region:rollup2
STILL THINK THAT'S TOO MUCH TO
00:56:42.733 --> 00:56:47.471 region:rollup2
ASK BIG YOU.
00:56:45.269 --> 00:56:48.639 region:rollup2
BUT VOTING NO.
00:56:47.471 --> 00:56:49.539 region:rollup2
THEY'RE PORTANTINO. THINK YOU
00:56:48.639 --> 00:56:49.740 region:rollup2
ARE MISTER CHAIR MISTER MOORE
00:56:49.539 --> 00:56:51.942 region:rollup2
LOCK.
00:56:49.740 --> 00:56:54.645 region:rollup2
I'M NOT GOING TO BE SUPPORTING.
00:56:51.942 --> 00:56:57.748 region:rollup2
S. B.. TEN THIRTY ONE BUT AS
00:56:54.645 --> 00:56:59.783 region:rollup2
THIS IS THE SENATE WE TRY TO BE.
00:56:57.748 --> 00:57:00.951 region:rollup2
CONGENIAL IMPEACH OTHER I WILL
00:56:59.783 --> 00:57:03.320 region:rollup2
MOVE YOUR BILL AS YOUR COLLEAGUE
00:57:00.951 --> 00:57:05.222 region:rollup2
IS NOT HERE.
00:57:03.320 --> 00:57:05.856 region:rollup2
THANK YOU THANK YOU CENTER
00:57:05.222 --> 00:57:07.291 region:rollup2
PORTANTINO WAS GOING TO ASK FOR
00:57:05.856 --> 00:57:08.725 region:rollup2
A.
00:57:07.291 --> 00:57:09.826 region:rollup2
COURTESY MOTION IF SOMEONE
00:57:08.725 --> 00:57:12.396 region:rollup2
WASN'T GOING TO MOVE TE BILL
00:57:09.826 --> 00:57:13.096 region:rollup2
ALREADY UP XENA CENTER A MORALE
00:57:12.396 --> 00:57:14.531 region:rollup2
WOULD HAVE SHUT DOWN SO IF HE
00:57:13.096 --> 00:57:17.534 region:rollup2
WERE ABLE TO BE HERE.
00:57:14.531 --> 00:57:19.002 region:rollup2
SIMILAC ANY I BET PREACHY YEAR
00:57:17.534 --> 00:57:20.737 region:rollup2
CONCERNED ABOUT PENSION I THINK
00:57:19.002 --> 00:57:21.305 region:rollup2
WE ALL WANT TO BE SURE PENSIONS
00:57:20.737 --> 00:57:25.642 region:rollup2
ARE THERE.
00:57:21.305 --> 00:57:27.110 region:rollup2
I THINK THIS IS. THE.
00:57:25.642 --> 00:57:28.545 region:rollup2
THE WRONG GROUP TO BE. LOOKING
00:57:27.110 --> 00:57:29.846 region:rollup2
AT I MEAN WHEN WE TALK
00:57:28.545 --> 00:57:32.149 region:rollup2
OFTENTIMES WILL TALK ABOUT WELL
00:57:29.846 --> 00:57:34.551 region:rollup2
WHAT HAPPENS TO ALL THE SENIORS
00:57:32.149 --> 00:57:36.253 region:rollup2
ON FIXED INCOMES WHILE.
00:57:34.551 --> 00:57:37.020 region:rollup2
THIS IS WHO THEY WERE TALKING
00:57:36.253 --> 00:57:40.324 region:rollup2
ABOUT RIGHT AND.
00:57:37.020 --> 00:57:42.392 region:rollup2
THERE'S A COLA BUT FRANKLY THAT
00:57:40.324 --> 00:57:43.727 region:rollup2
COLA AS ANYONE WHO'S LOOKED AT
00:57:42.392 --> 00:57:46.997 region:rollup2
THE COST OF LIVING AROUND HERE.
00:57:43.727 --> 00:57:47.965 region:rollup2
HARDLY KEEPS UP WITH THE ACTUAL
00:57:46.997 --> 00:57:50.100 region:rollup2
COST OF LIVING INCREASES THAT
00:57:47.965 --> 00:57:51.435 region:rollup2
ARE. NOW FISKE FIXED INCOME
00:57:50.100 --> 00:57:53.236 region:rollup2
SENIORS ARE ARE FACING.
00:57:51.435 --> 00:57:55.405 region:rollup2
ANDSO UNFORTUNATELY I WILL NOT
00:57:53.236 --> 00:57:56.106 region:rollup2
BE ABLE TO SUPPORT THE BILL. ARE
00:57:55.405 --> 00:57:57.908 region:rollup2
TODAY.
00:57:56.106 --> 00:57:59.676 region:rollup2
HOWEVER. SO.
00:57:57.908 --> 00:58:01.678 region:rollup2
CREDIT TO WHICH I CLOSE I WOULD
00:57:59.676 --> 00:58:01.878 region:rollup2
LOVE TO CLOSE THANK YOU MISTER
00:58:01.678 --> 00:58:03.113 region:rollup2
CHAIR.
00:58:01.878 --> 00:58:04.381 region:rollup2
.
00:58:03.113 --> 00:58:04.781 region:rollup2
THANK YOU SPECIALLY FOR YOUR
00:58:04.381 --> 00:58:06.249 region:rollup2
PATIENCE WITH ME.
00:58:04.781 --> 00:58:07.484 region:rollup2
.
00:58:06.249 --> 00:58:09.419 region:rollup2
I THOUGHT IT WOULD BE REALLY FUN
00:58:07.484 --> 00:58:13.056 region:rollup2
TO COME TO SACRAMENTO AND AND
00:58:09.419 --> 00:58:15.659 region:rollup2
JUST ABOUT UPSET EVERYBODY.
00:58:13.056 --> 00:58:16.626 region:rollup2
BUT. I SAY THAT IS YOUR RIGHT I
00:58:15.659 --> 00:58:18.595 region:rollup2
SUGGEST THAT WE NEVER EVEN GOT
00:58:16.626 --> 00:58:19.796 region:rollup2
ADVOCATES THAT ARE UPSET WITH ME
00:58:18.595 --> 00:58:21.098 region:rollup2
BECAUSE.
00:58:19.796 --> 00:58:23.033 region:rollup2
THE BILL DOESN'T REALLY. GO FAR
00:58:21.098 --> 00:58:24.634 region:rollup2
ENOUGH SO THAT YOU AND I BOTH
00:58:23.033 --> 00:58:27.404 region:rollup2
HAVE MOMS. AND.
00:58:24.634 --> 00:58:29.072 region:rollup2
I'M NOT ANTI WOMAN I AM HAPPILY
00:58:27.404 --> 00:58:29.706 region:rollup2
MARRIED TO ONE FOR ALMOST THIRTY
00:58:29.072 --> 00:58:32.542 region:rollup2
EIGHT YEARS.
00:58:29.706 --> 00:58:34.678 region:rollup2
.
00:58:32.542 --> 00:58:36.279 region:rollup2
BUT THIS BILLS PROSPECT OF IT
00:58:34.678 --> 00:58:38.682 region:rollup2
ISN'T CURRENT SO CURRENT
00:58:36.279 --> 00:58:40.717 region:rollup2
RETIREES. DON'T HAVE A CONCERN
00:58:38.682 --> 00:58:41.818 region:rollup2
HERE THIS SHOULD BE.
00:58:40.717 --> 00:58:43.553 region:rollup2
INDIVIDUALS THAT WILL BE
00:58:41.818 --> 00:58:45.989 region:rollup2
RETIRING IN THE FUTURE.
00:58:43.553 --> 00:58:47.758 region:rollup2
SO LET ME ADDRESS A FEW OF THE
00:58:45.989 --> 00:58:50.093 region:rollup2
POINTS IF I COULD MISTER CHAIR.
00:58:47.758 --> 00:58:52.028 region:rollup2
WE SELECTED TWENTY PERCENT I'M
00:58:50.093 --> 00:58:53.663 region:rollup2
NERVOUS WHEN A PLAN GOES BELOW
00:58:52.028 --> 00:58:55.198 region:rollup2
EIGHTY PERCENT MOST PEOPLE.
00:58:53.663 --> 00:58:57.334 region:rollup2
THE IN THE DEFINED BENEFIT
00:58:55.198 --> 00:58:57.901 region:rollup2
PENSION AREA ARE CONCERNED ABOUT
00:58:57.334 --> 00:58:58.969 region:rollup2
EIGHTY PERCENT FUNDING YOUR
00:58:57.901 --> 00:59:02.005 region:rollup2
LAST.
00:58:58.969 --> 00:59:03.673 region:rollup2
SO. MAYBE IF IF IF THERE'S A
00:59:02.005 --> 00:59:05.142 region:rollup2
CONCERN WITH THAT YOU KNOW IT
00:59:03.673 --> 00:59:07.177 region:rollup2
SHOULD BE TWENTY FIVE PERCENT
00:59:05.142 --> 00:59:08.879 region:rollup2
BUT THAT WOULD STILL. AFFECT
00:59:07.177 --> 00:59:10.113 region:rollup2
CALPERS SHOULD BE THIRTY PERCENT
00:59:08.879 --> 00:59:11.681 region:rollup2
WELL IT WOULD OF INTEL JUST A
00:59:10.113 --> 00:59:12.215 region:rollup2
COUPLE WEEKS AGO AND CALPERS
00:59:11.681 --> 00:59:13.483 region:rollup2
JUST WENT OVER SEVENTY ONE
00:59:12.215 --> 00:59:15.652 region:rollup2
PERCENT.
00:59:13.483 --> 00:59:17.888 region:rollup2
FUNDED SO SOMEWHERE THERE HAS TO
00:59:15.652 --> 00:59:19.856 region:rollup2
BE SOME KIND OF.
00:59:17.888 --> 00:59:20.957 region:rollup2
MARKING POINT AND SO WE SELECTED
00:59:19.856 --> 00:59:23.860 region:rollup2
A TWENTY PERCENT.
00:59:20.957 --> 00:59:27.064 region:rollup2
.
00:59:23.860 --> 00:59:29.633 region:rollup2
AT IF YOU QUANTIFY THE COLA AND
00:59:27.064 --> 00:59:31.501 region:rollup2
YOU HAVE A. BACKSTOPS THEN IT
00:59:29.633 --> 00:59:32.169 region:rollup2
WOULD REDUCE THE UP AND UP BY
00:59:31.501 --> 00:59:35.105 region:rollup2
BILLY WHICH MIGHT EVEN ACTUALLY
00:59:32.169 --> 00:59:35.372 region:rollup2
HELP. AYE IN IN IN THE CASE OF
00:59:35.105 --> 00:59:36.773 region:rollup2
EXTREMELY.
00:59:35.372 --> 00:59:36.973 region:rollup2
.
00:59:36.773 --> 00:59:38.141 region:rollup2
THE.
00:59:36.973 --> 00:59:40.510 region:rollup2
COLAS.
00:59:38.141 --> 00:59:41.111 region:rollup2
ANOTHER ARGUMENT THAT WAS MADE
00:59:40.510 --> 00:59:42.245 region:rollup2
THAT YOU KNOW YOU DO IT AT THE
00:59:41.111 --> 00:59:43.513 region:rollup2
BARGAINING TABLE BUT. CURRENT
00:59:42.245 --> 00:59:45.148 region:rollup2
LAW AS I UNDERSTAND IT I COULD
00:59:43.513 --> 00:59:46.883 region:rollup2
BE CORRECTED GLENN IS HERE HE
00:59:45.148 --> 00:59:48.652 region:rollup2
KNOWS IT ALL. A BUT IT'S A
00:59:46.883 --> 00:59:50.887 region:rollup2
MINIMUM OF TWO PERCENT CALL I
00:59:48.652 --> 00:59:52.722 region:rollup2
DIDN'T SEE ZERO. I IN THE CODE
00:59:50.887 --> 00:59:54.591 region:rollup2
SO IF IF IF THAT'S AN IDEA
00:59:52.722 --> 00:59:56.493 region:rollup2
SHOULD BE PURSUING THEN I CAN
00:59:54.591 --> 00:59:57.761 region:rollup2
TALK TO GLEN ABOUT THAT.
00:59:56.493 --> 01:00:00.097 region:rollup2
PARA AFTERWARDS
00:59:57.761 --> 01:00:01.364 region:rollup2
BUT IT IS PROSPECT GIVE IT IS
01:00:00.097 --> 01:00:03.400 region:rollup2
PROACTIVE IT'S FOR FUTURE
01:00:01.364 --> 01:00:04.801 region:rollup2
RETIREES THEY WOULD. UNDERSTAND
01:00:03.400 --> 01:00:07.104 region:rollup2
THAT IT IT IS SOMETHING ON THE
01:00:04.801 --> 01:00:09.639 region:rollup2
HORIZON IT WOULD BE A PART OF A
01:00:07.104 --> 01:00:12.209 region:rollup2
SOLUTION THAT. COULD PREVENT
01:00:09.639 --> 01:00:13.143 region:rollup2
THEIR. RETIREMENT FROM GOING
01:00:12.209 --> 01:00:14.444 region:rollup2
INTO WORK SHAPE SHOULD THAT
01:00:13.143 --> 01:00:16.880 region:rollup2
OCCUR.
01:00:14.444 --> 01:00:18.648 region:rollup2
THE ACTIVISTS WOULD LIKE TO
01:00:16.880 --> 01:00:20.450 region:rollup2
MAKE IT APPLICABLE TO EVERYBODY
01:00:18.648 --> 01:00:21.818 region:rollup2
AND GO AFTER ALL THE RETIREES
01:00:20.450 --> 01:00:23.787 region:rollup2
IT'S ABOUT WHAT I'M DOING TIME
01:00:21.818 --> 01:00:25.021 region:rollup2
GETTING PLENTY OF PUSH BACK ON
01:00:23.787 --> 01:00:27.491 region:rollup2
THE OTHER SIDE SENATOR LEYVA.
01:00:25.021 --> 01:00:28.925 region:rollup2
BUT THE BURDENS GONNA FALL ON
01:00:27.491 --> 01:00:30.861 region:rollup2
SOMEBODY.
01:00:28.925 --> 01:00:33.396 region:rollup2
FAMILIES CAN HAVE BEEN WE GOT
01:00:30.861 --> 01:00:35.332 region:rollup2
SOME EXAMPLES AND SO I WANT TO
01:00:33.396 --> 01:00:37.367 region:rollup2
SORT OF BE IN FRONT OF IT.
01:00:35.332 --> 01:00:39.035 region:rollup2
PROVIDING SOLUTIONS IS NOT EASY.
01:00:37.367 --> 01:00:40.770 region:rollup2
BUT BOY WHEN SURE IN A IN A
01:00:39.035 --> 01:00:42.139 region:rollup2
BANKRUPTCY COURT LIKE I'VE BEEN.
01:00:40.770 --> 01:00:43.440 region:rollup2
WITH ORANGE COUNTY YOU KIND OF.
01:00:42.139 --> 01:00:45.408 region:rollup2
START REALIZING YOU HAVE VERY
01:00:43.440 --> 01:00:46.776 region:rollup2
LIMITED OPTIONS AND THEN WE
01:00:45.408 --> 01:00:48.178 region:rollup2
WON'T HAVE.
01:00:46.776 --> 01:00:49.713 region:rollup2
A CHANCE TO DO SOMETHING LIKE
01:00:48.178 --> 01:00:51.615 region:rollup2
THIS SO IT'LL BE FORCED ON US SO
01:00:49.713 --> 01:00:53.583 region:rollup2
THAT'S WHY I'M.
01:00:51.615 --> 01:00:55.118 region:rollup2
TRYING TO JUST PROVIDE SOME.
01:00:53.583 --> 01:00:55.986 region:rollup2
IDEAS AS UNCOMFORTABLE AS THEY
01:00:55.118 --> 01:00:59.556 region:rollup2
MAY BE.
01:00:55.986 --> 01:01:01.625 region:rollup2
THANK YOU MISTER CHAIR.
01:00:59.556 --> 01:01:03.026 region:rollup2
THANK YOU SO THE BILL AND HAS
01:01:01.625 --> 01:01:05.562 region:rollup2
BEEN MOVED.
01:01:03.026 --> 01:01:07.831 region:rollup2
BY CENTER PORTANTINO. OF THE
01:01:05.562 --> 01:01:08.031 region:rollup2
MOTION IS A.
01:01:07.831 --> 01:01:10.133 region:rollup2
IT'S.
01:01:08.031 --> 01:01:11.501 region:rollup2
DE PASSED IN REFER TO A PERSON
01:01:10.133 --> 01:01:13.203 region:rollup2
APPROPRIATIONS COMMITTEE.
01:01:11.501 --> 01:01:16.039 region:rollup2
SECRETARY PLEASE CALL THE ROLL
01:01:13.203 --> 01:01:18.642 region:rollup2
AND NO AND NO GROW.
01:01:16.039 --> 01:01:20.243 region:rollup2
LEYVA NO FLAVOR NO MORE LOCK I
01:01:18.642 --> 01:01:21.811 region:rollup2
FOR LIKE AYE PORTANTINO NOW
01:01:20.243 --> 01:01:24.147 region:rollup2
PORTANTINO.
01:01:21.811 --> 01:01:25.448 region:rollup2
THE BILL FAILS A ONE THREE.
01:01:24.147 --> 01:01:27.217 region:rollup2
WHAT YOU ASK FOR
01:01:25.448 --> 01:01:28.585 region:rollup2
RECONSIDERATION BECAUSE OKAY SO
01:01:27.217 --> 01:01:29.853 region:rollup2
I GUESS I'VE BEEN CONSTRUCTED WE
01:01:28.585 --> 01:01:31.421 region:rollup2
NEED TO HAVE A ROLL CALL FOR
01:01:29.853 --> 01:01:32.856 region:rollup2
RECONSIDERATION?
01:01:31.421 --> 01:01:34.658 region:rollup2
SO SECRETARY PLEASE CALL THE
01:01:32.856 --> 01:01:37.294 region:rollup2
ROLL FOR RECONSIDERATION PAN AYE
01:01:34.658 --> 01:01:39.763 region:rollup2
AYE THEN I RURAL LEYVA. LIVE I
01:01:37.294 --> 01:01:41.898 region:rollup2
MORE LOCK MY LIKE I PORTANTINO
01:01:39.763 --> 01:01:42.832 region:rollup2
AYE PORTANTINO OKAY SO I HAVE
01:01:41.898 --> 01:01:44.568 region:rollup2
THE BILL FOR RECONSIDERATION
01:01:42.832 --> 01:01:46.836 region:rollup2
OKAY SELECTS ITEMS ITEM NUMBER
01:01:44.568 --> 01:01:48.405 region:rollup2
TWO SP TEN THIRTY TWO. OF US IN
01:01:46.836 --> 01:01:52.275 region:rollup2
THIS YEAR I CAN TAKE A BREAK IF
01:01:48.405 --> 01:01:52.876 region:rollup2
YOU WANT BUT NO WORDS GOING TO
01:01:52.275 --> 01:01:55.512 region:rollup2
THROW AND. TRY TO BE COURTEOUS
01:01:52.876 --> 01:01:57.714 region:rollup2
YOU.
01:01:55.512 --> 01:01:59.449 region:rollup2
SENATORS SO ON S. B. TEN THIRTY
01:01:57.714 --> 01:02:00.917 region:rollup2
TWO I I COLLEAGUES AYE AYE. AYE
01:01:59.449 --> 01:02:02.118 region:rollup2
PRESENTED THAT THE CURRENT NEED
01:02:00.917 --> 01:02:03.987 region:rollup2
FOR PENSION REFORM MY LAST
01:02:02.118 --> 01:02:05.789 region:rollup2
PRESENTATIONS I WON'T GO THERE
01:02:03.987 --> 01:02:07.290 region:rollup2
THIS TIME BUT CALPERS HAS UNIQUE
01:02:05.789 --> 01:02:08.658 region:rollup2
APPROACH. ON HOW IT'S TWENTY
01:02:07.290 --> 01:02:11.094 region:rollup2
NINE HUNDRED AND FORTY FIVE PLAN
01:02:08.658 --> 01:02:13.430 region:rollup2
SPONSORS CAN EXIT. IT CHARGES AN
01:02:11.094 --> 01:02:14.064 region:rollup2
EXIT FEE EVEN THOUGH THEY DON'T
01:02:13.430 --> 01:02:14.564 region:rollup2
CALL IT FOR YOU BUT THEY DO CALL
01:02:14.064 --> 01:02:16.600 region:rollup2
THE FEE.
01:02:14.564 --> 01:02:18.068 region:rollup2
THAT BASICALLY FULLY FUNDS THE
01:02:16.600 --> 01:02:19.336 region:rollup2
PLAN THERE THAT THE P. THE
01:02:18.068 --> 01:02:21.571 region:rollup2
EMPLOYER'S PLAN AND THEN
01:02:19.336 --> 01:02:23.106 region:rollup2
REQUIRES IT. IN SHORT ORDER VERY
01:02:21.571 --> 01:02:24.341 region:rollup2
SHORT TIME PERIOD PLAN SPONSORS
01:02:23.106 --> 01:02:26.243 region:rollup2
HAVE A LEGAL REQUIREMENT TO MEET
01:02:24.341 --> 01:02:28.578 region:rollup2
ITS FIDUCIARY OBLIGATIONS TO ITS
01:02:26.243 --> 01:02:31.014 region:rollup2
EMPLOYEES RETIREES THIS DOESN'T
01:02:28.578 --> 01:02:32.382 region:rollup2
CHANGE. ANYTHING BUT SHOULD SEEK
01:02:31.014 --> 01:02:33.850 region:rollup2
AN ALTERNATIVE ROUTE TO MEET
01:02:32.382 --> 01:02:36.353 region:rollup2
THOSE REQUIREMENTS IT DISCOVERS
01:02:33.850 --> 01:02:38.054 region:rollup2
IT IS IN HOTEL CALIFORNIA.
01:02:36.353 --> 01:02:39.289 region:rollup2
YOU CAN IT YOU CAN CHECK INTO
01:02:38.054 --> 01:02:40.957 region:rollup2
CALPERS ANYTIME BUT YOU CAN
01:02:39.289 --> 01:02:42.359 region:rollup2
NEVER LEAVE.
01:02:40.957 --> 01:02:43.793 region:rollup2
COLLEAGUES THIS APPROACH IS
01:02:42.359 --> 01:02:45.795 region:rollup2
WRONG ON SO MANY LEVELS. AND IT
01:02:43.793 --> 01:02:47.330 region:rollup2
IS CREATING AWKWARD DILEMMAS FOR
01:02:45.795 --> 01:02:48.865 region:rollup2
A NUMBER OF RETIREES LIKE THOSE
01:02:47.330 --> 01:02:50.467 region:rollup2
IN THE CITY OF LOYALTON.
01:02:48.865 --> 01:02:52.602 region:rollup2
LOYAL TO HIS PIONEERING A NEW
01:02:50.467 --> 01:02:54.271 region:rollup2
TRAIL AND SP TEN THIRTY TWO IS
01:02:52.602 --> 01:02:56.606 region:rollup2
SIMPLY MAKING A COMMONSENSE
01:02:54.271 --> 01:02:57.641 region:rollup2
APPROACH. ACCESSIBLE.
01:02:56.606 --> 01:02:58.775 region:rollup2
MY OLD FRIENDS AT THE ORANGE
01:02:57.641 --> 01:03:00.310 region:rollup2
COUNTY EMPLOYEES ASSOCIATION
01:02:58.775 --> 01:03:01.845 region:rollup2
PROVIDE INTERESTING OPPOSITION
01:03:00.310 --> 01:03:03.413 region:rollup2
ARGUMENT BUT THEY ADVOCATED
01:03:01.845 --> 01:03:05.048 region:rollup2
LEAVING THE ORANGE COUNTY
01:03:03.413 --> 01:03:07.117 region:rollup2
EMPLOYEES RETIREMENT SYSTEM SOME
01:03:05.048 --> 01:03:08.385 region:rollup2
TWO DECADES AGO. TO SEEK AN
01:03:07.117 --> 01:03:10.453 region:rollup2
ALTERNATIVE PENSION
01:03:08.385 --> 01:03:11.955 region:rollup2
ADMINISTRATOR. GOOD FINANCIAL
01:03:10.453 --> 01:03:13.556 region:rollup2
MANAGEMENT DICTATES FAIR AND
01:03:11.955 --> 01:03:15.659 region:rollup2
APPROPRIATE ALTERNATIVES AND THE
01:03:13.556 --> 01:03:17.694 region:rollup2
TERMINATION TERMINATING AGENCY
01:03:15.659 --> 01:03:19.929 region:rollup2
POOL IS IS NEITHER. A RECENTLY
01:03:17.694 --> 01:03:21.531 region:rollup2
FOR CITIES CONTACTED CALPERS
01:03:19.929 --> 01:03:23.900 region:rollup2
REGARDING EXITING THE RESPONSE.
01:03:21.531 --> 01:03:24.901 region:rollup2
CALPERS GAVE THEM AN AMOUNT THAT
01:03:23.900 --> 01:03:25.835 region:rollup2
EXCEEDED THEIR ANNUAL BUDGET FOR
01:03:24.901 --> 01:03:27.671 region:rollup2
THREE OF THEM.
01:03:25.835 --> 01:03:29.406 region:rollup2
COLLEAGUES.
01:03:27.671 --> 01:03:31.374 region:rollup2
LET'S COMMUNICATE THE CALPERS
01:03:29.406 --> 01:03:33.109 region:rollup2
THAT ITS CURRENT EXIT PLAN IS IN
01:03:31.374 --> 01:03:33.677 region:rollup2
NEED OF AN IMPROVEMENT AND I
01:03:33.109 --> 01:03:35.745 region:rollup2
RESPECTFULLY ASK FOR AN AYE
01:03:33.677 --> 01:03:37.814 region:rollup2
VOTE.
01:03:35.745 --> 01:03:38.682 region:rollup2
OKAY WITNESSES SUPPORT YEAH I'M
01:03:37.814 --> 01:03:41.484 region:rollup2
MARCIA FRETS.
01:03:38.682 --> 01:03:42.852 region:rollup2
I WAS A FORMER THEM OF MEMBER.
01:03:41.484 --> 01:03:43.353 region:rollup2
A FORMER MEMBER OF THE
01:03:42.852 --> 01:03:45.855 region:rollup2
GOVERNMENTAL ACCOUNTING
01:03:43.353 --> 01:03:47.323 region:rollup2
STANDARDS BOARD TASK FORCE FOR.
01:03:45.855 --> 01:03:48.758 region:rollup2
PENSION BENEFIT ACCOUNTING AND
01:03:47.323 --> 01:03:50.660 region:rollup2
REPORTING I'M COULD I'M
01:03:48.758 --> 01:03:51.795 region:rollup2
CONSIDERED A NATIONAL EXPERT. IN
01:03:50.660 --> 01:03:54.431 region:rollup2
THIS AREA.
01:03:51.795 --> 01:03:56.399 region:rollup2
THIS BILL IS PRO LABOR.
01:03:54.431 --> 01:03:57.901 region:rollup2
I A LOT OF PEOPLE ARE CONFUSE ON
01:03:56.399 --> 01:03:59.469 region:rollup2
WHAT THIS TERMINATION FULL IS
01:03:57.901 --> 01:04:01.004 region:rollup2
ALL ABOUT AND AND I READ THE
01:03:59.469 --> 01:04:02.806 region:rollup2
ARGUMENTS AGAINST IT THEY REALLY
01:04:01.004 --> 01:04:05.241 region:rollup2
DON'T UNDERSTAND THE NUANCES OF
01:04:02.806 --> 01:04:07.477 region:rollup2
IT. AND I WON'T GO INTO IT TOO
01:04:05.241 --> 01:04:08.478 region:rollup2
TO DO DETAILED. IT CURRENT THAT
01:04:07.477 --> 01:04:09.012 region:rollup2
LOT CURRENTLY MAKES IT
01:04:08.478 --> 01:04:11.614 region:rollup2
IMPOSSIBLE FOR AGENCIES TO
01:04:09.012 --> 01:04:12.849 region:rollup2
AVOID.
01:04:11.614 --> 01:04:15.785 region:rollup2
BENEFIT CUTS NONE OF THEM WANT
01:04:12.849 --> 01:04:18.755 region:rollup2
TO CUT BENEFITS OR FREEZER PLAN
01:04:15.785 --> 01:04:21.257 region:rollup2
UNLESS ARE IN SEVERE. FISCAL.
01:04:18.755 --> 01:04:23.193 region:rollup2
SITUATIONS CLOSE TO INSOLVENCY
01:04:21.257 --> 01:04:24.761 region:rollup2
AND MANY MANY OF THE AGENCIES
01:04:23.193 --> 01:04:26.563 region:rollup2
THAT MIGHT BECOME IN THIS
01:04:24.761 --> 01:04:28.631 region:rollup2
POSITION. THE ONLY REASON
01:04:26.563 --> 01:04:29.199 region:rollup2
THEY'RE APPROACHING INSOLVENCY
01:04:28.631 --> 01:04:29.833 region:rollup2
IS BECAUSE OF THEIR PENSION
01:04:29.199 --> 01:04:31.835 region:rollup2
COSTS.
01:04:29.833 --> 01:04:33.636 region:rollup2
.
01:04:31.835 --> 01:04:35.572 region:rollup2
WHY SHOULD MAKE IT EASIER FOR
01:04:33.636 --> 01:04:37.841 region:rollup2
THESE AGENCIES?
01:04:35.572 --> 01:04:40.610 region:rollup2
TO SATISFY THEIR OBLIGATIONS TO
01:04:37.841 --> 01:04:42.345 region:rollup2
THEIR WORKERS NOT MAKE IT HARDER
01:04:40.610 --> 01:04:43.713 region:rollup2
CURRENTLY THE TERMINATION POLL
01:04:42.345 --> 01:04:46.750 region:rollup2
AND THAT'S POLICIES ARE MAKING
01:04:43.713 --> 01:04:48.651 region:rollup2
IT HARDER. FOR THESE AGENCIES ON
01:04:46.750 --> 01:04:50.754 region:rollup2
THE BRINK OF INSOLVENCY TO
01:04:48.651 --> 01:04:53.390 region:rollup2
SATISFY THEIR OBLIGATIONS.
01:04:50.754 --> 01:04:55.091 region:rollup2
I REALLY FEEL AND I'M NOT AN
01:04:53.390 --> 01:04:56.593 region:rollup2
ATTORNEY BUT I'VE LOOKED AT THE
01:04:55.091 --> 01:04:57.861 region:rollup2
TOP TERMINATION CLAUSE FOR A
01:04:56.593 --> 01:04:59.729 region:rollup2
NUMBER OF YEARS EVER SINCE THE
01:04:57.861 --> 01:05:01.498 region:rollup2
STOCKTON BANKRUPTCY.
01:04:59.729 --> 01:05:03.032 region:rollup2
AND THE JUDGE OF LOOKED AT IT
01:05:01.498 --> 01:05:04.968 region:rollup2
THIS WELL WE HAVE A WITNESS FROM
01:05:03.032 --> 01:05:06.636 region:rollup2
CALPERS EXPLAIN THAT IN THE
01:05:04.968 --> 01:05:09.539 region:rollup2
BANKRUPTCY PROCEEDINGS. AND THE
01:05:06.636 --> 01:05:10.774 region:rollup2
JUDGE PRETTY MUCH SAID YOU'RE
01:05:09.539 --> 01:05:12.075 region:rollup2
TERMINATION POLICY.
01:05:10.774 --> 01:05:14.110 region:rollup2
IS NOTS.
01:05:12.075 --> 01:05:16.079 region:rollup2
.
01:05:14.110 --> 01:05:18.248 region:rollup2
AND I REALLY FEEL IF THIS IF
01:05:16.079 --> 01:05:19.482 region:rollup2
THIS CLAUSE WERE CHALLENGED IN
01:05:18.248 --> 01:05:20.884 region:rollup2
COURT IT WOULD BE CONSIDERED AN
01:05:19.482 --> 01:05:22.252 region:rollup2
ENFORCEABLE.
01:05:20.884 --> 01:05:24.888 region:rollup2
AGENCIES THAT GOT INTO THESE
01:05:22.252 --> 01:05:27.323 region:rollup2
BENEFIT INCREASES RETROACTIVELY.
01:05:24.888 --> 01:05:29.125 region:rollup2
USING TH CALPERS REPORTS WERE
01:05:27.323 --> 01:05:31.895 region:rollup2
MET THERE WAS MISREPRESENTATION
01:05:29.125 --> 01:05:33.062 region:rollup2
AND NON DISCLOSURES.
01:05:31.895 --> 01:05:34.330 region:rollup2
THERE'S AND IF THERE'S
01:05:33.062 --> 01:05:36.900 region:rollup2
UNCONSCIONABLE.
01:05:34.330 --> 01:05:38.868 region:rollup2
RATE OF RETURN ASSUMPTIONS THAT
01:05:36.900 --> 01:05:40.470 region:rollup2
ARE USE FOR AGENCIES THAT WANT
01:05:38.868 --> 01:05:42.138 region:rollup2
TO TERMINATE WITH CALPERS. IT
01:05:40.470 --> 01:05:43.807 region:rollup2
MAKES IT IMPOSSIBLE FOR THEM TO
01:05:42.138 --> 01:05:46.075 region:rollup2
GET AWAY SO WHAT YOU'VE GOT ARE
01:05:43.807 --> 01:05:47.777 region:rollup2
THESE AGENCIES ARE ON THE BRINK
01:05:46.075 --> 01:05:49.212 region:rollup2
THAT IF THEY CAN. IF THEY'VE.
01:05:47.777 --> 01:05:50.380 region:rollup2
EVEN IF THEY'VE CONTRACTED WITH
01:05:49.212 --> 01:05:51.648 region:rollup2
THEIR EMPLOYEES TO FREEZE OUR
01:05:50.380 --> 01:05:53.616 region:rollup2
BENEFITS
01:05:51.648 --> 01:05:54.751 region:rollup2
OR MODIFY THEIR BENEFITS AND
01:05:53.616 --> 01:05:56.286 region:rollup2
THEY HAVE TO LEAVE CALPERS
01:05:54.751 --> 01:05:58.555 region:rollup2
BECAUSE SOMETIMES IF YOU MODIFY
01:05:56.286 --> 01:06:00.156 region:rollup2
YOUR BENEFIT. AND IT'S NOT A A
01:05:58.555 --> 01:06:03.159 region:rollup2
MODIFICATION THAT CALPERS IS
01:06:00.156 --> 01:06:04.994 region:rollup2
ABLE TO ADMINISTER. CALPERS SAYS
01:06:03.159 --> 01:06:06.863 region:rollup2
YOU GOTTA GET OUT AND.
01:06:04.994 --> 01:06:08.198 region:rollup2
THIS DIDN'T THEN MAYBE THEY DO
01:06:06.863 --> 01:06:10.366 region:rollup2
HAVE TO LEAVE AND GO T A
01:06:08.198 --> 01:06:10.900 region:rollup2
DIFFERENT AGENCY TIM TO MANAGE
01:06:10.366 --> 01:06:12.902 region:rollup2
THEIR PENSION FUNDS MANAGE
01:06:10.900 --> 01:06:14.571 region:rollup2
THEIR.
01:06:12.902 --> 01:06:16.139 region:rollup2
THEIR ASSETS LIKE THE CITY OF
01:06:14.571 --> 01:06:17.907 region:rollup2
CAP THAT CAPISTRANO BEACH.
01:06:16.139 --> 01:06:19.576 region:rollup2
THEY'VE GOT A THEY'VE GOT THEIR
01:06:17.907 --> 01:06:21.211 region:rollup2
OWN PENSION ADMINISTRATION
01:06:19.576 --> 01:06:22.712 region:rollup2
THERE'S ALL KINDS OF DIFFERENT
01:06:21.211 --> 01:06:25.315 region:rollup2
PLACES YOU CAN GO TO GET YOUR
01:06:22.712 --> 01:06:27.417 region:rollup2
YOUR NEW PENSION. FORMULA
01:06:25.315 --> 01:06:29.786 region:rollup2
ADMINISTERED WITHOUT HAVING
01:06:27.417 --> 01:06:31.120 region:rollup2
CALPERS BUT CALPERS HAS IS.
01:06:29.786 --> 01:06:32.889 region:rollup2
AND IN MY OPINION AN
01:06:31.120 --> 01:06:34.390 region:rollup2
UNCONSCIONABLE.
01:06:32.889 --> 01:06:37.060 region:rollup2
REQUIREMENT ON TERMINATING BY
01:06:34.390 --> 01:06:38.561 region:rollup2
USING A RISK FREE RATE OF RETURN
01:06:37.060 --> 01:06:40.930 region:rollup2
AND LOCKING YOU END OF THEM.
01:06:38.561 --> 01:06:43.066 region:rollup2
THERE'S NOTHING IN THIS BILL
01:06:40.930 --> 01:06:44.801 region:rollup2
THAT WOULD CHANGE THE FACT THAT
01:06:43.066 --> 01:06:46.436 region:rollup2
THE BENEFITS WOULD BE.
01:06:44.801 --> 01:06:47.770 region:rollup2
PAID BY THE AGENCY THAT IS
01:06:46.436 --> 01:06:49.606 region:rollup2
MAKING THE PROMISES TO THE
01:06:47.770 --> 01:06:50.073 region:rollup2
EMPLOYEES THIS BILL MAKES IT
01:06:49.606 --> 01:06:52.475 region:rollup2
EASIER FOR AGENCIES TO
01:06:50.073 --> 01:06:54.844 region:rollup2
TERMINATE.
01:06:52.475 --> 01:06:57.447 region:rollup2
WITH CALPERS AND SATISFY THE
01:06:54.844 --> 01:06:58.781 region:rollup2
OBLIGATIONS TO THEIR RETIREES
01:06:57.447 --> 01:07:00.049 region:rollup2
AND THEIR EMPLOYEES WHAT WE'VE
01:06:58.781 --> 01:07:02.218 region:rollup2
GOT RIGHT NOW IS IF THEY'RE
01:07:00.049 --> 01:07:03.920 region:rollup2
FORCED TO TERMINATE. UNDER
01:07:02.218 --> 01:07:05.688 region:rollup2
CALPERS CURRENT RULES.
01:07:03.920 --> 01:07:07.790 region:rollup2
THEY CAN'T SATISFY THE
01:07:05.688 --> 01:07:09.292 region:rollup2
OBLIGATIONS WEEK I'M I'M LOOKING
01:07:07.790 --> 01:07:10.760 region:rollup2
THAT WE'RE NOT GONNA HOPEFULLY
01:07:09.292 --> 01:07:12.629 region:rollup2
HAVE ANY AGENCIES NEED TO
01:07:10.760 --> 01:07:13.596 region:rollup2
TERMINATE. BUT IF WE DO WE WANT
01:07:12.629 --> 01:07:15.164 region:rollup2
TO MAKE SURE THAT THEIR BENEFITS
01:07:13.596 --> 01:07:17.233 region:rollup2
ARE PAID.
01:07:15.164 --> 01:07:17.800 region:rollup2
TO THE BEST OF THE ABILITY NOT
01:07:17.233 --> 01:07:21.571 region:rollup2
THE WORST LIKE WE HAVE RIGHT
01:07:17.800 --> 01:07:22.639 region:rollup2
NOW.
01:07:21.571 --> 01:07:24.340 region:rollup2
THANK YOU LE ANY OTHER WITNESSES
01:07:22.639 --> 01:07:26.609 region:rollup2
IN SUPPORT.
01:07:24.340 --> 01:07:28.278 region:rollup2
YOU.
01:07:26.609 --> 01:07:28.811 region:rollup2
GOOD AFTERNOON CURIOSITY HAVE
01:07:28.278 --> 01:07:31.915 region:rollup2
THE CITY OF SAN MARCOS IN
01:07:28.811 --> 01:07:33.983 region:rollup2
SUPPORT AGAIN.
01:07:31.915 --> 01:07:44.861 region:rollup2
TO HAVE. SEEN THE WAY TO SUPPORT
01:07:33.983 --> 01:07:45.528 region:rollup2
A WITNESS IN OPPOSITION.
01:07:44.861 --> 01:07:54.270 region:rollup2
HAVING A.
01:07:45.528 --> 01:07:55.805 region:rollup2
YEAH.
01:07:54.270 --> 01:07:57.507 region:rollup2
MISTER CHAIRMAN MEMBERS TO JUDGE
01:07:55.805 --> 01:07:58.975 region:rollup2
THE PROCESS BECAUSE WHAT YOU'RE
01:07:57.507 --> 01:08:00.910 region:rollup2
SCHOOL EMPLOYEES ASSOCIATION.
01:07:58.975 --> 01:08:02.378 region:rollup2
THAT I I HAVE TO START WITH AN
01:08:00.910 --> 01:08:03.513 region:rollup2
APOLOGY TO DR THEORY. WE HAVE
01:08:02.378 --> 01:08:05.915 region:rollup2
NOT LISTED IN THE ANALYSIS AND
01:08:03.513 --> 01:08:07.150 region:rollup2
IT MAY BE OUR FAILURE TO SEND
01:08:05.915 --> 01:08:08.051 region:rollup2
THE LETTER.
01:08:07.150 --> 01:08:08.952 region:rollup2
AND WE NEVER LIKE TO SURPRISE
01:08:08.051 --> 01:08:12.055 region:rollup2
AND AUTHOR AT THAT HEARING
01:08:08.952 --> 01:08:13.122 region:rollup2
ITSELF. OF BUT WE ARE A. PART IN
01:08:12.055 --> 01:08:14.691 region:rollup2
OPPOSITION TO THIS PROPOSAL
01:08:13.122 --> 01:08:15.591 region:rollup2
NAMELY BECAUSE I'M US AS WE
01:08:14.691 --> 01:08:18.361 region:rollup2
UNDERSTAND IT.
01:08:15.591 --> 01:08:20.530 region:rollup2
AGENCY CAN LEAVE HAVE LEFT AND
01:08:18.361 --> 01:08:22.699 region:rollup2
IS ABOUT AND SHOWING THE ACTUAL
01:08:20.530 --> 01:08:23.866 region:rollup2
COST OF LIVING IS IS RECOUP
01:08:22.699 --> 01:08:25.435 region:rollup2
SOMEHOW.
01:08:23.866 --> 01:08:26.736 region:rollup2
AND SO WE ARE KIND OF
01:08:25.435 --> 01:08:27.704 region:rollup2
BEWILDERED APPLIED THIS IS
01:08:26.736 --> 01:08:29.872 region:rollup2
NECESSARY.
01:08:27.704 --> 01:08:32.542 region:rollup2
WE GET THAT IS EXPENSIVE.
01:08:29.872 --> 01:08:33.876 region:rollup2
BUT THAT'S THE POINT OF HAVING
01:08:32.542 --> 01:08:35.845 region:rollup2
TO ACTUAL COST BECAUSE.
01:08:33.876 --> 01:08:37.814 region:rollup2
IF IT'S GOOD TO GET AND GETTING
01:08:35.845 --> 01:08:40.016 region:rollup2
OUT MAY BE DIFFICULT DONE SO WE
01:08:37.814 --> 01:08:43.586 region:rollup2
WOULD LIKE TO KNOW VOTE ON THIS
01:08:40.016 --> 01:08:45.455 region:rollup2
BILL THANK YOU.
01:08:43.586 --> 01:08:47.090 region:rollup2
MISTER CHAIRMAN SENATORS TERRY
01:08:45.455 --> 01:08:48.591 region:rollup2
BROWN IN BEHALF OF SEIU
01:08:47.090 --> 01:08:51.761 region:rollup2
CALIFORNIA.
01:08:48.591 --> 01:08:53.930 region:rollup2
LET ME START BY JUST SAYING I
01:08:51.761 --> 01:08:54.497 region:rollup2
THINK I AGREE WITH SENATOR MORE
01:08:53.930 --> 01:08:57.500 region:rollup2
LACK RIGHT TO STAY OUT. OF.
