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This is your daily pension announcement! The Pension War Room™️is scandalized that the former @aimcoinvests CEO Kevin's severance pay adds up to over $10 million dollars! How much do you have to hate him to pay him a cool $10 million to go away? #AbLeg
Kevin made between $2.5-$3.0 million per year at @aimcoinvests so severance of that amount might be expected since he only had a few months left on his contract. But $10 million? C'mon that is just egregious. #AbLeg #handsoffmypension
Where is our fiscally responsible @ToewsforAlberta now?
Of course @aimcoinvests is "quasi-independent" preferring to be independent on some things like executive compensation and preferring to be a government organ on other things like client relations. #AbLeg #handsoff
Of course @aimcoinvests is "quasi-independent" preferring to be independent on some things like executive compensation and preferring to be a government organ on other things like client relations. #AbLeg #handsoff
This is your daily pension announcement: The Pension War Room™️reminisces! I just came across my copy of the Nov 30, 2019 Ponoka News Where @RonOrrMLA is busy repeating the UCP line! All the greatest hits like... #AbLeg #handsoffmypension
"...this means that every teacher will get paid a government guaranteed pension until the day they die;"
Well, @RonOrrMLA that just isn't true. The guarantee was removed in 1992. Which makes this decision by Kevin and Travis highly suspect and oppressive. #AbLeg #handsoff
Well, @RonOrrMLA that just isn't true. The guarantee was removed in 1992. Which makes this decision by Kevin and Travis highly suspect and oppressive. #AbLeg #handsoff
"Their union told them that the ATRF managers had higher returns than AIMCO."
No Ron. Just no. The ATRF WHICH IS A JOINT BODY HALF APPOINTED BY GOA told both the teachers and Travis that ATRF had demonstrably outperformed @aimcoinvests. #AbLeg
No Ron. Just no. The ATRF WHICH IS A JOINT BODY HALF APPOINTED BY GOA told both the teachers and Travis that ATRF had demonstrably outperformed @aimcoinvests. #AbLeg
This is your daily pension announcement: So the @ATRFPension reports that transferring the first 1/3 of assets to @aimcoinvests cost nearly $5 million. Currently, teachers will be on the hook for half.
(This does not include @aimcoinvests' transition costs) #AbLeg #handsoff
(This does not include @aimcoinvests' transition costs) #AbLeg #handsoff
It would only seem reasonable that Travis and the GOA should cover the cost of transitioning to @aimcoinvests. After all, he legislated it. Teachers' should not have to pay for a transition they were no part of. #AbLeg #handsoffmypension
It is curious that @aimcoinvests "business case" for moving assets does not address transition costs in any way. And, we are still waiting for $1 of savings. The 0.25% that Kevin promised is an absolute pipe dream. #AbLeg #dontholdyourbreath
This is your daily pension announcement: The Pension War Room™️ releases year end results for the major @aimcoinvests clients excluding @ATRFPension. In an annoying bit of accounting, AIMCO takes their year end as March 31 as if they were a GOA department. #AbLeg #handsoff
So it will be some months yet to see if @ewsiddall got a raise over what they were paying Kevin.
As I have said previously, above benchmark 1-year numbers for all of the big clients. Positive news. But some weird stuff you should be aware of as well. #AbLeg
As I have said previously, above benchmark 1-year numbers for all of the big clients. Positive news. But some weird stuff you should be aware of as well. #AbLeg
LAPP: 1 year return of 15%, 7.5% above benchmark. Great! What drove that return? A 72.5% RETURN IN PRIVATE EQUITY. That definitely requires special attention from the Auditor General.
(Valuation of Private Equity is inexact. Caution required) #AbLeg #handsoffmypension
(Valuation of Private Equity is inexact. Caution required) #AbLeg #handsoffmypension
This is your daily pension announcement. The Pension War Room™️does eagerly await the budget this week. Remember the UCP have little direct influence over the economy. Oil prices saved us again not the UCP. #whowilltakecredit #AbLeg #handsoffmypension
Some people like to take credit when none is due. Bumbles did throw away $1.2 billion on a pipe to nowhere.
