Discover and read the best of Twitter Threads about #handsoffmypension

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This is your daily pension announcement. The Pension War Room™️ has been invited!

"Alberta Legislative Assembly Committee Review of Bill 203: invitation to provide an oral presentation."

The Committee is seeking input from stakeholders...
Monday, July 6, 2020
8:30 a.m.
I will attend!

Let the truth run free! I love democracy in action.

Am I the only one who finds it ironic that stakeholders are being consulted for Bill 203 which undoes parts of Bill 22? Which no one was consulted on? #ABLeg #democracyishard #handsoffmypension
My focus will be on the joint nature of ATRF since 1938. I will remind everyone that GOA contributes 49% teachers 51% to a plan they just took unilateral action against.
#ABLeg #handsoffmycpp
Read 11 tweets
This is your daily pension announcement: The Pension War Room™️ has @SPhillipsAB bring the fire! Not only is the Private Member Bills committee meeting tomorrow AM, but the Public Accounts Committee is meeting too! @SPhillipsAB is the chair! Look what is on the agenda: #ABLeg
"In particular, I will be asking questions related to comparisons between ATRF’s past performance under its own management and the performance of the Local Authorities Pension Plan (LAPP), which has historically been managed by Alberta Investment Management Corporation (AIMCo)."
And "We now know that AIMCo executives stand to gain millions in bonuses from increasing the size of the organization’s portfolio, and that AIMCo pushed to take over the management of ATRF. "

Read 8 tweets
This is your daily pension announcement. The Pension War Room™️ says WTF? Read this news release..... #AIMCOfail #ABLeg #OMG Mark Wiseman AIMCO chair? Did I read that right?…
Please, this is an announcement carefully planned for Friday at 4 PM. Travis is clear there will be no questions and no accountability on this. The good news is that Mark has no current ties to AIMCO so he will feel free to fire Kevin and the lot. #goodjob #ABLeg
But read this %&***# news release, it is suspect..... Maybe I will just give the pension army (and reporters) some questions that spring to mind...about an issue that clearly the GOA does not want to discuss. #ABLeg
Read 9 tweets
This is your daily pension announcement: The Pension War Room™️ is on a course to intercept! Take a look at what SFPP has returned. Oh baby not pretty... #ABLeg #AIMCOFAIL
Returning -12.2% in one quarter when the benchmark returns -6.66% is bad real bad. Look Ma, I only lost double what an average manager did!
Of graver concern is the long term performance. It averages to 0.23% of value add (above benchmark) over 12 YEARS. #ABLeg @premiamgmt
Just so you know, pension plan investors have to score substantially above benchmark to earn the million dollar bonus. The return objective, and therefore the compensation threshold, is probably 0.75% above benchmark. This does not come close to that level. #ABLeg
Read 14 tweets
This is your daily pension announcement: the addendum edition. At the link below you can add your voice of support to @ChristinaNDP's private member bill reversing the damaging pension provisions in Bill 22. #ABLeg
Specifically, hit the button to tell the committee you want this debated in the Leg. They will call expert witnesses which might include me.

Especially, after Travis' stupid answers in question period. (I tweeted the video of the exchange this morning.) #ABLeg
In light of the ATRF analysis that shows the fund would be worth $1.3 billion less if invested like LAPP was. Travis said that he "didn't accept" that finding.

Sort of like not accepting the roundness of the Earth. Fact not opinion. #ABLeg #handsoffmypension #AIMCOfail
Read 7 tweets
This is your daily pension announcement: The Pension War Room™️ is at action stations yet again. Take a read here, truthfulness rated at 5 out of 5 . #ABLeg…
My favorite quote:
"As the Globe and Mail reported on May 6, in a story unfortunately hidden behind its paywall, AIMCo. has been significantly underperforming other pension managers for more than a decade." #ABLeg #handsoffmypension
"Of course, that fact didn’t stop Alberta Finance Minister Travis Toews from claiming last fall in a Postmedia op-ed accusing “union bosses” of “scaremongering” that AIMCo “regularly achieves spectacular investment performance.”"
Read 11 tweets
This is your daily pension announcement: The Pension War Room™️ demands a relative value comparison with the CPP Investment Board!😲💩 Andrew Willis brings the fire! #ABLeg #handsoffmypension #milburned…
To quote the sickest of burns:
"Edmonton-based AIMCo, on the other hand, has the dubious distinction of being among the worst-performing Canadian pension plans during the recent downturn, posting stats that would get a player cut from the Edmonton Oilers." #ABLeg #thathurts
And he doesn't let up:

"Contrasting its results to CPPIB – an apples-to-apples comparison – also shows the Alberta fund suffered outsized losses on investment strategies linked to market volatility."