01:08:54.497 --> 01:09:00.470 region:rollup2
THAT.
01:08:57.500 --> 01:09:01.104 region:rollup2
THE CALPERS EXIT PROGRAM IS
01:09:00.470 --> 01:09:03.072 region:rollup2
CUMBERSOME.
01:09:01.104 --> 01:09:06.376 region:rollup2
IT IS EXPENSIVE.
01:09:03.072 --> 01:09:08.111 region:rollup2
IT DOES RELY ON AN AGENCY
01:09:06.376 --> 01:09:10.947 region:rollup2
COMING UP WITH A LOT OF MONEY UP
01:09:08.111 --> 01:09:12.181 region:rollup2
FRONT THE REASON FOR THAT. IS TO
01:09:10.947 --> 01:09:13.916 region:rollup2
MAKE SURE THERE'S MONEY THERE TO
01:09:12.181 --> 01:09:16.886 region:rollup2
PAY THE BENEFITS LONG TERM YOUR
01:09:13.916 --> 01:09:19.789 region:rollup2
CLOSING OUT NEW EMPLOYEES HAND
01:09:16.886 --> 01:09:21.257 region:rollup2
THE PROGRAM TO FUTURE EMPLOYEES.
01:09:19.789 --> 01:09:22.725 region:rollup2
AND WITH A ONE ROOM SURE YOU
01:09:21.257 --> 01:09:25.928 region:rollup2
HAVE THE.
01:09:22.725 --> 01:09:27.463 region:rollup2
ACTUARIAL AMOUNT TO PAY THOSE
01:09:25.928 --> 01:09:29.499 region:rollup2
BENEFITS LONG TERM.
01:09:27.463 --> 01:09:31.501 region:rollup2
NOW COULD THAT BE NEGOTIATED IN
01:09:29.499 --> 01:09:33.770 region:rollup2
THE DIFFERENT WAY IN A DIFFERENT
01:09:31.501 --> 01:09:35.004 region:rollup2
MANNER THAN THE TAP PROGRAM.
01:09:33.770 --> 01:09:36.706 region:rollup2
I BELIEVE THAT'S A CONVERSATION
01:09:35.004 --> 01:09:39.275 region:rollup2
SENATOR AND I CAN'T CALPERS
01:09:36.706 --> 01:09:40.943 region:rollup2
COULD HAVE IN THE FUTURE. BUT
01:09:39.275 --> 01:09:42.245 region:rollup2
ELIMINATING THE TAP PROGRAM
01:09:40.943 --> 01:09:44.080 region:rollup2
ALLOWING THEM TO CUT AND RUN
01:09:42.245 --> 01:09:46.549 region:rollup2
WITH THEIR FUNDS AND INVESTMENT
01:09:44.080 --> 01:09:48.017 region:rollup2
A PRIVATE. EYE IN INDY IS
01:09:46.549 --> 01:09:50.086 region:rollup2
ABSOLUTELY THE WRONG WAY TO BE
01:09:48.017 --> 01:09:51.821 region:rollup2
SURE THESE BENEFITS WE AVAILABLE
01:09:50.086 --> 01:09:53.423 region:rollup2
FROM HIM MY MEMBERS LONG TERM.
01:09:51.821 --> 01:09:55.525 region:rollup2
AND FOR THAT REASON WE OPPOSE
01:09:53.423 --> 01:09:57.326 region:rollup2
BILL.
01:09:55.525 --> 01:09:58.561 region:rollup2
OTHER WITNESSES IN OPPOSITION.
01:09:57.326 --> 01:09:59.996 region:rollup2
AS CHAIR RANGE FROM OF THE
01:09:58.561 --> 01:10:04.767 region:rollup2
RIVERSIDE SHERIFF'S ASSOCIATION
01:09:59.996 --> 01:10:06.335 region:rollup2
ALSO OWNS OPPOSITION THANK YOU.
01:10:04.767 --> 01:10:07.570 region:rollup2
A MISTER CHAIRMAN AND MEMBERS
01:10:06.335 --> 01:10:10.073 region:rollup2
TED TOP AND FOR THE CALIFORNIA
01:10:07.570 --> 01:10:13.309 region:rollup2
STATE RETIREES STRONGLY OPPOSE
01:10:10.073 --> 01:10:15.978 region:rollup2
THIS IS ABOUT. GIVING EMPLOYERS
01:10:13.309 --> 01:10:16.512 region:rollup2
AN INVITATION TO PULL THE RUG
01:10:15.978 --> 01:10:17.647 region:rollup2
OUT FROM UNDERNEATH THEIR
01:10:16.512 --> 01:10:20.950 region:rollup2
EMPLOYEES.
01:10:17.647 --> 01:10:23.920 region:rollup2
AND STIFFENED AND RETIREMENT.
01:10:20.950 --> 01:10:26.255 region:rollup2
A PENSION. AS A PROMISE THAT
01:10:23.920 --> 01:10:27.757 region:rollup2
SHOULD BE KEPT IT IS PART OF THE
01:10:26.255 --> 01:10:29.525 region:rollup2
AGREEMENT WHEN YOU COME TO WORK
01:10:27.757 --> 01:10:31.160 region:rollup2
FOR THE STATE OF CALIFORNIA OR
01:10:29.525 --> 01:10:32.328 region:rollup2
ANY OTHER PUBLIC AGENCY. THE
01:10:31.160 --> 01:10:34.530 region:rollup2
NOTION THAT YOU'RE GOING TO
01:10:32.328 --> 01:10:35.598 region:rollup2
ALLOW EMPLOYERS OUT OF THAT
01:10:34.530 --> 01:10:37.934 region:rollup2
COMMITMENT TO THEIR EMPLOYEES
01:10:35.598 --> 01:10:39.035 region:rollup2
IT'S FUN CONSTABLE AND IT'S IT'S
01:10:37.934 --> 01:10:44.073 region:rollup2
ON FAT FRANKLY ON ETHICAL.
01:10:39.035 --> 01:10:45.575 region:rollup2
A REGION OF THE.
01:10:44.073 --> 01:10:47.110 region:rollup2
IT MISTER CHAIRMAN MEMBERS SAY
01:10:45.575 --> 01:10:48.211 region:rollup2
CALIFORNIA ASSOCIATION ERIN READ
01:10:47.110 --> 01:10:50.113 region:rollup2
REPRESENT CONFERENCE HAS YOU
01:10:48.211 --> 01:10:50.913 region:rollup2
HAVE A COMMENT HELLFIRE LOCAL
01:10:50.113 --> 01:10:53.349 region:rollup2
TWENTY ONE.
01:10:50.913 --> 01:10:55.551 region:rollup2
CAPS TO SCIENTISTS ORANGE
01:10:53.349 --> 01:10:57.286 region:rollup2
COUNTY EMPLOYEES AND RETIRED
01:10:55.551 --> 01:10:58.855 region:rollup2
PUBLIC EMPLOYEES SITUATION.
01:10:57.286 --> 01:11:00.623 region:rollup2
I DON'T KNOW THAT WE REALLY
01:10:58.855 --> 01:11:02.525 region:rollup2
REVISIT WHAT WE DID WITH PEPPER
01:11:00.623 --> 01:11:04.961 region:rollup2
IN TWENTY TWELVE. PEPPER WAS A
01:11:02.525 --> 01:11:07.296 region:rollup2
HUGE REFORM MUCH MORE THAN POLL
01:11:04.961 --> 01:11:08.531 region:rollup2
MOST PEOPLE DON'T REALIZE AND
01:11:07.296 --> 01:11:10.366 region:rollup2
LOT OF PEOPLE HAVE FORGOTTEN
01:11:08.531 --> 01:11:12.201 region:rollup2
WHAT IT DID. VERY BRIEFLY. FOR
01:11:10.366 --> 01:11:16.072 region:rollup2
NEW HIRES IT MAKES HIM WORK
01:11:12.201 --> 01:11:17.507 region:rollup2
LONGER THEY GET A LOWER FORMULA.
01:11:16.072 --> 01:11:19.809 region:rollup2
AND THERE'S A DOLLAR CAP.
01:11:17.507 --> 01:11:21.244 region:rollup2
AND THEY EMPLOYEES ALL HAVE TO
01:11:19.809 --> 01:11:23.279 region:rollup2
PAY HALF THE NORMAL COURSE OF
01:11:21.244 --> 01:11:24.580 region:rollup2
THE RETIREMENT HALF THE NORMAL
01:11:23.279 --> 01:11:26.149 region:rollup2
BECAUSE OF THE RETIREMENT AND
01:11:24.580 --> 01:11:27.383 region:rollup2
THAT'S INCLUDING THE ACTIVE
01:11:26.149 --> 01:11:28.751 region:rollup2
EMPLOYEES TODAY. NOT JUST NEW
01:11:27.383 --> 01:11:30.186 region:rollup2
HIRES
01:11:28.751 --> 01:11:31.988 region:rollup2
THE ACTIVE EMPLOYEES TODAY ARE
01:11:30.186 --> 01:11:33.456 region:rollup2
NOW PAYING HALF THE NORMAL COST
01:11:31.988 --> 01:11:35.358 region:rollup2
SO WAS A MAJOR REFORM AND IT
01:11:33.456 --> 01:11:37.093 region:rollup2
SAVED BILLIONS ARE READY AND
01:11:35.358 --> 01:11:38.995 region:rollup2
WILL SAVE. MANY BILLIONS OVER
01:11:37.093 --> 01:11:39.829 region:rollup2
THE YEARS AS WE HIRE MORE AND
01:11:38.995 --> 01:11:42.365 region:rollup2
MORE PEOPLE.
01:11:39.829 --> 01:11:43.766 region:rollup2
THAT A COST SAVING SCHOOL UP SO
01:11:42.365 --> 01:11:45.735 region:rollup2
WE NEED TO TAKE AT LEAST A
01:11:43.766 --> 01:11:47.537 region:rollup2
MOMENT TO SAY. THAT THAT WAS A
01:11:45.735 --> 01:11:49.038 region:rollup2
VERY GOOD JOB THE LEGISLATURE
01:11:47.537 --> 01:11:53.843 region:rollup2
DID WITH THE GOVERNOR ON ON
01:11:49.038 --> 01:11:55.745 region:rollup2
PAPER.
01:11:53.843 --> 01:11:59.415 region:rollup2
OKAY. A QUESTIONS FROM COMMITTEE
01:11:55.745 --> 01:11:59.615 region:rollup2
MEMBERS.
01:11:59.415 --> 01:12:01.417 region:rollup2
OKAY.
01:11:59.615 --> 01:12:02.218 region:rollup2
SO.
01:12:01.417 --> 01:12:03.719 region:rollup2
THEY HAVEN'T SO ONE OF THE
01:12:02.218 --> 01:12:05.888 region:rollup2
QUESTIONS SO ISSUES THAT'S BEEN
01:12:03.719 --> 01:12:06.589 region:rollup2
POSES IS THAT WHAT ASSURANCES DO
01:12:05.888 --> 01:12:08.124 region:rollup2
WE HAVE.
01:12:06.589 --> 01:12:09.926 region:rollup2
WITH THIS BILL THAT.
01:12:08.124 --> 01:12:12.128 region:rollup2
EMPLOYEES.
01:12:09.926 --> 01:12:14.263 region:rollup2
TRANSFER OVER WATCH YOU GET.
01:12:12.128 --> 01:12:16.032 region:rollup2
THEIR RETIREMENT THAT THAT AND
01:12:14.263 --> 01:12:17.667 region:rollup2
SO WHAT DIFFERENCES ARE WE
01:12:16.032 --> 01:12:20.503 region:rollup2
PUTTING IN PLACE TO SAY THAT
01:12:17.667 --> 01:12:21.938 region:rollup2
WELL IF. THAT THE EMPLOYER WHO
01:12:20.503 --> 01:12:23.372 region:rollup2
THIS CASEARE PUBLIC ENTITIES
01:12:21.938 --> 01:12:25.908 region:rollup2
NEED TO PONY UP.
01:12:23.372 --> 01:12:27.376 region:rollup2
YEAH AND NOT TO ABANDON THEIR
01:12:25.908 --> 01:12:29.312 region:rollup2
RETIREES ARE. POLICE WHEN THEY
01:12:27.376 --> 01:12:30.746 region:rollup2
BECOME RETIREES WHO GETS THE
01:12:29.312 --> 01:12:32.682 region:rollup2
BEST QUESTION TO ASK MR CARE.
01:12:30.746 --> 01:12:33.683 region:rollup2
WHO WERE TALKING ABOUT
01:12:32.682 --> 01:12:35.117 region:rollup2
INTENTIONS HERE?
01:12:33.683 --> 01:12:36.752 region:rollup2
WE'RE NOT TALKING ABOUT
01:12:35.117 --> 01:12:37.687 region:rollup2
ALLOWING ANYONE TO CUT RUNNER
01:12:36.752 --> 01:12:39.989 region:rollup2
PULL THE RUG.
01:12:37.687 --> 01:12:41.757 region:rollup2
THAT'S FAR FROM OVER TRYING TO
01:12:39.989 --> 01:12:44.527 region:rollup2
EVEN TALK ABOUT THE PROMISE IS A
01:12:41.757 --> 01:12:45.094 region:rollup2
PROMISE AND THESE BENEFICIARIES
01:12:44.527 --> 01:12:47.363 region:rollup2
SHOULD GET THEIR RETIREMENT
01:12:45.094 --> 01:12:49.031 region:rollup2
BENEFITS. IT'S A LIABILITY THAT
01:12:47.363 --> 01:12:50.666 region:rollup2
THE MUNICIPALITY HAS INCURRED WE
01:12:49.031 --> 01:12:53.236 region:rollup2
CANNOT AVOID IT CANNOT LEAVE IT
01:12:50.666 --> 01:12:56.239 region:rollup2
CANNOT. SO SOLICIT LOYALTON.
01:12:53.236 --> 01:12:57.540 region:rollup2
THAT CITY HAS TO PAY ITS
01:12:56.239 --> 01:12:58.941 region:rollup2
BENEFITS TO ITS EMPLOYEES.
01:12:57.540 --> 01:13:01.210 region:rollup2
IF IT DOESN'T IT WILL BE A FAST
01:12:58.941 --> 01:13:02.678 region:rollup2
IF. I'M EVEN EVEN HOMEOWNERS ARE
01:13:01.210 --> 01:13:04.714 region:rollup2
PROBABLY ABBA HAVE SOME
01:13:02.678 --> 01:13:06.349 region:rollup2
LIABILITY TO EXPECT BECAUSE THAT
01:13:04.714 --> 01:13:07.283 region:rollup2
LOOK THAT. THAT PENSION WILL BE
01:13:06.349 --> 01:13:09.085 region:rollup2
PAID.
01:13:07.283 --> 01:13:11.254 region:rollup2
SO WE'RE WE'RE NOT TALKING AT
01:13:09.085 --> 01:13:12.355 region:rollup2
ALL ABOUT.
01:13:11.254 --> 01:13:14.991 region:rollup2
I'M SORRY MEGAN AND I SAY
01:13:12.355 --> 01:13:15.157 region:rollup2
SOMETHIN.
01:13:14.991 --> 01:13:17.059 region:rollup2
SO.
01:13:15.157 --> 01:13:18.861 region:rollup2
.
01:13:17.059 --> 01:13:20.763 region:rollup2
WE WE WANT ACTUAL COST RECOVERED
01:13:18.861 --> 01:13:22.565 region:rollup2
SO AN EMPLOYER I ATE A
01:13:20.763 --> 01:13:24.467 region:rollup2
MUNICIPALITY HAS MADE THEIR
01:13:22.565 --> 01:13:26.502 region:rollup2
PAYMENTS TO CALPERS. THEY HAVE
01:13:24.467 --> 01:13:28.304 region:rollup2
EARNED INVESTMENT INCOME THEY
01:13:26.502 --> 01:13:29.805 region:rollup2
HAVE PAID BENEFITS THEY HAVE A
01:13:28.304 --> 01:13:31.374 region:rollup2
NET CASH AMOUNT.
01:13:29.805 --> 01:13:32.608 region:rollup2
THAT'S THEIR FUNDS AND IF THEY
01:13:31.374 --> 01:13:34.543 region:rollup2
WANT TO MOVE IT TO ANOTHER
01:13:32.608 --> 01:13:37.213 region:rollup2
INVESTMENT COMPANY THEY'RE STILL
01:13:34.543 --> 01:13:38.981 region:rollup2
LIABLE TO PAY THE EMPLOYEES.
01:13:37.213 --> 01:13:40.383 region:rollup2
AND SO I DON'T SEE THEM GOING TO
01:13:38.981 --> 01:13:42.652 region:rollup2
SHYSTER THEY SEE THEM GOING TO
01:13:40.383 --> 01:13:44.253 region:rollup2
PROFESSIONAL FERNS. VIA CRAFT
01:13:42.652 --> 01:13:46.022 region:rollup2
FOR OR OTHERS THERE'S OTHER BY
01:13:44.253 --> 01:13:47.723 region:rollup2
WEB PHI DELTA YOU NAME WHOEVER
01:13:46.022 --> 01:13:49.959 region:rollup2
THEY WANT TO GO TO. BUT BUT
01:13:47.723 --> 01:13:51.294 region:rollup2
RIGHT NOW THEY AREPROHIBITED
01:13:49.959 --> 01:13:52.862 region:rollup2
FROM A COST STANDPOINT TO
01:13:51.294 --> 01:13:54.463 region:rollup2
ACTUALLY TAKE CARE OF THEIR
01:13:52.862 --> 01:13:55.998 region:rollup2
EMPLOYEES TO PROVIDE SOMETHING A
01:13:54.463 --> 01:13:57.400 region:rollup2
LITTLE MORE COST AFFORDABLE AND
01:13:55.998 --> 01:13:59.468 region:rollup2
SO THAT'S WHY WE'RE TRYING TO
01:13:57.400 --> 01:14:01.137 region:rollup2
HELP OUT. OFI HOPE THAT ANSWERS
01:13:59.468 --> 01:14:02.805 region:rollup2
YOUR QUESTIONS BUT SOME BUT WE
01:14:01.137 --> 01:14:04.440 region:rollup2
WANT THAT FOR THE RETIREES TO
01:14:02.805 --> 01:14:05.408 region:rollup2
GET THEIR BENEFITS.
01:14:04.440 --> 01:14:06.876 region:rollup2
WE'RE NOT PLAYING ANY GAMES HERE
01:14:05.408 --> 01:14:08.678 region:rollup2
SO IF I CAN ADD PLEASE.
01:14:06.876 --> 01:14:10.379 region:rollup2
BRIEFLY OKAY.
01:14:08.678 --> 01:14:12.481 region:rollup2
THERE'S NOTHING THERE'S NOTHING
01:14:10.379 --> 01:14:13.749 region:rollup2
RIGHT NOW THAT. ENSURES THAT
01:14:12.481 --> 01:14:16.452 region:rollup2
THOSE BENEFITS ARE GOING TO BE
01:14:13.749 --> 01:14:19.288 region:rollup2
PAID OTHER THAN. THE LEGAL ARM
01:14:16.452 --> 01:14:20.589 region:rollup2
THAT CALPERS HAS BATTLED CALPERS
01:14:19.288 --> 01:14:22.458 region:rollup2
CAN EVEN EXTRACT PAYMENTS OUT OF
01:14:20.589 --> 01:14:24.026 region:rollup2
THE AGENCY IF THEY LITERALLY
01:14:22.458 --> 01:14:25.861 region:rollup2
DON'T HAVE THE MONEY TO PAY.
01:14:24.026 --> 01:14:27.129 region:rollup2
COPPER SAYS OKAY YOU GO INTO
01:14:25.861 --> 01:14:28.965 region:rollup2
TERMINATED PULL AND CALPERS
01:14:27.129 --> 01:14:30.266 region:rollup2
RIGHT NOW IS OBLIGATED. TO
01:14:28.965 --> 01:14:32.735 region:rollup2
REDUCE THE BENEFITS TO THE
01:14:30.266 --> 01:14:34.637 region:rollup2
ACTUARIAL VALUE OF ASSETS.
01:14:32.735 --> 01:14:36.272 region:rollup2
AND AND THAT ACTUAR AVAILABLE
01:14:34.637 --> 01:14:38.441 region:rollup2
ASSETS IS DETERMINED BASED ON A
01:14:36.272 --> 01:14:40.643 region:rollup2
TWO PERCENT ARE VERY LOW RATE OF
01:14:38.441 --> 01:14:41.877 region:rollup2
RETURN OKAY SO ANYWAY JUST
01:14:40.643 --> 01:14:44.280 region:rollup2
FOLLOW UP ON THAT O.
01:14:41.877 --> 01:14:46.782 region:rollup2
WHEN THE OTHER ISSUES THEN IS
01:14:44.280 --> 01:14:48.184 region:rollup2
THAT IF THIS BILL PASSES.
01:14:46.782 --> 01:14:52.121 region:rollup2
BECAUSE ONE THE REASONS YOU
01:14:48.184 --> 01:14:54.957 region:rollup2
HAVE THE. THE TAP IS IS THAT.
01:14:52.121 --> 01:14:57.293 region:rollup2
TO. TO ENSURE AGAIN ENSURE THEY
01:14:54.957 --> 01:14:58.627 region:rollup2
HAVE BUT IS CALPERS US OF THE
01:14:57.293 --> 01:15:00.529 region:rollup2
CALPERS BEAGLE WE.
01:14:58.627 --> 01:15:02.732 region:rollup2
SO SO BECAUSE YOU MENTIONED
01:15:00.529 --> 01:15:04.300 region:rollup2
THAT WELL YOU KNOW THE THE THE
01:15:02.732 --> 01:15:05.901 region:rollup2
THE PUBLIC ENTITY.
01:15:04.300 --> 01:15:07.803 region:rollup2
IT'S STILL LIABLE AND I GUESS
01:15:05.901 --> 01:15:09.372 region:rollup2
NOW I CAN GO AFTER AND REQUIRED
01:15:07.803 --> 01:15:10.706 region:rollup2
TO PAY OUT THE RETIREMENT. IS
01:15:09.372 --> 01:15:12.475 region:rollup2
BECAUSE NOW THAT SEPARATE FROM
01:15:10.706 --> 01:15:14.643 region:rollup2
CALPERS IS CALPERS COMPLETELY
01:15:12.475 --> 01:15:16.679 region:rollup2
IMMUNE FROM ANY CLAIMS THEN
01:15:14.643 --> 01:15:17.813 region:rollup2
BECAUSE SINCE THAT. SINCE THAT
01:15:16.679 --> 01:15:19.548 region:rollup2
ENTITYYOU KNOW THE CITY
01:15:17.813 --> 01:15:20.750 region:rollup2
WHATEVER SAID WERE SEPARATING
01:15:19.548 --> 01:15:22.551 region:rollup2
WE'RE GOING OFF TREATING ARE
01:15:20.750 --> 01:15:23.652 region:rollup2
OWNED BY BY. CALPERS IS
01:15:22.551 --> 01:15:26.322 region:rollup2
COMPLETELY IMMUNE FROM ANY
01:15:23.652 --> 01:15:27.123 region:rollup2
CLAIMS FROM FUTURE RETIREES EVEN
01:15:26.322 --> 01:15:28.624 region:rollup2
IF THE.
01:15:27.123 --> 01:15:30.292 region:rollup2
SEE.
01:15:28.624 --> 01:15:32.561 region:rollup2
THAT DID THE SEPARATION.
01:15:30.292 --> 01:15:34.430 region:rollup2
IS THIS FOR SOME REASON DOES
01:15:32.561 --> 01:15:37.033 region:rollup2
NOT PONY UP THE MONEY THAT
01:15:34.430 --> 01:15:37.700 region:rollup2
CALPERS CANNOT BE. A GOOD AT SO
01:15:37.033 --> 01:15:39.268 region:rollup2
WE CAN GET A COURT SAID WELL YOU
01:15:37.700 --> 01:15:41.971 region:rollup2
KNOW WHAT CITIES BANKRUPT AND
01:15:39.268 --> 01:15:44.173 region:rollup2
THEY CAN'T PAY SO I'M GOING BACK
01:15:41.971 --> 01:15:45.908 region:rollup2
CALPERS NOW TO GET THE MONEY.
01:15:44.173 --> 01:15:47.877 region:rollup2
THE IF IF YOU HAVE AN EXIT PLAN
01:15:45.908 --> 01:15:50.546 region:rollup2
THAT GIVES THE PLAN SPONSOR
01:15:47.877 --> 01:15:52.014 region:rollup2
THEIR ASSETS NET ASSETS AND AND
01:15:50.546 --> 01:15:53.682 region:rollup2
THEY TRANSFER THE LOOK THAT THE
01:15:52.014 --> 01:15:56.318 region:rollup2
RESPONSIBILITY OF DISTRIBUTING
01:15:53.682 --> 01:15:57.153 region:rollup2
THOSE BENEFITS. CALPERS IS FREE
01:15:56.318 --> 01:15:59.088 region:rollup2
IT'S LIKE A KID MOVING OUT OF
01:15:57.153 --> 01:16:00.156 region:rollup2
THE HOUSE. OKAY DIRE IT WHAT
01:15:59.088 --> 01:16:01.724 region:rollup2
THEY HAD ACT YOU REALLY
01:16:00.156 --> 01:16:03.392 region:rollup2
SHOULDN'T BE GIVING CALPERS THAT
01:16:01.724 --> 01:16:05.294 region:rollup2
KIND OF LIABILITY EXPOSURE TO
01:16:03.392 --> 01:16:06.362 region:rollup2
BEGIN WITH OKAY SO I I'M I'M
01:16:05.294 --> 01:16:08.664 region:rollup2
HEARING DIFFERENTLY.
01:16:06.362 --> 01:16:10.499 region:rollup2
AND IF THERE'S I THINK THAT
01:16:08.664 --> 01:16:11.233 region:rollup2
WOULD BE A SUBJECT OF LITIGATION
01:16:10.499 --> 01:16:12.768 region:rollup2
AND I THINK THAT.
01:16:11.233 --> 01:16:14.570 region:rollup2
WHAT WHAT I WOULD HEAR YOU
01:16:12.768 --> 01:16:15.671 region:rollup2
SAYING IS THAT YOU TRANSFER THE
01:16:14.570 --> 01:16:16.939 region:rollup2
LIABILITY AND THE ASSETS OVER
01:16:15.671 --> 01:16:18.574 region:rollup2
THE EMPLOYER AND THE EMPLOYER
01:16:16.939 --> 01:16:19.041 region:rollup2
WOULD BE RESPONSIBLE AND IT
01:16:18.574 --> 01:16:21.544 region:rollup2
WOULD BE NO?
01:16:19.041 --> 01:16:22.912 region:rollup2
IT WOULD BE I AYE NO RECOURSE
01:16:21.544 --> 01:16:25.581 region:rollup2
FOR SOMEBODY GOT A VESTED RIGHT
01:16:22.912 --> 01:16:26.248 region:rollup2
TO GO BACK AFTER THE FUN. AND I
01:16:25.581 --> 01:16:28.551 region:rollup2
THINK.
01:16:26.248 --> 01:16:30.686 region:rollup2
I THINK THAT IS NOT.
01:16:28.551 --> 01:16:31.921 region:rollup2
A SURE THING AND SO I THINK
01:16:30.686 --> 01:16:33.422 region:rollup2
THERE'S STILL THE POSSIBILITY
01:16:31.921 --> 01:16:35.224 region:rollup2
THAT SOMEBODY CAN COME AND SAY
01:16:33.422 --> 01:16:38.360 region:rollup2
HEY YOU YOU.
01:16:35.224 --> 01:16:40.162 region:rollup2
MADE THE TRANSFER YEAH WE
01:16:38.360 --> 01:16:41.263 region:rollup2
THOUGHT THAT THAT OUR OUR LOCAL
01:16:40.162 --> 01:16:42.731 region:rollup2
EMPLOYER WAS GOING TO BE ABLE TO
01:16:41.263 --> 01:16:44.400 region:rollup2
LIKE TAKE THE MONEY INVESTED
01:16:42.731 --> 01:16:46.168 region:rollup2
BETTER THAN YOU DID IT DIDN'T
01:16:44.400 --> 01:16:46.735 region:rollup2
WORK OUT. WE'VE GOT NOTHING
01:16:46.168 --> 01:16:49.805 region:rollup2
WE'RE COMING BACK AFTER YOU.
01:16:46.735 --> 01:16:50.706 region:rollup2
AND.
01:16:49.805 --> 01:16:51.540 region:rollup2
YOU KNOW I I DON'T THINK THAT
01:16:50.706 --> 01:16:53.809 region:rollup2
THAT'S A AN APPROPRIATE.
01:16:51.540 --> 01:16:54.343 region:rollup2
POLICY.
01:16:53.809 --> 01:16:55.444 region:rollup2
SO I WOULD I WOULD BEG TO
01:16:54.343 --> 01:16:56.779 region:rollup2
DIFFER.
01:16:55.444 --> 01:16:58.147 region:rollup2
I'M SORRY THAT'S JUST MY
01:16:56.779 --> 01:16:59.482 region:rollup2
RECOMMENDATION ABOUT HEARING THE
01:16:58.147 --> 01:17:01.484 region:rollup2
SENATOR AND LET'S JUST SAY
01:16:59.482 --> 01:17:03.085 region:rollup2
YOU'RE A FIDUCIARY. AND YOUR
01:17:01.484 --> 01:17:04.453 region:rollup2
TAIL IN CARE OF.
01:17:03.085 --> 01:17:06.655 region:rollup2
CENTER PANS A STATE.
01:17:04.453 --> 01:17:07.790 region:rollup2
AND.
01:17:06.655 --> 01:17:09.525 region:rollup2
THE A STATEDECIDES TO CHANGE
01:17:07.790 --> 01:17:11.260 region:rollup2
FIDUCIARY SEEMS TO FIND HERE'S
01:17:09.525 --> 01:17:13.729 region:rollup2
ALL THE ASSETS EVERYTHING THAT'S
01:17:11.260 --> 01:17:15.531 region:rollup2
BEEN UNDER OUR CONTROL IT'S ALL.
01:17:13.729 --> 01:17:16.765 region:rollup2
TRANSFERRED NOW TO THE NEW
01:17:15.531 --> 01:17:18.601 region:rollup2
FIDUCIARY YOU'RE DONE.
01:17:16.765 --> 01:17:19.802 region:rollup2
YOU'RE DONE.
01:17:18.601 --> 01:17:21.170 region:rollup2
WHY WOULD SOMEONE COME BACK
01:17:19.802 --> 01:17:23.172 region:rollup2
AFTER YOU AFTER YOU COMPLETED
01:17:21.170 --> 01:17:24.974 region:rollup2
YOUR JOB AND PASSED OVER THE
01:17:23.172 --> 01:17:26.742 region:rollup2
BATON TO THE SUB? THE PUT THE
01:17:24.974 --> 01:17:29.712 region:rollup2
SUCCESSOR FIDUCIARY.
01:17:26.742 --> 01:17:33.849 region:rollup2
YES.
01:17:29.712 --> 01:17:35.117 region:rollup2
LOVE IT OF. MOVIES.
01:17:33.849 --> 01:17:36.385 region:rollup2
I THINK IT BUT IF YOU HAVE A
01:17:35.117 --> 01:17:38.287 region:rollup2
TECHNICAL ANSWER. VERY QUICKLY
01:17:36.385 --> 01:17:39.922 region:rollup2
THEM THAT IT WOULD BE ARGUED THE
01:17:38.287 --> 01:17:41.157 region:rollup2
VESTED RIGHT AT ALSO IS LINKED
01:17:39.922 --> 01:17:42.658 region:rollup2
THE ADMINISTRATOR OF THE THAT
01:17:41.157 --> 01:17:43.893 region:rollup2
CALPERS LEAGUE THE TRUST THAT
01:17:42.658 --> 01:17:45.661 region:rollup2
EXISTS.
01:17:43.893 --> 01:17:46.929 region:rollup2
SO YOUR ATTEMPT TO CHANGE IT YOU
01:17:45.661 --> 01:17:48.464 region:rollup2
MIGHT BE ABLE TO DO THAT
01:17:46.929 --> 01:17:49.698 region:rollup2
PROSPECTIVELY BUT YOUCOULDN'T
01:17:48.464 --> 01:17:51.467 region:rollup2
DO IT FOR THE PEOPLE THAT ARE
01:17:49.698 --> 01:17:53.168 region:rollup2
ALREADY WHICH YOUR BILL TO SIXTY
01:17:51.467 --> 01:17:55.037 region:rollup2
A YEAR. YOU'RE TRYING TO.
01:17:53.168 --> 01:17:56.572 region:rollup2
THAT ELIMINATE THE TAP FOR
01:17:55.037 --> 01:17:57.873 region:rollup2
EVERYBODY AND IT'S NOT CLEAR TO
01:17:56.572 --> 01:17:59.341 region:rollup2
ME THAT YOU COULD DO THAT
01:17:57.873 --> 01:18:00.643 region:rollup2
BECAUSE PART OF THE VESTED RIGHT
01:17:59.341 --> 01:18:02.011 region:rollup2
IS THE RIGHT TO HAVE A TRUST
01:18:00.643 --> 01:18:03.479 region:rollup2
FUND LIKE CALPERS PROTECTING
01:18:02.011 --> 01:18:04.847 region:rollup2
YOUR INTERESTS ARE ACTUALLY IS
01:18:03.479 --> 01:18:08.951 region:rollup2
THERE ISN'T DAM FROM CALPERS
01:18:04.847 --> 01:18:10.853 region:rollup2
HERE IS THERE.
01:18:08.951 --> 01:18:11.854 region:rollup2
ACTUALLY SO. BECAUSE AND SAID IF
01:18:10.853 --> 01:18:13.956 region:rollup2
I MAY I'D.
01:18:11.854 --> 01:18:15.824 region:rollup2
THOUGHT I'D.
01:18:13.956 --> 01:18:17.193 region:rollup2
SO PRECIADO IT I KNOW THAT
01:18:15.824 --> 01:18:19.094 region:rollup2
DESPERATELY YEAH IT DOES TO YOU
01:18:17.193 --> 01:18:20.829 region:rollup2
SPEAK TO BECAUSE TO ME ONE OF
01:18:19.094 --> 01:18:23.699 region:rollup2
THE ISSUES WILL BE AND.
01:18:20.829 --> 01:18:24.967 region:rollup2
AND BRED NOW GIVE ALSO SEND
01:18:23.699 --> 01:18:26.235 region:rollup2
MOCKED HAZARD IS IS THAT.
01:18:24.967 --> 01:18:27.703 region:rollup2
YOU KNOW FIRED REASON FOR THE
01:18:26.235 --> 01:18:28.837 region:rollup2
TAP IS NOT ONLY TO ASSURE THAT
01:18:27.703 --> 01:18:30.372 region:rollup2
PEOPLE GET THE RETIREMENT BUT
01:18:28.837 --> 01:18:32.274 region:rollup2
ALSO TO ASSURE THAT WE PROTECT
01:18:30.372 --> 01:18:33.742 region:rollup2
THE OTHER RETIREES AND CALPERS
01:18:32.274 --> 01:18:36.111 region:rollup2
SO THAT PEOPLE DON'T HAVE A
01:18:33.742 --> 01:18:37.880 region:rollup2
CLAIM ON THE PULL. AND THAT'S ON
01:18:36.111 --> 01:18:39.181 region:rollup2
SEPARATION SO THIS OF COURSE IS
01:18:37.880 --> 01:18:40.516 region:rollup2
A VERY IMPORTANT ISSUES SO I
01:18:39.181 --> 01:18:41.684 region:rollup2
KNOW WHETHER YOU HAD EXPRESS
01:18:40.516 --> 01:18:43.953 region:rollup2
ANYTHING IN THAT REGARDS I
01:18:41.684 --> 01:18:45.287 region:rollup2
REALIZE IT'S NOT CERTAIN BUT.
01:18:43.953 --> 01:18:47.556 region:rollup2
BUT THE GENERAL LEGAL RISK OR
01:18:45.287 --> 01:18:49.191 region:rollup2
ISSUES MAY RISE FROM.
01:18:47.556 --> 01:18:51.193 region:rollup2
SITUATION WHERE.
01:18:49.191 --> 01:18:51.961 region:rollup2
RETIREES THAT WHERE THE PUBLIC
01:18:51.193 --> 01:18:53.429 region:rollup2
ENTITIES THAT.
01:18:51.961 --> 01:18:55.230 region:rollup2
BEEN SEPARATED.
01:18:53.429 --> 01:18:56.999 region:rollup2
DOESN'T MEET THEIR OBLIGATIONS
01:18:55.230 --> 01:19:01.103 region:rollup2
SUFFER Y. REASON BANKRUPTCY
01:18:56.999 --> 01:19:03.772 region:rollup2
pTO WHATEVER. BUTTON SCOTT BLACK
01:19:01.103 --> 01:19:05.641 region:rollup2
GLITCH REPRESENTING CALPERS.
01:19:03.772 --> 01:19:09.211 region:rollup2
I THINK I CAN ONLY SPEAK TO THIS
01:19:05.641 --> 01:19:09.845 region:rollup2
ISSUE. AS IT RELATES TO THE TAP
01:19:09.211 --> 01:19:11.981 region:rollup2
IN THE PURPOSE OF THE TAP WHICH
01:19:09.845 --> 01:19:13.682 region:rollup2
IS TO. IMMUNIZE THE REST OF THE
01:19:11.981 --> 01:19:14.950 region:rollup2
FUND.
01:19:13.682 --> 01:19:17.553 region:rollup2
FROM.
01:19:14.950 --> 01:19:19.388 region:rollup2
VISA LIABILITIES THAT HAVEN'T
01:19:17.553 --> 01:19:22.391 region:rollup2
BEEN PAID BY THE EMPLOYER.
01:19:19.388 --> 01:19:23.626 region:rollup2
AND SO. BECAUSE CALPERS AGREES
01:19:22.391 --> 01:19:24.560 region:rollup2
TO TAKE ON THE LIABILITY
01:19:23.626 --> 01:19:26.295 region:rollup2
ASSOCIATED WITH THESE BENEFITS
01:19:24.560 --> 01:19:28.297 region:rollup2
WHEN.
01:19:26.295 --> 01:19:30.032 region:rollup2
AN EMPLOYER WANTS TO TERMINATE
01:19:28.297 --> 01:19:32.234 region:rollup2
THEIR CONTRACT.
01:19:30.032 --> 01:19:33.736 region:rollup2
WE PUT THEM WE PUT THE ASSETS
01:19:32.234 --> 01:19:35.004 region:rollup2
AND LIABILITIES.
01:19:33.736 --> 01:19:36.538 region:rollup2
FOR THEIR MEMBERS SERVICE IN THE
01:19:35.004 --> 01:19:38.040 region:rollup2
TAP.
01:19:36.538 --> 01:19:40.643 region:rollup2
WE DO CHARGE LOWER INTEREST
01:19:38.040 --> 01:19:43.178 region:rollup2
RATES. AND IT'S TO IMMUNIZE THE
01:19:40.643 --> 01:19:45.748 region:rollup2
REST OF THE PORTFOLIO. I CAN'T
01:19:43.178 --> 01:19:47.116 region:rollup2
SPEAK TO.
01:19:45.748 --> 01:19:49.952 region:rollup2
THE PROVISIONS OF THE BILL.
01:19:47.116 --> 01:19:52.187 region:rollup2
REGARDING.
01:19:49.952 --> 01:19:53.989 region:rollup2
WHAT HAPPENS IF?
01:19:52.187 --> 01:19:55.457 region:rollup2
THAT AN EMPLOYER.
01:19:53.989 --> 01:19:57.860 region:rollup2
NO LONGER IS REQUIRED TO GO INTO
01:19:55.457 --> 01:20:00.729 region:rollup2
THE TAP.
01:19:57.860 --> 01:20:01.430 region:rollup2
WHAT HAPPENS WITH THE BENEFITS?
01:20:00.729 --> 01:20:03.399 region:rollup2
WHAT HAPPENS WITH THE
01:20:01.430 --> 01:20:03.899 region:rollup2
LIABILITIES?
01:20:03.399 --> 01:20:06.235 region:rollup2
IT'S REALLY BETWEEN THE
01:20:03.899 --> 01:20:09.405 region:rollup2
EMPLOYER.
01:20:06.235 --> 01:20:09.938 region:rollup2
AND THE EMPLOYEES WHICH HAVE
01:20:09.405 --> 01:20:13.142 region:rollup2
NEGOTIATED THE BENEFITS.
01:20:09.938 --> 01:20:15.010 region:rollup2
HELLO.
01:20:13.142 --> 01:20:17.079 region:rollup2
A LITTLE AFTER OKAY NO THANK YOU
01:20:15.010 --> 01:20:20.616 region:rollup2
THANKS VERY MUCH OKAY. WELL.
01:20:17.079 --> 01:20:21.850 region:rollup2
SO I THINK MIGHT MY CONCERN IS
01:20:20.616 --> 01:20:22.484 region:rollup2
IS THAT.
01:20:21.850 --> 01:20:25.154 region:rollup2
THAT.
01:20:22.484 --> 01:20:26.188 region:rollup2
WOULD AGREE SITUATION WHERE OF
01:20:25.154 --> 01:20:27.556 region:rollup2
COURSE FIRST OF ALL WE'RE
01:20:26.188 --> 01:20:29.358 region:rollup2
CONCERNED ABOUT THE EMPLOYEES
01:20:27.556 --> 01:20:30.626 region:rollup2
THEMSELVES WHO ARE SEPARATE OF
01:20:29.358 --> 01:20:31.827 region:rollup2
THE SEPARATED ENTITY BE SURE
01:20:30.626 --> 01:20:32.928 region:rollup2
THEY GET THEIR RETIREMENT
01:20:31.827 --> 01:20:34.897 region:rollup2
BECAUSE THAT WAS THE SAID THERE
01:20:32.928 --> 01:20:35.864 region:rollup2
MIGHT BE SOME THEIR PRIVATE SOME
01:20:34.897 --> 01:20:37.900 region:rollup2
REMEDIES TO THAT.
01:20:35.864 --> 01:20:39.702 region:rollup2
IN TERMS OF THEIR LEGAL
01:20:37.900 --> 01:20:42.037 region:rollup2
OBLIGATIONS ARE BUT THE OTHER
01:20:39.702 --> 01:20:43.772 region:rollup2
PART. AT YALE AND I THINK THIS
01:20:42.037 --> 01:20:44.940 region:rollup2
LEADS TO AND. I THINK CALPERS
01:20:43.772 --> 01:20:45.507 region:rollup2
SPOKE TO THE PURPOSE OF THE TAP.
01:20:44.940 --> 01:20:47.776 region:rollup2
WAS ACTUALLY TO ALSO ENSURE
01:20:45.507 --> 01:20:49.745 region:rollup2
THAT.
01:20:47.776 --> 01:20:51.280 region:rollup2
WE PROTECT THE OTHER RETIREES
01:20:49.745 --> 01:20:52.548 region:rollup2
BECAUSE THOSE I THINK WE ALL
01:20:51.280 --> 01:20:55.017 region:rollup2
SHARE WE WANT TO MAINTAIN A
01:20:52.548 --> 01:20:57.019 region:rollup2
STABLE RETIREMENT PULLS SO PART
01:20:55.017 --> 01:20:57.619 region:rollup2
OF IT IS AND I THINK I'VE. THAT
01:20:57.019 --> 01:20:59.621 region:rollup2
AND AS CHAIR OF THIS COMMITTEE
01:20:57.619 --> 01:21:01.457 region:rollup2
HAVE BEEN. A VERY FIRM ABOUT
01:20:59.621 --> 01:21:03.225 region:rollup2
BEING SURE THAT YOU KNOW OTHER
01:21:01.457 --> 01:21:04.693 region:rollup2
PEOPLE DON'T FEEL THEY WILL LOOK
01:21:03.225 --> 01:21:06.261 region:rollup2
AT IT PADA MONIES AND NO IT'S
01:21:04.693 --> 01:21:07.596 region:rollup2
THAT MONEY IS TO BE FOR THE
01:21:06.261 --> 01:21:09.298 region:rollup2
RETIREES WHO ARE IN THE SYSTEM
01:21:07.596 --> 01:21:10.999 region:rollup2
THAT WE DON'T. CREATE
01:21:09.298 --> 01:21:13.035 region:rollup2
LIABILITIES ON THAT PULL FOR
01:21:10.999 --> 01:21:13.936 region:rollup2
PEOPLE FOR FOR TERRITORIES WHO
01:21:13.035 --> 01:21:14.837 region:rollup2
ARE.