I do need to remind you that public sector pension assets in AB are NOT PUBLIC MONEY despite what he says. Please read the Financial Administration Act. #AbLeg #handsoff
I do need to remind you that public sector pension assets in AB are NOT PUBLIC MONEY despite what he says. Please read the Financial Administration Act. #AbLeg #handsoff
And, public sector pensions are NOT guaranteed by the GOA. In the case of teachers' pensions they were guaranteed until 1992.
They were guaranteed as compensation for the GOA under-funding them from 1957-1992. Teachers made their required contributions, GOA not so much. #AbLeg
They were guaranteed as compensation for the GOA under-funding them from 1957-1992. Teachers made their required contributions, GOA not so much. #AbLeg
This is your daily pension announcement: The Pension War Room™️brings you more ATRF Annual Report comment and analysis!!!
Travis gets a 1% cut in contribution rates (so do teachers): which will save him many, many times the amount he will save by forcing @aimcoinvests on us.
Travis gets a 1% cut in contribution rates (so do teachers): which will save him many, many times the amount he will save by forcing @aimcoinvests on us.
It is interesting to note that the ATRF Board is making this momentous decision; the very same ATRF Board that could not be consulted over over which investment manager to use. Go figure.
May I remind you the ATRF Board is joint, representing both sponsors, ATA & GOA. #AbLeg
May I remind you the ATRF Board is joint, representing both sponsors, ATA & GOA. #AbLeg
If you are a regular reader, you will note that this is the first Annual Report that has not contained a schedule of investments. That is all @aimcoinvests. It is industry standard to include a listing of investments and major partners. #AbLeg #handsoffmypension
The Pension War Room™️is pleased to report that the ATRF Annual Report just dropped! Get your copy here! There is so much provocative reading inside that I will analyze right here for your pleasure. #AbLeg #handsoffmypension
atrf.com/annual-reports/
atrf.com/annual-reports/
Due to excellent investment returns coupled with strong risk control, contribution rates will go down next year (starting Sept 2022).
They will go down by aprox 2%: 1% of pay for teachers, and 1% of pay for GOA. More money in your pocket. #AbLeg
They will go down by aprox 2%: 1% of pay for teachers, and 1% of pay for GOA. More money in your pocket. #AbLeg
This one move of reducing contribution rates has done more to save Travis money than being forced to use @aimcoinvests ever will. Sigh.
The plan is now 98% funded, extremely well funded by any measure. #AbLeg #handsoffmypension
The plan is now 98% funded, extremely well funded by any measure. #AbLeg #handsoffmypension
This is your daily pension announcement: The Pension War Room™️ would like to introduce the new @aimcoinvests Board Member: Theresa Whitmarsh. #AbLeg #handsoffmypension
linkedin.com/in/theresa-whi…
linkedin.com/in/theresa-whi…
She used to be the Executive Director of the Washington State Investment Board, and I think I met her at a Pacific Pension Institute session. In any event, it is again good to see that @aimcoinvests is moving beyond out-of-work oil and gas executives again. #AbLeg #handsoff
WSIB is (roughly) the AIMCO of Wahington State. Rest assured loyal followers, your pension plan fiduciary and trustee was in no way consulted on this appointment. Travis made (and can rescind) this appointment at any time. #AbLeg #handsoffmypension
This is your daily pension announcement: Heritage Fund meeting today, video is available. Some good information along with some misinformation. The value add target for the Heritage is 1.00% over five years. Actual value add 0.3%. #readitandweep #AbLeg
In answer to the question Evan and Dale (CIO) let it slip that 0.7% value add would be top quartile.
You know, like ATRF had before you wrecked it. You took a manager with a value add of 0.7% and replaced it with one with 0.3%. Duh. #AbLeg
This decision will cost AB billions.
You know, like ATRF had before you wrecked it. You took a manager with a value add of 0.7% and replaced it with one with 0.3%. Duh. #AbLeg
This decision will cost AB billions.