01:21:13.936 --> 01:21:15.771 region:rollup2
SUPPOSEDLY NOT PART OF THE
01:21:14.837 --> 01:21:17.172 region:rollup2
SYSTEM A OR BECAUSE ESSENTIALLY
01:21:15.771 --> 01:21:19.174 region:rollup2
THAT'S
01:21:17.172 --> 01:21:20.142 region:rollup2
DRYING OUT FROM. FROM PEOPLE OR
01:21:19.174 --> 01:21:22.311 region:rollup2
IN THE SYSTEM SO.
01:21:20.142 --> 01:21:24.279 region:rollup2
BECAUSE OF THAT UNFORTUNATELY I
01:21:22.311 --> 01:21:25.814 region:rollup2
DO NOT FEEL COMFORTABLE ENOUGH.
01:21:24.279 --> 01:21:27.416 region:rollup2
AND THAT THAT'S NOT GOING TO
01:21:25.814 --> 01:21:29.284 region:rollup2
THE SITUATION BASED ON THE
01:21:27.416 --> 01:21:31.653 region:rollup2
INFORMATION I'VE RECEIVED SO FAR
01:21:29.284 --> 01:21:33.756 region:rollup2
UP PERHAPS IF THE. FUTURE IF YOU
01:21:31.653 --> 01:21:35.524 region:rollup2
GOT PERS NORTH PURRS OUR OTHER
01:21:33.756 --> 01:21:36.925 region:rollup2
EXPERTS SINCE THEN ARTICLE THAT
01:21:35.524 --> 01:21:37.659 region:rollup2
EVERYONE SAYS NO THAT'S NOT THE
01:21:36.925 --> 01:21:39.695 region:rollup2
CASE I MAY BE A LOT MORE
01:21:37.659 --> 01:21:40.963 region:rollup2
COMFORTABLE BUT. FOR HIM NOT
01:21:39.695 --> 01:21:43.298 region:rollup2
COMFORTABLE AT THIS POINT TIME
01:21:40.963 --> 01:21:44.233 region:rollup2
TO BE ABLE TO SUPPORT THE BILL
01:21:43.298 --> 01:21:46.869 region:rollup2
BECAUSE OF THAT REASON.
01:21:44.233 --> 01:21:48.103 region:rollup2
BUT I WILL ASK MY COLLEAGUES TO
01:21:46.869 --> 01:21:49.605 region:rollup2
SEE IF WE CAN GET A COURTESY
01:21:48.103 --> 01:21:51.240 region:rollup2
MOTION IF YOU WISH TO HAVE THE
01:21:49.605 --> 01:21:52.307 region:rollup2
BILL UP FOR THAT.
01:21:51.240 --> 01:21:54.743 region:rollup2
AND AGAIN I WILL NOT BE
01:21:52.307 --> 01:21:58.046 region:rollup2
SUPPORTING IT BUT. AS A COURTESY
01:21:54.743 --> 01:21:59.314 region:rollup2
TO MY SENATE COLLEAGUE I MOVED.
01:21:58.046 --> 01:22:01.383 region:rollup2
RIGHT I DO WISH TO CLOSE MANNER.
01:21:59.314 --> 01:22:03.118 region:rollup2
I'M I APPRECIATE YOUR
01:22:01.383 --> 01:22:04.586 region:rollup2
PROFESSIONALISM IN YOUR CONCERN.
01:22:03.118 --> 01:22:07.623 region:rollup2
I AM REMINDED OF.
01:22:04.586 --> 01:22:08.423 region:rollup2
MY WIFE BACK IN NINETY FOUR.
01:22:07.623 --> 01:22:10.392 region:rollup2
THERE WAS.
01:22:08.423 --> 01:22:13.162 region:rollup2
I.
01:22:10.392 --> 01:22:15.898 region:rollup2
I COUNTY TREASURER AND.
01:22:13.162 --> 01:22:17.933 region:rollup2
OF THE STATE OF.
01:22:15.898 --> 01:22:20.436 region:rollup2
OHIO.
01:22:17.933 --> 01:22:20.736 region:rollup2
FOR CUYAHOGA COUNTY. TO WAS
01:22:20.436 --> 01:22:23.238 region:rollup2
INVESTING.
01:22:20.736 --> 01:22:24.506 region:rollup2
THE COUNTY TREASURER'S POOL HE
01:22:23.238 --> 01:22:26.175 region:rollup2
WAS LEVERAGING JUST LIKE ORANGE
01:22:24.506 --> 01:22:27.876 region:rollup2
COUNTY WAS.
01:22:26.175 --> 01:22:29.645 region:rollup2
AND IRONICALLY THEY THE ACRONYM
01:22:27.876 --> 01:22:31.013 region:rollup2
FOR THE THE POOL WAS SAFE SAF
01:22:29.645 --> 01:22:33.015 region:rollup2
THREE.
01:22:31.013 --> 01:22:34.683 region:rollup2
BUT FOR SOME REASON THEY HAD
01:22:33.015 --> 01:22:36.018 region:rollup2
INFERRED THAT EVERYONE WHO
01:22:34.683 --> 01:22:37.586 region:rollup2
INVESTED WOULD GET THEIR MONEY
01:22:36.018 --> 01:22:39.755 region:rollup2
BACK IN TOTAL.
01:22:37.586 --> 01:22:41.023 region:rollup2
ORANGE COUNTY.
01:22:39.755 --> 01:22:42.791 region:rollup2
JUST PICK THE IT IT FILED FOR
01:22:41.023 --> 01:22:44.159 region:rollup2
BANKRUPTCY IN OCTOBER OF NINETY
01:22:42.791 --> 01:22:45.527 region:rollup2
FOUR WE FILED.
01:22:44.159 --> 01:22:46.562 region:rollup2
UNDER THE SAME CIRCUMSTANCES TWO
01:22:45.527 --> 01:22:48.430 region:rollup2
MONTHS LATER.
01:22:46.562 --> 01:22:50.098 region:rollup2
BUT WE SAID.
01:22:48.430 --> 01:22:52.401 region:rollup2
NO IF IF YOU INVEST TO GET
01:22:50.098 --> 01:22:53.669 region:rollup2
WHATEVER. YOUR PERCENTAGE OF THE
01:22:52.401 --> 01:22:55.270 region:rollup2
THE CORPUS SAYS YOU KNOW FUND
01:22:53.669 --> 01:22:57.072 region:rollup2
THAT'S NOT A MONEY MARKET FUND
01:22:55.270 --> 01:22:58.307 region:rollup2
BECAUSE BLOW A DOLLAR YOU GET.
01:22:57.072 --> 01:23:00.209 region:rollup2
WHAT'S LEFT THAT'S JUST THE WAY
01:22:58.307 --> 01:23:01.810 region:rollup2
IT IS NOBODY GETS DISTRIBUTED
01:23:00.209 --> 01:23:03.779 region:rollup2
EVENLY SO.
01:23:01.810 --> 01:23:06.415 region:rollup2
I THINK THAT THE THE PHRASE THAT
01:23:03.779 --> 01:23:08.250 region:rollup2
MR BLACKLEDGE USED IS IN LIKE A
01:23:06.415 --> 01:23:09.985 region:rollup2
ROAD DOWN AGREES TO TAKE ON
01:23:08.250 --> 01:23:11.887 region:rollup2
LIABILITIES AND THAT'S. THAT'S
01:23:09.985 --> 01:23:13.655 region:rollup2
WHERE I'M HAVING MY PROBLEM.
01:23:11.887 --> 01:23:15.290 region:rollup2
CALPERS IS ASSUMING.
01:23:13.655 --> 01:23:17.459 region:rollup2
I LIKE THEY ARE ACTING AS THE
01:23:15.290 --> 01:23:19.361 region:rollup2
MOTHER OF MUNICIPALITIES AND
01:23:17.459 --> 01:23:20.596 region:rollup2
SAYING WE WILL HELP YOU. BUT YOU
01:23:19.361 --> 01:23:22.498 region:rollup2
HERE'S WHAT YOU'RE GOING TO HAVE
01:23:20.596 --> 01:23:25.133 region:rollup2
TO DO FOR U TO HELP YOU AND
01:23:22.498 --> 01:23:26.835 region:rollup2
AFTER WORST MOMENT IN TIME.
01:23:25.133 --> 01:23:28.737 region:rollup2
FINANCIALLY THEY'RE BEING ASKED
01:23:26.835 --> 01:23:30.372 region:rollup2
THE COP UP IN A MASSIVE AMOUNT
01:23:28.737 --> 01:23:32.241 region:rollup2
OF MONEY AND CALPERS IS TRYING
01:23:30.372 --> 01:23:34.176 region:rollup2
TO. SOMEHOW ASSIST THEM THROUGH
01:23:32.241 --> 01:23:35.878 region:rollup2
THIS THIS PROBLEM AND THAT'S NOT
01:23:34.176 --> 01:23:37.379 region:rollup2
THE RIGHT SOLUTION IT'S
01:23:35.878 --> 01:23:38.847 region:rollup2
UNCONSCIONABLE AND SOME OF THE
01:23:37.379 --> 01:23:41.383 region:rollup2
WORDS THAT WERE USED.
01:23:38.847 --> 01:23:42.451 region:rollup2
WITH REGARDS TO. THAT TOOK MY
01:23:41.383 --> 01:23:44.319 region:rollup2
BILL.
01:23:42.451 --> 01:23:45.721 region:rollup2
THIS HAS TO BE FIXED BECAUSE
01:23:44.319 --> 01:23:47.256 region:rollup2
THIS STATE SHOULD NOT TAKE ON
01:23:45.721 --> 01:23:49.525 region:rollup2
THAT LIABILITIES IT SHOULD BE
01:23:47.256 --> 01:23:51.260 region:rollup2
PROVIDING A SERVICE AND WHEN
01:23:49.525 --> 01:23:53.095 region:rollup2
THAT SERVICE IS NO LONGER.
01:23:51.260 --> 01:23:55.464 region:rollup2
DESIRED FOR WHATEVER COMPETITIVE
01:23:53.095 --> 01:23:56.965 region:rollup2
REASON OR WHATEVER THEN CALPERS
01:23:55.464 --> 01:23:58.300 region:rollup2
SHOULD BE ABLE TO TRANSFER THAT
01:23:56.965 --> 01:23:59.868 region:rollup2
MONEY OVER LIKE A FIDUCIARY TO
01:23:58.300 --> 01:24:01.436 region:rollup2
THE NEXT BUT IT SURE. AND THAT
01:23:59.868 --> 01:24:03.906 region:rollup2
SHOULD BE THE EXIT IT SHOULDN'T
01:24:01.436 --> 01:24:05.807 region:rollup2
BE A MASSIVE REQUIREMENT TO FUND
01:24:03.906 --> 01:24:07.442 region:rollup2
TAP AND SO THAT'S WHY I BRING IT
01:24:05.807 --> 01:24:08.777 region:rollup2
TO YOU MISTER CHAIR AND THAT'S
01:24:07.442 --> 01:24:09.378 region:rollup2
WHY I APPRECIATE YOUR PATIENCE
01:24:08.777 --> 01:24:12.014 region:rollup2
WITH ME. BECAUSE YOU'VE BEEN
01:24:09.378 --> 01:24:14.816 region:rollup2
VERY KIND AND I. RESPECTFULLY
01:24:12.014 --> 01:24:17.085 region:rollup2
ASK FOR AYE. ANYWAY.
01:24:14.816 --> 01:24:17.786 region:rollup2
NO THANK YOU I'LL GET ONE.
01:24:17.085 --> 01:24:18.453 region:rollup2
THE I THINK YOU CENTER MORE AYE.
01:24:17.786 --> 01:24:20.155 region:rollup2
SO THAT.
01:24:18.453 --> 01:24:22.457 region:rollup2
THE MOTION THAT'S BEEN MOVED BY
01:24:20.155 --> 01:24:24.560 region:rollup2
CENTER PORTANTINO THE MOTION IS.
01:24:22.457 --> 01:24:26.361 region:rollup2
I DO PAST REFERRED TO SEND
01:24:24.560 --> 01:24:29.398 region:rollup2
APPROPRIATIONS AS SECRETARY
01:24:26.361 --> 01:24:32.100 region:rollup2
PLEASE CALL THE ROLL PAN NO AND
01:24:29.398 --> 01:24:33.502 region:rollup2
NO MORAL LEYVA.
01:24:32.100 --> 01:24:36.138 region:rollup2
NO LIVE AND NO MORE LOCKED I
01:24:33.502 --> 01:24:37.372 region:rollup2
LOVE AYE PORTANTINO. PORTANTINO.
01:24:36.138 --> 01:24:38.106 region:rollup2
OKAY AND PUSHING THE BILL FAILS
01:24:37.372 --> 01:24:39.841 region:rollup2
ONE THREE I DO WISH
01:24:38.106 --> 01:24:41.043 region:rollup2
RECONSIDERATION PLEASE OKAY
01:24:39.841 --> 01:24:42.778 region:rollup2
HOUSE THAT WILL DO A QUICK
01:24:41.043 --> 01:24:44.046 region:rollup2
BROKAW ON RECONSIDERATION.
01:24:42.778 --> 01:24:48.350 region:rollup2
ASSERTED PLEASE CALL THE ROLL
01:24:44.046 --> 01:24:49.985 region:rollup2
PAN PIPE THEN I MORRELL LEILA I
01:24:48.350 --> 01:24:51.920 region:rollup2
LIVE I MORE LOCK.
01:24:49.985 --> 01:24:52.921 region:rollup2
BUT I'VE PORTANTINO. PROJECT I
01:24:51.920 --> 01:24:53.789 region:rollup2
HAVE FOUR ZERO TO GRANT A
01:24:52.921 --> 01:24:55.857 region:rollup2
CONSIDERATION THANK YOU.
01:24:53.789 --> 01:24:59.361 region:rollup2
OKAY I NEXT ITEM IS ITEM NUMBER
01:24:55.857 --> 01:25:01.229 region:rollup2
THREE SB TEN THIRTY THREE. GOT
01:24:59.361 --> 01:25:01.797 region:rollup2
NO OTHER SENATOR ALLEN WELL
01:25:01.229 --> 01:25:03.799 region:rollup2
ACTUALLY I SEE SEND LATER IF
01:25:01.797 --> 01:25:05.334 region:rollup2
YOU.
01:25:03.799 --> 01:25:07.502 region:rollup2
SURE I'M I'M HAPPY TO TAKE IT
01:25:05.334 --> 01:25:08.537 region:rollup2
TAKE YOUR BREAK SEE. OKAY WELL
01:25:07.502 --> 01:25:09.671 region:rollup2
THAT CENTER MORE LIKE IF YOU
01:25:08.537 --> 01:25:12.107 region:rollup2
WISH TO TAKE A BREAK WE'LL GO
01:25:09.671 --> 01:25:14.042 region:rollup2
AHEAD NASSER LASER TAG GLAZER TO
01:25:12.107 --> 01:25:14.643 region:rollup2
USE TO COME UP HERE SO WE WILL.
01:25:14.042 --> 01:25:15.644 region:rollup2
HOLD OFF ON I NEVER THREE SO
01:25:14.643 --> 01:25:17.779 region:rollup2
WILLIAM MOVE ON TO ITEM NUMBER
01:25:15.644 --> 01:25:18.680 region:rollup2
SEVEN SP ELEVEN FORTY NINE.
01:25:17.779 --> 01:25:26.922 region:rollup2
CENTER GLACIER.
01:25:18.680 --> 01:25:30.592 region:rollup2
WELCOME.
01:25:26.922 --> 01:25:31.727 region:rollup2
THANK YOU OUT HERE PAN.
01:25:30.592 --> 01:25:33.328 region:rollup2
MEMBERS OF HAPPY TO PRESENT.
01:25:31.727 --> 01:25:34.529 region:rollup2
AS THE SENATE BILL ELEVEN FORTY
01:25:33.328 --> 01:25:36.531 region:rollup2
NINE WHICH WOULD OFFER THE
01:25:34.529 --> 01:25:38.400 region:rollup2
OPTION OF A FULLY MATCH DEFINED
01:25:36.531 --> 01:25:41.970 region:rollup2
CONTRIBUTION RETIREMENT PLAN.
01:25:38.400 --> 01:25:43.438 region:rollup2
TO NEWLY HIRED STATE EMPLOYEES.
01:25:41.970 --> 01:25:44.406 region:rollup2
I AM PROPOSING THIS PROGRAM. UP
01:25:43.438 --> 01:25:46.008 region:rollup2
BECAUSE OF BE BETTER THAN THE
01:25:44.406 --> 01:25:47.776 region:rollup2
STATUS QUO FOR THE MAJORITY OF
01:25:46.008 --> 01:25:49.011 region:rollup2
YOUNGER EMPLOYEES COMING INTO
01:25:47.776 --> 01:25:50.045 region:rollup2
STAE GOVERNMENT'S WORKFORCE
01:25:49.011 --> 01:25:52.114 region:rollup2
TODAY.
01:25:50.045 --> 01:25:53.582 region:rollup2
BUT THAT'S NOT ALL.
01:25:52.114 --> 01:25:55.150 region:rollup2
IT WOULD ALSO BE A MODEST STEP
01:25:53.582 --> 01:25:57.085 region:rollup2
TOWARD STABILIZING THE STATE'S
01:25:55.150 --> 01:25:58.387 region:rollup2
RETIREMENT OBLIGATIONS.
01:25:57.085 --> 01:25:59.421 region:rollup2
AND REDUCING THE CHANCE OF
01:25:58.387 --> 01:26:00.756 region:rollup2
UNFUNDED LIABILITIES IN THE
01:25:59.421 --> 01:26:02.224 region:rollup2
FUTURE.
01:26:00.756 --> 01:26:02.791 region:rollup2
AND THEN WE GO THROUGH THOSE TWO
01:26:02.224 --> 01:26:04.159 region:rollup2
POINTS IN A LITTLE BIT MORE
01:26:02.791 --> 01:26:05.460 region:rollup2
DETAIL.
01:26:04.159 --> 01:26:07.062 region:rollup2
AS I THINK THAT EVERYONE HERE
01:26:05.460 --> 01:26:08.563 region:rollup2
KNOWS OUR CURRENT SYSTEM UNDER
01:26:07.062 --> 01:26:10.132 region:rollup2
OUR CURRENT SYSTEM AN EMPLOYEE
01:26:08.563 --> 01:26:11.600 region:rollup2
WHO LEAVES STATES SERVICE BEFORE
01:26:10.132 --> 01:26:13.201 region:rollup2
THE RETIREMENT AGE.
01:26:11.600 --> 01:26:15.137 region:rollup2
GET A REFUND OF THEIR OWN
01:26:13.201 --> 01:26:16.371 region:rollup2
CONTRIBUTIONS TO CALPERS.
01:26:15.137 --> 01:26:17.406 region:rollup2
BUT THEY MUST LEAVE BEHIND THE
01:26:16.371 --> 01:26:19.541 region:rollup2
CONTRIBUTION THE STATE IS MADE
01:26:17.406 --> 01:26:20.909 region:rollup2
ON THEIR BEHALF.
01:26:19.541 --> 01:26:23.078 region:rollup2
BECAUSE THIS IS SUCH A TERRIBLE
01:26:20.909 --> 01:26:24.946 region:rollup2
DEAL MOST EMPLOYEES DECLINE THAT
01:26:23.078 --> 01:26:26.581 region:rollup2
REFUND. AND LEAVE ALL THEIR
01:26:24.946 --> 01:26:28.216 region:rollup2
CONTRIBUTIONS WITH CALPERS.
01:26:26.581 --> 01:26:30.786 region:rollup2
AND WAIT UNTIL THEY ARE AGE
01:26:28.216 --> 01:26:32.120 region:rollup2
SIXTY TWO TO COLLECT A PENSION.
01:26:30.786 --> 01:26:33.388 region:rollup2
BUT FOR EMPLOYEES WHO WORK FOR
01:26:32.120 --> 01:26:35.257 region:rollup2
THE STATE FOR LESS THAN HALF OF
01:26:33.388 --> 01:26:37.793 region:rollup2
THEIR CAREERS THIS OPTION. IS
01:26:35.257 --> 01:26:39.094 region:rollup2
NOT A GOOD ONE.
01:26:37.793 --> 01:26:40.162 region:rollup2
THEIR PENSIONS AS BASED ON A
01:26:39.094 --> 01:26:41.530 region:rollup2
PERCENTAGE OF ALL OF THEIR LAST
01:26:40.162 --> 01:26:42.964 region:rollup2
YEAR'S.
01:26:41.530 --> 01:26:44.166 region:rollup2
OF SALARY AND IT'S FROZEN IN
01:26:42.964 --> 01:26:46.601 region:rollup2
TIME.
01:26:44.166 --> 01:26:47.769 region:rollup2
UNTIL THEY RETIRE.
01:26:46.601 --> 01:26:48.937 region:rollup2
WELL THEY ARE OFF WORKING
01:26:47.769 --> 01:26:50.572 region:rollup2
ELSEWHERE FOR TWENTY OR THIRTY
01:26:48.937 --> 01:26:52.774 region:rollup2
YEARS IN SOME CASES.
01:26:50.572 --> 01:26:54.009 region:rollup2
THE VALUE OF THEIR STATE PENSION
01:26:52.774 --> 01:26:55.844 region:rollup2
IS GRADUALLY EATEN AWAY BY
01:26:54.009 --> 01:26:56.678 region:rollup2
INFLATION.
01:26:55.844 --> 01:26:58.313 region:rollup2
BY THE TIME THEY REACH
01:26:56.678 --> 01:26:59.815 region:rollup2
RETIREMENT AGE THE BUYING POWER
01:26:58.313 --> 01:27:01.416 region:rollup2
OF THEIR BENEFIT.
01:26:59.815 --> 01:27:02.717 region:rollup2
HAS SHRUNK TO ONLY A FRACTION OF
01:27:01.416 --> 01:27:04.886 region:rollup2
WHAT IT WAS. WHEN THEY LEFT
01:27:02.717 --> 01:27:06.254 region:rollup2
STATE SERVICE.
01:27:04.886 --> 01:27:07.489 region:rollup2
AND THIS IS NOT SOMETHING THAT
01:27:06.254 --> 01:27:09.224 region:rollup2
AFFECTS JUST A FEW.
01:27:07.489 --> 01:27:10.625 region:rollup2
ACCORDING TO CALPERS
01:27:09.224 --> 01:27:12.327 region:rollup2
THEIR OWN NUMBERS ABOUT SIXTY
01:27:10.625 --> 01:27:14.162 region:rollup2
PERCENT OF THE TWENTY FIVE YEAR
01:27:12.327 --> 01:27:15.330 region:rollup2
OLDS HIRED IN A GIVEN YEAR.
01:27:14.162 --> 01:27:17.632 region:rollup2
WE'LL BE GONE FROM STATE SERVICE
01:27:15.330 --> 01:27:18.834 region:rollup2
FOR THAN FIFTEEN YEARS.
01:27:17.632 --> 01:27:20.135 region:rollup2
THAT MEANS OUR CURRENT SYSTEM IS
01:27:18.834 --> 01:27:21.670 region:rollup2
SACRIFICING THEIR RETIREMENT
01:27:20.135 --> 01:27:22.971 region:rollup2
SECURITY.
01:27:21.670 --> 01:27:24.406 region:rollup2
IN ORDER TO SUBSIDIZE THE
01:27:22.971 --> 01:27:26.108 region:rollup2
BENEFITS WE OFFER TO EMPLOYEES
01:27:24.406 --> 01:27:28.110 region:rollup2
WHO SPEND THEIR ENTIRE CAREERS
01:27:26.108 --> 01:27:30.779 region:rollup2
WITH THE STATE.
01:27:28.110 --> 01:27:32.380 region:rollup2
AND MY PLAN HAS BEFORE YOU IN
01:27:30.779 --> 01:27:33.415 region:rollup2
THIS BILL ADDRESSES THIS ISSUE.
01:27:32.380 --> 01:27:34.349 region:rollup2
NEW STATE EMPLOYEES WOULD BE
01:27:33.415 --> 01:27:36.318 region:rollup2
OFFERED THE CHOICE.
01:27:34.349 --> 01:27:37.753 region:rollup2
THE CHOICE.
01:27:36.318 --> 01:27:40.122 region:rollup2
OF ENTERING THE TRADITIONAL
01:27:37.753 --> 01:27:42.057 region:rollup2
CALPERS PLAN OR OPTING FOR A
01:27:40.122 --> 01:27:43.358 region:rollup2
DEFINED CONTRIBUTION PLAN.
01:27:42.057 --> 01:27:45.193 region:rollup2
THEY WOULD CONTROL THEIR OWN
01:27:43.358 --> 01:27:47.162 region:rollup2
PLAN. AND IT WOULD BE FULLY
01:27:45.193 --> 01:27:48.630 region:rollup2
PORTABLE.
01:27:47.162 --> 01:27:49.698 region:rollup2
THESE EMPLOYEES WOULD CONTRIBUTE
01:27:48.630 --> 01:27:51.066 region:rollup2
THE SAME PERCENTAGE OF THEIR
01:27:49.698 --> 01:27:51.633 region:rollup2
PAYCHECK THAT THEY WOULD SEND A
01:27:51.066 --> 01:27:53.769 region:rollup2
CALPERS. IN THE TRADITIONAL
01:27:51.633 --> 01:27:55.070 region:rollup2
PLAN.
01:27:53.769 --> 01:27:56.471 region:rollup2
AND THE STATE WOULD SET ASIDE
01:27:55.070 --> 01:27:58.340 region:rollup2
THE SAME AMOUNT IT DOES NOW FOR
01:27:56.471 --> 01:28:00.208 region:rollup2
NORMAL COSTS.
01:27:58.340 --> 01:28:02.511 region:rollup2
OTHER EMPLOYEES PENSION AND THE
01:28:00.208 --> 01:28:03.812 region:rollup2
DEFINED CONTRIBUTION PLANS.
01:28:02.511 --> 01:28:04.646 region:rollup2
THE EMPLOYEE WOULD THEN CHOOSE
01:28:03.812 --> 01:28:06.014 region:rollup2
FROM A MENU OF INVESTMENT
01:28:04.646 --> 01:28:07.749 region:rollup2
OPTIONS.
01:28:06.014 --> 01:28:09.885 region:rollup2
INCLUDING SEVERAL DATE TARGETED
01:28:07.749 --> 01:28:11.319 region:rollup2
FUNDS TO DESIGNATE THAT THAT
01:28:09.885 --> 01:28:12.587 region:rollup2
SUITS ME DATE TARGETED FUNDS
01:28:11.319 --> 01:28:15.257 region:rollup2
DESIGNATED TO MANAGE FINANCIAL
01:28:12.587 --> 01:28:16.391 region:rollup2
RISK AS THEY GROW. AND AGE.
01:28:15.257 --> 01:28:17.826 region:rollup2
AS THEY MOVE CLOSER TO
01:28:16.391 --> 01:28:18.994 region:rollup2
RETIREMENT.
01:28:17.826 --> 01:28:20.262 region:rollup2
EMPLOYEES WHO CHOOSE THE NEW
01:28:18.994 --> 01:28:22.230 region:rollup2
PLAN WOULD ALWAYS BE VESTED IN
01:28:20.262 --> 01:28:23.698 region:rollup2
THEIR OWN CONTRIBUTIONS.
01:28:22.230 --> 01:28:24.833 region:rollup2
AND THEY WOULD FULLY VAST IN THE
01:28:23.698 --> 01:28:26.935 region:rollup2
EMPLOYERS CONTRIBUTIONS AFTER
01:28:24.833 --> 01:28:28.303 region:rollup2
FIVE YEARS.
01:28:26.935 --> 01:28:28.937 region:rollup2
THAT POINT THE EMPLOYEE WOULD
01:28:28.303 --> 01:28:30.305 region:rollup2
HAVE THE OPTION TO CHANGE THEIR
01:28:28.937 --> 01:28:31.139 region:rollup2
MIND.
01:28:30.305 --> 01:28:32.641 region:rollup2
THEY WANTED TO THEY COULD
01:28:31.139 --> 01:28:34.743 region:rollup2
TRANSFER THEIR FUNDS TO CALPERS
01:28:32.641 --> 01:28:36.745 region:rollup2
SYSTEM. AND CONTINUE ON THIS IT
01:28:34.743 --> 01:28:38.413 region:rollup2
IT THE AS IF THEY HAD BEEN IN
01:28:36.745 --> 01:28:39.815 region:rollup2
THE PLAN. ALL ALONG.
01:28:38.413 --> 01:28:41.383 region:rollup2
IF THEY CHOOSE TO REMAIN IN THE
01:28:39.815 --> 01:28:42.984 region:rollup2
DEFINED CONTRIBUTION PLAN UNLESS
01:28:41.383 --> 01:28:44.219 region:rollup2
STATE SERVICE LATER.
01:28:42.984 --> 01:28:45.787 region:rollup2
THEY COULD WITHDRAW ALL OF THEIR
01:28:44.219 --> 01:28:47.556 region:rollup2
CONTRIBUTIONS THE EMPLOYEE
01:28:45.787 --> 01:28:50.492 region:rollup2
EMPLOYERS CONTRIBUTIONS AND ALL
01:28:47.556 --> 01:28:51.593 region:rollup2
OF THEIR INVESTMENT EARNINGS.
01:28:50.492 --> 01:28:52.828 region:rollup2
IT'S STILL INVEST THIS MONEY
01:28:51.593 --> 01:28:53.895 region:rollup2
ELSEWHERE AND GROW IT INTO A
01:28:52.828 --> 01:28:55.997 region:rollup2
LARGER NEST EGG UNTIL THEY'RE
01:28:53.895 --> 01:28:57.766 region:rollup2
READY TO RETIRE.
01:28:55.997 --> 01:28:59.034 region:rollup2
FOR MOST YOUNGER EMPLOYEES
01:28:57.766 --> 01:29:00.869 region:rollup2
ENTERING THE WORKFORCE TODAY
01:28:59.034 --> 01:29:02.637 region:rollup2
THIS PLAN WOULD BE BETTER FOR
01:29:00.869 --> 01:29:03.705 region:rollup2
THEM THAN THE STATUS QUO.
01:29:02.637 --> 01:29:05.207 region:rollup2
BECAUSE THEY'RE MORE LIKELY TO
01:29:03.705 --> 01:29:06.975 region:rollup2
CHANGE EMPLOYERS AT SOME POINT
01:29:05.207 --> 01:29:08.376 region:rollup2
IN THEIR CAREER.
01:29:06.975 --> 01:29:09.911 region:rollup2
OUR CALCULATIONS SHOW THAT FOR
01:29:08.376 --> 01:29:11.112 region:rollup2
YOUNGER EMPLOYEES WHO LEAVE THE
01:29:09.911 --> 01:29:12.480 region:rollup2
FOR THEIR FIFTEENTH YEAR IN THE
01:29:11.112 --> 01:29:13.782 region:rollup2
STATE.
01:29:12.480 --> 01:29:15.350 region:rollup2
THAT'S PLAN WOULD BE BETTER THAN
01:29:13.782 --> 01:29:17.052 region:rollup2
THE CURRENT PLAN. IF THERE
01:29:15.350 --> 01:29:18.486 region:rollup2
INVESTMENT SIMPLY ON THE AVERAGE
01:29:17.052 --> 01:29:21.723 region:rollup2
OF THE LAST FORTY YEARS OF THE
01:29:18.486 --> 01:29:23.525 region:rollup2
DOW JONES STOCK. EXCHANGE INDEX.
01:29:21.723 --> 01:29:25.227 region:rollup2
AND THAT AVERAGE GANG WHICH IS
01:29:23.525 --> 01:29:26.461 region:rollup2
FIVE POINT TWO PERCENT PER YEAR.
01:29:25.227 --> 01:29:28.463 region:rollup2
IS FAR MORE CONSERVATIVE THAN
01:29:26.461 --> 01:29:31.566 region:rollup2
CALPERS USES TO PROJECTED SOUND
01:29:28.463 --> 01:29:32.934 region:rollup2
INVESTMENT PERFORMANCE.
01:29:31.566 --> 01:29:34.502 region:rollup2
I'M SURE YOU'LL HEAR THAT.
01:29:32.934 --> 01:29:35.971 region:rollup2
OPPONENTS OF THIS BILL WILL
01:29:34.502 --> 01:29:38.440 region:rollup2
POINT OUT THAT THIS PLAN WILL
01:29:35.971 --> 01:29:39.207 region:rollup2
SHIFT LONG TERM INVESTMENT RISK.
01:29:38.440 --> 01:29:40.442 region:rollup2
FOR THIS PORTION OF THE
01:29:39.207 --> 01:29:42.811 region:rollup2
EMPLOYEES RETIREMENT FROM THE
01:29:40.442 --> 01:29:43.712 region:rollup2
TAXPAYER TO THE EMPLOYEES WHO
01:29:42.811 --> 01:29:46.281 region:rollup2
CHOOSE TO CONTROL AND MANAGE
01:29:43.712 --> 01:29:47.415 region:rollup2
THEIR OWN RETIREMENT PLAN.
01:29:46.281 --> 01:29:49.017 region:rollup2
THAT IS WHY THIS PLAN WOULD
01:29:47.415 --> 01:29:50.485 region:rollup2
SLOWLY REDUCE IF NOT ELIMINATE
01:29:49.017 --> 01:29:53.188 region:rollup2
THE STATE'S EXPOSURE TO FUTURE
01:29:50.485 --> 01:29:54.456 region:rollup2
UNFUNDED PENSION LIABILITIES.
01:29:53.188 --> 01:29:55.790 region:rollup2
BUT THIS IS A TRADE OFF THAT NEW
01:29:54.456 --> 01:29:56.925 region:rollup2
EMPLOYEES ESPECIALLY YOUNGER
01:29:55.790 --> 01:29:58.226 region:rollup2
ONES SHOULD BE ALLOWED TO MAKE
01:29:56.925 --> 01:30:02.264 region:rollup2
IF THEY DESIRE.
01:29:58.226 --> 01:30:04.366 region:rollup2
pRISK THE GET UP THE RIGHT TO A
01:30:02.264 --> 01:30:05.667 region:rollup2
MUCH BETTER RETIREMENT OPTION IF
01:30:04.366 --> 01:30:07.269 region:rollup2
THEY LEAVE BEFORE RETIREMENT AGE
01:30:05.667 --> 01:30:08.236 region:rollup2
AS I MENTIONED SO MANY OF THIS
01:30:07.269 --> 01:30:09.904 region:rollup2
EMPLOYEES IN STATE GOVERNMENT DO
01:30:08.236 --> 01:30:11.006 region:rollup2
SO.
01:30:09.904 --> 01:30:11.940 region:rollup2
AND EXPERIENCE SHOWS THAT MANY
01:30:11.006 --> 01:30:13.441 region:rollup2
NEW EMPLOYEES WHO WANT TO TAKE
01:30:11.940 --> 01:30:15.076 region:rollup2
THE STRAIGHT OFF.
01:30:13.441 --> 01:30:16.211 region:rollup2
OUR PROPOSALS MODELED AFTER ONE
01:30:15.076 --> 01:30:17.746 region:rollup2
THE UNIVERSE YOU CALIFORNIA'S
01:30:16.211 --> 01:30:19.347 region:rollup2
OFFERED ITS NEW EMPLOYEES SINCE
01:30:17.746 --> 01:30:20.649 region:rollup2
TWO THOUSAND SIXTEEN.
01:30:19.347 --> 01:30:22.284 region:rollup2
SINCE THAT DATE THIRTY SEVEN
01:30:20.649 --> 01:30:23.685 region:rollup2
PERCENT OF NEW HIRES AT THE
01:30:22.284 --> 01:30:24.653 region:rollup2
UNIVERSITY OF CALIFORNIA HAVE
01:30:23.685 --> 01:30:26.821 region:rollup2
CHOSEN THE DEFINED CONTRIBUTION
01:30:24.653 --> 01:30:28.423 region:rollup2
OPTION.
01:30:26.821 --> 01:30:30.125 region:rollup2
OUR EMPLOYEES ARE NOT CHILDREN
01:30:28.423 --> 01:30:31.426 region:rollup2
THEY ARE ADULTS.
01:30:30.125 --> 01:30:32.560 region:rollup2
AND NEITHER WE NOR THE UNIONS
01:30:31.426 --> 01:30:34.095 region:rollup2
THAT REPRESENT THEM SHOULD BE
01:30:32.560 --> 01:30:35.864 region:rollup2
AFRAID TO LET THESE EMPLOYEES
01:30:34.095 --> 01:30:36.865 region:rollup2
MAKE FULLY INFORMED CHOICES.
01:30:35.864 --> 01:30:38.700 region:rollup2
ABOUT WHAT IS BEST FOR
01:30:36.865 --> 01:30:40.035 region:rollup2
THEMSELVES AND THEIR FAMILIES.
01:30:38.700 --> 01:30:41.603 region:rollup2
WANT TO THANK THE COMMITTEE FOR
01:30:40.035 --> 01:30:42.837 region:rollup2
THEIR ANALYSIS OF THIS BILL. AYE
01:30:41.603 --> 01:30:44.072 region:rollup2
URINALYSIS HIGHLIGHT SOME
01:30:42.837 --> 01:30:45.774 region:rollup2
TECHNICAL ISSUES WITH THE BILL
01:30:44.072 --> 01:30:46.941 region:rollup2
LANGUAGE AND I'D BE PLEASED TO
01:30:45.774 --> 01:30:48.076 region:rollup2
ADDRESS THOSE GOING FORWARD
01:30:46.941 --> 01:30:49.444 region:rollup2
SHOULD THE COMMITTEE DECIDED
01:30:48.076 --> 01:30:51.046 region:rollup2
MOVE THIS BILL LAW THANK YOU TO
01:30:49.444 --> 01:30:51.913 region:rollup2
BE HAPPY TO ANSWER QUESTIONS.
01:30:51.046 --> 01:31:01.089 region:rollup2
GREAT THANK YOU.
01:30:51.913 --> 01:31:12.400 region:rollup2
WITNESSES A SUPPORT.
01:31:01.089 --> 01:31:13.501 region:rollup2
OBJECTION IDENTITY AND FEVER.
01:31:12.400 --> 01:31:14.903 region:rollup2
MISTER CHAIRMAN MEMBERS GOOD
01:31:13.501 --> 01:31:15.904 region:rollup2
AFTERNOON DAVID WOLF WITH THE
01:31:14.903 --> 01:31:17.739 region:rollup2
HOWARD JARVIS TAXPAYERS
01:31:15.904 --> 01:31:19.741 region:rollup2
ASSOCIATION IN SUPPORT OF THE
01:31:17.739 --> 01:31:20.608 region:rollup2
BILL. ARM.
01:31:19.741 --> 01:31:22.177 region:rollup2
MISTER CHAIRMAN I THINK IT'S
01:31:20.608 --> 01:31:23.712 region:rollup2
IMPORTANT TO REMEMBER WHAT THE
01:31:22.177 --> 01:31:25.714 region:rollup2
SPELL AS THIS IS VOLUNTARY THIS
01:31:23.712 --> 01:31:27.515 region:rollup2
IS AN OPT AND.
01:31:25.714 --> 01:31:27.949 region:rollup2
IT'S REALLY THAT SIMPLE. THE KEY
01:31:27.515 --> 01:31:31.052 region:rollup2
WORD HERE I THINK IS
01:31:27.949 --> 01:31:32.487 region:rollup2
FLEXIBILITY.
01:31:31.052 --> 01:31:34.089 region:rollup2
OKAY FLEXIBILITY FOR NEW
01:31:32.487 --> 01:31:36.224 region:rollup2
EMPLOYEES ESPECIALLY MONNING
01:31:34.089 --> 01:31:37.659 region:rollup2
ELSE LIKE MYSELF INDIVIDUALS
01:31:36.224 --> 01:31:40.562 region:rollup2
THAT MAY WELL BE IN STATE
01:31:37.659 --> 01:31:42.297 region:rollup2
SERVICE FOR JUST A FEW YEARS NOT
01:31:40.562 --> 01:31:45.100 region:rollup2
THE TWENTY FIVE THIRTY YEARS.
01:31:42.297 --> 01:31:46.267 region:rollup2
YOU KNOW AS IS AS IS TYPICAL AND
01:31:45.100 --> 01:31:48.136 region:rollup2
YOU KNOW FOR THOSE INDIVIDUALS
01:31:46.267 --> 01:31:49.971 region:rollup2
ESPECIALLY AS YOU KNOW MISTER
01:31:48.136 --> 01:31:52.040 region:rollup2
GLAZER MENTIONED THAT TIPPING
01:31:49.971 --> 01:31:53.441 region:rollup2
POINT. IS ABOUT YOU KNOW IT
01:31:52.040 --> 01:31:54.676 region:rollup2
FIFTEEN TWENTY YEARS DEPENDING
01:31:53.441 --> 01:31:55.777 region:rollup2
ON WHAT RETIREMENT PLAN THAT
01:31:54.676 --> 01:31:57.545 region:rollup2
YOU'RE ACTUALLY AND. FOR
01:31:55.777 --> 01:31:59.914 region:rollup2
INDIVIDUALS WORKING LESS THAN
01:31:57.545 --> 01:32:01.649 region:rollup2
THAT IT'S CLEAR YOU KNOW AGAIN
01:31:59.914 --> 01:32:03.651 region:rollup2
THE OFTEN DEFINED CONTRIBUTION
01:32:01.649 --> 01:32:06.054 region:rollup2
MODEL MENTIONED HERE. YOU KNOW
01:32:03.651 --> 01:32:07.088 region:rollup2
IS A BETTER SYSTEM FOR THEM.
01:32:06.054 --> 01:32:08.590 region:rollup2
AND SO WHY NOT GIVE THEM THAT
01:32:07.088 --> 01:32:10.458 region:rollup2
OPTION BECAUSE THAT'S ALL THIS
01:32:08.590 --> 01:32:11.860 region:rollup2
BILL IS AN OPTION IF AND IF THEY
01:32:10.458 --> 01:32:14.129 region:rollup2
DECIDE AFTER FIVE YEARS THEY
01:32:11.860 --> 01:32:15.563 region:rollup2
WANT A GOOD TO A DEFINED BENEFIT
01:32:14.129 --> 01:32:17.966 region:rollup2
PROGRAM HAVE OUT OPTIONS WELL.
01:32:15.563 --> 01:32:19.601 region:rollup2
SO FLEXIBILITY BEING THE KEYWORD
01:32:17.966 --> 01:32:20.168 region:rollup2
WERE PROVIDING FLEXIBILITY FOR
01:32:19.601 --> 01:32:23.772 region:rollup2
MILLENNIALS LIKE MYSELF ASK
01:32:20.168 --> 01:32:25.440 region:rollup2
FERNANDO.
01:32:23.772 --> 01:32:25.840 region:rollup2
YOU KNOW IN THE SUPPORT SEEN
01:32:25.440 --> 01:32:34.349 region:rollup2
ANOTHER.
01:32:25.840 --> 01:32:46.428 region:rollup2
WITNESSES IN OPPOSITION.
01:32:34.349 --> 01:32:48.630 region:rollup2
A COUPLE OF THE.
01:32:46.428 --> 01:32:50.665 region:rollup2
RIGHT.
01:32:48.630 --> 01:32:52.434 region:rollup2
MIXTURE AND SENATORS TERRY BROWN
01:32:50.665 --> 01:32:54.803 region:rollup2
ON BEHALF OF SEIU CALIFORNIA
01:32:52.434 --> 01:32:56.237 region:rollup2
IPAD NUMEROUS CONVERSATIONS WITH
01:32:54.803 --> 01:32:59.107 region:rollup2
THAT A.
01:32:56.237 --> 01:32:59.507 region:rollup2
ME AUTHORED THE AUTHOR STAFF A
01:32:59.107 --> 01:33:01.309 region:rollup2
ABOUT THIS BILL.
01:32:59.507 --> 01:33:04.345 region:rollup2
.
01:33:01.309 --> 01:33:06.714 region:rollup2
AND. LET ME JUST SAY. AND I HAD
01:33:04.345 --> 01:33:07.682 region:rollup2
THE ANALYSIS UP POINTED OUT VERY
01:33:06.714 --> 01:33:10.552 region:rollup2
WELL.
01:33:07.682 --> 01:33:12.287 region:rollup2
IN EVERY VIRTUALLY EVERY STUDY
01:33:10.552 --> 01:33:14.722 region:rollup2
ACROSS THE COUNTRY THAT YOU KNOW
01:33:12.287 --> 01:33:16.424 region:rollup2
THE FOUR ONE K. PROGRAMS FIRST
01:33:14.722 --> 01:33:18.827 region:rollup2
WHAT WERE NEVER MEANT. TO
01:33:16.424 --> 01:33:20.829 region:rollup2
REPLACE A DEFINED BENEFIT PLAN
01:33:18.827 --> 01:33:22.630 region:rollup2
AS A PENSION THEY WERE ALWAYS
01:33:20.829 --> 01:33:24.432 region:rollup2
MEANT TO BE IN ADDITION TO THEM
01:33:22.630 --> 01:33:26.634 region:rollup2
AND NOT A REPLACEMENT. AND THE
01:33:24.432 --> 01:33:28.369 region:rollup2
MAIN REASON IS SERVE AT LEAST
01:33:26.634 --> 01:33:30.138 region:rollup2
FORTY PERCENT LESS EFFICIENT AND
01:33:28.369 --> 01:33:31.873 region:rollup2
THAT'S ASSUMING YOU GET THE
01:33:30.138 --> 01:33:33.908 region:rollup2
EXACT SAME INTEREST RATE. THE
01:33:31.873 --> 01:33:35.977 region:rollup2
ACTUAL ANALYSIS CITIES THAT ANY
01:33:33.908 --> 01:33:38.646 region:rollup2
INDIVIDUAL INVESTING ON THEIR
01:33:35.977 --> 01:33:41.816 region:rollup2
OWN DOES FAR WORSE. THERE AND.
01:33:38.646 --> 01:33:44.052 region:rollup2
THAT. THEY'RE AYE ACT CALPERS
01:33:41.816 --> 01:33:45.920 region:rollup2
WERE HIRED BY CALPERS OR ANY
01:33:44.052 --> 01:33:48.690 region:rollup2
OTHER PROFESSIONAL PENSION FUND.
01:33:45.920 --> 01:33:49.757 region:rollup2
THIS IS A DISASTER WAITING TO
01:33:48.690 --> 01:33:52.227 region:rollup2
HAPPEN.
01:33:49.757 --> 01:33:55.096 region:rollup2
AND FOR ANYBODY WHO LEAVES
01:33:52.227 --> 01:33:56.197 region:rollup2
AFTER FIVE YEARS THEY ARE VESTED
01:33:55.096 --> 01:33:58.299 region:rollup2
THEY GET BOTH SIDES OF THE
01:33:56.197 --> 01:34:00.068 region:rollup2
PENSION THEY CAN TAKE A LUMP SUM
01:33:58.299 --> 01:34:03.471 region:rollup2
AND ROLAND METAPHOR WHEN QUE. IF
01:34:00.068 --> 01:34:03.905 region:rollup2
THEY CHANGE EMPLOYERS THIS WILL
01:34:03.471 --> 01:34:04.672 region:rollup2
REALLY ONLY IMPACTS
01:34:03.905 --> 01:34:07.141 region:rollup2
THOSE WHO LEAVE IN THE FIRST
01:34:04.672 --> 01:34:08.643 region:rollup2
FIVE YEARS OF EMPLOYMENT. THIS
01:34:07.141 --> 01:34:12.013 region:rollup2
IS MEANT TO BE AN INCENTIVE FOR
01:34:08.643 --> 01:34:13.982 region:rollup2
LONG TERM PUBLIC SERVICE. NOT A
01:34:12.013 --> 01:34:17.218 region:rollup2
REWARD FOR JUMPED SHIP FOR THAT
01:34:13.982 --> 01:34:18.720 region:rollup2
REASON OR POST.
01:34:17.218 --> 01:34:19.821 region:rollup2
MISTER CHAIRMAN MEMBERS TECH TOP
01:34:18.720 --> 01:34:20.455 region:rollup2
AND FOR THE PROFESSIONAL
01:34:19.821 --> 01:34:21.556 region:rollup2
ENGINEERS IN CALIFORNIA
01:34:20.455 --> 01:34:22.524 region:rollup2
GOVERNMENT AND THE CALIFORNIA
01:34:21.556 --> 01:34:24.526 region:rollup2
ASSOCIATION OF PROFESSIONAL
01:34:22.524 --> 01:34:27.028 region:rollup2
SCIENTISTS.
01:34:24.526 --> 01:34:28.696 region:rollup2
IN OPPOSITION I THINK IT IS A
01:34:27.028 --> 01:34:30.231 region:rollup2
HIGHLY DEBATABLE THE THE PROMISE
01:34:28.696 --> 01:34:32.100 region:rollup2
THAT SOMEHOW.
01:34:30.231 --> 01:34:34.435 region:rollup2
STATE EMPLOYEES ARE BETTER
01:34:32.100 --> 01:34:36.704 region:rollup2
SERVICE BY IT FOR ONE QUE ARE. A
01:34:34.435 --> 01:34:38.940 region:rollup2
DEFINED CONTRIBUTION MODEL WE DO
01:34:36.704 --> 01:34:40.875 region:rollup2
NOT AGREE IT WAS. ECHOING MISTER
01:34:38.940 --> 01:34:42.410 region:rollup2
BENNETT WAS NOT TOO LONG AGO THE
01:34:40.875 --> 01:34:44.879 region:rollup2
ADVENTURES OF THE FOUR ONE QUE.
01:34:42.410 --> 01:34:45.780 region:rollup2
A. AT DENOUNCED IT AS A FAILURE
01:34:44.879 --> 01:34:47.482 region:rollup2
AND PROVIDING RETIREMENT
01:34:45.780 --> 01:34:49.951 region:rollup2
SECURITY FOR PEOPLE WHO USE THEM
01:34:47.482 --> 01:34:51.786 region:rollup2
PRIMARILY AS. A THEIR THEIR
01:34:49.951 --> 01:34:53.555 region:rollup2
PRIMARY FORM OF RETIREMENT. A I
01:34:51.786 --> 01:34:56.391 region:rollup2
GUESS FOR BOTH PAGAN CAPS WE
01:34:53.555 --> 01:34:57.725 region:rollup2
WILL GO BACK TO THE START WHICH
01:34:56.391 --> 01:34:58.560 region:rollup2
IS THIS IS NOT A SUBJECT.
01:34:57.725 --> 01:34:59.961 region:rollup2
BUT SHOULD BE SUBJECT OF
01:34:58.560 --> 01:35:00.428 region:rollup2
LEGISLATION THAT SHOULD BE A
01:34:59.961 --> 01:35:01.629 region:rollup2
SUBJECT OF COLLECTIVE
01:35:00.428 --> 01:35:02.797 region:rollup2
BARGAINING.
01:35:01.629 --> 01:35:04.933 region:rollup2
THE STATE OF CALIFORNIA WOULD
01:35:02.797 --> 01:35:06.267 region:rollup2
LIKE TO SEEK A DEFINED
01:35:04.933 --> 01:35:08.136 region:rollup2
CONTRIBUTION PLAN FOR NEW
01:35:06.267 --> 01:35:09.470 region:rollup2
EMPLOYEES THEY ARE WELL WITHIN
01:35:08.136 --> 01:35:12.006 region:rollup2
THEIR RIGHTS TO DO SO. WE WOULD
01:35:09.470 --> 01:35:13.208 region:rollup2
URGE YOU KNOW THE.
01:35:12.006 --> 01:35:14.509 region:rollup2
AWARENESS IS IN OPPOSITION
01:35:13.208 --> 01:35:16.878 region:rollup2
MISTER CHAIRMAN MEMBERS WHICH I
01:35:14.509 --> 01:35:18.479 region:rollup2
TO PROSECUTE DE CALIFORNIA
01:35:16.878 --> 01:35:19.747 region:rollup2
SCHOOL EMPLOYEES ASSOCIATION.
01:35:18.479 --> 01:35:21.449 region:rollup2
IN ADDITION TO THE ARGUMENT
01:35:19.747 --> 01:35:23.952 region:rollup2
THAT'S BEEN MADE ARM.
01:35:21.449 --> 01:35:25.687 region:rollup2
YET DISPOSAL ESSENTIALLY SHIFT
01:35:23.952 --> 01:35:26.688 region:rollup2
THE ENTIRE RACE TO BE EMPLOYEES.
01:35:25.687 --> 01:35:27.555 region:rollup2
JUST IMAGINE IF YOU TRY TO
01:35:26.688 --> 01:35:29.324 region:rollup2
RETIRE RIGHT AROUND TWO THOUSAND
01:35:27.555 --> 01:35:31.159 region:rollup2
EIGHT.
01:35:29.324 --> 01:35:31.893 region:rollup2
A FULL ONE CASES THAT WOULD
01:35:31.159 --> 01:35:35.029 region:rollup2
JUST DESTROY YOUR SAVINGS.
01:35:31.893 --> 01:35:37.098 region:rollup2
.
01:35:35.029 --> 01:35:38.967 region:rollup2
WE WILL ALSO WORRY THAT KILL A
01:35:37.098 --> 01:35:40.935 region:rollup2
PLOY TO CHOOSE TO TEACH DC PLAN
01:35:38.967 --> 01:35:43.037 region:rollup2
COULD BE PENALIZED.
01:35:40.935 --> 01:35:44.772 region:rollup2
HI THE SP THE ELEVEN FOURTEEN I
01:35:43.037 --> 01:35:46.240 region:rollup2
REQUEST EMPLOY TO ONLY MAKE
01:35:44.772 --> 01:35:47.542 region:rollup2
CONTRIBUTIONS ABNORMAL BECAUSE.
01:35:46.240 --> 01:35:48.576 region:rollup2
EMPLOYEES WHO OPTED TO THIS PLAN
01:35:47.542 --> 01:35:51.212 region:rollup2
WILL DEFINITELY RECEIVE A
01:35:48.576 --> 01:35:51.746 region:rollup2
SUBSTANTIALLY LOWER EMPLOYER
01:35:51.212 --> 01:35:53.047 region:rollup2
CONTRIBUTION TOWARD THEIR
01:35:51.746 --> 01:35:54.482 region:rollup2
RETIREMENT.
01:35:53.047 --> 01:35:55.817 region:rollup2
AB WITHOUT GOING ALL THE
01:35:54.482 --> 01:35:56.985 region:rollup2
ARGUMENTS THAT WE'VE LISTED IN A
01:35:55.817 --> 01:35:58.853 region:rollup2
LETTER TO THE COMMITTEE ENTITY
01:35:56.985 --> 01:35:59.887 region:rollup2
AUTHOR.
01:35:58.853 --> 01:36:01.656 region:rollup2
BUT WE SIMPLY WOULD SAY THAT TO
01:35:59.887 --> 01:36:03.491 region:rollup2
GO TO MANY UNANSWERED QUESTIONS
01:36:01.656 --> 01:36:05.627 region:rollup2
STILL FOR THIS BILL IN ADDITION
01:36:03.491 --> 01:36:07.328 region:rollup2
TO PUBLIC DID NOT INVESTMENT
01:36:05.627 --> 01:36:09.097 region:rollup2
OPTIONS BE. BESIDE IT LOOK AT
01:36:07.328 --> 01:36:10.365 region:rollup2
THE CHARGES IN THE FEES TO THE
01:36:09.097 --> 01:36:12.233 region:rollup2
EMPLOYEES.
01:36:10.365 --> 01:36:14.302 region:rollup2
ARM UNDER THIS BILL EMPLOYEES
01:36:12.233 --> 01:36:16.371 region:rollup2
ARE. WILL BE EXPOSED TO THE
01:36:14.302 --> 01:36:19.007 region:rollup2
VOLATILE MARKETS ARM UNSPECIFIED
01:36:16.371 --> 01:36:19.574 region:rollup2
FEES AND ARE. NOT GUARANTEED ANY
01:36:19.007 --> 01:36:20.775 region:rollup2
TRAINING ADVICE ON HOW TO DO
01:36:19.574 --> 01:36:21.709 region:rollup2
THIS.
01:36:20.775 --> 01:36:25.246 region:rollup2
PAUL DOES REASON WE OPPOSE THE
01:36:21.709 --> 01:36:26.080 region:rollup2
BILL THANK YOU.
01:36:25.246 --> 01:36:27.615 region:rollup2
STARING XIN WITH RIVERSIDE
01:36:26.080 --> 01:36:29.851 region:rollup2
SHERIFF'S ASSOCIATION WOULD ALSO
01:36:27.615 --> 01:36:30.551 region:rollup2
LIKE TO UPLAND OUT IN OPPOSITION
01:36:29.851 --> 01:36:32.754 region:rollup2
THAT.
01:36:30.551 --> 01:36:34.222 region:rollup2
WERE CONCERNED ABOUT FEWER
01:36:32.754 --> 01:36:36.491 region:rollup2
EMPLOYEES PARTICIPATING AND
01:36:34.222 --> 01:36:38.693 region:rollup2
PURRS AND THERE'D BE LESS MONEY.
01:36:36.491 --> 01:36:41.296 region:rollup2
INCREASED RISK AND WE THINK
01:36:38.693 --> 01:36:42.997 region:rollup2
THAT THE. SYSTEM THE WAY TO GO
01:36:41.296 --> 01:36:43.798 region:rollup2
WOULD PREFER EVERYONE INTO.
01:36:42.997 --> 01:36:44.165 region:rollup2
BECAUSE THEY WERE WERE AT. THOSE
01:36:43.798 --> 01:36:47.168 region:rollup2
PARTICULAR MUCH
01:36:44.165 --> 01:36:48.403 region:rollup2
THANK YOU.
01:36:47.168 --> 01:36:48.936 region:rollup2
MISTER CHAIR MEMBERS JOSH WILL
01:36:48.403 --> 01:36:50.171 region:rollup2
GO GO WITH THE AMERICAN
01:36:48.936 --> 01:36:51.372 region:rollup2
FEDERATION OF STATE COUNTY
01:36:50.171 --> 01:36:54.208 region:rollup2
MUNICIPAL EMPLOYEES ALSO IN
01:36:51.372 --> 01:36:55.343 region:rollup2
OPPOSITION.
01:36:54.208 --> 01:36:56.511 region:rollup2
FUTURE MEMBERS COULD BE PRESIDED
01:36:55.343 --> 01:36:58.346 region:rollup2
CALIFORNIA ASSOCIATION OF
01:36:56.511 --> 01:36:59.981 region:rollup2
PSYCHIATRIC TECHNICIANS FOR ALL
01:36:58.346 --> 01:37:02.817 region:rollup2
THE REASONS PREVIOUSLY STATED WE
01:36:59.981 --> 01:37:03.518 region:rollup2
HEARD POP OPPOSITION.
01:37:02.817 --> 01:37:05.086 region:rollup2
MR CHAIRMAN MEMBERS OF THE
01:37:03.518 --> 01:37:06.087 region:rollup2
COMMITTEE CHRISTY BAMA BEHALF OF
01:37:05.086 --> 01:37:09.657 region:rollup2
THE CALIFORNIA PROFESSIONAL
01:37:06.087 --> 01:37:10.591 region:rollup2
FIREFIGHTERS IN OPPOSITION.
01:37:09.657 --> 01:37:11.959 region:rollup2
THANK YOU MISTER CHAIR MEMBERS
01:37:10.591 --> 01:37:15.263 region:rollup2
MUCH SEMEN WITH CALIFORNIA LABOR
01:37:11.959 --> 01:37:16.664 region:rollup2
FEDERATION ALSO IN OPPOSITION.
01:37:15.263 --> 01:37:17.799 region:rollup2
MISTER CHAIRMAN MEMBERS SYLVIA
01:37:16.664 --> 01:37:20.334 region:rollup2
SO WE SHAUN BEHALF FOR THE
01:37:17.799 --> 01:37:21.269 region:rollup2
CALIFORNIA FACULTY ASSOCIATION.
01:37:20.334 --> 01:37:24.072 region:rollup2
IN OPPOSITION THINKING.
01:37:21.269 --> 01:37:25.073 region:rollup2
YOU.
01:37:24.072 --> 01:37:25.940 region:rollup2
MISTER CHAIRMAN MEMBERS ATTORNEY
01:37:25.073 --> 01:37:28.076 region:rollup2
WITH ORANGE COUNTY EMPLOYEES
01:37:25.940 --> 01:37:29.711 region:rollup2
ASSOCIATION RETIRED PUBLIC
01:37:28.076 --> 01:37:31.079 region:rollup2
EMPLOYEES VERSION POOR ACT. OF
01:37:29.711 --> 01:37:32.480 region:rollup2
WERE OPPOSED I HAVE A LOT OF
01:37:31.079 --> 01:37:34.515 region:rollup2
EXPERIENCE WITH FOR WHEN KATE
01:37:32.480 --> 01:37:36.718 region:rollup2
PLANTS BECAUSE I'M NOT ACTUALLY
01:37:34.515 --> 01:37:38.953 region:rollup2
A PUBLIC EMPLOYEE SO I HAVE ONE.
01:37:36.718 --> 01:37:40.388 region:rollup2
BUT I CAN TELL YOU I WISH I HAD
01:37:38.953 --> 01:37:41.989 region:rollup2
A DEFINED BENEFIT PROGRAM UNDER
01:37:40.388 --> 01:37:43.791 region:rollup2
PURRS AND IF HE WOULD HAVE MEANT
01:37:41.989 --> 01:37:45.760 region:rollup2
HIS BILL SO THAT PEOPLE LIKE ME
01:37:43.791 --> 01:37:47.128 region:rollup2
COULD BE IN PARIS. YOU KNOW I'D
01:37:45.760 --> 01:37:48.996 region:rollup2
LIKE PURSUE MANAGER MANY BECAUSE
01:37:47.128 --> 01:37:51.399 region:rollup2
THEY DO A LOT CHEAPER FOR ONE AS
01:37:48.996 --> 01:37:53.534 region:rollup2
JERRY BROWN AND MENTION IS VERY
01:37:51.399 --> 01:37:55.136 region:rollup2
INEFFICIENT VERY COSTLY.
01:37:53.534 --> 01:37:58.373 region:rollup2
OKAY. ALRIGHT.
01:37:55.136 --> 01:38:00.475 region:rollup2
OF QUESTIONS COMMITTEE MEMBERS.
01:37:58.373 --> 01:38:01.809 region:rollup2
UP IN MY PLACE CENTER LEYVA
01:38:00.475 --> 01:38:05.179 region:rollup2
THERMAL.
01:38:01.809 --> 01:38:06.781 region:rollup2
THE CUBA MISTER CHAIR.
01:38:05.179 --> 01:38:08.449 region:rollup2
SENATOR A GLAZER I MEAN I HAVE
01:38:06.781 --> 01:38:10.218 region:rollup2
TO RESPECTFULLY OPPOSE YOUR BILL
01:38:08.449 --> 01:38:11.786 region:rollup2
TODAY.
01:38:10.218 --> 01:38:13.521 region:rollup2
I JUST THINK THAT WE NEED TO BE
01:38:11.786 --> 01:38:15.223 region:rollup2
DOING EVERYTHING WE CAN TO GET
01:38:13.521 --> 01:38:16.958 region:rollup2
OUR YOUNG PEOPLE INTO DEFINED
01:38:15.223 --> 01:38:18.593 region:rollup2
BENEFIT PLANS.
01:38:16.958 --> 01:38:19.394 region:rollup2
YOU'RE RIGHT THEY'RE NOT
01:38:18.593 --> 01:38:21.396 region:rollup2
CHILDREN.
01:38:19.394 --> 01:38:22.730 region:rollup2
THEY DO BUT THEY DON'T ALWAYS
01:38:21.396 --> 01:38:24.866 region:rollup2
UNDERSTAND THAT THEY WILL
01:38:22.730 --> 01:38:27.335 region:rollup2
SOMETIMES BE OLD LIKE YOU AND I
01:38:24.866 --> 01:38:29.103 region:rollup2
AND HOW IMPORTANT IT IS TO HAVE
01:38:27.335 --> 01:38:30.805 region:rollup2
A PENSION. I REMEMBER WHEN I
01:38:29.103 --> 01:38:33.174 region:rollup2
STARTED IN NINETEEN EIGHTY FIVE
01:38:30.805 --> 01:38:35.109 region:rollup2
WITH A ALPHA BETA AND WOOD
01:38:33.174 --> 01:38:35.743 region:rollup2
SOMEONE TOLD ME OH EVERYDAY THE
01:38:35.109 --> 01:38:36.644 region:rollup2
YOU'RE WORKING YOU'RE CREATING A
01:38:35.743 --> 01:38:37.879 region:rollup2
PENSION.
01:38:36.644 --> 01:38:40.148 region:rollup2
AND MY FIRST QUESTION I WAS
01:38:37.879 --> 01:38:42.049 region:rollup2
SEVENTEEN I SUPPORT THE PENSION.
01:38:40.148 --> 01:38:43.684 region:rollup2
AND THEY TOLD ME WHAT IT WAS AND
01:38:42.049 --> 01:38:45.253 region:rollup2
I REMEMBER FOR YEARS LATER
01:38:43.684 --> 01:38:46.521 region:rollup2
TALKING TO PEOPLE TALKING TO
01:38:45.253 --> 01:38:47.155 region:rollup2
PEOPLE WHO THOUGHT THEY WERE
01:38:46.521 --> 01:38:48.456 region:rollup2
GOING TO START IN THE INDUSTRY
01:38:47.155 --> 01:38:48.990 region:rollup2
AND THEY'RE JUST GOING TO STAY
01:38:48.456 --> 01:38:51.292 region:rollup2
THERE FOR A COUPLE YEARS.
01:38:48.990 --> 01:38:53.361 region:rollup2
AND-THEN THIRTY YEARS LATER HERE
01:38:51.292 --> 01:38:54.362 region:rollup2
THEY WERE AND I SIT AND LOOK
01:38:53.361 --> 01:38:56.197 region:rollup2
EVERYDAY THAT YOU'VE WORKED
01:38:54.362 --> 01:38:58.166 region:rollup2
YOU'VE ACCRUED PENSION THIS IS A
01:38:56.197 --> 01:38:59.867 region:rollup2
PART OF YOUR. OF YOUR
01:38:58.166 --> 01:39:02.737 region:rollup2
COMPENSATION AND IT'S A REALLY
01:38:59.867 --> 01:39:05.239 region:rollup2
BIG DEAL FOR ONE KAY'S PUT ALL
01:39:02.737 --> 01:39:06.574 region:rollup2
THE RISK ON THE WORKER THEY PUT
01:39:05.239 --> 01:39:08.443 region:rollup2
ALL THE RISK ON THE PERSON
01:39:06.574 --> 01:39:10.044 region:rollup2
PUTTING THEIR MONEY AND. WHEN I
01:39:08.443 --> 01:39:11.579 region:rollup2
WAS STILL WITH UFCW AND I WAS
01:39:10.044 --> 01:39:12.413 region:rollup2
THE PRESIDENT THE LOCAL OUR
01:39:11.579 --> 01:39:14.515 region:rollup2
GIRLS WERE LITTLE THEY'RE
01:39:12.413 --> 01:39:15.616 region:rollup2
PLAYING SOCCER AND I APOLOGIZE I
01:39:14.515 --> 01:39:17.652 region:rollup2
WAS HAVE STORIES.
01:39:15.616 --> 01:39:18.920 region:rollup2
AND I REMEMBER ONE OF THE MOMS
01:39:17.652 --> 01:39:20.221 region:rollup2
WHO STARTED WAS ON THE TEAM
01:39:18.920 --> 01:39:21.622 region:rollup2
WORKS FOR ALBERTSONS AND SHOES
01:39:20.221 --> 01:39:22.657 region:rollup2
GETTING READY TO SHOOT HEARD OF
01:39:21.622 --> 01:39:24.992 region:rollup2
A WOMAN WHO'S READING GETTING
01:39:22.657 --> 01:39:26.060 region:rollup2
READY TO RETIRE FROM. MERVYN'S
01:39:24.992 --> 01:39:27.995 region:rollup2
WHICH WAS A DEPARTMENT STORE IN
01:39:26.060 --> 01:39:28.396 region:rollup2
SOUTHERN CALIFORNIA TO THEY WENT
01:39:27.995 --> 01:39:29.831 region:rollup2
OUT OF BUSINESS.
01:39:28.396 --> 01:39:31.532 region:rollup2
AND SHE SAID.
01:39:29.831 --> 01:39:32.867 region:rollup2
CONNIE AS THE PRESIDENT OF MY
01:39:31.532 --> 01:39:34.435 region:rollup2
UNION I JUST WANT YOU TO KNOW
01:39:32.867 --> 01:39:35.736 region:rollup2
THAT THIS WOMAN IS RETIRING WITH
01:39:34.435 --> 01:39:37.738 region:rollup2
A HUNDRED THOUSAND DOLLARS IN
01:39:35.736 --> 01:39:39.874 region:rollup2
HER FOR ONE QUE WHY DON'T I HAVE
01:39:37.738 --> 01:39:41.676 region:rollup2
SOMETHING LIKE THAT AS A THIRTY
01:39:39.874 --> 01:39:43.644 region:rollup2
YEAR WORKER AT ALBERTSON'S. AND
01:39:41.676 --> 01:39:44.545 region:rollup2
SO WE HAVE SOMETHING BETTER I
01:39:43.644 --> 01:39:46.080 region:rollup2
SAY BECAUSE THAT FOR ONE QUE A
01:39:44.545 --> 01:39:47.548 region:rollup2
HUNDRED THOUSAND DOLLARS SOUNDS
01:39:46.080 --> 01:39:49.584 region:rollup2
AWESOME AND IT'S APPEALING TO
01:39:47.548 --> 01:39:50.818 region:rollup2
MANY OF US BUT I SAID IF YOU DO
01:39:49.584 --> 01:39:52.453 region:rollup2
IT RIGHT YOU SHOULD LIVE OFF THE
01:39:50.818 --> 01:39:54.021 region:rollup2
INTEREST. PRESIDENT LET'S AY
01:39:52.453 --> 01:39:55.623 region:rollup2
YOU GET TEN PERCENT RETURN RATE
01:39:54.021 --> 01:39:57.758 region:rollup2
ON THAT HUNDRED THOUSAND DOLLARS
01:39:55.623 --> 01:39:59.360 region:rollup2
WHICH IS HIGHLY UNLIKELY I SAID
01:39:57.758 --> 01:40:00.127 region:rollup2
THEN THAT'S TEN THOUSAND DOLLARS
01:39:59.360 --> 01:40:01.863 region:rollup2
A YEAR YOU'RE SUPPOSED TO LIVE
01:40:00.127 --> 01:40:04.332 region:rollup2
OFF OF. AS THE CAN YOU LIVE ON
01:40:01.863 --> 01:40:05.433 region:rollup2
THAT AND SHE SAID NO I SAID
01:40:04.332 --> 01:40:06.667 region:rollup2
YOU'RE PENSION WILL BE GREATER
01:40:05.433 --> 01:40:08.503 region:rollup2
THAN THAT FOR THE REST OF YOUR
01:40:06.667 --> 01:40:11.239 region:rollup2
LIFE I SAID AND WHEN YOUR FRIEND
01:40:08.503 --> 01:40:13.107 region:rollup2
HOUSE TO. CUT INTO THAT NEST EGG
01:40:11.239 --> 01:40:14.275 region:rollup2
A HUNDRED THOUSAND DOLLARS THAN
01:40:13.107 --> 01:40:16.010 region:rollup2
ECHO SOUND IN NINETY THEN ECHO
01:40:14.275 --> 01:40:17.645 region:rollup2
SOUND EIGHTY I SAID AND BEFORE
01:40:16.010 --> 01:40:19.313 region:rollup2
THEPERSON KNOWS THAT THEY HAVE
01:40:17.645 --> 01:40:20.414 region:rollup2
NO MONEY TO LIVE ON. SO I JUST
01:40:19.313 --> 01:40:22.016 region:rollup2
THINK WE NEED TO ENCOURAGE
01:40:20.414 --> 01:40:23.985 region:rollup2
PEOPLE TO BE A FAR PART OF A
01:40:22.016 --> 01:40:25.319 region:rollup2
DEFINED BENEFIT PENSION WE KNOW
01:40:23.985 --> 01:40:27.655 region:rollup2
THAT THEY HAVE BEEN.
01:40:25.319 --> 01:40:29.223 region:rollup2
NO ONE EMPLOYERS DON'T LIKE
01:40:27.655 --> 01:40:30.725 region:rollup2
THEM BECAUSE THEY ARE COSTLY BUT
01:40:29.223 --> 01:40:31.893 region:rollup2
WE HAVE TO THINK ABOUT SOCIETY
01:40:30.725 --> 01:40:33.828 region:rollup2
AND WE HAVE TO THINK ABOUT WHAT
01:40:31.893 --> 01:40:35.563 region:rollup2
IS IT WE WANT WHEN OUR PEOPLE
01:40:33.828 --> 01:40:37.365 region:rollup2
RETIRE. AND THEIR OLD BECAUSE
01:40:35.563 --> 01:40:38.833 region:rollup2
ALL OF US DEAL WITH IT UP HERE
01:40:37.365 --> 01:40:40.234 region:rollup2
RIGHT NGUYEN ON SENIORS CAN'T
01:40:38.833 --> 01:40:41.969 region:rollup2
AFFORD FOOD THEY CAN'T AFFORD
01:40:40.234 --> 01:40:43.437 region:rollup2
HOUSING. SO MANY OF THOSE
01:40:41.969 --> 01:40:45.740 region:rollup2
SENIORS DON'T HAVE A DEFINED
01:40:43.437 --> 01:40:47.975 region:rollup2
BENEFIT PENSION SO I WOULD JUST
01:40:45.740 --> 01:40:51.245 region:rollup2
HATE TO SEE US DO SOMETHING ELSE
01:40:47.975 --> 01:40:53.748 region:rollup2
THAT WOULD ENABLE. US TO TO HARM
01:40:51.245 --> 01:40:55.650 region:rollup2
DEFINED BENEFIT PENSIONS SO I
01:40:53.748 --> 01:40:57.084 region:rollup2
APPRECIATE YOU ARE THINKING
01:40:55.650 --> 01:40:58.953 region:rollup2
ABOUT GIVING OUR YOUNG PEOPLE
01:40:57.084 --> 01:41:00.454 region:rollup2
OPTIONS. ARE AND I JUST HAVE TO
01:40:58.953 --> 01:41:02.189 region:rollup2
SAY MR WOLF WHEN YOU USE THE
01:41:00.454 --> 01:41:03.024 region:rollup2
WORD FLEXIBILITY AND MY TWENTY
01:41:02.189 --> 01:41:05.293 region:rollup2
YEARS WITH THE.
01:41:03.024 --> 01:41:06.627 region:rollup2
LABOR MU MOVEMENT FLEXIBILITY
01:41:05.293 --> 01:41:09.997 region:rollup2
USUALLY MET MY MEMBER WAS
01:41:06.627 --> 01:41:11.666 region:rollup2
GETTING SCREWED SO I WILL
01:41:09.997 --> 01:41:12.967 region:rollup2
RESPECTFULLY OPPOSE.
01:41:11.666 --> 01:41:14.068 region:rollup2
I THINK YOUR QUESTION THERE
01:41:12.967 --> 01:41:16.170 region:rollup2
SOMETHING WE WILL INSIST THAT
01:41:14.068 --> 01:41:17.838 region:rollup2
ARE MORE LIKE. OKAY CENTER
01:41:16.170 --> 01:41:19.473 region:rollup2
WARLOCK AND WAS AND I WILL TRY
01:41:17.838 --> 01:41:20.908 region:rollup2
TO ASK A QUESTION. WELL ACTUALLY
01:41:19.473 --> 01:41:21.676 region:rollup2
WE BEFORE ALLOWED TO MAKE
01:41:20.908 --> 01:41:24.845 region:rollup2
STATEMENTS TO THE COMMITTEE AS
01:41:21.676 --> 01:41:25.012 region:rollup2
WELL. NOW MAKE A STATE TO THEN.
01:41:24.845 --> 01:41:28.482 region:rollup2
SO.
01:41:25.012 --> 01:41:31.252 region:rollup2
.
01:41:28.482 --> 01:41:33.220 region:rollup2
SENATOR. GLAZERS ARE YOU'RE NOT.
01:41:31.252 --> 01:41:35.189 region:rollup2
COTTON T. FEAR THIS IS NOT A NEW
01:41:33.220 --> 01:41:35.957 region:rollup2
IDEA HOW MANY OTHER STATES OF.
01:41:35.189 --> 01:41:40.294 region:rollup2
ADOPTED DEFINED CONTRIBUTION
01:41:35.957 --> 01:41:41.896 region:rollup2
PLANS.
01:41:40.294 --> 01:41:42.363 region:rollup2
ETCETERA I DON'T HAVE THE EXACT
01:41:41.896 --> 01:41:44.265 region:rollup2
NUMBER BUT CERTAINLY.
01:41:42.363 --> 01:41:45.266 region:rollup2
.
01:41:44.265 --> 01:41:46.367 region:rollup2
A NUMBER OF THEM THAT HAVE GONE
01:41:45.266 --> 01:41:46.867 region:rollup2
IN THAT DIRECTION AND CERTAINLY
01:41:46.367 --> 01:41:49.303 region:rollup2
IN SAN DIEGO THE VOTERS
01:41:46.867 --> 01:41:51.272 region:rollup2
MANDATED.
01:41:49.303 --> 01:41:52.606 region:rollup2
PART OF THEIR A PUBLIC EMPLOYEE.
01:41:51.272 --> 01:41:54.108 region:rollup2
BENEFIT THAT IT WAS A CHANGE
01:41:52.606 --> 01:41:56.143 region:rollup2
BECAUSE.
01:41:54.108 --> 01:41:57.345 region:rollup2
ADDS THAT THE PENSION BENEFITS
01:41:56.143 --> 01:41:59.513 region:rollup2
I STARTED UP EATING UP MORE AND
01:41:57.345 --> 01:42:00.715 region:rollup2
MORE THAT. OF THE CITY BUDGET
01:41:59.513 --> 01:42:01.182 region:rollup2
THEY FELT THAT THEY HAD NO
01:42:00.715 --> 01:42:02.350 region:rollup2
CHOICE BUT TO FIND AN
01:42:01.182 --> 01:42:03.684 region:rollup2
ALTERNATIVE.
01:42:02.350 --> 01:42:05.419 region:rollup2
BECAUSE IT IS GREAT TO GET FOR
01:42:03.684 --> 01:42:06.687 region:rollup2
PEOPLE WHO WORK THEIR WHOLE LIFE
01:42:05.419 --> 01:42:08.322 region:rollup2
IS A VERY IMPORTANT AND.
01:42:06.687 --> 01:42:08.923 region:rollup2
CERTAINLY AGREE WITH THAT THE
01:42:08.322 --> 01:42:09.323 region:rollup2
SENATOR FROM THE INLAND EMPIRE
01:42:08.923 --> 01:42:11.359 region:rollup2
THAT.
01:42:09.323 --> 01:42:13.327 region:rollup2
THAT.
01:42:11.359 --> 01:42:14.628 region:rollup2
YOU HAVE. RETIREMENT.
01:42:13.327 --> 01:42:16.364 region:rollup2
PENSIONS AT WHAT IT WHATEVER%
01:42:14.628 --> 01:42:17.965 region:rollup2
FORM ARE REALLY IMPORTANT AND
01:42:16.364 --> 01:42:19.934 region:rollup2
PEOPLE DESERVE IT.
01:42:17.965 --> 01:42:20.801 region:rollup2
BUT IT AT THE END OF THE DAY
01:42:19.934 --> 01:42:21.836 region:rollup2
IT'S REALLY ABOUT WHAT CAN YOU
01:42:20.801 --> 01:42:23.270 region:rollup2
AFFORD AND I THINK THE CHALLENGE
01:42:21.836 --> 01:42:24.705 region:rollup2
THAT.
01:42:23.270 --> 01:42:25.906 region:rollup2
THE STATES OF LOOKED INTO AND
01:42:24.705 --> 01:42:27.174 region:rollup2
AND CERTAINLY SANDIEGO EXAMINED
01:42:25.906 --> 01:42:30.244 region:rollup2
WAS THAT.
01:42:27.174 --> 01:42:31.579 region:rollup2
IT HAS TO BALANCE OUT AND.
01:42:30.244 --> 01:42:34.548 region:rollup2
UNDER THE CURRENT.
01:42:31.579 --> 01:42:36.350 region:rollup2
DEFINED. BENEFIT. ALL THE RISK
01:42:34.548 --> 01:42:38.352 region:rollup2
IS ON THE TAXPAYERS AND THAT
01:42:36.350 --> 01:42:40.454 region:rollup2
WHAT WE HAVE EEN. IS THAT.
01:42:38.352 --> 01:42:42.123 region:rollup2
AS THE TAXPAYERS ARE REQUIRED
01:42:40.454 --> 01:42:43.858 region:rollup2
TO PUT MORE MONEY INTO THAT
01:42:42.123 --> 01:42:45.359 region:rollup2
SYSTEM THAT THERE. IT CONSTRAINS
01:42:43.858 --> 01:42:46.961 region:rollup2
OTHER BENEFITS THAT THE THAT THE
01:42:45.359 --> 01:42:48.729 region:rollup2
CITY STREET YOU KNOW DEMANDS
01:42:46.961 --> 01:42:50.164 region:rollup2
FROM. LOCAL AND STATE GOVERNMENT
01:42:48.729 --> 01:42:51.399 region:rollup2
INTO.
01:42:50.164 --> 01:42:53.067 region:rollup2
BUT IT IS IT IS HOUSTON OUT OF
01:42:51.399 --> 01:42:54.869 region:rollup2
MANY MANY OTHER PLACES AND I
01:42:53.067 --> 01:42:57.238 region:rollup2
THINK TO TO GOOD EFFECT.
01:42:54.869 --> 01:42:58.706 region:rollup2
SO THEN HOW WAS
01:42:57.238 --> 01:43:01.008 region:rollup2
THE PLAN ESTABLISH FOR THE
01:42:58.706 --> 01:43:02.677 region:rollup2
UNIVERSITY OF CALIFORNIA.
01:43:01.008 --> 01:43:04.578 region:rollup2
I WAS ADOPTION THAT WAS GIVEN TO
01:43:02.677 --> 01:43:05.513 region:rollup2
THEM THERE THAT SOME GREATER
01:43:04.578 --> 01:43:06.947 region:rollup2
AUTONOMY THAN WE DO HERE AND
01:43:05.513 --> 01:43:09.417 region:rollup2
STATE GOVERNMENTS AND.
01:43:06.947 --> 01:43:11.118 region:rollup2
AND IT'S IT'S IT'S BARGAINED.
01:43:09.417 --> 01:43:12.453 region:rollup2
HOW WITH THEIR EMPLOYEE GROUPS
01:43:11.118 --> 01:43:13.754 region:rollup2
OF THE SUGGESTION BY ONE OF THE?
01:43:12.453 --> 01:43:14.622 region:rollup2
OPPONENTS EARLIER THAT IT SHOULD
01:43:13.754 --> 01:43:15.723 region:rollup2
BE SUBJECT TO COLLECTIVE
01:43:14.622 --> 01:43:17.258 region:rollup2
BARGAINING I'M I'M IN AGREEMENT
01:43:15.723 --> 01:43:18.592 region:rollup2
ON THAT.
01:43:17.258 --> 01:43:19.560 region:rollup2
AND I THINK THAT IF THE IF THE
01:43:18.592 --> 01:43:21.328 region:rollup2
IF THERE'S A REQUIREMENT THE
01:43:19.560 --> 01:43:23.431 region:rollup2
BILL BE AMENDED TO. GIVEN THAT
01:43:21.328 --> 01:43:23.998 region:rollup2
RIGHT NEGOTIATED IN COLLECTIVE
01:43:23.431 --> 01:43:25.199 region:rollup2
BARGAINING THE I'M FINE WITH
01:43:23.998 --> 01:43:26.400 region:rollup2
THAT.
01:43:25.199 --> 01:43:27.201 region:rollup2
BUT THAT'S WHAT THEY HAVE DONE
01:43:26.400 --> 01:43:28.235 region:rollup2
AS I UNDERSTAND IT THE
01:43:27.201 --> 01:43:30.304 region:rollup2
UNIVERSITY CALIFORNIA'S THAT
01:43:28.235 --> 01:43:32.239 region:rollup2
THEY BARGAINED IT.
01:43:30.304 --> 01:43:34.008 region:rollup2
AND THAT OPTION THAT HAS NOW
01:43:32.239 --> 01:43:35.342 region:rollup2
BECAME. AVAILABLE.
01:43:34.008 --> 01:43:36.510 region:rollup2
AND AS I MENTIONED THIRTY SEVEN
01:43:35.342 --> 01:43:39.046 region:rollup2
PERCENT OF THE NEW EMPLOYEES
01:43:36.510 --> 01:43:39.880 region:rollup2
HAVE CHOSEN THAT OPTION.
01:43:39.046 --> 01:43:42.383 region:rollup2
AND WE.
01:43:39.880 --> 01:43:43.451 region:rollup2
IMAGE OR NEW EMPLOYEES NEW
01:43:42.383 --> 01:43:45.319 region:rollup2
EMPLOYER EMPLOYEE THAT'S A
01:43:43.451 --> 01:43:46.787 region:rollup2
PRETTY STARTLING NUMBER THIRTY
01:43:45.319 --> 01:43:48.989 region:rollup2
SIX PERCENT THAT.
01:43:46.787 --> 01:43:50.191 region:rollup2
PRETTY AMAZING BUT.
01:43:48.989 --> 01:43:51.459 region:rollup2
THERE WAS THAT I THINK A COULD
01:43:50.191 --> 01:43:53.127 region:rollup2
JUST MY RIB MEMORY AND TRYING TO
01:43:51.459 --> 01:43:55.162 region:rollup2
RECALL IT DIDN'T SAY GOVERNOR
01:43:53.127 --> 01:43:57.498 region:rollup2
BROWN SAY YOU YOU HAVE TO OFFER
01:43:55.162 --> 01:43:59.166 region:rollup2
IN DC. IN ORDER TO FUND THE DB
01:43:57.498 --> 01:44:00.735 region:rollup2
WAS SIR.
01:43:59.166 --> 01:44:03.204 region:rollup2
WAS THAT SORT OF IMPOSED ON ON
01:44:00.735 --> 01:44:05.506 region:rollup2
THE UC SYSTEM WHEN THEY WERE.