I get angry when @aimcoinvests refers to the pension funds as "clients". Hostages comes to mind as more accurate. Does anyone out in the Twitterverse have better word for enforced participation? #AbLeg #handsoffmypension
Well, do need to swing away from pensions for a thread on teacher discipline. The non-progressive conservatives seem to be substituting their opinions for fact. This may be TL:dr; regardless, facts do need to live. #AbLeg #handsoffmypension
In the mid-90's Minister of Education Gary Mar appointed me to the Council on Alberta Teaching Standards (COATS). It had representatives from all the major stakeholders, staff from AB Ed and a lawyer from justice. #AbLeg #handsoff
You remember Gary Mar? Heir-apparent in training for Ralph. Anyway, COATS was charged with developing a regulation that would address teacher discipline for NON-MEMBERS of the ATA. Ab Ed and the minster felt there was a strong and robust process in place at the ATA. #AbLeg
This is your daily pension announcement! The Pension War Room™️ wants you to read this, the most cogent response from Travis about the pension brouhaha. Then I will explain how it is still bullshit!🐂🐂💩💩 Please read this carefully. Critical thinking! #AbLeg #handsoffmypension 
Did you get the last sentence? The one about an analysis conducted "based on publicly available information". Wrong. Travis is the Minister of Finance. He is one of the sponsors. He is entitled to all the data NOT just the public data. #AbLeg #handsoffmypension
This is your daily pension announcement, Dr. Bob Ascah takes a deep dive on @jkenney's crazy pension talk!
Once more for emphasis:
"Once contributions are taken in and invested they are not public money."
#AbLeg #handsoffmypension
abpolecon.ca/2021/12/17/can…
Once more for emphasis:
"Once contributions are taken in and invested they are not public money."
#AbLeg #handsoffmypension
abpolecon.ca/2021/12/17/can…
This is a deep dive in the @jkenney most recent bozo pension eruption. Please send a copy to your MLA. This is one of many issues in which he is sadly misinformed. His (wrong) opinion seems to come from a foreign funded anti-government organization #AbLeg #handsoffmypension
This is just a reminder that the GOA does NOT directly pay the cost of operating @aimcoinvests. Instead, the costs are apportioned to each fund and taken out of investment earnings. This is important because it puts plan members and the GOA on an equal footing for costs. #AbLeg
The Pension War Room™️brings back the classics:
“Having AIMCo manage the investments of the ATRF eliminates duplication and reduces the cost of investment services for Albertans and teachers. This was our ultimate goal,” said Toews. #AbLeg #handsoff
edmontonjournal.com/news/politics/…
“Having AIMCo manage the investments of the ATRF eliminates duplication and reduces the cost of investment services for Albertans and teachers. This was our ultimate goal,” said Toews. #AbLeg #handsoff
edmontonjournal.com/news/politics/…
Nobody thought to tell Travis that it isn't investment cost but rather net return that counts. As well, Dr. Bob's bar chart of investment costs shows more often then naught @aimcoinvests managed funds cost more. #AbLeg #handsoffmypension
Duplication that provides $1.3 billion of excess returns (over 7 years) is duplication worth having.
These reasons from Travis are BS. @ewsiddall provided the truth in his Op-Ed: @aimcoinvests was too worried about losing clients to competition. #AbLeg #handsoffmypension
These reasons from Travis are BS. @ewsiddall provided the truth in his Op-Ed: @aimcoinvests was too worried about losing clients to competition. #AbLeg #handsoffmypension
This is your daily pension announcement. The Pension War Room™️never sleeps! Here is some advice, available through FOIP, given to Travis on the eve of the pension hijacking. Can you spot the error(s)? #AbLeg #handsoffmypension
Ding, ding, ding we have a winner! The fact that ATRF is being lumped in with public money! I would argue that AHS and WCB both should have always been invested with AIMCO. The ATRF is not public money and should not be included in any conversation with it. #AbLeg #handsoff
In fact, Dr Bob in his paper Can AIMCO be Fixed?, puts a fine point on "public money".
Yup, ATRF may be a "public entity" but the assets are NOT "public money".
To have this mistake made by a Minister of Finance is embarrassing and only served to erode trust further. #AbLeg
Yup, ATRF may be a "public entity" but the assets are NOT "public money".
To have this mistake made by a Minister of Finance is embarrassing and only served to erode trust further. #AbLeg
This is your daily pension announcement: The Pension War Room™️ observes that it was one year ago today that Travis had an Order in Council faxed up to his bunker in Grand Prairie. It imposed an Investment Management Agreement on ATRF and AIMCO. #AbLeg #handsoffmypension
He signed it, scanned it and sent it back to Edmonton making it law. The ATRF was notified on Jan 4.