01:44:03.204 --> 01:44:06.740 region:rollup2
NECKLINE WHEN JANET THE PAUL
01:44:05.506 --> 01:44:07.742 region:rollup2
TIME IT WAS WORKING WITH THE
01:44:06.740 --> 01:44:09.176 region:rollup2
GOVERNOR I'M. I DON'T THE
01:44:07.742 --> 01:44:10.511 region:rollup2
CAMERAS TO IMPOSE ANYTHING ON
01:44:09.176 --> 01:44:12.346 region:rollup2
THE UNIVERSITY CALIFORNIA
01:44:10.511 --> 01:44:14.115 region:rollup2
BECAUSE THERE. AYE AYE AYE AYE
01:44:12.346 --> 01:44:15.983 region:rollup2
CREATION OF OUR CONSTITUTION SO
01:44:14.115 --> 01:44:17.084 region:rollup2
I THINK YOU CAN MAKE SUGGESTIONS
01:44:15.983 --> 01:44:17.752 region:rollup2
TO THEM BUT.
01:44:17.084 --> 01:44:18.619 region:rollup2
THESE ARE CHOICES THAT THEY HAVE
01:44:17.752 --> 01:44:19.787 region:rollup2
MADE AS I UNDERSTAND
01:44:18.619 --> 01:44:20.821 region:rollup2
SO I WENT THROUGH COLLECTIVE
01:44:19.787 --> 01:44:22.289 region:rollup2
BARGAINING AT THE UC I BELIEVE
01:44:20.821 --> 01:44:23.390 region:rollup2
THAT'S HOW THEY'VE IMPLEMENTED
01:44:22.289 --> 01:44:25.659 region:rollup2
IT THEMSELVES.
01:44:23.390 --> 01:44:25.926 region:rollup2
BY IS YOUR FURY ANSWERED IN YOUR
01:44:25.659 --> 01:44:27.461 region:rollup2
COMMENTS.
01:44:25.926 --> 01:44:28.496 region:rollup2
.
01:44:27.461 --> 01:44:29.063 region:rollup2
THE OTHER POINT THAT WAS
01:44:28.496 --> 01:44:31.298 region:rollup2
SUSTAINABILITY AFFORDABILITY
01:44:29.063 --> 01:44:32.633 region:rollup2
AND.
01:44:31.298 --> 01:44:34.935 region:rollup2
WORST OF WHO'S WHO'S CARRYING
01:44:32.633 --> 01:44:35.169 region:rollup2
THE RISK AND SO.
01:44:34.935 --> 01:44:35.870 region:rollup2
WE DID.
01:44:35.169 --> 01:44:37.671 region:rollup2
WE DO THAT.
01:44:35.870 --> 01:44:39.807 region:rollup2
IDC PLANNED FOR.
01:44:37.671 --> 01:44:40.374 region:rollup2
FOR EMPLOYEES BACK IN TWO
01:44:39.807 --> 01:44:41.542 region:rollup2
THOUSAND NINE AT THE COUNTY
01:44:40.374 --> 01:44:43.244 region:rollup2
ORANGE.
01:44:41.542 --> 01:44:44.445 region:rollup2
NEGOTIATED THAT WE ALSO HAD A
01:44:43.244 --> 01:44:47.481 region:rollup2
REALLY GOOD RESPONSE SO.
01:44:44.445 --> 01:44:49.717 region:rollup2
.
01:44:47.481 --> 01:44:51.485 region:rollup2
I'LL TELL STORY TO.
01:44:49.717 --> 01:44:53.287 region:rollup2
THE GOVERNOR SCHWARZENEGGER PUT
01:44:51.485 --> 01:44:55.089 region:rollup2
TOGETHER A PUBLIC EMPLOYEE POST
01:44:53.287 --> 01:44:57.491 region:rollup2
EMPLOYMENT COMMITTEE.
01:44:55.089 --> 01:44:58.692 region:rollup2
TO REVIEW. THE LIABILITIES OF
01:44:57.491 --> 01:45:00.161 region:rollup2
THE STATE WAS FACING IT. FROM
01:44:58.692 --> 01:45:01.162 region:rollup2
OUR HAD THE GOOD FORTUNE OF
01:45:00.161 --> 01:45:02.863 region:rollup2
BEING ASKED TO SPEAK TO THE
01:45:01.162 --> 01:45:03.397 region:rollup2
COMMITTEE. AND I WAS ON THE
01:45:02.863 --> 01:45:06.433 region:rollup2
PANEL WITH.
01:45:03.397 --> 01:45:06.934 region:rollup2
JOSEPH CURVE WHO WAS THE HEAD
01:45:06.433 --> 01:45:08.402 region:rollup2
OF THE FIREFIGHTERS AND.
01:45:06.934 --> 01:45:10.604 region:rollup2
.
01:45:08.402 --> 01:45:12.373 region:rollup2
.
01:45:10.604 --> 01:45:13.707 region:rollup2
HOW CAMANCHE UNDER HIS FACE FROM
01:45:12.373 --> 01:45:16.177 region:rollup2
ME PRETTY MUCH MOST CA?
01:45:13.707 --> 01:45:17.811 region:rollup2
MIDDLE COME TO ME IN A SECOND.
01:45:16.177 --> 01:45:19.580 region:rollup2
AND BUT IT WAS JUST OF CURRENT
01:45:17.811 --> 01:45:21.182 region:rollup2
WAS MAKING A PRESENTATION ABOUT
01:45:19.580 --> 01:45:23.484 region:rollup2
HOW THEY HAD CONVERTED. THE
01:45:21.182 --> 01:45:24.985 region:rollup2
RETIREE MEDICAL FROM DEFINED
01:45:23.484 --> 01:45:27.288 region:rollup2
BENEFIT TO DEFINED CONTRIBUTION.
01:45:24.985 --> 01:45:28.956 region:rollup2
RUN CUNNINGHAM OPPO RACK WAS ON
01:45:27.288 --> 01:45:30.958 region:rollup2
THE COMMITTEE. ANY KIND OF SAID
01:45:28.956 --> 01:45:31.892 region:rollup2
I THOUGHT WE WEREN'T GOING TO GO
01:45:30.958 --> 01:45:33.894 region:rollup2
TO DEFINED CONTRIBUTION
01:45:31.892 --> 01:45:36.163 region:rollup2
I THOUGHT WE HAD A DEAL.
01:45:33.894 --> 01:45:38.999 region:rollup2
I THOUGHT THAT WAS VERY TELLING.
01:45:36.163 --> 01:45:39.900 region:rollup2
BUT JOKER HAD TO LET HIM KNOW.
01:45:38.999 --> 01:45:41.569 region:rollup2
THAT WE'RE TALKING ABOUT THE
01:45:39.900 --> 01:45:43.838 region:rollup2
RETIREE MEDICAL NOT THE PENSION
01:45:41.569 --> 01:45:44.872 region:rollup2
PLAN USER OKAY OKAY FINE.
01:45:43.838 --> 01:45:46.307 region:rollup2
SO I WANT TO APPLAUD YOU FOR
01:45:44.872 --> 01:45:48.242 region:rollup2
PROPOSING A DC PLAN AND I WILL
01:45:46.307 --> 01:45:51.545 region:rollup2
MOVE.
01:45:48.242 --> 01:45:53.180 region:rollup2
THIS ITEM MISTER CHAIR.
01:45:51.545 --> 01:45:55.683 region:rollup2
OKAY WELL CERTAINLY BEEN MOVED.
01:45:53.180 --> 01:45:55.850 region:rollup2
OTHER QUESTIONS.
01:45:55.683 --> 01:45:58.118 region:rollup2
SO.
01:45:55.850 --> 01:45:59.320 region:rollup2
.
01:45:58.118 --> 01:46:00.654 region:rollup2
THAT'S OF SOME PLEASURE I
01:45:59.320 --> 01:46:02.489 region:rollup2
CERTAINLY APPRECIATE TO YOU
01:46:00.654 --> 01:46:05.626 region:rollup2
BRING THIS IDEA FOR TO HAVE TO
01:46:02.489 --> 01:46:07.127 region:rollup2
HAVE SOME SKEPTICISM ABOUT IT.
01:46:05.626 --> 01:46:09.263 region:rollup2
HE DIDN'T WANT TO QUESTIONS I
01:46:07.127 --> 01:46:11.365 region:rollup2
GUESS IN TERMS OF THE DEFINED
01:46:09.263 --> 01:46:13.801 region:rollup2
CONTRIBUTION.
01:46:11.365 --> 01:46:16.570 region:rollup2
WITH THIS ALSO PARTITION OF US
01:46:13.801 --> 01:46:17.872 region:rollup2
ALSO BE ADMINISTERED BY CALPERS
01:46:16.570 --> 01:46:20.541 region:rollup2
I GUESS I MEAN THEY WOULD
01:46:17.872 --> 01:46:23.277 region:rollup2
PROVIDE THE FUNDS. CONTRACT OUT
01:46:20.541 --> 01:46:24.278 region:rollup2
I MEAN WHAT IT IS THAT CAN BE
01:46:23.277 --> 01:46:25.980 region:rollup2
OPERATED ARE.
01:46:24.278 --> 01:46:27.348 region:rollup2
BY CALPERS HOW DO YOU SEE THIS
01:46:25.980 --> 01:46:28.816 region:rollup2
THE. THE THE THE DEFINED
01:46:27.348 --> 01:46:30.484 region:rollup2
CONTRIBUTION PORTION WORKING
01:46:28.816 --> 01:46:32.019 region:rollup2
BECAUSE SOUNDS LIKE IT'S VERY
01:46:30.484 --> 01:46:33.520 region:rollup2
CLOSELY TIED RIGHT SO WHAT
01:46:32.019 --> 01:46:34.488 region:rollup2
HAPPENS IS THAT YOU COME AND YOU
01:46:33.520 --> 01:46:36.523 region:rollup2
CHOOSE WHICH WHERE YOU WANT TO
01:46:34.488 --> 01:46:38.259 region:rollup2
GO FIVE YEARS LATER YOU CHOOSE
01:46:36.523 --> 01:46:39.159 region:rollup2
AGAIN WHICH WAY YOU WANT TO GO.
01:46:38.259 --> 01:46:40.728 region:rollup2
YOU KNOW THE MONIES CAN BE
01:46:39.159 --> 01:46:42.363 region:rollup2
SITTING IN A POT SOMEWHERE WHO'S
01:46:40.728 --> 01:46:43.597 region:rollup2
WHO'S OVERSEEING HIS OVERSEEING
01:46:42.363 --> 01:46:45.633 region:rollup2
THIS.
01:46:43.597 --> 01:46:47.735 region:rollup2
THIS SIDE CALPERS OR SOME OTHER
01:46:45.633 --> 01:46:50.037 region:rollup2
DECENT VISION THIS I TAKE THAT
01:46:47.735 --> 01:46:51.772 region:rollup2
COUNSEL FROM THE PEOPLE SMARTER
01:46:50.037 --> 01:46:53.240 region:rollup2
THAN ME LIKE YOU MISTER CHAIRMAN
01:46:51.772 --> 01:46:55.109 region:rollup2
AND YOUR STAFF AND OTHER STUFF.
01:46:53.240 --> 01:46:56.243 region:rollup2
GUIDE HOW THIS THIS THING WAS
01:46:55.109 --> 01:46:57.144 region:rollup2
FORWARD PRACTICALLY.
01:46:56.243 --> 01:46:58.145 region:rollup2
I THINK THERE'S PLENTY OF
01:46:57.144 --> 01:46:58.712 region:rollup2
OPTIONS THERE IN STATE
01:46:58.145 --> 01:47:00.180 region:rollup2
GOVERNMENT TERMS OF HOW IT'S
01:46:58.712 --> 01:47:00.948 region:rollup2
ADMINISTERED.
01:47:00.180 --> 01:47:03.250 region:rollup2
OKAY ALRIGHT.
01:47:00.948 --> 01:47:04.918 region:rollup2
.
01:47:03.250 --> 01:47:06.754 region:rollup2
SO I GUESS YOU KNOW AND AND WE
01:47:04.918 --> 01:47:09.056 region:rollup2
HAVE CERTAINLY I THINK THERE ARE
01:47:06.754 --> 01:47:10.557 region:rollup2
SOME DETAILS IF WE WERE GOING TO
01:47:09.056 --> 01:47:13.661 region:rollup2
TRY TO DO THIS BUT I'D. DO I
01:47:10.557 --> 01:47:17.231 region:rollup2
STEP BACK AND I KNOW THAT MY
01:47:13.661 --> 01:47:18.499 region:rollup2
COLLEAGUES HAVE SPOKEN BEFORE.
01:47:17.231 --> 01:47:19.600 region:rollup2
I ATE THAT.
01:47:18.499 --> 01:47:20.734 region:rollup2
YEAH I I AM I HAVE I DO HAVE
01:47:19.600 --> 01:47:22.870 region:rollup2
SOME CONCERNS ABOUT.
01:47:20.734 --> 01:47:24.338 region:rollup2
.
01:47:22.870 --> 01:47:27.107 region:rollup2
THE IMPACT THIS HAS.
01:47:24.338 --> 01:47:28.475 region:rollup2
ON.
01:47:27.107 --> 01:47:30.277 region:rollup2
SERVE THE LAW IS. A COUPLE
01:47:28.475 --> 01:47:31.478 region:rollup2
THINGS A ONE NOW I THINK IT'S
01:47:30.277 --> 01:47:32.713 region:rollup2
BEEN TESTIFIED TO IS.
01:47:31.478 --> 01:47:34.548 region:rollup2
.
01:47:32.713 --> 01:47:36.216 region:rollup2
THE BENCH THE PENSION CERTAINLY
01:47:34.548 --> 01:47:39.119 region:rollup2
IS A.
01:47:36.216 --> 01:47:41.622 region:rollup2
IT IS AN INCENTIVE FOR A MORE
01:47:39.119 --> 01:47:42.256 region:rollup2
LONG TERM SERVICE HIM WITH THE
01:47:41.622 --> 01:47:43.590 region:rollup2
VIEW THAT AS A POSITIVE OR NOT
01:47:42.256 --> 01:47:44.992 region:rollup2
DATA I GUESS IF YOU'RE NOT
01:47:43.590 --> 01:47:46.093 region:rollup2
LOOKING FOR LONG TERM SERVICES
01:47:44.992 --> 01:47:47.328 region:rollup2
EMPLOYEE THAT MIGHT NOT THIS
01:47:46.093 --> 01:47:48.729 region:rollup2
WOULD BE A POSITIVE BUT I THINK
01:47:47.328 --> 01:47:50.731 region:rollup2
FOR THE STATE. YOU KNOW PEOPLE
01:47:48.729 --> 01:47:51.799 region:rollup2
BEING STAY IN PLACE BUT I ALSO
01:47:50.731 --> 01:47:53.767 region:rollup2
YOU KNOW PEOPLE TALK ABOUT RISK
01:47:51.799 --> 01:47:55.469 region:rollup2
TO TAXPAYERS AND AND UNDERSTANDS
01:47:53.767 --> 01:47:56.537 region:rollup2
ONLY ONE RISK THE TAXPAYERS IS
01:47:55.469 --> 01:47:58.072 region:rollup2
OF COURSE YOU KNOW HOW DO YOU
01:47:56.537 --> 01:47:59.840 region:rollup2
PAY FOR AND MAINTAINING. THE
01:47:58.072 --> 01:48:01.575 region:rollup2
PENSIONS SO THAT'S CERTAINLY A
01:47:59.840 --> 01:48:03.377 region:rollup2
RISK THAT TE TAXPAYERS TAKE ON.
01:48:01.575 --> 01:48:04.979 region:rollup2
BUT I ALSO SEE RISK OF TAXPAYER
01:48:03.377 --> 01:48:06.246 region:rollup2
OF THE FINE CONTRIBUTION WHICH
01:48:04.979 --> 01:48:08.415 region:rollup2
IS IS THAT.
01:48:06.246 --> 01:48:10.284 region:rollup2
AT LEAST IN THIS STATE AND I
01:48:08.415 --> 01:48:10.884 region:rollup2
THINK IN THIS COUNTRY EVEN.
01:48:10.284 --> 01:48:11.085 region:rollup2
.
01:48:10.884 --> 01:48:12.753 region:rollup2
WHEN.
01:48:11.085 --> 01:48:14.555 region:rollup2
.
01:48:12.753 --> 01:48:17.124 region:rollup2
BASICALLY WHEN PLANS FALL
01:48:14.555 --> 01:48:18.592 region:rollup2
ARRIVES RIGHT YOUR VIEW GOOD DC
01:48:17.124 --> 01:48:20.561 region:rollup2
WHATEVER ELSE YOUR SAVINGS OR.
01:48:18.592 --> 01:48:21.829 region:rollup2
WHATEVER THINGS FALL AWRY AND
01:48:20.561 --> 01:48:23.297 region:rollup2
ALSO WE HAVE PROGRAMS LIKE HOW
01:48:21.829 --> 01:48:24.798 region:rollup2
WORKS AND OTHER TYPES OF YOU
01:48:23.297 --> 01:48:25.933 region:rollup2
KNOW PUBLIC PROGRAMS TO HELP
01:48:24.798 --> 01:48:27.368 region:rollup2
PEOPLE WHO ARE WHO ARE POOR AND
01:48:25.933 --> 01:48:29.136 region:rollup2
DISADVANTAGED AND AND AND
01:48:27.368 --> 01:48:30.371 region:rollup2
FRANKLY SENIORS.
01:48:29.136 --> 01:48:32.673 region:rollup2
BEFORE.
01:48:30.371 --> 01:48:34.742 region:rollup2
ARE OFTEN IN THAT CAN OFTEN BE
01:48:32.673 --> 01:48:36.677 region:rollup2
IN THAT POSITION TO AND. AS IT
01:48:34.742 --> 01:48:38.145 region:rollup2
AND SO WHEN THE THINGS TO ME ONE
01:48:36.677 --> 01:48:39.947 region:rollup2
THE PUBLIC VALUES OF A
01:48:38.145 --> 01:48:41.315 region:rollup2
RETIREMENT SYSTEM INCLUDING A
01:48:39.947 --> 01:48:44.251 region:rollup2
DEFINED BENEFIT BUT HAVING BE
01:48:41.315 --> 01:48:45.119 region:rollup2
SURE IS A WRIST SOLID RETIREMENT
01:48:44.251 --> 01:48:46.587 region:rollup2
SYSTEM IS IS THAT.
01:48:45.119 --> 01:48:48.856 region:rollup2
WHAT HAPPENS IS WERE HELPING UP
01:48:46.587 --> 01:48:50.624 region:rollup2
FRONT TRYING TO AVOID FUTURE
01:48:48.856 --> 01:48:52.059 region:rollup2
COSTS FARTHER DOWN THE LINE
01:48:50.624 --> 01:48:52.626 region:rollup2
BECAUSE OF THE WAY UNLESS WE
01:48:52.059 --> 01:48:53.994 region:rollup2
DECIDE SOCIETY THAT YOU KNOW
01:48:52.626 --> 01:48:56.163 region:rollup2
WHAT?
01:48:53.994 --> 01:48:57.698 region:rollup2
CHANCE WAS WRONG TO YOU BAD LUCK
01:48:56.163 --> 01:48:59.400 region:rollup2
YOU JUST YOU KNOW WE ABANDONED
01:48:57.698 --> 01:49:00.601 region:rollup2
YOU IN OUR SENIOR UP AYE AYE ON
01:48:59.400 --> 01:49:02.136 region:rollup2
THE STREETS AND I DON'T THINK
01:49:00.601 --> 01:49:03.303 region:rollup2
THAT'S THE SIZE SIDE WE ARE AND
01:49:02.136 --> 01:49:04.405 region:rollup2
I KNOW THAT'S NOT WHAT YOU WANT
01:49:03.303 --> 01:49:05.973 region:rollup2
IT TO BE SO.
01:49:04.405 --> 01:49:08.509 region:rollup2
I THINK THAT THAT BUT THAT'S A
01:49:05.973 --> 01:49:10.611 region:rollup2
THAT THAT'S I THINK A CHALLENGE.
01:49:08.509 --> 01:49:12.179 region:rollup2
WHEN YOU.
01:49:10.611 --> 01:49:13.614 region:rollup2
IT.
01:49:12.179 --> 01:49:14.181 region:rollup2
THAT THAT'S ONE OF CENTRAL
01:49:13.614 --> 01:49:15.749 region:rollup2
CHALLENGES AND YOU AYE THAT
01:49:14.181 --> 01:49:17.418 region:rollup2
THAT.
01:49:15.749 --> 01:49:19.486 region:rollup2
OUT ON ONE LEVEL YOU KNOW ON THE
01:49:17.418 --> 01:49:20.821 region:rollup2
FINE CONTRIBUTION AND GIVING
01:49:19.486 --> 01:49:22.623 region:rollup2
PEOPLE CHOICES I THINK A.
01:49:20.821 --> 01:49:24.158 region:rollup2
NOW THAT'S VERY ATTRACTIVE.
01:49:22.623 --> 01:49:24.725 region:rollup2
DISABLE KILLING GIVE PEOPLE
01:49:24.158 --> 01:49:29.363 region:rollup2
CHOICE I'LL TELL YOU I DON'T
01:49:24.725 --> 01:49:30.798 region:rollup2
BREAK
01:49:29.363 --> 01:49:32.966 region:rollup2
BEFORE THE GREAT RECESSION.
01:49:30.798 --> 01:49:34.768 region:rollup2
NOW OUT PHYSICIAN LEVEL LIKE
01:49:32.966 --> 01:49:35.335 region:rollup2
ISOLATIONS I DON'T COUNT THEY
01:49:34.768 --> 01:49:36.437 region:rollup2
THEY CAN WRITE OUT SOMETHING
01:49:35.335 --> 01:49:38.772 region:rollup2
BUT.
01:49:36.437 --> 01:49:40.307 region:rollup2
AND THEY'RE PROBABLY NOTA
01:49:38.772 --> 01:49:41.642 region:rollup2
SMART ABOUT INVESTMENT AS THEY
01:49:40.307 --> 01:49:43.110 region:rollup2
COULD BE THERE PRETTY
01:49:41.642 --> 01:49:44.244 region:rollup2
INTELLIGENT PEOPLE I WOULD.
01:49:43.110 --> 01:49:45.145 region:rollup2
THINK YOU KNOW.
01:49:44.244 --> 01:49:47.014 region:rollup2
THAT THE.
01:49:45.145 --> 01:49:48.615 region:rollup2
AND.
01:49:47.014 --> 01:49:49.883 region:rollup2
A LOT OF THEM WHEN.
01:49:48.615 --> 01:49:51.151 region:rollup2
OKAY RECESSION IN THE STOCK
01:49:49.883 --> 01:49:52.586 region:rollup2
MARKET TANKS YOU KNOW THEY ALL
01:49:51.151 --> 01:49:53.454 region:rollup2
MOST OF THEM ARE NOT PUBLIC
01:49:52.586 --> 01:49:56.356 region:rollup2
EMPLOYEES THE HEAD FOR ELAINE
01:49:53.454 --> 01:49:57.758 region:rollup2
QUE TYPE THINGS ARE STYLE TYPE
01:49:56.356 --> 01:49:59.326 region:rollup2
PHENOTYPE AND. SAVINGS.
01:49:57.758 --> 01:50:01.228 region:rollup2
AND THEY ARE HIT PRETTY DARN
01:49:59.326 --> 01:50:02.463 region:rollup2
HARD ALLY NO LOT OF PEOPLE WHO
01:50:01.228 --> 01:50:03.697 region:rollup2
BASICALLY WATCH DEALER TALK
01:50:02.463 --> 01:50:05.299 region:rollup2
ABOUT RETIREMENT AND BILL THAT
01:50:03.697 --> 01:50:07.835 region:rollup2
WAS GONE.
01:50:05.299 --> 01:50:09.470 region:rollup2
AND AND SO YOU KNOW IF THAT'S
01:50:07.835 --> 01:50:11.305 region:rollup2
YOUR AND AND ALSO LOOKING AT THE
01:50:09.470 --> 01:50:12.906 region:rollup2
DATA ON HOW MUCH PEOPLE ACTUALLY
01:50:11.305 --> 01:50:14.007 region:rollup2
END UP SAVING UNDER FOUR ONE
01:50:12.906 --> 01:50:15.742 region:rollup2
CASE AND HOW OFTEN THEY INTO
01:50:14.007 --> 01:50:16.877 region:rollup2
BORROWING AGAINST THEM OR TRYING
01:50:15.742 --> 01:50:18.579 region:rollup2
THEM EARLY ETCETERA AND THEN.
01:50:16.877 --> 01:50:21.148 region:rollup2
AND WE DO HAVE A CRISIS HERE IN
01:50:18.579 --> 01:50:22.549 region:rollup2
THIS COUNTRY WHERE WE HAVE. A
01:50:21.148 --> 01:50:24.384 region:rollup2
LOT OF PEOPLE WHO REALLY DON'T
01:50:22.549 --> 01:50:25.552 region:rollup2
HAVE ANYWHERE NEAR ENOUGH THE
01:50:24.384 --> 01:50:27.488 region:rollup2
SAVE FOR RETIREMENT I MEAN VOTER
01:50:25.552 --> 01:50:29.890 region:rollup2
SITE ABOUT SAVING ENOUGH TO LIVE
01:50:27.488 --> 01:50:31.458 region:rollup2
ON. AND LOVE THEM BASICALLY ARE
01:50:29.890 --> 01:50:32.759 region:rollup2
SUPPOSEDLY MANAGING THEIR OWN
01:50:31.458 --> 01:50:34.361 region:rollup2
RETIREMENT BASED ON SAFE JOBS
01:50:32.759 --> 01:50:35.462 region:rollup2
JUST TO GET A FIREARM QUE IRENE
01:50:34.361 --> 01:50:38.265 region:rollup2
OR SOMETHING THAT'S THEIR
01:50:35.462 --> 01:50:38.899 region:rollup2
PLAYERS AND GIVE ANOTHER OPTION
01:50:38.265 --> 01:50:39.399 region:rollup2
REALLY THEIR DATA HAVE ON THEIR
01:50:38.899 --> 01:50:40.300 region:rollup2
OWN.
01:50:39.399 --> 01:50:42.703 region:rollup2
AND IT AND AND I AM VERY
01:50:40.300 --> 01:50:44.404 region:rollup2
CONCERNED ABOUT THAT AND SO ON
01:50:42.703 --> 01:50:46.306 region:rollup2
YOU KNOW WHAT I.
01:50:44.404 --> 01:50:47.508 region:rollup2
AND I'M I'M I'M I'M CONCERNED
01:50:46.306 --> 01:50:49.309 region:rollup2
THAT.
01:50:47.508 --> 01:50:50.677 region:rollup2
THAT WE HAVE A SYSTEM THAT'S
01:50:49.309 --> 01:50:51.979 region:rollup2
ONLY BASICALLY YOU'RE TELLING
01:50:50.677 --> 01:50:52.613 region:rollup2
PEOPLE YOU KNOW YOU HAVE A
01:50:51.979 --> 01:50:55.182 region:rollup2
CHOICE YOU CAN HAVE A FOUR ONE
01:50:52.613 --> 01:50:57.351 region:rollup2
K.. OR A PENSION.
01:50:55.182 --> 01:51:01.054 region:rollup2
.
01:50:57.351 --> 01:51:03.190 region:rollup2
SETS PEOPLE UP FOR. SALE. AND IT
01:51:01.054 --> 01:51:04.858 region:rollup2
IS FOR FOR POTENTIAL CHALLENGES
01:51:03.190 --> 01:51:05.692 region:rollup2
IF THEY DECIDE THAT THEY'RE ONLY
01:51:04.858 --> 01:51:06.960 region:rollup2
GOING TO HAVE A FOREIGN CAN YOU
01:51:05.692 --> 01:51:08.929 region:rollup2
GUESS WE HAVE SOCIAL SECURITY
01:51:06.960 --> 01:51:09.129 region:rollup2
TOUGH LOADING OUT THERE. OWE IT
01:51:08.929 --> 01:51:11.398 region:rollup2
BUT.
01:51:09.129 --> 01:51:12.1000 region:rollup2
AYE YEAH AND ACTUALLY FOR SOME
01:51:11.398 --> 01:51:15.202 region:rollup2
OF OUR EMPLOYEES ACTUALLY DATE
01:51:12.1000 --> 01:51:16.436 region:rollup2
DATE THEY. ARE NOT SURE HOW THIS
01:51:15.202 --> 01:51:18.739 region:rollup2
WORKS FOR SOME OF THE PLACE YOU
01:51:16.436 --> 01:51:19.873 region:rollup2
CAN'T GET THE SOCIAL SECURITY
01:51:18.739 --> 01:51:22.743 region:rollup2
BECAUSE THEIR TEACHERS OR
01:51:19.873 --> 01:51:23.810 region:rollup2
WHATEVER BUT. I I AM JUST I I AM
01:51:22.743 --> 01:51:24.144 region:rollup2
AND I GUESS ASSEMBLY AS A PLAYER
01:51:23.810 --> 01:51:25.979 region:rollup2
BUT I THINK.
01:51:24.144 --> 01:51:27.915 region:rollup2
I'M AND I AM CONCERNED ABOUT
01:51:25.979 --> 01:51:29.516 region:rollup2
WHAT THIS WILL DO IN THE FUTURE
01:51:27.915 --> 01:51:30.884 region:rollup2
I THINK IT NEEDS THIS IDEA NEEDS
01:51:29.516 --> 01:51:32.352 region:rollup2
MORE SCRUTINY AND VETTING IN
01:51:30.884 --> 01:51:33.687 region:rollup2
TERMS OF THINKING ABOUT WHAT
01:51:32.352 --> 01:51:34.788 region:rollup2
TAMMY. THE WHAT YOU'RE TRYING TO
01:51:33.687 --> 01:51:36.490 region:rollup2
DO SOME IS FAIRLY
01:51:34.788 --> 01:51:38.191 region:rollup2
STRAIGHTFORWARD BUT WHAT THE
01:51:36.490 --> 01:51:39.059 region:rollup2
LONG TERM IMPACTS ARE. AT EITHER
01:51:38.191 --> 01:51:40.961 region:rollup2
NEEDS TO BE MORE OF A
01:51:39.059 --> 01:51:43.130 region:rollup2
CONVERSATION ABOUT ABOUT THAT
01:51:40.961 --> 01:51:44.531 region:rollup2
AND AND AND AND ALSO IN THE END
01:51:43.130 --> 01:51:45.899 region:rollup2
YOU KNOW WHO ENDS UP HAVING TO
01:51:44.531 --> 01:51:47.501 region:rollup2
PICK UP THE SLACK WHEN. THINGS
01:51:45.899 --> 01:51:48.702 region:rollup2
FALL APART SO WE CERTAINLY VERY
01:51:47.501 --> 01:51:50.604 region:rollup2
CONCERNED ABOUT WHAT'S HAPPENING
01:51:48.702 --> 01:51:51.738 region:rollup2
TO CALPERS AND STIRS IN LOOKING
01:51:50.604 --> 01:51:53.440 region:rollup2
AT THAT AND PEOPLE HAVE SOME
01:51:51.738 --> 01:51:54.875 region:rollup2
ANXIETY ABOUT THAT I KNOW CENTER
01:51:53.440 --> 01:51:57.177 region:rollup2
MORE LIKEEXPRESSES THAT TO ME.
01:51:54.875 --> 01:51:57.678 region:rollup2
QUITE FREQUENTLY BUT OTHERS DO
01:51:57.177 --> 01:51:59.880 region:rollup2
AS WELL.
01:51:57.678 --> 01:52:01.481 region:rollup2
BUT I ALSO WANT TO THINK ABOUT
01:51:59.880 --> 01:52:03.850 region:rollup2
WHAT HAPPENS WHEN SOMEONE
01:52:01.481 --> 01:52:05.285 region:rollup2
SAVINGS SYSTEMS FAIL AS WELL AND
01:52:03.850 --> 01:52:07.120 region:rollup2
WHEN WHAT THAT MEANS AND THEN
01:52:05.285 --> 01:52:07.821 region:rollup2
ALSO WHAT ROLE DO WE HAVE OF THE
01:52:07.120 --> 01:52:09.856 region:rollup2
STATE.
01:52:07.821 --> 01:52:11.391 region:rollup2
HOW TO USE BUDGETS OF THREE
01:52:09.856 --> 01:52:12.392 region:rollup2
CHAIR OF WERE KIND LOOK AT
01:52:11.391 --> 01:52:13.994 region:rollup2
WHAT'S THE IMPACT OF AGING AND
01:52:12.392 --> 01:52:17.598 region:rollup2
WHAT? THAT'S GOING TO IMPACT IT
01:52:13.994 --> 01:52:17.998 region:rollup2
HAS ON OUR STATE AND LOCAL
01:52:17.598 --> 01:52:18.165 region:rollup2
BUDGETS AS WELL.
01:52:17.998 --> 01:52:18.298 region:rollup2
SO.
01:52:18.165 --> 01:52:19.600 region:rollup2
.
01:52:18.298 --> 01:52:20.234 region:rollup2
SO I.
01:52:19.600 --> 01:52:21.802 region:rollup2
SO I GUESS A LONG WAY OF SAYING
01:52:20.234 --> 01:52:24.204 region:rollup2
THAT AT THIS POINT TIME I DON'T
01:52:21.802 --> 01:52:25.105 region:rollup2
FEEL COMFORTABLE SUPPORTING THIS
01:52:24.204 --> 01:52:27.841 region:rollup2
BILL.
01:52:25.105 --> 01:52:29.176 region:rollup2
AYE AYE AYE IT WILL ENCOURAGE
01:52:27.841 --> 01:52:30.410 region:rollup2
YOU TO HAVE FURTHER CONVERSATION
01:52:29.176 --> 01:52:31.878 region:rollup2
BE NICE TO SEE MORE AND EIGHTY
01:52:30.410 --> 01:52:33.347 region:rollup2
SOME MENTION THAT THEY QUICKLY
01:52:31.878 --> 01:52:35.315 region:rollup2
BARGAIN THIS OUT AND YOU SEE
01:52:33.347 --> 01:52:37.417 region:rollup2
SICK MORE CONVERSATIONS WITH. A
01:52:35.315 --> 01:52:39.019 region:rollup2
EMPLOYEE GROUPS OF ABOUT THIS
01:52:37.417 --> 01:52:41.521 region:rollup2
AND AND EIGHTIES TRYING TO DIG
01:52:39.019 --> 01:52:44.424 region:rollup2
UP A LITTLE MORE. RESEARCH ON.
01:52:41.521 --> 01:52:46.693 region:rollup2
OUR WORK ON WHAT REALLY IS THE
01:52:44.424 --> 01:52:47.427 region:rollup2
LONG TERM ATTACK AND BUT ALSO IF
01:52:46.693 --> 01:52:49.029 region:rollup2
SOMEONE CHOOSES TO DO WITH THE
01:52:47.427 --> 01:52:51.798 region:rollup2
FINE. CRUCIAL WHAT SHOULD BE THE
01:52:49.029 --> 01:52:53.300 region:rollup2
MINIMUM BUFFERS WE'VE PUT IN
01:52:51.798 --> 01:52:54.101 region:rollup2
PLACE TO KEEP PEOPLE FROM.
01:52:53.300 --> 01:52:56.103 region:rollup2
WELL IN CERTAIN SENSES TO ME
01:52:54.101 --> 01:52:57.404 region:rollup2
IT'S STILL A BASELINE DEFINED
01:52:56.103 --> 01:53:00.007 region:rollup2
BENEFIT WITH A DEFINED
01:52:57.404 --> 01:53:01.742 region:rollup2
CONTRIBUTION. ON TOP OF MAYBES
01:53:00.007 --> 01:53:03.276 region:rollup2
SOMETHING OF THAT ILK BUT MAYBE
01:53:01.742 --> 01:53:05.145 region:rollup2
THERE'S SOME OTHER ALTERNATIVES
01:53:03.276 --> 01:53:06.513 region:rollup2
THAT PEOPLE CAN. THAT HAS SOME
01:53:05.145 --> 01:53:08.015 region:rollup2
ROBUST RESEARCH BEHIND AND I
01:53:06.513 --> 01:53:09.416 region:rollup2
THINK WE SAW THE WORK OUT EEN
01:53:08.015 --> 01:53:11.752 region:rollup2
IF YOU WANT TO DO THIS WHAT THE
01:53:09.416 --> 01:53:12.753 region:rollup2
MINISTRY OF DETAILS ARE IN TERMS
01:53:11.752 --> 01:53:15.022 region:rollup2
OF CALPERS AND SO FORTH.
01:53:12.753 --> 01:53:17.124 region:rollup2
SO I'M.
01:53:15.022 --> 01:53:18.258 region:rollup2
OKAY. E. FOR A LITTLE GIVEN THE
01:53:17.124 --> 01:53:20.227 region:rollup2
XING UPDATE YES I AM ACTUALLY
01:53:18.258 --> 01:53:21.828 region:rollup2
GOING TO GIVE US OR GLAZER WHO I
01:53:20.227 --> 01:53:23.664 region:rollup2
KNOW WE CALL ME LIKE COM IT'S A
01:53:21.828 --> 01:53:24.798 region:rollup2
CHANCE TO PERHAPS SAY SOMETHING
01:53:23.664 --> 01:53:25.966 region:rollup2
WELL YOU CAN GO AHEAD AND THE
01:53:24.798 --> 01:53:27.200 region:rollup2
FORCE FOR CLARIFICATION. FROM
01:53:25.966 --> 01:53:28.902 region:rollup2
YOU OR FROM YOUR COMMENTS IF I
01:53:27.200 --> 01:53:30.370 region:rollup2
UNDERSTOOD THEM OKAY BY GOOD.
01:53:28.902 --> 01:53:32.272 region:rollup2
SHIRTS BECAUSE WE HAVE ITEM
01:53:30.370 --> 01:53:33.507 region:rollup2
NUMBER FOURTEEN YES WHICH IS
01:53:32.272 --> 01:53:34.775 region:rollup2
SECURE CHOICE FOR YOU WANT
01:53:33.507 --> 01:53:37.611 region:rollup2
CHANGE NAME TO CAL SABRES BUT
01:53:34.775 --> 01:53:38.078 region:rollup2
THAT'S A POOR ONE QUE AND I'M
01:53:37.611 --> 01:53:38.845 region:rollup2
SCARED OF WONDERING.
01:53:38.078 --> 01:53:41.381 region:rollup2
HOW YOUR?
01:53:38.845 --> 01:53:41.915 region:rollup2
ARGUMENTS. APPLY THERE WELL
01:53:41.381 --> 01:53:44.985 region:rollup2
ACTUALLY.
01:53:41.915 --> 01:53:46.553 region:rollup2
YOU IT WON'T HAVE. OKAY SINCE
01:53:44.985 --> 01:53:48.021 region:rollup2
THAT ON THE CONTENT CAL I WILL
01:53:46.553 --> 01:53:49.323 region:rollup2
ANSWER THAT QUESTION SO THAT WE
01:53:48.021 --> 01:53:50.290 region:rollup2
UNLESS YOU WANT FULL OF CONSENT
01:53:49.323 --> 01:53:51.758 region:rollup2
BUT NO I DON'T THINK I'M JUST
01:53:50.290 --> 01:53:54.027 region:rollup2
THAT LET ME JUST QUICKLY TOUCH
01:53:51.758 --> 01:53:54.027 region:rollup2
ON THAT I WOULD SAY IS IS THAT.
01:53:54.094 --> 01:53:59.666 region:rollup2
I THINK GIVEN THE STRUCTURE AND
01:53:57.297 --> 01:54:01.301 region:rollup2
THAT OF HOW OUT WHAT WE COULD
01:53:59.666 --> 01:54:03.737 region:rollup2
TRY TO DO IN THAT SPACE.
01:54:01.301 --> 01:54:05.739 region:rollup2
THAT IS WHAT IT IS IT'S BETTER
01:54:03.737 --> 01:54:07.074 region:rollup2
THAN AND THEN THAN A BASELINE OF
01:54:05.739 --> 01:54:08.275 region:rollup2
NOTHING BECAUSE THEY SAID WE
01:54:07.074 --> 01:54:09.876 region:rollup2
STILL HAVE A CRISIS WHICH WE
01:54:08.275 --> 01:54:11.645 region:rollup2
NEED PEOPLE TO RETIRE. DO MORE
01:54:09.876 --> 01:54:12.512 region:rollup2
RETIREMENT SAVINGS.
01:54:11.645 --> 01:54:14.614 region:rollup2
AND SO.
01:54:12.512 --> 01:54:15.949 region:rollup2
AS I IS I'VE MET THAT I WAS A
01:54:14.614 --> 01:54:17.484 region:rollup2
LITTLE DISAPPOINTED WE WERE ABLE
01:54:15.949 --> 01:54:20.087 region:rollup2
TO DO AS OF THE PINE BENEFIT AND
01:54:17.484 --> 01:54:22.155 region:rollup2
BUT I STATE AGAIN I THINK WE DO
01:54:20.087 --> 01:54:22.956 region:rollup2
NEED TO TRY TO ADDRESS PEOPLE
01:54:22.155 --> 01:54:25.492 region:rollup2
GETTING IMPROVING THEIR
01:54:22.956 --> 01:54:26.793 region:rollup2
RETIREMENT SAVINGS I MEAN DEBTS.
01:54:25.492 --> 01:54:28.395 region:rollup2
THE OVERALL GOAL AND HOW HOW TO
01:54:26.793 --> 01:54:30.697 region:rollup2
GET HOW TO GET THERE BECAUSE
01:54:28.395 --> 01:54:32.599 region:rollup2
AGAIN IN MY MIND WHAT HAPPENS IS
01:54:30.697 --> 01:54:34.801 region:rollup2
THAT WE AS A SOCIETY EVERY GO
01:54:32.599 --> 01:54:36.870 region:rollup2
GOVERNMENT IS THAT. ARE A BIT ON
01:54:34.801 --> 01:54:41.108 region:rollup2
THE HOOK WINDS DOES WHEN PEOPLE
01:54:36.870 --> 01:54:42.943 region:rollup2
AREABLE TO. SAVE FOR RETIREMENT.
01:54:41.108 --> 01:54:44.911 region:rollup2
OKAY SO SENATE GLAZER I
01:54:42.943 --> 01:54:46.780 region:rollup2
APPRECIATE YOUR PATIENCE I'VE.
01:54:44.911 --> 01:54:48.515 region:rollup2
PLEASE LIKE TO IT PERHAPS YOU
01:54:46.780 --> 01:54:49.750 region:rollup2
WANT TO RESPOND TO THERE'S
01:54:48.515 --> 01:54:50.650 region:rollup2
COMEDY RECEIVED HEALTH THANK YOU
01:54:49.750 --> 01:54:52.352 region:rollup2
THANK YOU FOR THE THOUGHTFUL
01:54:50.650 --> 01:54:53.987 region:rollup2
COMMENTS FROM ALL OF COMMITTEE
01:54:52.352 --> 01:54:55.389 region:rollup2
MEMBERS. AND I THINK WITH THEIR
01:54:53.987 --> 01:54:57.190 region:rollup2
WHERE WE HAVE COMMON GROUND I
01:54:55.389 --> 01:54:58.225 region:rollup2
WAS LIKE TO. FIND PLACES WHERE
01:54:57.190 --> 01:54:59.559 region:rollup2
WERE IN AGREEMENT I THINK
01:54:58.225 --> 01:55:01.027 region:rollup2
THERE'S A NUMBER OF THEN WE ARE
01:54:59.559 --> 01:55:02.362 region:rollup2
IN AGREEMENT THAT. WE KNOW THAT
01:55:01.027 --> 01:55:04.097 region:rollup2
FINANCIAL LITERACY IS A VERY
01:55:02.362 --> 01:55:05.298 region:rollup2
IMPORTANT THING. AND WE WISH YOU
01:55:04.097 --> 01:55:06.333 region:rollup2
CAN BE TAUGHT EVEN BETTER IN OUR
01:55:05.298 --> 01:55:08.368 region:rollup2
SCHOOLS BECAUSE WE KNOW HOW
01:55:06.333 --> 01:55:09.169 region:rollup2
IMPORTANT IT IS FOR PEOPLE TO
01:55:08.368 --> 01:55:10.070 region:rollup2
MAKE GOOD CHOICES.
01:55:09.169 --> 01:55:11.805 region:rollup2
IN THEIR LIFE AND AND.
01:55:10.070 --> 01:55:13.206 region:rollup2
.
01:55:11.805 --> 01:55:14.741 region:rollup2
I AND WHAT WE ALSO KNOW THAT
01:55:13.206 --> 01:55:16.109 region:rollup2
WHAT WE WANT TO ENCOURAGE ALL
01:55:14.741 --> 01:55:18.078 region:rollup2
KINDS OF VEHICLES THAT THAT
01:55:16.109 --> 01:55:19.446 region:rollup2
REVOLVE AROUND SAVINGS.
01:55:18.078 --> 01:55:21.047 region:rollup2
THE STATE PER.
01:55:19.446 --> 01:55:22.716 region:rollup2
ADMINISTERS A COLLEGE SAVINGS
01:55:21.047 --> 01:55:24.050 region:rollup2
PLAN.
01:55:22.716 --> 01:55:25.152 region:rollup2
DOESN'T MANDATE WHAT THEY'RE
01:55:24.050 --> 01:55:26.887 region:rollup2
GOING TO GET OUT OF IT IF THEY
01:55:25.152 --> 01:55:28.188 region:rollup2
SAVE THROUGH IT AND BILLIONS OF
01:55:26.887 --> 01:55:29.723 region:rollup2
BEEN PUT ASIDE FOR IT BUT.
01:55:28.188 --> 01:55:30.824 region:rollup2
IT TRIES TO IT KNOWS THAT THAT
01:55:29.723 --> 01:55:32.159 region:rollup2
MONEY WILL GROW.
01:55:30.824 --> 01:55:33.493 region:rollup2
IN AT WITH THE VARIOUS
01:55:32.159 --> 01:55:35.295 region:rollup2
INVESTMENT OPTIONS AND THEY GIVE
01:55:33.493 --> 01:55:37.030 region:rollup2
CHOICES TO.
01:55:35.295 --> 01:55:38.799 region:rollup2
THE FOLKS THAT ARE PUTTING THEIR
01:55:37.030 --> 01:55:40.367 region:rollup2
THEIR THEIR THEIR KIDS.
01:55:38.799 --> 01:55:41.902 region:rollup2
HOPEFULLY FUTURE COLLEGE FUND
01:55:40.367 --> 01:55:42.736 region:rollup2
MONEY THERE AND. I I THINK
01:55:41.902 --> 01:55:44.638 region:rollup2
IT WAS MENTIONED ABOUT THE
01:55:42.736 --> 01:55:46.239 region:rollup2
SECURE CHOICES SENATE BILL ONE
01:55:44.638 --> 01:55:48.375 region:rollup2
TWO THREE FOUR THE CENTER DAILY
01:55:46.239 --> 01:55:50.243 region:rollup2
ON IS PUT FORWARD. TO ENCOURAGE
01:55:48.375 --> 01:55:51.945 region:rollup2
THAT RETIREMENT SAVINGS BY THAT
01:55:50.243 --> 01:55:53.513 region:rollup2
THE PRIVATE SECTOR SO IMPORTANT.
01:55:51.945 --> 01:55:54.047 region:rollup2
AND I THINK THAT IT IS ALSO TRUE
01:55:53.513 --> 01:55:57.150 region:rollup2
THAT. OUT YOU KNOW THAT WE
01:55:54.047 --> 01:55:58.452 region:rollup2
SPEND.
01:55:57.150 --> 01:55:59.953 region:rollup2
THIRTY FORTY BILLION AND THE AND
01:55:58.452 --> 01:56:01.588 region:rollup2
THE AND THE.
01:55:59.953 --> 01:56:03.123 region:rollup2
THE SAFETY NET AT THAT STATE
01:56:01.588 --> 01:56:05.225 region:rollup2
PROVIDES EVERY YEAR TO HELP
01:56:03.123 --> 01:56:06.226 region:rollup2
PEOPLE WHO. WERE ABLE TO DO THAT
01:56:05.225 --> 01:56:08.128 region:rollup2
THAT ARE I RUN INTO HARD TIMES
01:56:06.226 --> 01:56:09.596 region:rollup2
SIR.
01:56:08.128 --> 01:56:10.630 region:rollup2
HOW HAVE CIRCUMSTANCES THAT WE
01:56:09.596 --> 01:56:11.798 region:rollup2
DECIDED THAT IT'S IN THE STATE'S
01:56:10.630 --> 01:56:13.133 region:rollup2
INTEREST TO HELP THOSE PEOPLE
01:56:11.798 --> 01:56:15.001 region:rollup2
THAT'S A GOOD THING?
01:56:13.133 --> 01:56:15.635 region:rollup2
I'D SO WE CERTAINLY DON'T WANT
01:56:15.001 --> 01:56:17.337 region:rollup2
MORE PEOPLE FALLING INTO THAT
01:56:15.635 --> 01:56:19.539 region:rollup2
NET. AND E WANT TO FIND WAYS
01:56:17.337 --> 01:56:22.075 region:rollup2
FOR THEM TO US. A FLOURISH AND
01:56:19.539 --> 01:56:23.043 region:rollup2
AND DAD AND INVESTING THEIR TIME
01:56:22.075 --> 01:56:25.378 region:rollup2
IN A WAY THAT THEY CAN MAKE.
01:56:23.043 --> 01:56:26.847 region:rollup2
GOOD CHOICES ABOUT.
01:56:25.378 --> 01:56:27.848 region:rollup2
THOSE ARE PLACES THAT WE WE ALL
01:56:26.847 --> 01:56:29.282 region:rollup2
AGREE.
01:56:27.848 --> 01:56:32.219 region:rollup2
AND AS I MENTIONED AND
01:56:29.282 --> 01:56:33.486 region:rollup2
RESPONSES SENATOR LATER EARLIER.
01:56:32.219 --> 01:56:34.988 region:rollup2
PEOPLE DESERVE TO HAVE A GOOD
01:56:33.486 --> 01:56:36.456 region:rollup2
RETIREMENT THEY'VE WORKED THEIR
01:56:34.988 --> 01:56:37.724 region:rollup2
WHOLE LIFE AND THAT THOSE ARE
01:56:36.456 --> 01:56:39.226 region:rollup2
PLACES WHERE WE. RUN THE SAME
01:56:37.724 --> 01:56:40.560 region:rollup2
PAGE.
01:56:39.226 --> 01:56:41.895 region:rollup2
BUT WE ALSO KNOW THAT WE HAVE A
01:56:40.560 --> 01:56:42.495 region:rollup2
A PUBLIC THE PUBLIC PENSION
01:56:41.895 --> 01:56:44.097 region:rollup2
SYSTEM THAT'S ON THE VERGE OF
01:56:42.495 --> 01:56:46.066 region:rollup2
COLLAPSE.
01:56:44.097 --> 01:56:48.768 region:rollup2
SIXTY EIGHT PERCENT FUNDED
01:56:46.066 --> 01:56:51.004 region:rollup2
APTERA RECORD STOCK MARKET RUN.
01:56:48.768 --> 01:56:53.473 region:rollup2
ON ALONG.
01:56:51.004 --> 01:56:56.209 region:rollup2
ECONOMIC REBOUND AND WE KNOW
01:56:53.473 --> 01:56:57.978 region:rollup2
THAT THESE POSITIVE YEARS ARE.
01:56:56.209 --> 01:56:59.813 region:rollup2
NOT GOING TO LAST AND THAT WE
01:56:57.978 --> 01:57:00.714 region:rollup2
HAVE A BIG CRISIS BOTH ON THE
01:56:59.813 --> 01:57:03.149 region:rollup2
STATE LEVEL AND ON THE LOCAL
01:57:00.714 --> 01:57:05.285 region:rollup2
LEVEL. ANDAND AND MANY PUBLIC
01:57:03.149 --> 01:57:07.020 region:rollup2
AGENCIES ARE GOING TO FACE THE
01:57:05.285 --> 01:57:08.722 region:rollup2
THREAT OF BANKRUPTCY WITHIN.
01:57:07.020 --> 01:57:10.156 region:rollup2
MINE'S WOMEN GOING TO THAT NEXT
01:57:08.722 --> 01:57:12.058 region:rollup2
RECESSION BECAUSE THEIR PENSION
01:57:10.156 --> 01:57:14.127 region:rollup2
SYSTEMS ARE NOT FUNDED.
01:57:12.058 --> 01:57:15.028 region:rollup2
AND IT IS TRUE THAT THAT TELL
01:57:14.127 --> 01:57:17.497 region:rollup2
WHILE WE HAVE.
01:57:15.028 --> 01:57:20.200 region:rollup2
AYE EQUALIZE THE NORMAL COSTS
01:57:17.497 --> 01:57:21.868 region:rollup2
FOR NEW EMPLOYEES NOW BASED ON.
01:57:20.200 --> 01:57:22.702 region:rollup2
PROPOSES THAT GOVERNOR BROWN
01:57:21.868 --> 01:57:24.571 region:rollup2
WAS ABLE TO GET THROUGH THE
01:57:22.702 --> 01:57:26.873 region:rollup2
LEGISLATURE.
01:57:24.571 --> 01:57:28.341 region:rollup2
THAT THE RISK
01:57:26.873 --> 01:57:30.710 region:rollup2
THAT'S ASSOCIATED WITH THE THAT
01:57:28.341 --> 01:57:31.711 region:rollup2
THE DEFINED BENEFIT IS FULLY ON
01:57:30.710 --> 01:57:33.380 region:rollup2
THE TAXPAYERS IT'S FULLY ON THE
01:57:31.711 --> 01:57:34.180 region:rollup2
TAXPAYER.
01:57:33.380 --> 01:57:36.283 region:rollup2
AND.
01:57:34.180 --> 01:57:36.816 region:rollup2
AND WE ALSO SEE BECAUSE WE HEAR
01:57:36.283 --> 01:57:38.718 region:rollup2
ABOUT IT FROM OUR SCHOOL
01:57:36.816 --> 01:57:40.220 region:rollup2
DISTRICTS AND WE HEAR ABOUT FROM
01:57:38.718 --> 01:57:41.988 region:rollup2
OUR CITIES IN OUR COUNTIES.
01:57:40.220 --> 01:57:43.223 region:rollup2
THAT THAT THE AND LOOK AT AT THE
01:57:41.988 --> 01:57:44.391 region:rollup2
STATE LOOK AT THE CONTRIBUTION
01:57:43.223 --> 01:57:46.893 region:rollup2
THAT THE STATE'S NOT REQUIRED TO
01:57:44.391 --> 01:57:47.928 region:rollup2
PUT MORE INTO CALPERS BECAUSE.
01:57:46.893 --> 01:57:49.629 region:rollup2
OF THE INVESTMENT TURNS AREN'T
01:57:47.928 --> 01:57:51.264 region:rollup2
AREN'T AREN'T.
01:57:49.629 --> 01:57:53.133 region:rollup2
AT THE RIGHT LEVEL SO WE HAVE A
01:57:51.264 --> 01:57:54.267 region:rollup2
CRISIS IN OUR SYSTEM AND. THIS
01:57:53.133 --> 01:57:56.136 region:rollup2
AND THIS PROPOSAL WASN'T MEANT
01:57:54.267 --> 01:57:57.604 region:rollup2
TO FIX THAT IT WAS MEANT TO NOT
01:57:56.136 --> 01:57:59.773 region:rollup2
MAKE IT ANY WORSE.
01:57:57.604 --> 01:58:01.574 region:rollup2
AND IT WAS ALSO MEANT TO BEGIN
01:57:59.773 --> 01:58:02.976 region:rollup2
TO BUILD CONFIDENCE AMONG THE
01:58:01.574 --> 01:58:04.611 region:rollup2
TAXPAYERS THAT WE THE PUBLIC
01:58:02.976 --> 01:58:06.212 region:rollup2
SERVANTS.
01:58:04.611 --> 01:58:07.314 region:rollup2
I RECOGNIZE OUR PROBLEM AND ARE
01:58:06.212 --> 01:58:09.115 region:rollup2
TRYING TO DO SOMETHING ABOUT IT
01:58:07.314 --> 01:58:09.749 region:rollup2
BECAUSE IT'S ONLY A SMALL STEP
01:58:09.115 --> 01:58:11.451 region:rollup2
I'M NOT TRYING TO MAKE THE SCENE
01:58:09.749 --> 01:58:12.786 region:rollup2
LIKE IT'S A. SOLVING ALL THE
01:58:11.451 --> 01:58:14.154 region:rollup2
PROBLEMS THAT THAT WE'RE FACING
01:58:12.786 --> 01:58:15.889 region:rollup2
IT'S REALLY MEANT TO BE. A
01:58:14.154 --> 01:58:17.691 region:rollup2
CONSTRUCTIVE STEP FORWARD IN A
01:58:15.889 --> 01:58:19.392 region:rollup2
POSITIVE WAY NOT A PUNITIVE WAY
01:58:17.691 --> 01:58:21.127 region:rollup2
IT'S AN OPTION.
01:58:19.392 --> 01:58:22.862 region:rollup2
BUT EVERYTHING EVERY TIME I LOOK
01:58:21.127 --> 01:58:24.364 region:rollup2
AT THE STATISTICS ABOUT HOW.
01:58:22.862 --> 01:58:24.931 region:rollup2
EMPLOYEES A BENEFIT OR DON'T
01:58:24.364 --> 01:58:26.633 region:rollup2
BENEFIT UNDER THEIR CURRENT
01:58:24.931 --> 01:58:28.401 region:rollup2
SERVICE.
01:58:26.633 --> 01:58:29.035 region:rollup2
IT'S IT'S IT'S EXTRAORDINARY TO
01:58:28.401 --> 01:58:30.804 region:rollup2
SEE.
01:58:29.035 --> 01:58:32.372 region:rollup2
HOW THE AND WOOD YOUNGER
01:58:30.804 --> 01:58:33.440 region:rollup2
EMPLOYEES NOT FIVE YEARS HAVE IT
01:58:32.372 --> 01:58:35.909 region:rollup2
FIFTEEN YEARS IF YOU HAVE AN
01:58:33.440 --> 01:58:38.011 region:rollup2
EMPLOYEE? THAT BEGINS WORK RIGHT
01:58:35.909 --> 01:58:39.579 region:rollup2
NOW FOR THE STATE OF CALIFORNIA.
01:58:38.011 --> 01:58:41.081 region:rollup2
AT THE AGE OF TWENTY FIVE. AND
01:58:39.579 --> 01:58:42.582 region:rollup2
IF THEY BEGAN ANOTHER EMPLOYEE
01:58:41.081 --> 01:58:43.984 region:rollup2
STARTED AT THE AT THE AGE OF
01:58:42.582 --> 01:58:45.552 region:rollup2
FORTY FIVE.
01:58:43.984 --> 01:58:47.487 region:rollup2
THAT IN FIFTEEN YEARS OF WORKING
01:58:45.552 --> 01:58:49.422 region:rollup2
FOR THE STATE THERE'S ENORMOUS
01:58:47.487 --> 01:58:50.890 region:rollup2
DIFFERENCE OF BENEFIT BECAUSE
01:58:49.422 --> 01:58:52.559 region:rollup2
THE PERSON THAT'S FORTY FIVE.
01:58:50.890 --> 01:58:53.760 region:rollup2
WITH THEIR FIFTEEN YEARS.
01:58:52.559 --> 01:58:55.228 region:rollup2
AND THERE TWENTY FIVEWITH
01:58:53.760 --> 01:58:56.830 region:rollup2
FIFTEEN YEARS THAT'S IT IF YOU
01:58:55.228 --> 01:58:58.898 region:rollup2
LOOK AT THE NUMBERS IT'S A HUGE
01:58:56.830 --> 01:59:00.066 region:rollup2
DIFFERENCE THAT'S NOT FAIR.
01:58:58.898 --> 01:59:01.635 region:rollup2
IT'S NOT GOOD FOR THAT EMPLOY
01:59:00.066 --> 01:59:03.436 region:rollup2
PEOPLE PUT IN FIFTEEN YEARS THEY
01:59:01.635 --> 01:59:04.604 region:rollup2
BALK AND PAID THE SAME WAGE.
01:59:03.436 --> 01:59:05.972 region:rollup2
IN THAT THEY COME OUT OF IT.
01:59:04.604 --> 01:59:07.540 region:rollup2
WITH A HUGE DISADVANTAGE SAID
01:59:05.972 --> 01:59:08.908 region:rollup2
THERE'S A WE NEED TO FIND SOME
01:59:07.540 --> 01:59:10.010 region:rollup2
WAYS TO RIGHT SIZE.
01:59:08.908 --> 01:59:10.810 region:rollup2
AND I HOPE THAT I CAN WORK
01:59:10.010 --> 01:59:12.979 region:rollup2
CONSTRUCTIVELY WITH EVERYBODY
01:59:10.810 --> 01:59:13.747 region:rollup2
HERE GOING FORWARD THIS BILL
01:59:12.979 --> 01:59:15.682 region:rollup2
DOESN'T MOVE FORWARD I HOPE WE
01:59:13.747 --> 01:59:16.316 region:rollup2
CAN. WORK TOGETHER BECAUSE WE
01:59:15.682 --> 01:59:17.884 region:rollup2
NEED TO.
01:59:16.316 --> 01:59:19.386 region:rollup2
RIGHT SIZE THE SYSTEM WE NEED
01:59:17.884 --> 01:59:20.787 region:rollup2
TO RESTORE PUBLIC TRUST BECAUSE
01:59:19.386 --> 01:59:22.522 region:rollup2
WE'RE GOING TO GO OFFER
01:59:20.787 --> 01:59:23.590 region:rollup2
FINANCIAL CLIFF. ANDERSON IS NOT
01:59:22.522 --> 01:59:25.725 region:rollup2
GONNA BE PRETTY AND I THINK WE
01:59:23.590 --> 01:59:26.893 region:rollup2
NEED TO SHOW THE TAXPAYERS THAT
01:59:25.725 --> 01:59:28.261 region:rollup2
WE'RE WORKING HARD TO MAKE IT
01:59:26.893 --> 01:59:29.596 region:rollup2
BETTER. VERSES.
01:59:28.261 --> 01:59:30.897 region:rollup2
MORE DRAMATIC CHANGES THAT WE'VE
01:59:29.596 --> 01:59:32.198 region:rollup2
SEEN IN THE CITY OF SAN DIEGO
01:59:30.897 --> 01:59:34.267 region:rollup2
AND OTHER PLACES WHERE.
01:59:32.198 --> 01:59:35.869 region:rollup2
PEOPLE GOT SO FED UP THAT IT
01:59:34.267 --> 01:59:37.270 region:rollup2
WAS A BIG UPSIDE DOWN.
01:59:35.869 --> 01:59:38.838 region:rollup2
TOSS IN THE WHOLE SYSTEM AND
01:59:37.270 --> 01:59:40.006 region:rollup2
THE ITEM OF THAT'S REALLY WHAT A
01:59:38.838 --> 01:59:41.307 region:rollup2
LOT OF PEOPLE WANT TO SEE IT GO
01:59:40.006 --> 01:59:43.109 region:rollup2
SO THANK YOU FOR YOUR
01:59:41.307 --> 01:59:45.445 region:rollup2
CONSIDERATION CHAPTER XIV.
01:59:43.109 --> 01:59:49.149 region:rollup2
OKAY. SO IT'LL TAKE AS YOUR
01:59:45.445 --> 01:59:50.450 region:rollup2
CLOTHES. AND THE.
01:59:49.149 --> 01:59:52.686 region:rollup2
IS THERE A MOTION I THINK. WE
01:59:50.450 --> 01:59:54.087 region:rollup2
COULD COMMIT OKAY SO THAT'S BEEN
01:59:52.686 --> 01:59:55.321 region:rollup2
MOVED BY SENATOR MORE LOCK.
01:59:54.087 --> 01:59:56.523 region:rollup2
.
01:59:55.321 --> 01:59:57.757 region:rollup2
THE AND THE MOTIONS TO PASS
01:59:56.523 --> 01:59:59.325 region:rollup2
REFER TO THE SENATE
01:59:57.757 --> 02:00:01.094 region:rollup2
APPROPRIATIONS COMMITTEE.
01:59:59.325 --> 02:00:04.364 region:rollup2
SECRETARY PLEASE CALL THE ROLL
02:00:01.094 --> 02:00:06.166 region:rollup2
PAN NO PIANO MORRELL LEYVA.
02:00:04.364 --> 02:00:09.469 region:rollup2
DAVIDO MORE LIKE ALRIGHT WELL
02:00:06.166 --> 02:00:10.570 region:rollup2
LIKE I PORTANTINO. PORTANTINO.
02:00:09.469 --> 02:00:11.771 region:rollup2
OKAY THE VEIL FILL THE BILL
02:00:10.570 --> 02:00:13.306 region:rollup2
FAILS AND YOU RUN SUGGESTS
02:00:11.771 --> 02:00:14.674 region:rollup2
RECONSIDERATION OKAY UP
02:00:13.306 --> 02:00:15.275 region:rollup2
SECRETARY WE'VE BEEN TOLD WE
02:00:14.674 --> 02:00:17.277 region:rollup2
HAVE TO DO A ROLL CALL THREE
02:00:15.275 --> 02:00:17.944 region:rollup2
CONSIDERATION AS SECRETARY
02:00:17.277 --> 02:00:20.280 region:rollup2
PLEASE CALL THE ROLL ON
02:00:17.944 --> 02:00:22.015 region:rollup2
RECONSIDERATION. CAN I CAN I
02:00:20.280 --> 02:00:23.583 region:rollup2
MORRELL MORE AT LEAST I BELIEVE
02:00:22.015 --> 02:00:29.255 region:rollup2
I WILL LOCK. MY LIKE I
02:00:23.583 --> 02:00:29.756 region:rollup2
PORTANTINO. PORTANTINO OKAY LOOK
02:00:29.255 --> 02:00:31.391 region:rollup2
AT RECONSIDERATION THANK
02:00:29.756 --> 02:00:32.592 region:rollup2
HYSTERICALLY JR.
02:00:31.391 --> 02:00:33.359 region:rollup2
ALRIGHT THEY'RE MORE LIKE.
02:00:32.592 --> 02:00:35.995 region:rollup2
ALRIGHT PARA ITEM NUMBER THREE
02:00:33.359 --> 02:00:37.597 region:rollup2
SB TEN THIRTY THREE.
02:00:35.995 --> 02:00:40.834 region:rollup2
WELCOME BACK NO.
02:00:37.597 --> 02:00:41.634 region:rollup2
DELIVER IT.
02:00:40.834 --> 02:00:43.336 region:rollup2
COLLEAGUES I SHOULD AN
02:00:41.634 --> 02:00:44.604 region:rollup2
INDIVIDUAL WORK FOR TWO OR MORE
02:00:43.336 --> 02:00:46.339 region:rollup2
PUBLIC EMPLOYERS ALL OF THE
02:00:44.604 --> 02:00:47.807 region:rollup2
VARIOUS PENSION SYSTEMS. WORK
02:00:46.339 --> 02:00:49.142 region:rollup2
TOGETHER TO FIND THAT EMPLOYEES
02:00:47.807 --> 02:00:50.510 region:rollup2
RETIREMENT BENEFITS
02:00:49.142 --> 02:00:51.611 region:rollup2
THIS IS BEEN A COOPERATIVE
02:00:50.510 --> 02:00:53.179 region:rollup2
ARRANGEMENT FOR OVER THE YEARS
02:00:51.611 --> 02:00:54.013 region:rollup2
BUT. WITH THE IMPLEMENTATION OF
02:00:53.179 --> 02:00:55.882 region:rollup2
MORE AGGRESSIVE RETIREMENT
02:00:54.013 --> 02:00:58.184 region:rollup2
CALCULATION FORMULAS AND EARLY
02:00:55.882 --> 02:00:59.252 region:rollup2
RETIREMENT AGES THOSE EMPLOYERS
02:00:58.184 --> 02:01:01.087 region:rollup2
AT THE BEGINNING OF THE
02:00:59.252 --> 02:01:01.821 region:rollup2
INDIVIDUAL'S CAREER MEASURING A
02:01:01.087 --> 02:01:04.157 region:rollup2
HIGHER PROPORTION OF THE
02:01:01.821 --> 02:01:06.059 region:rollup2
BENEFITS. AS THE RATE OF SALARY
02:01:04.157 --> 02:01:07.627 region:rollup2
INCREASES EXCEEDED REASONABLE
02:01:06.059 --> 02:01:09.462 region:rollup2
ACTUARIAL ASSUMPTIONS
02:01:07.627 --> 02:01:11.197 region:rollup2
CONSEQUENTLY SOME THIRTY YEARS
02:01:09.462 --> 02:01:12.899 region:rollup2
DOWNSTREAM ORIGINAL EMPLOYERS
02:01:11.197 --> 02:01:14.267 region:rollup2
MAY RECEIVE A. STICKER SHOCK
02:01:12.899 --> 02:01:15.535 region:rollup2
FROM THOSE WHO HAD A STELLAR
02:01:14.267 --> 02:01:16.936 region:rollup2
PUBLIC CAREER RESULTING IN
02:01:15.535 --> 02:01:17.470 region:rollup2
HIGHER THAN ANTICIPATED PENSION
02:01:16.936 --> 02:01:19.572 region:rollup2
BENEFITS IT COULD ALSO BE
02:01:17.470 --> 02:01:20.673 region:rollup2
JOLTED.
02:01:19.572 --> 02:01:23.009 region:rollup2
FROM THE STRATEGY KNOWN AS
02:01:20.673 --> 02:01:24.344 region:rollup2
PENSION SPIKING. SP TEN THIRTY
02:01:23.009 --> 02:01:26.012 region:rollup2
THREE CONTINUES LEGISLATIVE
02:01:24.344 --> 02:01:28.181 region:rollup2
EFFORTS TO PROVIDE AN EQUITABLE
02:01:26.012 --> 02:01:29.482 region:rollup2
OP APPORTIONMENT OF PROVIDING
02:01:28.181 --> 02:01:31.351 region:rollup2
RETIREMENT BENEFITS FOR EXAMPLE
02:01:29.482 --> 02:01:33.353 region:rollup2
SMALL DISTRICT HIRES AND TRAINS
02:01:31.351 --> 02:01:34.687 region:rollup2
EMPLOYEE WHO. THEN BECOMES A
02:01:33.353 --> 02:01:36.422 region:rollup2
MANAGER FOR A JURISDICTION THAT
02:01:34.687 --> 02:01:38.057 region:rollup2
IS LARGER OR AND A HIGH COST
02:01:36.422 --> 02:01:39.492 region:rollup2
AREA THE SMALLER DISTRICTS
02:01:38.057 --> 02:01:41.594 region:rollup2
SHOULD NOT HAVE TO SUBSIDIZE A
02:01:39.492 --> 02:01:43.129 region:rollup2
LARGER PENSION COSTS. OVER AND
02:01:41.594 --> 02:01:44.464 region:rollup2
ABOVE ITS FAIR SHARE.
02:01:43.129 --> 02:01:46.199 region:rollup2
USING FINAL COMPENSATION
02:01:44.464 --> 02:01:47.567 region:rollup2
PERMANENT SUING EMPLOYER CAN
02:01:46.199 --> 02:01:49.502 region:rollup2
AFFECT THE PENSION LIABILITY A
02:01:47.567 --> 02:01:51.437 region:rollup2
PRIOR EMPLOYERS. CALPERS IS
02:01:49.502 --> 02:01:53.773 region:rollup2
REQUIRED TO DEFINE WHAT A
02:01:51.437 --> 02:01:55.441 region:rollup2
SIGNIFICANT INCREASE IS AND TO
02:01:53.773 --> 02:01:56.743 region:rollup2
IMPLEMENT PROGRAM CHANGES SO
02:01:55.441 --> 02:01:59.412 region:rollup2
THAT AN INCREASE IN ACTUAL
02:01:56.743 --> 02:02:01.514 region:rollup2
RELIABILITY IS NOT BORNE BY THE.
02:01:59.412 --> 02:02:02.549 region:rollup2
BY ANOTHER COUNTRY CONTRACTING
02:02:01.514 --> 02:02:04.617 region:rollup2
AGENCY OR AGENCIES DO TO
02:02:02.549 --> 02:02:06.352 region:rollup2
RECIPROCITY S. B. TEN THIRTY
02:02:04.617 --> 02:02:07.820 region:rollup2
THREE REAFFIRMS THIS RECOMMENDED
02:02:06.352 --> 02:02:09.222 region:rollup2
STRATEGY ONE THAT HAS BEEN
02:02:07.820 --> 02:02:10.757 region:rollup2
APPROVED IN TWENTY TWELVE BUT
02:02:09.222 --> 02:02:12.992 region:rollup2
MORE THAN FIVE YEARS LATER. HAS
02:02:10.757 --> 02:02:15.395 region:rollup2
NOT BEEN CONCLUDED THE LATEST
02:02:12.992 --> 02:02:16.829 region:rollup2
INPUT DEADLINE WAS JUST EARLIER.
02:02:15.395 --> 02:02:18.565 region:rollup2
HOURS JUST LITERALLY THIS MONTH
02:02:16.829 --> 02:02:21.167 region:rollup2
PROP APRIL SECOND. TWENTY
02:02:18.565 --> 02:02:22.202 region:rollup2
EIGHTEEN. COLLEAGUES USING A NO
02:02:21.167 --> 02:02:23.870 region:rollup2
BETTER NO WORSE POLICY IN
02:02:22.202 --> 02:02:24.904 region:rollup2
DEALING WITH THIS CONCERN S. B.
02:02:23.870 --> 02:02:26.439 region:rollup2
TEN THIRTY THREE AFFIRMS THE
02:02:24.904 --> 02:02:28.241 region:rollup2
NEED. TO INSERT THE TEXAS
02:02:26.439 --> 02:02:29.776 region:rollup2
MUNICIPALITIES WHO ARE FUNDING
02:02:28.241 --> 02:02:32.145 region:rollup2
IN GOOD FAITH FROM INCURRING A
02:02:29.776 --> 02:02:34.314 region:rollup2
FORM OF DOWNSTREAM SPIKING
02:02:32.145 --> 02:02:35.415 region:rollup2
CONSEQUENTLY I RESPECTFULLY ASK
02:02:34.314 --> 02:02:36.249 region:rollup2
FOR AND I WILL.
02:02:35.415 --> 02:02:37.784 region:rollup2
OKAY THANK YOU WITNESSES SUPPORT
02:02:36.249 --> 02:02:39.152 region:rollup2
THANK YOU MISTER CHAIRMAN AND
02:02:37.784 --> 02:02:40.486 region:rollup2
THE COMMITTEE MEMBERS. UP
02:02:39.152 --> 02:02:42.755 region:rollup2
PENSION RECIPROCITY IS A
02:02:40.486 --> 02:02:44.224 region:rollup2
VALUABLE BENEFIT TO WORKERS BUT
02:02:42.755 --> 02:02:45.792 region:rollup2
IT COMES AT A PRICE.
02:02:44.224 --> 02:02:47.860 region:rollup2
I WORKERS WHO TRANSFER BETWEEN
02:02:45.792 --> 02:02:49.729 region:rollup2
AGENCIES RECEIVE A HIGHER MORE
02:02:47.860 --> 02:02:52.031 region:rollup2
COSTLY PENSION BENEFIT WITH
02:02:49.729 --> 02:02:54.100 region:rollup2
RECIPROCITY. THEN THEY HAVE
02:02:52.031 --> 02:02:56.069 region:rollup2
WITHOUT RECIPROCITY.
02:02:54.100 --> 02:02:57.203 region:rollup2
UNDER CURRENT LAW THE ENTIRE
02:02:56.069 --> 02:02:58.805 region:rollup2
COST OF THAT REFERENCE
02:02:57.203 --> 02:03:01.608 region:rollup2
RECIPROCITY IS BORNE BY THE
02:02:58.805 --> 02:03:03.543 region:rollup2
EMPLOYER WHO LOSES THE EMPLOYER.
02:03:01.608 --> 02:03:04.944 region:rollup2
EMPLOYEE TO ANOTHER AGENCY THIS
02:03:03.543 --> 02:03:06.880 region:rollup2
BILL WOULD TRANSFER THE FULL
02:03:04.944 --> 02:03:08.982 region:rollup2
COST OF RECIPROCITY TO THE
02:03:06.880 --> 02:03:10.883 region:rollup2
AGENCY WHO HIRES THAT WORKER
02:03:08.982 --> 02:03:13.519 region:rollup2
FROM ANOTHER AGENCY. IT WOULD BE
02:03:10.883 --> 02:03:15.021 region:rollup2
ESPECIALLY HELPFUL FOR SMALL
02:03:13.519 --> 02:03:16.689 region:rollup2
ROLE FIRE DISTRICTS.
02:03:15.021 --> 02:03:18.324 region:rollup2
WHO ROUTINELY RECRUIT AND TRAIN
02:03:16.689 --> 02:03:19.859 region:rollup2
FIREFIGHTERS?
02:03:18.324 --> 02:03:21.694 region:rollup2
AND SUFFER FROM HIGH TURNOVER
02:03:19.859 --> 02:03:23.263 region:rollup2
BECAUSE THEY CAN'T MATCH THE
02:03:21.694 --> 02:03:25.131 region:rollup2
WAGES THAT ARE OFFERED BY
02:03:23.263 --> 02:03:26.699 region:rollup2
ANOTHER NEIGHBORING LARGER FIRE
02:03:25.131 --> 02:03:28.401 region:rollup2
DISTRICT.
02:03:26.699 --> 02:03:29.969 region:rollup2
I ALSO UNDERSTAND THAT THE STATE
02:03:28.401 --> 02:03:31.971 region:rollup2
WOULD BENEFIT FROM THIS BILL
02:03:29.969 --> 02:03:34.040 region:rollup2
BECAUSE IT LOSES MORE EMPLOYEES
02:03:31.971 --> 02:03:35.441 region:rollup2
TO AGENCIES.
02:03:34.040 --> 02:03:37.110 region:rollup2
THEN IT RECRUITS FROM FROM
02:03:35.441 --> 02:03:38.745 region:rollup2
AGENCIES.
02:03:37.110 --> 02:03:39.846 region:rollup2
I AGENCIES WHO ATTRACTING
02:03:38.745 --> 02:03:41.581 region:rollup2
RECRUIT EMPLOYEES FROM OTHER
02:03:39.846 --> 02:03:42.782 region:rollup2
AGENCIES.
02:03:41.581 --> 02:03:44.450 region:rollup2
WOULD BEAR THE FULL COST OF
02:03:42.782 --> 02:03:46.119 region:rollup2
REACH BRUCE RECIPROCITY RATHER
02:03:44.450 --> 02:03:48.688 region:rollup2
THAN THE OTHER WAY AROUND. THE
02:03:46.119 --> 02:03:50.523 region:rollup2
RECIPROCITY. BENEFIT GIVES
02:03:48.688 --> 02:03:51.824 region:rollup2
AGENCIES WHO DO THE RECRUITING A
02:03:50.523 --> 02:03:54.260 region:rollup2
LIKE UP.
02:03:51.824 --> 02:03:56.229 region:rollup2
ON ATTRACTING WORKERS BECAUSE OF
02:03:54.260 --> 02:03:57.297 region:rollup2
THAT RECIPROCITY BENEFITS EASIER
02:03:56.229 --> 02:03:59.866 region:rollup2
FOR THEM TO GET OTHER.
02:03:57.297 --> 02:04:01.634 region:rollup2
WORKERS FROM ANOTHER AGENCY SO
02:03:59.866 --> 02:04:02.702 region:rollup2
THEY SHOULD BEAR THE FULL COST
02:04:01.634 --> 02:04:06.139 region:rollup2
OF RECIPROCITY NOT THE OTHER WAY
02:04:02.702 --> 02:04:07.373 region:rollup2
AROUND.
02:04:06.139 --> 02:04:12.745 region:rollup2
THANK YOU. SO OTHER WITNESSES IN
02:04:07.373 --> 02:04:14.147 region:rollup2
SUPPORT.
02:04:12.745 --> 02:04:14.747 region:rollup2
IT I THINK YOU'RE AWESOME WE
02:04:14.147 --> 02:04:15.014 region:rollup2
HAVE THE CITY OF SAN MARCOS IN
02:04:14.747 --> 02:04:16.949 region:rollup2
SUPPORT.
02:04:15.014 --> 02:04:18.484 region:rollup2
THANK YOU.
02:04:16.949 --> 02:04:19.452 region:rollup2
THURSDAY WAS SIMPLY ASSOCIATION
02:04:18.484 --> 02:04:19.919 region:rollup2
CALIFORNIA CITIES ORANGE COUNTY
02:04:19.452 --> 02:04:22.255 region:rollup2
IN SUPPORT.
02:04:19.919 --> 02:04:22.722 region:rollup2
THANK YOU.
02:04:22.255 --> 02:04:27.727 region:rollup2
OKAY OUT WITNESSES IN
02:04:22.722 --> 02:04:35.335 region:rollup2
OPPOSITION.
02:04:27.727 --> 02:04:38.237 region:rollup2
I COMMEND THE FABLE.
02:04:35.335 --> 02:04:41.975 region:rollup2
ASSEMBLY.
02:04:38.237 --> 02:04:42.976 region:rollup2
LAUGHTER. IT SELLS ONE MORE.
02:04:41.975 --> 02:04:43.910 region:rollup2
THIS KAREN SENATORS TERRY BROWN
02:04:42.976 --> 02:04:44.811 region:rollup2
I'M HAVE FAST YEAH CALIFORNIA.
02:04:43.910 --> 02:04:47.046 region:rollup2
.
02:04:44.811 --> 02:04:49.282 region:rollup2
I DON'T I DON'T I.
02:04:47.046 --> 02:04:51.117 region:rollup2
JUDGES SCORE YOUR BILL SENATOR
02:04:49.282 --> 02:04:52.785 region:rollup2
PRODUCE THE LEAST REPUGNANT.
02:04:51.117 --> 02:04:53.586 region:rollup2
LEAVE TROUBLESOME. I SHOULD THE
02:04:52.785 --> 02:04:57.990 region:rollup2
REPUGNANT.
02:04:53.586 --> 02:04:59.659 region:rollup2
OF THE BUNCH YEAH THERE IS IT.
02:04:57.990 --> 02:05:00.159 region:rollup2
PERIOD TO DIFFICULT.
02:04:59.659 --> 02:05:03.429 region:rollup2
PROBLEM HERE.
02:05:00.159 --> 02:05:04.664 region:rollup2
AND CALPERS HAS ATTEMPTED TO
02:05:03.429 --> 02:05:07.433 region:rollup2
ADDRESS THIS IN THIS BIKING
02:05:04.664 --> 02:05:09.235 region:rollup2
LEGISLATION. AND PRIOR VERSIONS
02:05:07.433 --> 02:05:12.071 region:rollup2
BEFORE AND STRIKE THE BALANCE
02:05:09.235 --> 02:05:14.540 region:rollup2
BETWEEN. SOMEONE BEING REWARDED
02:05:12.071 --> 02:05:15.842 region:rollup2
FOR SUCCESSFUL CAREER. AND BEING
02:05:14.540 --> 02:05:17.677 region:rollup2
PROMOTED.
02:05:15.842 --> 02:05:20.646 region:rollup2
GOING FROM ONE INDUSTRY EARNED
02:05:17.677 --> 02:05:23.249 region:rollup2
ONE AGENCY TO ANOTHER AND
02:05:20.646 --> 02:05:24.283 region:rollup2
EXCELLING IN THEIR CAREER AND
02:05:23.249 --> 02:05:26.386 region:rollup2
THE NORMAL ISSUE AND RATE OF
02:05:24.283 --> 02:05:28.554 region:rollup2
FOUR PERCENT. I THINK IS WHAT
02:05:26.386 --> 02:05:29.655 region:rollup2
THE CALPERS CALCULATION IS THE
02:05:28.554 --> 02:05:32.525 region:rollup2
MOMENT. OF.
02:05:29.655 --> 02:05:33.860 region:rollup2
AS A SALARY INCREASES ANNUALLY
02:05:32.525 --> 02:05:36.229 region:rollup2
OVER A CAREER.
02:05:33.860 --> 02:05:36.763 region:rollup2
I THINK THE CURRENT PROGRAM
02:05:36.229 --> 02:05:39.232 region:rollup2
THAT THEY'RE ATTEMPTING TO
02:05:36.763 --> 02:05:41.134 region:rollup2
ADOPT.
02:05:39.232 --> 02:05:42.001 region:rollup2
NOT FULLY ADOPTER IMPLEMENTED
02:05:41.134 --> 02:05:44.404 region:rollup2
THIS MOMENT.
02:05:42.001 --> 02:05:47.039 region:rollup2
STRIKES THAT BALANCE BETWEEN
02:05:44.404 --> 02:05:49.475 region:rollup2
THE TWO SO THAT YOU ARE NOT.
02:05:47.039 --> 02:05:52.378 region:rollup2
PENALIZE FOR EXCELLING.
02:05:49.475 --> 02:05:54.714 region:rollup2
AND IT STILL ENCOURAGES
02:05:52.378 --> 02:05:58.251 region:rollup2
AGENCIES TO RECRUIT AND RETAIN
02:05:54.714 --> 02:06:01.521 region:rollup2
OTHER. A QUALIFIED PERSON NOW
02:05:58.251 --> 02:06:03.523 region:rollup2
THIS PROPOSAL. WOULD PUT ALL THE
02:06:01.521 --> 02:06:05.458 region:rollup2
ONUS ON THE NEW EMPLOYER EVEN
02:06:03.523 --> 02:06:07.093 region:rollup2
THOUGH THEY MAY HAVE FEWER YEARS
02:06:05.458 --> 02:06:08.261 region:rollup2
OF SERVICE WITH THAT EMPLOYER. I
02:06:07.093 --> 02:06:09.462 region:rollup2
MEAN ALL WE'RE TALKING ABOUT
02:06:08.261 --> 02:06:12.265 region:rollup2
HERE IS THE CALCULATION OF FINAL
02:06:09.462 --> 02:06:14.167 region:rollup2
CARP WHICH FALLS ON THE YEARS.
02:06:12.265 --> 02:06:15.835 region:rollup2
IF THE PERSON WORK TEN YEARS IN
02:06:14.167 --> 02:06:18.070 region:rollup2
ONE AGENCY IN TEN YEARS IN THE
02:06:15.835 --> 02:06:19.739 region:rollup2
OTHER. THEN WHAT HAPPENS
02:06:18.070 --> 02:06:21.574 region:rollup2
UNDER THIS PROPOSAL ALL THE.
02:06:19.739 --> 02:06:23.276 region:rollup2
.
02:06:21.574 --> 02:06:25.078 region:rollup2
LIABILITIES WERE OUR
02:06:23.276 --> 02:06:26.412 region:rollup2
RESPONSIBILITY FOR THAT. SERVICE
02:06:25.078 --> 02:06:26.979 region:rollup2
CREDIT WOULD FALL ON THE NEW
02:06:26.412 --> 02:06:29.549 region:rollup2
EMPLOYER. THAT SEEMS HARDLY
02:06:26.979 --> 02:06:32.151 region:rollup2
FAIR.