That IMA contained sections that were straight up violations of administrative law and the law of trustees. It was a Travis-ty. #AbLeg #handsoffmypension
That IMA contained sections that were straight up violations of administrative law and the law of trustees. It was a Travis-ty. #AbLeg #handsoffmypension
It also went back on earlier assurances made by Travis and @jkenney. Liars.
Thankfully, teachers belong to @albertateachers; so money was available (that had been deducted from every teachers' pay) to hire @FieldLaw to challenge Travis over this egregious wrong. #AbLeg
Thankfully, teachers belong to @albertateachers; so money was available (that had been deducted from every teachers' pay) to hire @FieldLaw to challenge Travis over this egregious wrong. #AbLeg
This is your daily pension announcement: The Pension War Room™️would like to thank Dr. Oberg for one thing: he struck a committee to finally resolve the unfunded liability of the teachers' pension plan that had built up from 1958-1992. #AbLeg #handsoffmypension
He did that as one of the concession from the largest teachers' strike in AB history. This committee eventually wrote a report that I have posted in this space many times. @LukaszukAB was one of the authors.
A reminder that @jkenney continues to be fallacious about pensions.
A reminder that @jkenney continues to be fallacious about pensions.
These pension plans are not guaranteed by taxpayers. They are guaranteed by the assets in the plan that @aimcoinvests has investment control over. The teachers' plan, for example, had the guarantee removed in 1992. #AbLeg #handsoffmypensioon
This is your daily pension announcement: New member of the AIMCO Board just dropped! Rest assured, Lorraine Mitchelmore was appointed with absolutely no input from from the pension funds that make up the vast majority of @aimcoinvests assets. #AbLeg
qp.alberta.ca/documents/Orde…
qp.alberta.ca/documents/Orde…
She used to be the president of Shell Canada and is clearly a cut above the usual out-of-work oil and gas executive that is appointed.
On the plus side of the ledger, she does not appear to be a UCP or PCAA donor and is from the more progressive area of the oil and gas industry
On the plus side of the ledger, she does not appear to be a UCP or PCAA donor and is from the more progressive area of the oil and gas industry
On the negative side: why can't we get someone from the investment industry with pension plan experience? Is that too much to ask? That would better reflect AIMCO's assets. #AbLeg #handsoffmypension
This is your daily pension announcement: The one more thing edition...
I did want to review the question from @davideggenAB at the Heritage Fund Meeting. It was along the lines of what can AIMCO do to restore the trust of the people of Alberta? #AbLeg #handsoffmypension
I did want to review the question from @davideggenAB at the Heritage Fund Meeting. It was along the lines of what can AIMCO do to restore the trust of the people of Alberta? #AbLeg #handsoffmypension
The response is really shows the problems with @Alberta_Finance and their relationship with @aimcoinvests. They (TBF DM Athana) refused to answer the question because it has more to do with teachers and not the Heritage Fund. #AbLeg #handsoffmypension
This is your daily pension announcement: The Pension War Room™️reports mass chaos and confusion after the public Heritage Fund meeting this week. The usual gaslighting, though from more from TBF less from AIMCO. #AbLeg #handsoffmypension
Some observations:
First, this was a remote public meeting. Yet, they could not find a way to broadcast the slide deck. It was an integral part of the presentation. They managed to put it on the website after the meeting...... #butthatsucks #AbLeg #handsoffmypension
First, this was a remote public meeting. Yet, they could not find a way to broadcast the slide deck. It was an integral part of the presentation. They managed to put it on the website after the meeting...... #butthatsucks #AbLeg #handsoffmypension
Second, @ewsiddall did not show up. I am honestly concerned that something may have happened to him that is bad. A meeting of this nature is sensitive given the gaping wounds @aimcoinvests has suffered over the past year. #AbLeg #handsoffmypension
This is your daily pension announcement. The Pension War Room™️ commemorates the day exactly two years ago that Bill 22 was introduced. @jkenney was hiding in Texas, the Bill was rammed through in an undemocratic record 4 days. Should have been a month... #AbLeg #handsoff
Bill 22 abolished the election commissioner and removed the right of pension plan fiduciaries to choose their own investment manager.
No coincidence I am sure, AIMCO released Q3 results today as well:
assets.ctfassets.net/lyt4cjmefjno/5…
No coincidence I am sure, AIMCO released Q3 results today as well:
assets.ctfassets.net/lyt4cjmefjno/5…
Pretty good Q3: 1.7% return versus a benchmark of 0.8%. Of note, they mention their 4-year rolling return but not their 4 -year rolling benchmark, against which reliable judgments can be made.
BTW, the goal is 1% over benchmark, not benchmark. #handsoffmypension #AbLeg
BTW, the goal is 1% over benchmark, not benchmark. #handsoffmypension #AbLeg
This is your daily pension announcement: Remember this video!!!!!
I have had the same experience with the Travis directed @jkenney led pension file. We can't even agree on basic facts never mind policy matters.#AbLeg #handsoffmypension
I have had the same experience with the Travis directed @jkenney led pension file. We can't even agree on basic facts never mind policy matters.#AbLeg #handsoffmypension
Take this reply to a constituent from Whitney Issik (don't blame her, many MLAs used the same script).
"In the case of teachers’ pension, government’s review found that having AIMCo provide investment management services for the ATRF would decrease the fund’s ...costs." #AbLeg
"In the case of teachers’ pension, government’s review found that having AIMCo provide investment management services for the ATRF would decrease the fund’s ...costs." #AbLeg
Strap on your critical thinking hat for a moment. The government (TBF) didn't review shit. AIMCO wrote the review that the TBF accepted. Need I remind you that AIMCO claims to be "arms-length". Instead we get an AIMCO in the worst conflict of interest. #AbLeg #handsoffmypension
This is your daily pension announcement: blast from the past edition! I will bring you some of my favorite quotes from all the big players! Buckle up.... #ABLeg
"I am grateful for the vote of confidence that the Alberta government has made in AIMCo." -Kevin Ubelelein
This is where Kevin makes it clear that AIMCO is in no way independent of the GOA . Implied in this is the payback that will be required in the future. #ABLeg #handsoff
This is where Kevin makes it clear that AIMCO is in no way independent of the GOA . Implied in this is the payback that will be required in the future. #ABLeg #handsoff
Who can forget Ron Orr straight out of the Ponoka News"...every teacher will get paid a government guaranteed pension until the day they die..."
Just so you know the GOA removed the guarantee in 1992. So this isn't true.
#ABLeg #handsoffmypension
Just so you know the GOA removed the guarantee in 1992. So this isn't true.
#ABLeg #handsoffmypension
This is your daily pension announcement: The Pension War Room™️ notes that Travis writes another op-ed for the Journal. It is filled with the typical lies and misrepresentations of the equalization referendum. Don't read it. It is a waste of time. #AbLeg
Do take a look at the end note:
"This byline information was changed at the author’s request to reflect his capacity as MLA instead of as finance minister and president of Treasury Board."
Why would Travis need to write this as an anonymous MLA instead of as a Finance Minister?
"This byline information was changed at the author’s request to reflect his capacity as MLA instead of as finance minister and president of Treasury Board."
Why would Travis need to write this as an anonymous MLA instead of as a Finance Minister?
Well, funny you should ask. I suspect it is because the loyal and hardworking servants at Treasury Board and Finance are embarrassed by Travis and his facile arguments. They have provided Travis with no research on equalization. #AbLeg #handsoffmypension
The Pension War Room™️ takes another dip in the primordial ooze. Here AIMCO admits that they got burned on AB real estate (think Calgary office) and oil and gas.
financialpost.com/commodities/en…
financialpost.com/commodities/en…
It is not funny that AIMCO is billed as "Alberta’s public pension manager" in the article. They are not. Rather, they Alberta's public investment manager.
It is an important distinction. Our pension managers are ATRF, LAPP, SFPP and PSPP. #AbLeg #handsoffmypension
It is an important distinction. Our pension managers are ATRF, LAPP, SFPP and PSPP. #AbLeg #handsoffmypension
Those organizations do a fine job managing pensions. AIMCO is ONLY an investment manager NOT a pension manager. Yet I see them (mis)billed this way in the press all the time. #AbLeg #handsoffmypension