02:06:29.549 --> 02:06:33.886 region:rollup2
SO I THINK CALPERS HE'S TRYING
02:06:32.151 --> 02:06:36.189 region:rollup2
TO GET AT THIS IN THE SPIKING
02:06:33.886 --> 02:06:37.457 region:rollup2
SITUATIONS THAT THIS CAME OUT IF
02:06:36.189 --> 02:06:39.792 region:rollup2
YOU'LL REMEMBER CENTER OUT OF
02:06:37.457 --> 02:06:41.594 region:rollup2
THE BELL SCANDAL. WHERE SOMEONE
02:06:39.792 --> 02:06:44.163 region:rollup2
FROM THE CITY TO PLEAD WITH THE
02:06:41.594 --> 02:06:46.299 region:rollup2
CITY GLENDALE? LITTLE YOU KNOW
02:06:44.163 --> 02:06:48.034 region:rollup2
MAKING BUT I DON'T KNOW I A
02:06:46.299 --> 02:06:50.236 region:rollup2
MODEST SALARY FOR A.
02:06:48.034 --> 02:06:51.771 region:rollup2
AND OFFICIAL AND THEN MORE THAN
02:06:50.236 --> 02:06:54.340 region:rollup2
DOUBLES THEIR SALARY.
02:06:51.771 --> 02:06:55.141 region:rollup2
CALPERS I THINK HIS HIS FAMILY
02:06:54.340 --> 02:06:57.677 region:rollup2
SING SOMETHING IN THE TWENTY
02:06:55.141 --> 02:06:59.312 region:rollup2
PERCENT RANGE IN ANY SINGLE YEAR
02:06:57.677 --> 02:07:01.347 region:rollup2
AYE SOMETHING THAT TRIGGERS THE
02:06:59.312 --> 02:07:03.349 region:rollup2
REVIEW IN THE CONVERSATION. AND
02:07:01.347 --> 02:07:06.953 region:rollup2
ALLOWS HIM TO GO BACK AND ASSESS
02:07:03.349 --> 02:07:07.119 region:rollup2
SOME OF THAT THAT LIABILITY TO
02:07:06.953 --> 02:07:08.621 region:rollup2
THE.
02:07:07.119 --> 02:07:10.089 region:rollup2
.
02:07:08.621 --> 02:07:11.924 region:rollup2
FUTURE I SORRY POSSESS A FUTURE
02:07:10.089 --> 02:07:13.860 region:rollup2
EMPLOYER NOT THE OUR CURRENT
02:07:11.924 --> 02:07:15.328 region:rollup2
EMPLOYER NOT TO PRIOR EMPLOYER
02:07:13.860 --> 02:07:16.762 region:rollup2
AND FOR THAT REASON. WERE
02:07:15.328 --> 02:07:19.031 region:rollup2
OPPOSED TO THIS APPROACH THANK
02:07:16.762 --> 02:07:21.501 region:rollup2
YOU VERY MUCH.
02:07:19.031 --> 02:07:22.902 region:rollup2
OTHER WITNESSES IN OPPOSITION.
02:07:21.501 --> 02:07:24.537 region:rollup2
MISTER CHAIRMAN INNER A MEMBERS
02:07:22.902 --> 02:07:26.839 region:rollup2
ARE READ A RIVETING PORAC.
02:07:24.537 --> 02:07:31.010 region:rollup2
JUST TO AGREE WITH THE COMMENTS
02:07:26.839 --> 02:07:32.278 region:rollup2
MADE BY MISTER BRENNAN.
02:07:31.010 --> 02:07:34.714 region:rollup2
THEY QUESTIONS FROM COMMITTEE
02:07:32.278 --> 02:07:36.349 region:rollup2
MEMBERS ASSEMBLY ABOUT.
02:07:34.714 --> 02:07:37.416 region:rollup2
DO YOU HAVE A QUESTION SO HOW
02:07:36.349 --> 02:07:39.252 region:rollup2
DOES IT WORK IN TO YOUR BILL
02:07:37.416 --> 02:07:41.220 region:rollup2
EXACTLY IF I WORK TENURE
02:07:39.252 --> 02:07:43.189 region:rollup2
SOMEPLACE AND TENURE SOMEPLACE
02:07:41.220 --> 02:07:44.790 region:rollup2
ELSE. THE MY FIRST EMPLOYER FOR
02:07:43.189 --> 02:07:50.730 region:rollup2
TEN YEARS HAS NO WITH
02:07:44.790 --> 02:07:50.730 region:rollup2
RECIPROCITY HAS NO OBLIGATION TO
02:07:50.796 --> 02:07:54.167 region:rollup2
WELL THAT'S NOT IT AT AT ALL IT
02:07:52.632 --> 02:07:56.002 region:rollup2
WOULD BASICALLY FREEZE THE
02:07:54.167 --> 02:07:57.470 region:rollup2
BENEFIT AND THE LIABILITY AT THE
02:07:56.002 --> 02:07:58.771 region:rollup2
TIME YOU LEAVE EMPLOYER JUSTICE
02:07:57.470 --> 02:08:00.573 region:rollup2
IF THAT EMPLOYEE LEFT FOR THE
02:07:58.771 --> 02:08:01.440 region:rollup2
PRIVATE INDUSTRY.
02:08:00.573 --> 02:08:03.643 region:rollup2
SO WHAT WAS SO WHAT IS A
02:08:01.440 --> 02:08:05.711 region:rollup2
PRACTICE NOW THAT IS SO ONEROUS
02:08:03.643 --> 02:08:08.014 region:rollup2
WELL IF YOU HAVE TO EMPLOYERS
02:08:05.711 --> 02:08:09.949 region:rollup2
TEN YEARS GENTLE SUPPORTERS
02:08:08.014 --> 02:08:12.051 region:rollup2
GOTTA HIRES OR WOULD YOU YOU YOU
02:08:09.949 --> 02:08:13.853 region:rollup2
HAVE TO PAY THEM EQUALLY. THEN
02:08:12.051 --> 02:08:14.987 region:rollup2
EMPLOYER ONE HAS TO PAY MORE
02:08:13.853 --> 02:08:16.222 region:rollup2
THAN THEY SHOULD HAVE. PET AND
02:08:14.987 --> 02:08:17.356 region:rollup2
WE'RE JUST CRIED THEY PAY FIFTY
02:08:16.222 --> 02:08:18.724 region:rollup2
PERCENT OF THE COST BUT WHAT
02:08:17.356 --> 02:08:20.426 region:rollup2
YOU'RE SAYING IS THEY WERE AT A
02:08:18.724 --> 02:08:22.328 region:rollup2
LESSER SALARY POSSIBLE OR JUST
02:08:20.426 --> 02:08:26.365 region:rollup2
RIGHT FAIR SO THEY DON'T HAVE
02:08:22.328 --> 02:08:26.966 region:rollup2
THE SURPRISE BILL. WHEN THAT
02:08:26.365 --> 02:08:27.700 region:rollup2
EMPLOYEE RETIRES AFTER TWENTY
02:08:26.966 --> 02:08:34.373 region:rollup2
YEARS.
02:08:27.700 --> 02:08:36.042 region:rollup2
THANK YOU.
02:08:34.373 --> 02:08:38.044 region:rollup2
SO EXIST HERE THE QUESTION IS IN
02:08:36.042 --> 02:08:39.245 region:rollup2
AND CRAFTING THE BILL HERE HAVE
02:08:38.044 --> 02:08:41.247 region:rollup2
YOU HAD CONVERSATIONS WITH
02:08:39.245 --> 02:08:42.615 region:rollup2
CALPERS ABOUT HOW YOU WOULD MAKE
02:08:41.247 --> 02:08:43.883 region:rollup2
THIS WORK CAN YOU JUST TELL HAVE
02:08:42.615 --> 02:08:45.251 region:rollup2
HAD CONVERSATIONS WITH MARCIA
02:08:43.883 --> 02:08:47.420 region:rollup2
MARCIA FROST BUT. NOT
02:08:45.251 --> 02:08:49.822 region:rollup2
SPECIFICALLY IT INTO THE INTO
02:08:47.420 --> 02:08:51.190 region:rollup2
THE WEEDS AYE X. IF I COULD I
02:08:49.822 --> 02:08:53.426 region:rollup2
WORKED WITH BROWN ON DEBORAH
02:08:51.190 --> 02:08:54.994 region:rollup2
ALLEN ON THAT ELEMENT RELATED TO
02:08:53.426 --> 02:08:58.164 region:rollup2
RECIPROCITY. AND.
02:08:54.994 --> 02:09:00.199 region:rollup2
WE LEFT OUT YOU KNOW PHILIP TO
02:08:58.164 --> 02:09:02.068 region:rollup2
BROWN THIS THAT YEAH IT GOVERNOR
02:09:00.199 --> 02:09:02.935 region:rollup2
BROWN GOV GOVERNOR TUCKER AND.
02:09:02.068 --> 02:09:04.604 region:rollup2
.
02:09:02.935 --> 02:09:06.606 region:rollup2
WE DIDN'T GO FAR ENOUGH THIS
02:09:04.604 --> 02:09:08.541 region:rollup2
WOULD SIMPLIFY THE CALPERS
02:09:06.606 --> 02:09:10.343 region:rollup2
EFFORT ON.
02:09:08.541 --> 02:09:11.310 region:rollup2
FIXING RECIPROCITY THIS WOULD
02:09:10.343 --> 02:09:13.446 region:rollup2
CRACK GREATLY SIMPLIFIED THE
02:09:11.310 --> 02:09:15.781 region:rollup2
PROCESS.
02:09:13.446 --> 02:09:17.149 region:rollup2
OKAY SO.
02:09:15.781 --> 02:09:18.684 region:rollup2
SO I THINK YOU KNOW FIRST OF ALL
02:09:17.149 --> 02:09:20.620 region:rollup2
I APPRECIATE THE IDEA AND I
02:09:18.684 --> 02:09:22.755 region:rollup2
THINK THERE'S MERIT TO LOOKING
02:09:20.620 --> 02:09:23.322 region:rollup2
AT.
02:09:22.755 --> 02:09:24.857 region:rollup2
YOU KNOW OF WHAT HAPPENS IS
02:09:23.322 --> 02:09:25.658 region:rollup2
THAT.
02:09:24.857 --> 02:09:27.326 region:rollup2
IF YOU HAVE ONE ENTITIES BORDERS
02:09:25.658 --> 02:09:30.096 region:rollup2
US.
02:09:27.326 --> 02:09:31.864 region:rollup2
LARGE SALARY ARE YOU KNOW
02:09:30.096 --> 02:09:33.766 region:rollup2
COMPENSATION INCREASE AND AND
02:09:31.864 --> 02:09:35.434 region:rollup2
HOW THAT HOW HOW YOU HOW YOU
02:09:33.766 --> 02:09:36.335 region:rollup2
BALANCE THAT OUT THE WAY THAT
02:09:35.434 --> 02:09:38.904 region:rollup2
THAT.
02:09:36.335 --> 02:09:40.306 region:rollup2
AGAIN TO TO TRY JUST A ISSUE
02:09:38.904 --> 02:09:41.741 region:rollup2
BUT I ALSO EIGHT EIGHT THEN WE
02:09:40.306 --> 02:09:43.676 region:rollup2
HAVE A CONCERN THAT THIS IS ALSO
02:09:41.741 --> 02:09:45.945 region:rollup2
A. AND YOU MADE REFERENCE THAT
02:09:43.676 --> 02:09:48.648 region:rollup2
CALPERS SKY TRYING TO LOOK AT IT
02:09:45.945 --> 02:09:51.083 region:rollup2
OUR FOR DAD BUT. I ALSO FEEL
02:09:48.648 --> 02:09:52.418 region:rollup2
LIKE THIS FOR A WEEK WE NEED TO
02:09:51.083 --> 02:09:52.852 region:rollup2
A.
02:09:52.418 --> 02:09:55.187 region:rollup2
THERE NEEDS TO BE.
02:09:52.852 --> 02:09:56.522 region:rollup2
TO OUR CONVERSATION WITH
02:09:55.187 --> 02:09:58.924 region:rollup2
THE SYSTEM ITSELF ABOUT WHAT
02:09:56.522 --> 02:10:00.293 region:rollup2
WIDELY WORKING ON AND WHAT. HOW
02:09:58.924 --> 02:10:01.727 region:rollup2
DO WE GO ABOUT DOING THIS IN A
02:10:00.293 --> 02:10:03.362 region:rollup2
WAY THAT WILL BE FAIR AND
02:10:01.727 --> 02:10:04.864 region:rollup2
WORKABLE AS WELL?
02:10:03.362 --> 02:10:06.732 region:rollup2
SO I I THINK THAT THAT'S.
02:10:04.864 --> 02:10:08.934 region:rollup2
.
02:10:06.732 --> 02:10:09.902 region:rollup2
THAT IT BECAUSE WHY THINGS WHAT
02:10:08.934 --> 02:10:11.737 region:rollup2
WHAT WE WHAT TRADE IS THAT WE
02:10:09.902 --> 02:10:12.838 region:rollup2
WOULD WANT ADVANCE THE CALPERS
02:10:11.737 --> 02:10:15.241 region:rollup2
IS RETAINING THIS.
02:10:12.838 --> 02:10:17.109 region:rollup2
THE IDEA THAT SOMEONE CAN START
02:10:15.241 --> 02:10:18.477 region:rollup2
IN ONE PLACE AND ACTUALLY GO ON
02:10:17.109 --> 02:10:19.679 region:rollup2
WORK MEANNESS ACTIONS ARE CAME
02:10:18.477 --> 02:10:21.847 region:rollup2
UP EARLIER DOES HEARING SOME
02:10:19.679 --> 02:10:23.382 region:rollup2
WAYS YOU. KNOW IT ADVANTAGES OF
02:10:21.847 --> 02:10:25.117 region:rollup2
HERS IS THAT YOU COULD ACTUALLY
02:10:23.382 --> 02:10:26.519 region:rollup2
DEL STARTIN MAYBES WORK FOR THE
02:10:25.117 --> 02:10:27.720 region:rollup2
STATE AND THEN YOU WORK YOUR
02:10:26.519 --> 02:10:29.388 region:rollup2
HAPPENED THE MOVE AND YOU WORK
02:10:27.720 --> 02:10:30.523 region:rollup2
FOR COUNTY AND YOU STILL. GET
02:10:29.388 --> 02:10:32.291 region:rollup2
YOUR EAR PENSION GETS TO MOVE
02:10:30.523 --> 02:10:33.159 region:rollup2
AROUND WITH YOU BECAUSE IF
02:10:32.291 --> 02:10:33.759 region:rollup2
THEY'RE ALL PART OF THE PURSES
02:10:33.159 --> 02:10:34.293 region:rollup2
THEM I THINK THAT'S ACTUALLY
02:10:33.759 --> 02:10:37.697 region:rollup2
WHAT BANKS OF ART CALPERS
02:10:34.293 --> 02:10:39.765 region:rollup2
SYSTEM.
02:10:37.697 --> 02:10:40.933 region:rollup2
SO IT IS SO IN SOME SENSES.
02:10:39.765 --> 02:10:42.535 region:rollup2
BUT WOULD LIKE TO TRY TO PROTECT
02:10:40.933 --> 02:10:43.202 region:rollup2
THAT MAKE THAT CONTINUE TO BE
02:10:42.535 --> 02:10:45.371 region:rollup2
AVAILABLE.
02:10:43.202 --> 02:10:46.205 region:rollup2
SAMETIME I ALSO HEAR WHAT
02:10:45.371 --> 02:10:48.074 region:rollup2
YOU'RE TRYING TO DRESS IN THE
02:10:46.205 --> 02:10:49.742 region:rollup2
BILL WHAT HAPPENS WHEN YOU HAVE
02:10:48.074 --> 02:10:51.277 region:rollup2
YOU KNOW SOMEONE CERTAINLY NOW
02:10:49.742 --> 02:10:53.612 region:rollup2
MOVES TO IN PLACE FOR THE SAUDIS
02:10:51.277 --> 02:10:54.880 region:rollup2
A LOT HIGHER AND THEN THEY
02:10:53.612 --> 02:10:57.249 region:rollup2
WORKED THERE FOR FIVE YEARS IN
02:10:54.880 --> 02:10:58.217 region:rollup2
THE NAY RETIRE EIGHT AND SO HOW.
02:10:57.249 --> 02:10:59.719 region:rollup2
BUT THERE'RE CONTRIBUTION
02:10:58.217 --> 02:11:01.420 region:rollup2
ORIGINAL IS BASED ON WORKING AS
02:10:59.719 --> 02:11:03.055 region:rollup2
A FIFTEEN YEARS AT SOMEPLACE WAS
02:11:01.420 --> 02:11:03.989 region:rollup2
PAID A LOT LESS SO HOW DO YOU.
02:11:03.055 --> 02:11:05.791 region:rollup2
HOW DO YOU BALANCE OUT THE
02:11:03.989 --> 02:11:08.761 region:rollup2
LIABILITIES IN A WAY TO DE
02:11:05.791 --> 02:11:11.197 region:rollup2
SADE'S SYSTEM SO? I THINK THAT.
02:11:08.761 --> 02:11:12.665 region:rollup2
ABS HOPING I WOULD HEARD THAT
02:11:11.197 --> 02:11:13.999 region:rollup2
YOU'VE HAD SOME CONVERSATIONS
02:11:12.665 --> 02:11:16.202 region:rollup2
WITH SUCH AS MARTY FROST WITH
02:11:13.999 --> 02:11:18.604 region:rollup2
THE STAFF AT CALPERS ABOUT WHAT
02:11:16.202 --> 02:11:19.739 region:rollup2
THEY'RE DOING AND HOW THAT FITS
02:11:18.604 --> 02:11:22.041 region:rollup2
INTO THAT.
02:11:19.739 --> 02:11:23.409 region:rollup2
AND AND I I HAVE NOT HAD
02:11:22.041 --> 02:11:24.910 region:rollup2
DETAILED CONVERSATION BUT HAVE%
02:11:23.409 --> 02:11:27.113 region:rollup2
HAD TALKS WITH HER. SO I WOULD
02:11:24.910 --> 02:11:28.848 region:rollup2
SAY MAYBE WE MOVE THE BILL
02:11:27.113 --> 02:11:30.082 region:rollup2
FORWARD IN AT ALL HAVE CUT.
02:11:28.848 --> 02:11:31.383 region:rollup2
A CONVERSATION WITH THEIR BEFORE
02:11:30.082 --> 02:11:33.386 region:rollup2
BRINGING QUE.
02:11:31.383 --> 02:11:35.321 region:rollup2
OKAY WELCOME.
02:11:33.386 --> 02:11:35.488 region:rollup2
YEAH OKAY.
02:11:35.321 --> 02:11:38.657 region:rollup2
SO.
02:11:35.488 --> 02:11:40.860 region:rollup2
.
02:11:38.657 --> 02:11:41.193 region:rollup2
WELL THIS IS THE POLICY
02:11:40.860 --> 02:11:42.995 region:rollup2
COMMITTEE SO.
02:11:41.193 --> 02:11:45.231 region:rollup2
.
02:11:42.995 --> 02:11:47.433 region:rollup2
SO YOU KNOW I HAD I DON'T FEEL
02:11:45.231 --> 02:11:48.200 region:rollup2
COMFORTABLE MOVING THIS FORWARD
02:11:47.433 --> 02:11:51.337 region:rollup2
TODAY.
02:11:48.200 --> 02:11:52.605 region:rollup2
RIGHT NOW I APPRECIATE THE IDEA
02:11:51.337 --> 02:11:54.273 region:rollup2
THAT YOU'RE TRYING TO RAISE AND
02:11:52.605 --> 02:11:56.075 region:rollup2
I THINK WE NEED TO FIX.
02:11:54.273 --> 02:11:57.476 region:rollup2
TO EXPLORE MORE BUT I THINK
02:11:56.075 --> 02:11:59.078 region:rollup2
LEGISLATIVELY PROBABLY TO TIMING
02:11:57.476 --> 02:12:00.713 region:rollup2
ISN'T.
02:11:59.078 --> 02:12:02.515 region:rollup2
THAT WHILE THIS WAS I THINK MORE
02:12:00.713 --> 02:12:04.683 region:rollup2
CONVERSATIONS NEED BE HAD BEFORE
02:12:02.515 --> 02:12:05.618 region:rollup2
WE KEEP MOVING THE BILL FORWARD.
02:12:04.683 --> 02:12:07.353 region:rollup2
NOT SURE THAT THAT'S HAPPENED
02:12:05.618 --> 02:12:09.121 region:rollup2
ENOUGH IN MY MIND SO MAYBE WE
02:12:07.353 --> 02:12:11.190 region:rollup2
CAN.
02:12:09.121 --> 02:12:11.857 region:rollup2
THINK ABOUT HOW WE CAN DIGITAL
02:12:11.190 --> 02:12:13.692 region:rollup2
WORK ON THAT ISSUE BECAUSE I
02:12:11.857 --> 02:12:15.094 region:rollup2
APPRECIATE. YOU KNOW THE FACT
02:12:13.692 --> 02:12:15.995 region:rollup2
THAT YOU'RE TRYING TO LOOK LOOK
02:12:15.094 --> 02:12:17.897 region:rollup2
AT THIS SELL.
02:12:15.995 --> 02:12:19.732 region:rollup2
SO THAT I AM.
02:12:17.897 --> 02:12:21.267 region:rollup2
I THINK WE'LL LOOK FOR A
02:12:19.732 --> 02:12:23.803 region:rollup2
COURTESY MOTION YEAH SHOULD YOU
02:12:21.267 --> 02:12:24.403 region:rollup2
WANT TO HAVE A MOTION ON IT OR
02:12:23.803 --> 02:12:24.637 region:rollup2
DID YOU WANT TO WORK WITH THE
02:12:24.403 --> 02:12:29.008 region:rollup2
CHAIR.
02:12:24.637 --> 02:12:30.976 region:rollup2
NO.
02:12:29.008 --> 02:12:32.845 region:rollup2
THE DOOR NUMBER ONE OR DOOR
02:12:30.976 --> 02:12:35.915 region:rollup2
NUMBER TWO DELEGATES THAT IT'S
02:12:32.845 --> 02:12:36.982 region:rollup2
BAD NEWS EITHER WAY YEAH YEAH
02:12:35.915 --> 02:12:38.551 region:rollup2
I'M GIVEN THE OPPORTUNITY TO BE
02:12:36.982 --> 02:12:39.118 region:rollup2
OUT TO THE UP FRONT I THINK
02:12:38.551 --> 02:12:40.686 region:rollup2
TIMING WISE ASSAULTED DORA
02:12:39.118 --> 02:12:43.088 region:rollup2
BRASSY LET'S WORK TOGETHER ON
02:12:40.686 --> 02:12:44.890 region:rollup2
THIS BECAUSE. THAT THE CALPERS
02:12:43.088 --> 02:12:45.724 region:rollup2
IS AN AGREEMENT AND SO. WHAT WE
02:12:44.890 --> 02:12:47.393 region:rollup2
WANT TO DO IS A KIND OF
02:12:45.724 --> 02:12:48.794 region:rollup2
ENCOURAGED AND KEEP MOVING WHAT
02:12:47.393 --> 02:12:50.362 region:rollup2
WE'RE LOOKING AT IS IS IS BETTER
02:12:48.794 --> 02:12:50.896 region:rollup2
LABOR IS LIKE IF YOU WOULD
02:12:50.362 --> 02:12:51.964 region:rollup2
WORKING FOR THE COUNTY OF
02:12:50.896 --> 02:12:52.865 region:rollup2
ORANGE?
02:12:51.964 --> 02:12:54.733 region:rollup2
AND YOU'RE AT THIRTY SEVEN
02:12:52.865 --> 02:12:55.835 region:rollup2
ACTIVE AND YOU GO TO CALPERS
02:12:54.733 --> 02:12:58.103 region:rollup2
INVESTS IN AND THEN THEY WORK
02:12:55.835 --> 02:12:59.605 region:rollup2
TOGETHER. AND AND TRYING TO MAKE
02:12:58.103 --> 02:13:00.940 region:rollup2
SURE THAT YOU DON'T KNOW BETTER
02:12:59.605 --> 02:13:02.541 region:rollup2
NO WORSE THAT EVERYONE IS.
02:13:00.940 --> 02:13:03.776 region:rollup2
TREATED FAIRLY. TOLD MISTER
02:13:02.541 --> 02:13:05.244 region:rollup2
CHAIR I I'LL TAKE YOUR
02:13:03.776 --> 02:13:07.513 region:rollup2
SUGGESTION I'LL WORK WITH YOU
02:13:05.244 --> 02:13:08.848 region:rollup2
AND I WORK WITH. ANITA CALPERS
02:13:07.513 --> 02:13:10.483 region:rollup2
STEPS IN THIS YUBA SCRAPS
02:13:08.848 --> 02:13:12.017 region:rollup2
THOUGHT IT HONORS TIME IT
02:13:10.483 --> 02:13:13.519 region:rollup2
DEADLINES ARE BUT NOT CASE I
02:13:12.017 --> 02:13:14.687 region:rollup2
DON'T I WON'T MAKE A MOTION TO
02:13:13.519 --> 02:13:15.988 region:rollup2
MOVE ON TO THE NEXT AND WILL
02:13:14.687 --> 02:13:17.790 region:rollup2
RESULT WILL HOLD THE BILL THEN
02:13:15.988 --> 02:13:19.525 region:rollup2
AND THERE IT IS RIGHT NOW. THANK
02:13:17.790 --> 02:13:20.092 region:rollup2
YOU OKAY WILL HOLD THE BILL IN
02:13:19.525 --> 02:13:21.794 region:rollup2
COMMITTEE RIGHT NOW BUT THE
02:13:20.092 --> 02:13:23.162 region:rollup2
GREEN AT THE AUTHOR. OKAY
02:13:21.794 --> 02:13:24.530 region:rollup2
ALRIGHT VERY GOOD VALUE ANY
02:13:23.162 --> 02:13:26.365 region:rollup2
GOING TO FINISH SO I ACTUALLY
02:13:24.530 --> 02:13:32.071 region:rollup2
WANT TO GO AHEAD AND FINISH BUT
02:13:26.365 --> 02:13:33.539 region:rollup2
ACTUALLY I.
02:13:32.071 --> 02:13:34.373 region:rollup2
PERHAPS
02:13:33.539 --> 02:13:36.408 region:rollup2
THE CENTER LEYVA WHICH I LIKE TO
02:13:34.373 --> 02:13:38.244 region:rollup2
TAKE THE CHAIR WAS BECAUSE I
02:13:36.408 --> 02:13:39.678 region:rollup2
HAVE GOOD PERSON VOTE SO. GOOD
02:13:38.244 --> 02:13:41.413 region:rollup2
TO GO WHERE HELD UP BUT NOT
02:13:39.678 --> 02:13:42.781 region:rollup2
FIRST BEEN PEOPLE ON THE OTHER
02:13:41.413 --> 02:13:43.315 region:rollup2
COMMITTEE.
02:13:42.781 --> 02:13:46.819 region:rollup2
SORRY IF THIS IS FOR THREE
02:13:43.315 --> 02:13:48.654 region:rollup2
PEOPLE.
02:13:46.819 --> 02:13:49.388 region:rollup2
SENATE FLOOR LOS.
02:13:48.654 --> 02:13:50.756 region:rollup2
FOURTEEN THIRTY THREE IS THAT
02:13:49.388 --> 02:13:51.323 region:rollup2
CORRECT CORRECT PLEASE PROCEED
02:13:50.756 --> 02:13:51.757 region:rollup2
WHEN YOU ARE READY THANK YOU
02:13:51.323 --> 02:13:54.693 region:rollup2
FOR.
02:13:51.757 --> 02:13:55.294 region:rollup2
LETTING US HAVE SOME DIALOGUE
02:13:54.693 --> 02:13:56.061 region:rollup2
THAT IT'S APPRECIATE THAT OF
02:13:55.294 --> 02:13:56.595 region:rollup2
COURSE SURE.
02:13:56.061 --> 02:13:57.696 region:rollup2
FIFTEEN YEARS AGO I FOUND
02:13:56.595 --> 02:13:58.097 region:rollup2
MYSELF IN SAN DIEGO TAKING THE
02:13:57.696 --> 02:13:58.864 region:rollup2
TRUSTEES
02:13:58.097 --> 02:13:59.732 region:rollup2
MASTER PROGRAM WITH THE
02:13:58.864 --> 02:14:01.467 region:rollup2
INTERNATIONAL FOUNDATION OF.
02:13:59.732 --> 02:14:03.269 region:rollup2
EMPLOYEE BENEFIT PLANS PROGRAM
02:14:01.467 --> 02:14:04.670 region:rollup2
PROVIDER THAT.
02:14:03.269 --> 02:14:05.738 region:rollup2
TRUSTEES LIKE MYSELF AT THE TIME
02:14:04.670 --> 02:14:06.305 region:rollup2
I WAS ON THE ORANGE COUNTY
02:14:05.738 --> 02:14:07.239 region:rollup2
EMPLOYMENT RIGHT RETIREMENT
02:14:06.305 --> 02:14:08.574 region:rollup2
SYSTEM.
02:14:07.239 --> 02:14:10.042 region:rollup2
OFFERED SO WAS SET UP FUND
02:14:08.574 --> 02:14:11.610 region:rollup2
CONFERENCE.
02:14:10.042 --> 02:14:12.845 region:rollup2
BUT IT WAS YEAH IT WAS NOT TOO
02:14:11.610 --> 02:14:15.047 region:rollup2
LONG AFTER S. BEFORE HUNDRED
02:14:12.845 --> 02:14:16.849 region:rollup2
PASSED AND I HAD TRUSTEES FROM
02:14:15.047 --> 02:14:18.183 region:rollup2
AROUND THIS THE COUNTRY. AND I
02:14:16.849 --> 02:14:19.818 region:rollup2
SAID YOU A BELIEVER WORK WE WENT
02:14:18.183 --> 02:14:21.553 region:rollup2
FROM TWO PERCENT AT FIFTY TO
02:14:19.818 --> 02:14:22.721 region:rollup2
THREE PERCENT OF FIFTY. WHAT
02:14:21.553 --> 02:14:24.490 region:rollup2
KIND OF IDEAS?
02:14:22.721 --> 02:14:25.457 region:rollup2
SHOULD WE BE LOOKING AT BECAUSE
02:14:24.490 --> 02:14:26.959 region:rollup2
WE'RE GONNA.
02:14:25.457 --> 02:14:28.661 region:rollup2
WE'VE EXPERIENCED A MAJOR BRAIN
02:14:26.959 --> 02:14:29.295 region:rollup2
DRAIN WE WANT SUCH A LOT OF
02:14:28.661 --> 02:14:31.597 region:rollup2
PEOPLE.
02:14:29.295 --> 02:14:35.067 region:rollup2
WAIT UNTIL THEY TURNED FIFTY OR
02:14:31.597 --> 02:14:35.301 region:rollup2
AND THEN WAITED UNTIL THE THAT
02:14:35.067 --> 02:14:36.168 region:rollup2
THE THE.
02:14:35.301 --> 02:14:37.937 region:rollup2
.
02:14:36.168 --> 02:14:38.570 region:rollup2
BOB VIA IMPROVEMENT WAS MADE
02:14:37.937 --> 02:14:40.039 region:rollup2
THEM BECOME AFFECTED THEN WE
02:14:38.570 --> 02:14:41.206 region:rollup2
JUST HAD. A WONDERFUL COMMAND
02:14:40.039 --> 02:14:42.641 region:rollup2
STAFF AND SENIOR OFFICERS
02:14:41.206 --> 02:14:44.243 region:rollup2
LEAVING IN DROVES.
02:14:42.641 --> 02:14:45.778 region:rollup2
SO HOW DO WE RETAIN THESE
02:14:44.243 --> 02:14:47.012 region:rollup2
INCREDIBLE PEOPLE AND SO WE. WE
02:14:45.778 --> 02:14:49.114 region:rollup2
DISCUSSED THIS.
02:14:47.012 --> 02:14:50.549 region:rollup2
BEAT AT LENGTH BECAUSE HOW DO
02:14:49.114 --> 02:14:52.484 region:rollup2
YOU TELL YOUR SPOUSE WELL I
02:14:50.549 --> 02:14:54.053 region:rollup2
COULD STAY AS A A PUBLIC SAFETY
02:14:52.484 --> 02:14:54.853 region:rollup2
OFFICER TO THAT'S WHAT I LOVE.
02:14:54.053 --> 02:14:57.623 region:rollup2
BUT I ONLY BRING HOME TEN
02:14:54.853 --> 02:14:59.258 region:rollup2
PERCENT MORE THAN IF I RETIRED.
02:14:57.623 --> 02:15:00.092 region:rollup2
SO SHARING THAT STIMULATE
02:14:59.258 --> 02:15:02.394 region:rollup2
DISCUSSION.
02:15:00.092 --> 02:15:03.395 region:rollup2
VIA PROPOSAL CAME OUT THAT YOU
02:15:02.394 --> 02:15:06.098 region:rollup2
KNOW THERE'S A THING CALLED A
02:15:03.395 --> 02:15:08.400 region:rollup2
DROP PLAN. JADA DO A DEFERRED
02:15:06.098 --> 02:15:10.169 region:rollup2
RETIREMENT OPTION PROGRAM AND SO
02:15:08.400 --> 02:15:12.071 region:rollup2
WE FOUND OURSELVES HAVING A
02:15:10.169 --> 02:15:13.739 region:rollup2
INCREDIBLE ROBUST DISCUSSION. ON
02:15:12.071 --> 02:15:14.740 region:rollup2
A DROP PLAN AND I THOUGHT TO
02:15:13.739 --> 02:15:16.075 region:rollup2
MYSELF WELL THIS MAKES AND YOU
02:15:14.740 --> 02:15:18.077 region:rollup2
GOTTA KEEP HIM FOR FIVE MORE
02:15:16.075 --> 02:15:19.578 region:rollup2
YEARS. BUT I THOUGHT TO MYSELF
02:15:18.077 --> 02:15:21.914 region:rollup2
THIS IS NOT THE SOLUTION IF IT
02:15:19.578 --> 02:15:22.615 region:rollup2
IF THE SOLUTION AND WE'RE GONNA
02:15:21.914 --> 02:15:24.583 region:rollup2
BE IN TROUBLE SO COLLEAGUES.
02:15:22.615 --> 02:15:25.985 region:rollup2
WE'VE SEEN THE RECENT STORIES
02:15:24.583 --> 02:15:27.753 region:rollup2
OUT HOPEFULLY IN THE LOS ANGELES
02:15:25.985 --> 02:15:29.221 region:rollup2
TIMES ON DROP PLANS AND THEY'RE
02:15:27.753 --> 02:15:31.323 region:rollup2
EXACERBATING.
02:15:29.221 --> 02:15:32.524 region:rollup2
BIG THE E. D. EXISTING PENSION
02:15:31.323 --> 02:15:34.059 region:rollup2
CRISIS.
02:15:32.524 --> 02:15:35.628 region:rollup2
YOUR CONSULTANT STAFF REPORT
02:15:34.059 --> 02:15:37.129 region:rollup2
PROVIDES A CONCISE EXPLANATION
02:15:35.628 --> 02:15:38.931 region:rollup2
OF WHAT A DROP PLAN IS AND HOW
02:15:37.129 --> 02:15:40.366 region:rollup2
WORK SIMPLY.
02:15:38.931 --> 02:15:41.967 region:rollup2
I DON'T EMPLOYEES LAST FIVE
02:15:40.366 --> 02:15:42.868 region:rollup2
YEARS WITH THE MUNICIPALITY THEY
02:15:41.967 --> 02:15:44.203 region:rollup2
RECEIVE THEIR SALARY AND THEIR
02:15:42.868 --> 02:15:45.471 region:rollup2
PENSION.
02:15:44.203 --> 02:15:47.139 region:rollup2
THE PENSION BENEFITS ARE
02:15:45.471 --> 02:15:47.973 region:rollup2
DEPOSITED INTO A TRUST AND
02:15:47.139 --> 02:15:49.675 region:rollup2
EARNED AN ATTRACTIVE RATE OF
02:15:47.973 --> 02:15:50.709 region:rollup2
INTEREST AT THE CONCLUSION OF
02:15:49.675 --> 02:15:52.177 region:rollup2
THE FIVE YEARS TO TRUST
02:15:50.709 --> 02:15:53.445 region:rollup2
DISTRIBUTES THE FINAL BALLOTS.
02:15:52.177 --> 02:15:54.980 region:rollup2
WITH DICK WITH THE COMPOUND
02:15:53.445 --> 02:15:56.315 region:rollup2
INTEREST.
02:15:54.980 --> 02:15:57.316 region:rollup2
SO I FULLY UNDERSTAND THE
02:15:56.315 --> 02:15:58.817 region:rollup2
MOTIVATION AND THE
02:15:57.316 --> 02:16:01.086 region:rollup2
IMPLEMENTATION OF THIS PLAN I
02:15:58.817 --> 02:16:02.321 region:rollup2
CAN SEE WHY IT IS USED AND HOW
02:16:01.086 --> 02:16:04.156 region:rollup2
POLITICALLY DIFFICULT IT IS TO
02:16:02.321 --> 02:16:05.691 region:rollup2
DISCONTINUE ALLOWING DROP PLANS
02:16:04.156 --> 02:16:07.259 region:rollup2
AS A MANAGEMENT ALTERNATIVE. BUT
02:16:05.691 --> 02:16:08.794 region:rollup2
THIS STRATEGY FOR POLICE
02:16:07.259 --> 02:16:10.162 region:rollup2
OFFICERS AND FIREFIGHTERS HAS
02:16:08.794 --> 02:16:12.564 region:rollup2
BEEN EXPOSED BY THE LA TIMES AS
02:16:10.162 --> 02:16:13.932 region:rollup2
A FINANCIAL NO BRAINER THANKS TO
02:16:12.564 --> 02:16:15.701 region:rollup2
A PROGRAM THAT ALLOWED EMPLOYEES
02:16:13.932 --> 02:16:17.269 region:rollup2
TO. NEARLY DOUBLE THEIR PAY BY
02:16:15.701 --> 02:16:18.904 region:rollup2
KEEPING THEIR SALARIES WHILE
02:16:17.269 --> 02:16:20.439 region:rollup2
ALSO COLLECTING THEIR PENSION
02:16:18.904 --> 02:16:21.874 region:rollup2
THE FINAL PAYOUTS CAN BE
02:16:20.439 --> 02:16:23.375 region:rollup2
STAGGERING AND ARE VERY
02:16:21.874 --> 02:16:24.810 region:rollup2
DIFFICULT FOR CONSTITUENTS TO
02:16:23.375 --> 02:16:26.445 region:rollup2
FATHOM OR DIGEST WHEN THEY'RE
02:16:24.810 --> 02:16:28.614 region:rollup2
PUBLISHED.
02:16:26.445 --> 02:16:30.849 region:rollup2
WHEN YOU ADD TO THIS THE HIGH
02:16:28.614 --> 02:16:32.251 region:rollup2
RATES OF THOSE ON DISABILITY AND
02:16:30.849 --> 02:16:33.986 region:rollup2
THIS PROGRAM BECOMES ALMOST
02:16:32.251 --> 02:16:35.421 region:rollup2
IMPOSSIBLE TO JUSTIFY. FOR
02:16:33.986 --> 02:16:36.755 region:rollup2
EXAMPLE A QUOTE THE LA TIMES
02:16:35.421 --> 02:16:38.424 region:rollup2
FORMER POLICE CAPTAIN DARRELL
02:16:36.755 --> 02:16:40.059 region:rollup2
RUSSELL WHO COLLECTED ONE POINT
02:16:38.424 --> 02:16:41.593 region:rollup2
FIVE MILLION DOLLARS OVER FIVE
02:16:40.059 --> 02:16:43.562 region:rollup2
YEARS IN THE PROGRAM. MISSED
02:16:41.593 --> 02:16:44.897 region:rollup2
NEARLY THREE OF THOSE YEARS
02:16:43.562 --> 02:16:46.899 region:rollup2
BECAUSE OF PAIN FROM A BAD KNEE.
02:16:44.897 --> 02:16:47.966 region:rollup2
CARPAL TUNNEL AND MULTIPLE
02:16:46.899 --> 02:16:49.835 region:rollup2
INJURIES HE CLAIMED HE SUFFERED
02:16:47.966 --> 02:16:52.204 region:rollup2
AFTER FALLING OUT OF AN OFFICE
02:16:49.835 --> 02:16:53.539 region:rollup2
CHAIR. COLLEAGUES I AM IN NO WAY
02:16:52.204 --> 02:16:54.873 region:rollup2
INFERRING THAT THIS CAPTAIN IS
02:16:53.539 --> 02:16:56.608 region:rollup2
ABUSING THE SYSTEM IT IS THE
02:16:54.873 --> 02:16:58.610 region:rollup2
SYSTEM THAT IS WRONG IT NEEDS TO
02:16:56.608 --> 02:17:00.012 region:rollup2
BE FIXED. THIS IS WHY S. B.
02:16:58.610 --> 02:17:02.047 region:rollup2
FOURTEEN THIRTY THREE ELIMINATES
02:17:00.012 --> 02:17:03.382 region:rollup2
DROP PLANS ALTOGETHER LET'S STOP
02:17:02.047 --> 02:17:04.683 region:rollup2
THE PERCEPTION OF ABUSE LET'S
02:17:03.382 --> 02:17:06.085 region:rollup2
ELIMINATE THE TEMPTATION THAT
02:17:04.683 --> 02:17:08.087 region:rollup2
SHOULD NEVER HAVE BEEN THERE IN
02:17:06.085 --> 02:17:09.421 region:rollup2
THE FIRST PLACE. THE EXPERIENCE
02:17:08.087 --> 02:17:11.323 region:rollup2
STUDIES FOR DROP PARTICIPANTS OF
02:17:09.421 --> 02:17:12.725 region:rollup2
LOS ANGELES BETWEEN JULY TWO
02:17:11.323 --> 02:17:13.258 region:rollup2
THOUSAND EIGHT AND JULY TWO
02:17:12.725 --> 02:17:15.527 region:rollup2
THOUSAND SEVENTEEN IS NOT
02:17:13.258 --> 02:17:17.296 region:rollup2
PRETTY.
02:17:15.527 --> 02:17:18.597 region:rollup2
FOUR FIVE POINTS ONE.
02:17:17.296 --> 02:17:20.399 region:rollup2
POLICE AND FIREFIGHTERS IN THE
02:17:18.597 --> 02:17:22.067 region:rollup2
DROP PROGRAMMER NEARLY TWICE AS
02:17:20.399 --> 02:17:23.702 region:rollup2
LIKELY TO MISS WORK FOR INJURIES
02:17:22.067 --> 02:17:25.437 region:rollup2
ILLNESS OR PAID LEAVE.
02:17:23.702 --> 02:17:27.272 region:rollup2
TO THOSE TAKING A DISABILITY
02:17:25.437 --> 02:17:28.707 region:rollup2
LEAVE WHILE AND DROPPED MISTER
02:17:27.272 --> 02:17:31.076 region:rollup2
COMBINED TWO POINT FOUR MILLION
02:17:28.707 --> 02:17:32.845 region:rollup2
HOURS OF WORK FOR LEAVES AND
02:17:31.076 --> 02:17:33.912 region:rollup2
SICK TIME AND WERE PAID MORE
02:17:32.845 --> 02:17:35.581 region:rollup2
THAN TWO HUNDRED AND TWENTY
02:17:33.912 --> 02:17:38.050 region:rollup2
MILLION DOLLARS. FOR THE TIME
02:17:35.581 --> 02:17:39.518 region:rollup2
OFF THREE MORE THAN A THIRD
02:17:38.050 --> 02:17:41.086 region:rollup2
THIRTY SIX PERCENT OF POLICE
02:17:39.518 --> 02:17:43.388 region:rollup2
OFFICERS WHO ENTERED THE PROGRAM
02:17:41.086 --> 02:17:44.823 region:rollup2
WENT OUT ON AN INJURY LEAVE AT
02:17:43.388 --> 02:17:46.992 region:rollup2
THE FIRE DEPARTMENT IT WAS
02:17:44.823 --> 02:17:49.595 region:rollup2
SEVENTY PERCENT. FOR THE AVERAGE
02:17:46.992 --> 02:17:51.096 region:rollup2
TIME OFF FOR THOSE WHO.
02:17:49.595 --> 02:17:52.598 region:rollup2
TOOK INJURY LEAVES WAS NEARLY
02:17:51.096 --> 02:17:54.500 region:rollup2
TEN MONTHS AT LEAST THREE
02:17:52.598 --> 02:17:56.201 region:rollup2
HUNDRED AND SEVENTY MISSED MORE
02:17:54.500 --> 02:17:57.936 region:rollup2
THAN A YEAR. THIS COMES UP COMES
02:17:56.201 --> 02:17:59.338 region:rollup2
AT A VERY STEEP PROTESTANT POINT
02:17:57.936 --> 02:18:00.939 region:rollup2
FIVE IN ADDITION TO THE SALARY
02:17:59.338 --> 02:18:02.007 region:rollup2
AND PENSION PAYMENTS IT WILL
02:18:00.939 --> 02:18:02.908 region:rollup2
LEAVES TAKEN BY DROP
02:18:02.007 --> 02:18:04.576 region:rollup2
PARTICIPANTS CREATE A THIRD
02:18:02.908 --> 02:18:06.411 region:rollup2
COSTS FOR TAXPAYERS. THE FIRE
02:18:04.576 --> 02:18:07.813 region:rollup2
DEPARTMENT IS OVER TIME TO FILL
02:18:06.411 --> 02:18:09.515 region:rollup2
THEIR SHIPS. THE POLICE
02:18:07.813 --> 02:18:11.316 region:rollup2
DEPARTMENT REQUIRES OTHER
02:18:09.515 --> 02:18:12.484 region:rollup2
OFFICERS TO COVER THEIR WORK I
02:18:11.316 --> 02:18:14.086 region:rollup2
WANT TO THANK THE LA TIMES
02:18:12.484 --> 02:18:16.855 region:rollup2
REPORTERS JACK BILLING GUS
02:18:14.086 --> 02:18:18.891 region:rollup2
GARCIA ROBERTSON RYAN MENENDEZ.
02:18:16.855 --> 02:18:20.359 region:rollup2
FOR THEIR INVESTIGATORY WORK ON
02:18:18.891 --> 02:18:21.927 region:rollup2
APRIL FIFTEENTH THE SUNDAY LA
02:18:20.359 --> 02:18:24.263 region:rollup2
TIMES CALIFORNIA SECTION TOP
02:18:21.927 --> 02:18:26.665 region:rollup2
HEADLINE WAS ENROLLMENT DROPS
02:18:24.263 --> 02:18:28.400 region:rollup2
SURGES AMID QUESTIONS OF COURSE
02:18:26.665 --> 02:18:30.135 region:rollup2
AREA BY THE GUINNESS QUICK AS
02:18:28.400 --> 02:18:33.138 region:rollup2
YOU CAN BEFORE IT'S GONE.
02:18:30.135 --> 02:18:33.839 region:rollup2
COLLEAGUES LA IS REALIZING THAT
02:18:33.138 --> 02:18:35.240 region:rollup2
DROP PLANS ARE A MISTAKE.
02:18:33.839 --> 02:18:36.408 region:rollup2
SACRAMENTO SHOULD TO IT SHOULD
02:18:35.240 --> 02:18:37.843 region:rollup2
TAKE A LEADERSHIP ROLE IN
02:18:36.408 --> 02:18:39.411 region:rollup2
TOTALLY DISCONTINUING THIS
02:18:37.843 --> 02:18:40.913 region:rollup2
UNIQUE STRATEGY THAT'S
02:18:39.411 --> 02:18:41.847 region:rollup2
LEGISLATURE NEEDS TO HELP LOCAL
02:18:40.913 --> 02:18:44.616 region:rollup2
GOVERNMENTS HELP THEMSELVES IN
02:18:41.847 --> 02:18:46.518 region:rollup2
ADDRESSING. THE PENSION CRISIS I
02:18:44.616 --> 02:18:47.119 region:rollup2
RESPECTFULLY REQUEST TONIGHT.
02:18:46.518 --> 02:18:50.522 region:rollup2
THANK YOU CENTER MODE MORE
02:18:47.119 --> 02:18:50.989 region:rollup2
LOCKED OTHERS IN SUPPORT.
02:18:50.522 --> 02:18:53.859 region:rollup2
SEEING NONE ANYONE IN
02:18:50.989 --> 02:18:56.995 region:rollup2
OPPOSITION.
02:18:53.859 --> 02:18:59.832 region:rollup2
FIRST TERRY.
02:18:56.995 --> 02:19:00.399 region:rollup2
AND ARE NOT UNITARY.
02:18:59.832 --> 02:19:01.767 region:rollup2
BUT I THINK THERE THE OTHER
02:19:00.399 --> 02:19:02.935 region:rollup2
COMMITTEE.
02:19:01.767 --> 02:19:04.369 region:rollup2
BUT CHAIR RANGE FROM WITH THE
02:19:02.935 --> 02:19:06.138 region:rollup2
RIVERSIDE SHERIFF'S ASSOCIATION
02:19:04.369 --> 02:19:08.874 region:rollup2
OF. OUR MEMBERS ARE NOT.
02:19:06.138 --> 02:19:09.508 region:rollup2
.
02:19:08.874 --> 02:19:10.909 region:rollup2
THEY DON'T HAVE ACCESS TO A DRUG
02:19:09.508 --> 02:19:13.845 region:rollup2
PROGRAM. HOWEVER WE WOULD LIKE
02:19:10.909 --> 02:19:14.780 region:rollup2
IT IN IN THE FUTURE OF POSSIBLE
02:19:13.845 --> 02:19:16.348 region:rollup2
PIECE OF OPEN NOT COLLECTIVELY
02:19:14.780 --> 02:19:18.483 region:rollup2
BARGAINED FOR IN THE PAST.
02:19:16.348 --> 02:19:19.351 region:rollup2
IF THERE ARE ABUSES OF THE
02:19:18.483 --> 02:19:20.719 region:rollup2
SYSTEM THAT WE WOULD ENCOURAGE
02:19:19.351 --> 02:19:22.721 region:rollup2
THAT GATHERED BE SOME KIND OF
02:19:20.719 --> 02:19:24.056 region:rollup2
CRACKDOWN. THERE'S NO NEED TO
02:19:22.721 --> 02:19:25.390 region:rollup2
THROUGHOUT THIS PROGRAM THAT
02:19:24.056 --> 02:19:26.925 region:rollup2
ALLOWS A LOT OF ARE VERY
02:19:25.390 --> 02:19:29.194 region:rollup2
EXPERIENCED OF MEMBERS AND
02:19:26.925 --> 02:19:30.729 region:rollup2
OFFICERS TO CONTINUE THEIR WORK
02:19:29.194 --> 02:19:32.998 region:rollup2
AND TO TRAIN. OF THE NEW
02:19:30.729 --> 02:19:34.333 region:rollup2
RECRUITS ARE COMING AND SO FOR
02:19:32.998 --> 02:19:36.368 region:rollup2
THAT REASON WE ARE PURPOSE BUILT
02:19:34.333 --> 02:19:39.004 region:rollup2
THEY CAN THANK YOU SIR ANYONE
02:19:36.368 --> 02:19:39.538 region:rollup2
ELSE IN OPPOSITION. ORAL BRING
02:19:39.004 --> 02:19:42.541 region:rollup2
IT BACK TO THE COMMITTEE.
02:19:39.538 --> 02:19:45.811 region:rollup2
CENTER PORTANTINO.
02:19:42.541 --> 02:19:47.312 region:rollup2
AB CURSING OF.
02:19:45.811 --> 02:19:49.314 region:rollup2
WHY NOT ARE CURRENTLY?
02:19:47.312 --> 02:19:50.382 region:rollup2
IF WE RICHEST MISS.
02:19:49.314 --> 02:19:52.117 region:rollup2
FOR ARE PORTANTINO SO WE HAVE A
02:19:50.382 --> 02:19:54.987 region:rollup2
MOTION WHICH IS DUE PASSED TO
02:19:52.117 --> 02:19:56.288 region:rollup2
APPROPRIATIONS.
02:19:54.987 --> 02:19:57.623 region:rollup2
EXCUSE ME TO PASS TO THE SENATE
02:19:56.288 --> 02:20:01.894 region:rollup2
FLOOR.
02:19:57.623 --> 02:20:05.697 region:rollup2
PLEASE CALL THE ROLL.
02:20:01.894 --> 02:20:06.765 region:rollup2
PAN. MORRELL LEYVA NO LEYVA NO
02:20:05.697 --> 02:20:09.534 region:rollup2
MORE LOOK AYE FULLER AYE
02:20:06.765 --> 02:20:11.670 region:rollup2
PORTANTINO. PORTANTINO.
02:20:09.534 --> 02:20:12.271 region:rollup2
THE MOTION FAILS
02:20:11.670 --> 02:20:14.206 region:rollup2
WOULD YOU LIKE RECONSIDERATION
02:20:12.271 --> 02:20:16.174 region:rollup2
PLEASE.
02:20:14.206 --> 02:20:17.409 region:rollup2
KELLY CALDERON RECONSIDERATION
02:20:16.174 --> 02:20:19.011 region:rollup2
OR DO A QUICK CENTER PAN TO COME
02:20:17.409 --> 02:20:20.078 region:rollup2
BACK I'M SORRY IT'S STILL OPEN
02:20:19.011 --> 02:20:22.147 region:rollup2
UNTIL HE GETS BACK THANK YOU
02:20:20.078 --> 02:20:23.548 region:rollup2
MADAM CHAIR THINK YOU. SHOULD WE
02:20:22.147 --> 02:20:24.516 region:rollup2
GOT INTO THE CONSENT CALENDAR
02:20:23.548 --> 02:20:26.084 region:rollup2
OKAY.
02:20:24.516 --> 02:20:28.220 region:rollup2
WE HAVE FOUR ITEMS ON THE
02:20:26.084 --> 02:20:30.956 region:rollup2
CONSENT CALENDAR SET CORRECT.
02:20:28.220 --> 02:20:33.225 region:rollup2
OKAY WE HAVE SP TEN TWENTY TWO
02:20:30.956 --> 02:20:35.861 region:rollup2
SP TWELVE AU SEVEN SP THIRTEEN
02:20:33.225 --> 02:20:40.632 region:rollup2
TWELVE AND S. B. FIFTEEN OH FOUR
02:20:35.861 --> 02:20:41.500 region:rollup2
PLEASE CALL THE ROLL.
02:20:40.632 --> 02:20:42.501 region:rollup2
NO WAY OUT PHONE HERE SENATOR
02:20:41.500 --> 02:20:44.436 region:rollup2
PORTANTINO COULD YOU MAKE A
02:20:42.501 --> 02:20:45.837 region:rollup2
MOTION FOR THE DIFFERENCE AND
02:20:44.436 --> 02:20:47.339 region:rollup2
TALIBAN KISSER.
02:20:45.837 --> 02:20:49.641 region:rollup2
YEAH. PAN.
02:20:47.339 --> 02:20:52.210 region:rollup2
MORRELL.
02:20:49.641 --> 02:20:54.346 region:rollup2
LEYVA AYE LEYVA AYE MORLOCK.
02:20:52.210 --> 02:20:57.049 region:rollup2
MORE LIKE I PORTANTINO AYE
02:20:54.346 --> 02:20:58.417 region:rollup2
PORTANTINO AYE.
02:20:57.049 --> 02:20:59.718 region:rollup2
ALRIGHT WE'LL PUT THAT ON CALL
02:20:58.417 --> 02:21:01.086 region:rollup2
UNTIL SENATOR PETE AND GET BACK
02:20:59.718 --> 02:21:02.954 region:rollup2
AND I THINK WE HAVE ONE MORE
02:21:01.086 --> 02:21:04.856 region:rollup2
BILL LEFT HIS PILLS CAN LOOK AT
02:21:02.954 --> 02:21:08.794 region:rollup2
CURIOUSLY.
02:21:04.856 --> 02:21:09.695 region:rollup2
PERFECT TIMING MISTER CHAIR.
02:21:08.794 --> 02:21:16.735 region:rollup2
IF YOU WANT WHAT ISN'T YOURS
02:21:09.695 --> 02:21:29.348 region:rollup2
OKAY.
02:21:16.735 --> 02:21:33.185 region:rollup2
GETS REPLACED HER THANK YOU.
02:21:29.348 --> 02:21:34.553 region:rollup2
WAS EVEN THOUGH HA HA.
02:21:33.185 --> 02:21:36.688 region:rollup2
THAT ARE PAN YOU HAVE THE FLOOR
02:21:34.553 --> 02:21:36.922 region:rollup2
THANK YOU CENTER MORLOCK CHAIR
02:21:36.688 --> 02:21:38.156 region:rollup2
MEMBERS.
02:21:36.922 --> 02:21:39.458 region:rollup2
.
02:21:38.156 --> 02:21:41.526 region:rollup2
PLEASE PRESENT YOU SB ELEVEN
02:21:39.458 --> 02:21:43.295 region:rollup2
SIXTY SIX SB ELEVEN SIXTY SIX
02:21:41.526 --> 02:21:44.596 region:rollup2
REQUIRES A CALPERS CONTRACTING
02:21:43.295 --> 02:21:46.331 region:rollup2
AGENCY TO NOTIFY ITS ACTIVE
02:21:44.596 --> 02:21:48.300 region:rollup2
RETIRED MEMBERS.
02:21:46.331 --> 02:21:48.834 region:rollup2
BUT AND THIRTY DAYS WHEN AGENCY
02:21:48.300 --> 02:21:50.736 region:rollup2
FAILS TO MAKE ITS REPORT
02:21:48.834 --> 02:21:52.604 region:rollup2
ACQUIRED EMPLOYER PENSION
02:21:50.736 --> 02:21:53.972 region:rollup2
CONTRIBUTIONS DIPPERS.
02:21:52.604 --> 02:21:55.540 region:rollup2
THE BILL ALLOWS ACTIVE RETIRED
02:21:53.972 --> 02:21:56.808 region:rollup2
CALPERS MEMBERS TO KNOW MORE
02:21:55.540 --> 02:21:58.410 region:rollup2
QUICKLY WHEN THEY'RE CONTRACTING
02:21:56.808 --> 02:22:00.245 region:rollup2
AGENCY MAYBE HAVING FINANCIAL
02:21:58.410 --> 02:22:01.780 region:rollup2
DIFFICULTIES. THERE CAN AFFECT
02:22:00.245 --> 02:22:02.748 region:rollup2
THE MEMBERS PENSION.
02:22:01.780 --> 02:22:04.116 region:rollup2
WE'RE COMMITTED TO WORKING WITH
02:22:02.748 --> 02:22:05.550 region:rollup2
STAKEHOLDER STRESS OF CONCERNS
02:22:04.116 --> 02:22:07.285 region:rollup2
REGARDING ACCESS THE CONTACT
02:22:05.550 --> 02:22:09.454 region:rollup2
INFORMATION FOR FORMER EMPLOYEES
02:22:07.285 --> 02:22:11.189 region:rollup2
RETIREES SIMILAR TO THOSE AND SB
02:22:09.454 --> 02:22:12.324 region:rollup2
TEN TWENTY TWO. BATTERY AYE VOTE
02:22:11.189 --> 02:22:14.593 region:rollup2
TO KEEP THE BILL MOVING SO WE
02:22:12.324 --> 02:22:16.395 region:rollup2
CAN CONTINUE THIS CONVERSATIONS
02:22:14.593 --> 02:22:18.063 region:rollup2
RESPECTFULLY ASK FOR AN AYE VOTE
02:22:16.395 --> 02:22:18.697 region:rollup2
THANK YOU. LOCAL BELL.
02:22:18.063 --> 02:22:21.299 region:rollup2
WHEN WE HAVE A MOTION TO HAVE
02:22:18.697 --> 02:22:22.501 region:rollup2
ANY OTHER WITNESSES IN SUPPORT.
02:22:21.299 --> 02:22:23.935 region:rollup2
DO WE HAVE ANY WITNESSES IN
02:22:22.501 --> 02:22:30.542 region:rollup2
OPPOSITION.
02:22:23.935 --> 02:22:32.377 region:rollup2
OKAY.
02:22:30.542 --> 02:22:33.912 region:rollup2
NCCU DOROTHY JOHNSON THE
02:22:32.377 --> 02:22:34.880 region:rollup2
CALIFORNIA STATE ASSOCIATION OF
02:22:33.912 --> 02:22:36.048 region:rollup2
COUNTIES IN RESPECTFUL
02:22:34.880 --> 02:22:38.150 region:rollup2
OPPOSITION AND WE DEFINITELY
02:22:36.048 --> 02:22:39.551 region:rollup2
APPRECIATE THE OFFER BUT TO
02:22:38.150 --> 02:22:40.752 region:rollup2
ALIGN THE SPELL MORE SIMILARLY
02:22:39.551 --> 02:22:42.421 region:rollup2
TO TEN TWENTY TWO WHICH IS ON
02:22:40.752 --> 02:22:43.622 region:rollup2
CONSENT TODAY. AND THAT IS
02:22:42.421 --> 02:22:45.524 region:rollup2
BECAUSE OF THE REASON THAT BY
02:22:43.622 --> 02:22:47.692 region:rollup2
LOCAL AGENCIES DO NOT MAINTAIN
02:22:45.524 --> 02:22:49.194 region:rollup2
DATA FOR FORMER IT REACHED THAT
02:22:47.692 --> 02:22:50.395 region:rollup2
FORMER EMPLOYEES OR RETIREES.
02:22:49.194 --> 02:22:52.397 region:rollup2
WE ALSO HAVE TO BEG THE
02:22:50.395 --> 02:22:53.031 region:rollup2
QUESTION OF WHETHER THE INTENT
02:22:52.397 --> 02:22:55.300 region:rollup2
OF THIS BILL WILL BE ACHIEVED
02:22:53.031 --> 02:22:55.901 region:rollup2
SINCE WE'RE RELYING ON AN AGENCY
02:22:55.300 --> 02:22:58.036 region:rollup2
WHICH IS DELINQUENT IN MAKING
02:22:55.901 --> 02:22:59.371 region:rollup2
PAYMENTS. IF THEY CAN THEN BE
02:22:58.036 --> 02:23:01.139 region:rollup2
COMPLIANT WITH PROVIDED A
02:22:59.371 --> 02:23:02.808 region:rollup2
NOTIFICATION ALSO THAT A
02:23:01.139 --> 02:23:03.975 region:rollup2
SPECIFIED TIMEFRAME SO WE HAVE
02:23:02.808 --> 02:23:06.278 region:rollup2
NO PROBLEM WITH MAKING
02:23:03.975 --> 02:23:06.878 region:rollup2
NOTIFICATIONS AND HAVE IT BE
02:23:06.278 --> 02:23:07.446 region:rollup2
KNOWN THAT THERE'S DELINQUENT
02:23:06.878 --> 02:23:08.647 region:rollup2
PAYMENTS.
02:23:07.446 --> 02:23:10.582 region:rollup2
IT IS PERHAPS THE CALPERS IS THE
02:23:08.647 --> 02:23:11.516 region:rollup2
BETTER AGENCY FITTED FOR THAT
02:23:10.582 --> 02:23:12.684 region:rollup2
DUTY SINCE THEY HAVE THE
02:23:11.516 --> 02:23:14.486 region:rollup2
INFORMATION AND THEY ARE THE
02:23:12.684 --> 02:23:16.154 region:rollup2
ADMINISTRATORS OF THE FUNDS. AND
02:23:14.486 --> 02:23:16.721 region:rollup2
OF THAT REMAINS RESPECTFULLY
02:23:16.154 --> 02:23:20.158 region:rollup2
PUBLISHED AT THIS TIME THANK
02:23:16.721 --> 02:23:21.326 region:rollup2
YOU.
02:23:20.158 --> 02:23:22.861 region:rollup2
DEAR MEMBERS COMMITTEE DELEGATE
02:23:21.326 --> 02:23:24.529 region:rollup2
WAS CALIFORNIA SPECIAL DISTRICTS
02:23:22.861 --> 02:23:25.297 region:rollup2
ASSOCIATION LIKE THAT LINE MY
02:23:24.529 --> 02:23:27.099 region:rollup2
COMMENTS WITH.
02:23:25.297 --> 02:23:29.401 region:rollup2
THAT OF OF MISTRUST IS IT THE
02:23:27.099 --> 02:23:31.069 region:rollup2
EYES HE SEC. YET IT'S IT'S
02:23:29.401 --> 02:23:31.736 region:rollup2
REALLY THE.
02:23:31.069 --> 02:23:33.872 region:rollup2
.
02:23:31.736 --> 02:23:35.273 region:rollup2
THE ISSUE OF WHO SHOULD BE
02:23:33.872 --> 02:23:37.275 region:rollup2
MAKING THAT CONTACT SHOULD DO
02:23:35.273 --> 02:23:38.810 region:rollup2
YOU SHOULD AN AGENCY THAT IS
02:23:37.275 --> 02:23:40.212 region:rollup2
DELINQUENT IN THEIR PAYMENTS.
02:23:38.810 --> 02:23:42.047 region:rollup2
THE THE ONCE ENTRUSTED WITH
02:23:40.212 --> 02:23:43.448 region:rollup2
NOTIFYING THE EMPLOYEES THAT
02:23:42.047 --> 02:23:45.584 region:rollup2
THEIR DELINQUENT IN THEIR
02:23:43.448 --> 02:23:48.687 region:rollup2
PAYMENTS OR SHOULD WE DEPEND ON
02:23:45.584 --> 02:23:50.222 region:rollup2
CALPERS TO DO THAT WHO ONE ALSO
02:23:48.687 --> 02:23:52.891 region:rollup2
HAS THAT CONTACT INFORMATION.
02:23:50.222 --> 02:23:53.758 region:rollup2
AND HAS. THE RESOURCES TO
02:23:52.891 --> 02:23:55.393 region:rollup2
ACTUALLY DO THAT MAILING FOR
02:23:53.758 --> 02:23:56.461 region:rollup2
CAN'T AFFORD TO MAKE THE PAYMENT
02:23:55.393 --> 02:23:57.496 region:rollup2
MAYBE THEY CAN'T AFFORD TO DO
02:23:56.461 --> 02:23:59.364 region:rollup2
THE MAILING. SO.
02:23:57.496 --> 02:24:01.299 region:rollup2
HAVING CALPERS STUDENT CALPERS
02:23:59.364 --> 02:24:03.802 region:rollup2
ONCE SENATE BILL FOR THAT THAT
02:24:01.299 --> 02:24:04.870 region:rollup2
MAILING SOVIET ADDED ON UNDER
02:24:03.802 --> 02:24:06.438 region:rollup2
THAT BECAUSE IT'S REALLY JUST
02:24:04.870 --> 02:24:07.973 region:rollup2
THE PRACTICAL. THE PRACTICAL
02:24:06.438 --> 02:24:10.675 region:rollup2
APPLICATION OF THE NOTIFICATION
02:24:07.973 --> 02:24:11.176 region:rollup2
THERE ISN'T THE AN ISSUE WITH
02:24:10.675 --> 02:24:11.443 region:rollup2
NOTIFYING THE EMPLOYEES
02:24:11.176 --> 02:24:12.544 region:rollup2
DISTRICTS
02:24:11.443 --> 02:24:15.547 region:rollup2
WHO IS WHO SHOULD BE THE
02:24:12.544 --> 02:24:17.682 region:rollup2
RESPONSIBLE PARTY IN DOING SO.
02:24:15.547 --> 02:24:19.417 region:rollup2
THAT ASK FOR A GREAT FIT IN
02:24:17.682 --> 02:24:21.286 region:rollup2
RESPECT WE ASK FOR IT TO BE
02:24:19.417 --> 02:24:22.287 region:rollup2
AMENDED. ANY OTHER WITNESSES IN
02:24:21.286 --> 02:24:24.189 region:rollup2
OPPOSITION
02:24:22.287 --> 02:24:26.558 region:rollup2
LET'S. ANY QUESTIONS FROM THE
02:24:24.189 --> 02:24:27.192 region:rollup2
COMMITTEE.
02:24:26.558 --> 02:24:29.628 region:rollup2
ALL THIS IS WHERE THE CHAIR GETS
02:24:27.192 --> 02:24:31.863 region:rollup2
THAT.
02:24:29.628 --> 02:24:34.966 region:rollup2
TELL YOU HOW HE FEELS.
02:24:31.863 --> 02:24:35.934 region:rollup2
BUT WHY THIRTY DAYS.
02:24:34.966 --> 02:24:36.535 region:rollup2
WHAT WE THINK IT'S IMPORTANT
02:24:35.934 --> 02:24:37.702 region:rollup2
THAT?
02:24:36.535 --> 02:24:40.238 region:rollup2
THE EMPLOYEES.
02:24:37.702 --> 02:24:41.306 region:rollup2
BE OUR TAXIS NOT PLACE THAT THE
02:24:40.238 --> 02:24:43.141 region:rollup2
BENEFICIARIES WHO ARE GOING TO
02:24:41.306 --> 02:24:45.043 region:rollup2
BE AFFECTED BY THE DELINQUENCY
02:24:43.141 --> 02:24:46.878 region:rollup2
ACTUALLY AYE AYE NOTIFY AND
02:24:45.043 --> 02:24:48.947 region:rollup2
TIMELY MANNER. I APPRECIATE TO
02:24:46.878 --> 02:24:49.915 region:rollup2
WHAT THE OPPONENTS OTHER
02:24:48.947 --> 02:24:52.684 region:rollup2
CONCERNS AND.
02:24:49.915 --> 02:24:53.885 region:rollup2
TERMS OF SAYING WELL WHO SHOULD
02:24:52.684 --> 02:24:55.420 region:rollup2
DO THE NOTIFICATION.
02:24:53.885 --> 02:24:56.955 region:rollup2
IT IN MANY WAYS I WOULD SAY IS
02:24:55.420 --> 02:24:58.623 region:rollup2
THAT BECAUSE THEY TALK ABOUT
02:24:56.955 --> 02:24:59.191 region:rollup2
RESPONSIBILITY AND I THINK WITH
02:24:58.623 --> 02:25:00.025 region:rollup2
LET'S HAVE A DIALOGUE ABOUT
02:24:59.191 --> 02:25:01.493 region:rollup2
THAT.
02:25:00.025 --> 02:25:05.430 region:rollup2
YOU KNOW I THINK INITIALLY.
02:25:01.493 --> 02:25:06.631 region:rollup2
MY VIEW IS THAT. IT SENSE THAT
02:25:05.430 --> 02:25:08.066 region:rollup2
EMPLOYER IS SUPPOSED TO BE
02:25:06.631 --> 02:25:09.201 region:rollup2
RESPONSIBLE FOR MAKING THE
02:25:08.066 --> 02:25:11.870 region:rollup2
PAYMENTS.
02:25:09.201 --> 02:25:14.673 region:rollup2
THEY SHOULD ALSO PERHAPS BE THE
02:25:11.870 --> 02:25:16.007 region:rollup2
ONES TO NOTIFY THEIR RETIREES.
02:25:14.673 --> 02:25:17.842 region:rollup2
THE RETIREES WHO USED TO WORK
02:25:16.007 --> 02:25:19.411 region:rollup2
FOR THEM THAT THEIR RETIREMENT
02:25:17.842 --> 02:25:20.979 region:rollup2
MIGHT BE IN JEOPARDY.
02:25:19.411 --> 02:25:22.581 region:rollup2
THEIR PAYMENTS BECAUSE OF THEIR
02:25:20.979 --> 02:25:23.949 region:rollup2
DELINQUENCY THAT THAT RESPONSE
02:25:22.581 --> 02:25:24.783 region:rollup2
BECAUSE THERE'D RESPONSIBLE
02:25:23.949 --> 02:25:25.684 region:rollup2
PARTIES.
02:25:24.783 --> 02:25:27.052 region:rollup2
AND.
02:25:25.684 --> 02:25:28.987 region:rollup2
BUT CERTAINLY YOU KNOW WE WANT
02:25:27.052 --> 02:25:29.955 region:rollup2
TO CONTINUE TO HAVE A DIALOGUE
02:25:28.987 --> 02:25:30.655 region:rollup2
WITH.
02:25:29.955 --> 02:25:31.856 region:rollup2
WITH WITH.
02:25:30.655 --> 02:25:33.792 region:rollup2
WITH THEM ABOUT.
02:25:31.856 --> 02:25:35.994 region:rollup2
WHAT'S THE BEST WAY TO GO ABOUT
02:25:33.792 --> 02:25:37.662 region:rollup2
DOING DOING THAT INSURING THAT.
02:25:35.994 --> 02:25:39.097 region:rollup2
THE.
02:25:37.662 --> 02:25:41.666 region:rollup2
DEBATE FISHERIES.
02:25:39.097 --> 02:25:44.135 region:rollup2
ACTUALLY HAVE THE INFORMATION.
02:25:41.666 --> 02:25:46.204 region:rollup2
SO THAT THEY CAN BASICALLY PLAN
02:25:44.135 --> 02:25:47.472 region:rollup2
AND ACT ON THAT INFORMATION
02:25:46.204 --> 02:25:49.140 region:rollup2
PRACTICALLY DIDN'T THEY DO NEED
02:25:47.472 --> 02:25:49.674 region:rollup2
TO HAVE A TIMELY MANNER SO THEY
02:25:49.140 --> 02:25:51.209 region:rollup2
CAN DO SO.
02:25:49.674 --> 02:25:52.844 region:rollup2
SO WHY THIRTY OVER FORTY FIVE
02:25:51.209 --> 02:25:53.745 region:rollup2
SIXTY NINETY.
02:25:52.844 --> 02:25:54.512 region:rollup2
WELL I THINK.
02:25:53.745 --> 02:25:56.781 region:rollup2
THIRTY DAYS IS.
02:25:54.512 --> 02:25:57.582 region:rollup2
IT WOULD BE I THINK THE LONGER
02:25:56.781 --> 02:25:59.084 region:rollup2
YOU LET ME WE HAVE TO GET
02:25:57.582 --> 02:26:00.719 region:rollup2
RESERVE ABOUT TIME TO GET THE
02:25:59.084 --> 02:26:02.954 region:rollup2
NOTICE OUT BUT ALSO.
02:26:00.719 --> 02:26:03.521 region:rollup2
WE ALSO WANT TO BE SURE THAT
02:26:02.954 --> 02:26:04.389 region:rollup2
IT'S DONE IN A TIMELY MANNER
02:26:03.521 --> 02:26:06.591 region:rollup2
AND.
02:26:04.389 --> 02:26:08.627 region:rollup2
.
02:26:06.591 --> 02:26:09.861 region:rollup2
SO.
02:26:08.627 --> 02:26:12.597 region:rollup2
THE PERIOD IN WHICH BECOMES
02:26:09.861 --> 02:26:14.666 region:rollup2
DELINQUENT IS NOT SO QUICK SO
02:26:12.597 --> 02:26:16.334 region:rollup2
THIRTY DAYS IS ACTUALLY.
02:26:14.666 --> 02:26:17.836 region:rollup2
THE PAYMENT MIGHT HAVE NOT BEEN
02:26:16.334 --> 02:26:18.470 region:rollup2
RECEIVED IN QUITE SUBSTANTIAL
02:26:17.836 --> 02:26:21.339 region:rollup2
CLIMB SO.
02:26:18.470 --> 02:26:23.108 region:rollup2
THAT'S.
02:26:21.339 --> 02:26:24.676 region:rollup2
EATEN UP THIRTY ONE DAYS YOU
02:26:23.108 --> 02:26:26.645 region:rollup2
SEND A NOTICE AND YOU SEND IT
02:26:24.676 --> 02:26:27.412 region:rollup2
WILL ALSO A VERY DEVOTED ABOUT
02:26:26.645 --> 02:26:28.580 region:rollup2
LIKE I ANALYSTS AND AND DID YOU
02:26:27.412 --> 02:26:29.547 region:rollup2
THEN THE NOTICE OF THIRTY DAYS
02:26:28.580 --> 02:26:30.815 region:rollup2
AFTER YOU'VE BEEN DECLARED THE
02:26:29.547 --> 02:26:34.419 region:rollup2
LICENSE SO IT MAY BE THAT YOU
02:26:30.815 --> 02:26:36.821 region:rollup2
ALREADY. YOU KNOW THREE MONTHS
02:26:34.419 --> 02:26:37.589 region:rollup2
BEFORE OKAY SOCIALLY.
02:26:36.821 --> 02:26:38.256 region:rollup2
OKAY ARE CLEAN RIGHTS ANOTHER'S
02:26:37.589 --> 02:26:38.790 region:rollup2
IT'S NOT THAT'S NOT THIRTY DAYS
02:26:38.256 --> 02:26:40.692 region:rollup2
FROM THE DATE UE FOR THE
02:26:38.790 --> 02:26:41.826 region:rollup2
PAYMENT IT'S THIRTY DAYS FROM
02:26:40.692 --> 02:26:42.861 region:rollup2
THE POINT WHERE CALPERS FINALLY
02:26:41.826 --> 02:26:45.163 region:rollup2
SAYS YOUR DELINQUENT WHICH COULD
02:26:42.861 --> 02:26:47.299 region:rollup2
BE SEVERAL MONTHS AFTER THAT.
02:26:45.163 --> 02:26:49.934 region:rollup2
ACTUALLY DO BUT THEY'RE STILL
02:26:47.299 --> 02:26:50.502 region:rollup2
TALKING ORDER PROMISING IS
02:26:49.934 --> 02:26:51.269 region:rollup2
COMING OR SOMETHING OF THAT
02:26:50.502 --> 02:26:51.436 region:rollup2
NATURE.
02:26:51.269 --> 02:26:53.838 region:rollup2
SO.
02:26:51.436 --> 02:26:55.307 region:rollup2
.
02:26:53.838 --> 02:26:56.741 region:rollup2
AND CONTACTING RETIREES A LITTLE
02:26:55.307 --> 02:26:57.709 region:rollup2
MORE DIFFICULT BUT AN IDEA THAT
02:26:56.741 --> 02:26:59.678 region:rollup2
YOU MIGHT WANT TO AS YOU'RE
02:26:57.709 --> 02:27:01.813 region:rollup2
WORKING THROUGH THIS BILL. IS IS
02:26:59.678 --> 02:27:03.148 region:rollup2
WORK WITH THE WITH CALPERS ARE
02:27:01.813 --> 02:27:04.582 region:rollup2
THERE THIRTY SEVEN ACT COUNTY.
02:27:03.148 --> 02:27:06.184 region:rollup2
AND THEN THEY HAVE A NEWSLETTER
02:27:04.582 --> 02:27:08.887 region:rollup2
THAT GOES OUT WITH PAYMENTS ARE
02:27:06.184 --> 02:27:11.523 region:rollup2
ON A REGULAR BASIS QUARTERLY.
02:27:08.887 --> 02:27:12.624 region:rollup2
THIS IF YOU WANT TO BE ON A LIST
02:27:11.523 --> 02:27:14.025 region:rollup2
ONE JUST GIVE US YOUR EMAIL.
02:27:12.624 --> 02:27:16.161 region:rollup2
ADDRESS YOU CAN GET THAT TO
02:27:14.025 --> 02:27:17.696 region:rollup2
PEOPLE I FASTER THAN HAVE MAILED
02:27:16.161 --> 02:27:18.997 region:rollup2
PRETTY SENSE WHAT WHAT SURPLUS
02:27:17.696 --> 02:27:19.831 region:rollup2
CERTAINLY WE YOU KNOW WHAT WE
02:27:18.997 --> 02:27:22.334 region:rollup2
CAN LOOK AT SOME OF THE
02:27:19.831 --> 02:27:24.602 region:rollup2
SPECIFICS CALPERS DOES HAVE.
02:27:22.334 --> 02:27:26.271 region:rollup2
THE INFORMATION OF WHO WHOSE.
02:27:24.602 --> 02:27:27.472 region:rollup2
THAT'S THIS I THINK THE
02:27:26.271 --> 02:27:28.840 region:rollup2
OPPOSITION POINTED OUT YOU KNOW
02:27:27.472 --> 02:27:30.608 region:rollup2
WITH IT THERE IS A LIST OF
02:27:28.840 --> 02:27:32.210 region:rollup2
PEOPLE WHO'VE GOT W. PAYMENTS
02:27:30.608 --> 02:27:33.144 region:rollup2
RIGHT AND WHERE THEY TO YEAH SO.
02:27:32.210 --> 02:27:36.381 region:rollup2
SO I THINK THAT.
02:27:33.144 --> 02:27:37.882 region:rollup2
I I DO THINK THAT THE LEAST THE
02:27:36.381 --> 02:27:40.218 region:rollup2
INITIAL THOUGHT WAS IS THAT THE.
02:27:37.882 --> 02:27:42.187 region:rollup2
THAT IDIOT WAS RESPONSIBLE FOR
02:27:40.218 --> 02:27:43.855 region:rollup2
FINANCING AND SUPPORTING THAT IF
02:27:42.187 --> 02:27:44.789 region:rollup2
THE IT THE REASON FOR THOSE IS
02:27:43.855 --> 02:27:46.758 region:rollup2
BECAUSE THEY ARE DELINQUENT
02:27:44.789 --> 02:27:48.827 region:rollup2
SHOULD BE ALSO THE ONES WHO THE
02:27:46.758 --> 02:27:50.161 region:rollup2
RETIREES NO YOU KNOW ARE GETTING
02:27:48.827 --> 02:27:53.732 region:rollup2
NOTIFIED. WHEN I'M OKAY LEMON
02:27:50.161 --> 02:27:56.034 region:rollup2
GET DIRECT DEPOSIT CELSO.
02:27:53.732 --> 02:27:57.302 region:rollup2
THE NOT GOING TO GET A. HAND IN
02:27:56.034 --> 02:27:59.270 region:rollup2
THIS AND THAT'S SOMETHING OF A
02:27:57.302 --> 02:28:00.171 region:rollup2
MALE SELF. SO OKAY.
02:27:59.270 --> 02:28:02.173 region:rollup2
.
02:28:00.171 --> 02:28:03.308 region:rollup2
THE NO DO I HAVE A MOTION.
02:28:02.173 --> 02:28:04.409 region:rollup2
QUITE A YET WE'VE GOT A MOTION
02:28:03.308 --> 02:28:05.810 region:rollup2
FROM CENTER PORTANTINO. I'M MAD
02:28:04.409 --> 02:28:06.845 region:rollup2
IF TO PASS
02:28:05.810 --> 02:28:08.580 region:rollup2
CREEK WHICH DO PASSED TO
02:28:06.845 --> 02:28:09.180 region:rollup2
APPROPRIATIONS DO AYE OUR
02:28:08.580 --> 02:28:10.715 region:rollup2
MEDICAL COULD YOU PLEASE TAKE
02:28:09.180 --> 02:28:14.686 region:rollup2
THE ROLE.
02:28:10.715 --> 02:28:16.054 region:rollup2
CAN I CAN I MORRELL LEVER I
02:28:14.686 --> 02:28:18.523 region:rollup2
LEAVE I'VE MORE LOOK NO MORE
02:28:16.054 --> 02:28:21.593 region:rollup2
LIKE NO PORTANTINO AYE
02:28:18.523 --> 02:28:22.927 region:rollup2
PORTANTINO AYE.
02:28:21.593 --> 02:28:23.795 region:rollup2
IF WE DID WE DID PRETTY BUT BUT
02:28:22.927 --> 02:28:25.130 region:rollup2
WE HAVE THE ROLE IT'S OPEN SO I
02:28:23.795 --> 02:28:34.305 region:rollup2
COULD TAKE A ROLE IN THE CONSENT
02:28:25.130 --> 02:28:36.908 region:rollup2
CALENDAR PLEASE.
02:28:34.305 --> 02:28:39.611 region:rollup2
THIS ITEM NUMBER EIGHT SB ELEVEN
02:28:36.908 --> 02:28:41.413 region:rollup2
SIXTY SIX THREE TO.
02:28:39.611 --> 02:28:42.480 region:rollup2
THAT RELATED TO ONE THREE TO ONE
02:28:41.413 --> 02:28:43.448 region:rollup2
YOU DON'T.
02:28:42.480 --> 02:28:45.884 region:rollup2
WE JUST NEED TO GET SENATOR
02:28:43.448 --> 02:28:48.453 region:rollup2
PANTS VOTES NOW. UPON ON ON. MY
02:28:45.884 --> 02:28:50.688 region:rollup2
BILL.
02:28:48.453 --> 02:28:52.624 region:rollup2
ITEM NUMBER ELEVEN BE FOURTEEN
02:28:50.688 --> 02:28:55.360 region:rollup2
THIRTY THREE. THE CURRENT VOTE
02:28:52.624 --> 02:28:57.829 region:rollup2
IS ONE TO TWO.
02:28:55.360 --> 02:28:59.931 region:rollup2
PAN.
02:28:57.829 --> 02:29:02.100 region:rollup2
NO CAN NO.
02:28:59.931 --> 02:29:02.467 region:rollup2
SO THAT BILL SALES OF ONE TO
02:29:02.100 --> 02:29:03.802 region:rollup2
THREE.
02:29:02.467 --> 02:29:06.070 region:rollup2
AND.
02:29:03.802 --> 02:29:07.939 region:rollup2
IS DO YOU WISH RECONSIDERATION
02:29:06.070 --> 02:29:10.775 region:rollup2
PLEASE OKAY SO I'VE BARRING ANY
02:29:07.939 --> 02:29:12.110 region:rollup2
OBJECTIONS.
02:29:10.775 --> 02:29:13.011 region:rollup2
THAT YOU. WE WILL GRANT ME
02:29:12.110 --> 02:29:13.878 region:rollup2
CONSIDERATION FOR FOR FOR THAT
02:29:13.011 --> 02:29:16.481 region:rollup2
THOUGH AND THEN.
02:29:13.878 --> 02:29:18.583 region:rollup2
SICK DRINKING PLEASE OPEN THE
02:29:16.481 --> 02:29:20.218 region:rollup2
ROLE ON THE CONSENT CALENDAR.
02:29:18.583 --> 02:29:21.719 region:rollup2
ITEM NUMBER THIRTEEN SP TEN
02:29:20.218 --> 02:29:23.555 region:rollup2
TWENTY TWO ITEM NUMBER FOURTEEN
02:29:21.719 --> 02:29:25.490 region:rollup2
SP TWELVE SEVEN ITEM NUMBER
02:29:23.555 --> 02:29:26.691 region:rollup2
FIFTEEN SB THIRTEEN TWELVE ITEM
02:29:25.490 --> 02:29:28.760 region:rollup2
NUMBER SIXTEEN.
02:29:26.691 --> 02:29:31.296 region:rollup2
SP FIFTEEN OR FOR THE CURRENT
02:29:28.760 --> 02:29:34.199 region:rollup2
VOTE IS THREE TWO ZERO PM I'VE
02:29:31.296 --> 02:29:36.701 region:rollup2
FOUND OUT.
02:29:34.199 --> 02:29:38.002 region:rollup2
HAVE ANY OTHER OPEN ITEMS.
02:29:36.701 --> 02:29:39.671 region:rollup2
OKAY A HEARD I THINK THE
02:29:38.002 --> 02:29:40.905 region:rollup2
CINEMATOGRAPHER CHERRY AND
02:29:39.671 --> 02:29:42.373 region:rollup2
SENATORS LEAVE US WELL US OF
02:29:40.905 --> 02:29:44.409 region:rollup2
THIS CONCLUDES THE BUSINESS OF
02:29:42.373 --> 02:29:45.276 region:rollup2
THE SENATE COMMITTEE ON PUBLIC
02:29:44.409 --> 02:29:47.745 region:rollup2
EMPLOYMENT RETIREMENT.
02:29:45.276 --> 02:29:47.745 region:rollup2
THIS HEARING IS NOW ADJOURNED
02:29:47.812 --> 02:29:49.314 region:rollup2
THANK YOU