#ABLeg #minburned #teamtripod
Read 8 tweets
This is your daily pension announcement: Good news for LAPP members! Not so good news for everyone else invested with AIMCO.... #ABLeg
Read the following message carefully where the CEO of LAPP rips AIMCO a new one: #owthathurts…
A couple of germane points to be made. First, your pension benefits are safe. Even though LAPP have endured huge losses the plan is still 109% funded (down from118%, anything north of 95% is great). LAPP could have reduced contributions, but no. #ABLeg
This is a testament to the hard work and dedication of the LAPP Corporate Board. An excellent result.

And, no thanks to AIMCO.

(For teachers, just a reminder that your pension contributions will go down in the fall due to strong ATRF returns.) #ABLeg
Read 14 tweets
This is your daily pension announcement: The how did AIMCO lose all that money edition? #ABLeg
Get the gory details here! #handsoffmypension…
To be clear this is the right thing to do, hiring someone of Ms Zvan's expertise and an accounting firm to independently tally losses. A little belated by the AIMCO Board, but nonetheless the right thing to do. #ABLeg #wheredidallthatmoneygo
To quote the press release...

"Oversight of AIMCo’s investment strategies and risk management is the responsibility of the Board of Directors." Yup, it sure is.

Two weeks before this became public Kevin was going to all the different pension plans breaking the news. #ABLeg
Read 8 tweets
This is your daily pension announcement: The Pension War Room™️ is going commando! The "fair deal" AB separation panel has handed in a report. Can't wait...leaked excerpts will start appearing in @postmedianet papers any day. My lane is the CPP. #ABLeg…
I hate governments that speak to their electorate through intentional leaks.

@jkenney is going hard for a APP. If you understand long term then you understand this is a bad idea. He believes that CPP contributions fly out of the province never to return.#ABLeg #handsoffmypension
In fact, his neo-liberal ideology has even framed these contributions as some kind of ransom payments. It is true that because AB has young, high earning (at least it used to be) workforce. They are net contributors to CPP> #ABLeg #dontpullout
Read 9 tweets
This is your daily pension announcement: The Pension War Room™️ is into labour economics!
The three amigos (@jackmintz and those two other guys) have been publishing op-eds galore in @postmedianet papers. You might want to read this too: #ABLeg…
The three amigos repeat each other's talking points and (what I think) is a 2013 Fraser Institute report. They make conclusions that are not reasonable, to wit, public sector workers make more than private sector workers. #ABLeg #handsoffmypension
After this came out even the Fraser Institute admitted that using the Labour Force Data instead of the census data was a serious error. (the admission is still on the FI website) Read this too:…
Read 13 tweets
This is your daily pension announcement: The remember when edition! Remember when Kevin said that if pension plans under AIMCO were dissatisfied they could write a letter to the AIMCO Board? I think it was back in December.... #ABLeg #AIMCOfail
Which is the ultimate problem. Pension plans have no means to hold AIMCO accountable for its poor decisions. Its board structure is really from another era and more approriate for only the Heritage Fund. #ABLeg #handsoffmypension
So I bet the AIMCO Board will be getting some strongly worded letters about the evaporation of $2.1 billion (so far). That is a weak response given the circumstances.

My central point is that the board would behave differently if the pension plans appointed the members. #ABLeg
Read 8 tweets
This is your daily pension announcement: The Globe and Mail is a giant murder hornet in AIMCO's butt cheek edition. Sic burns🔥🔥🔥🔥 ahead! #ABLeg @jkenney…
Max does a great job of reminding us that we really need pension help for the teachers and ALL the other provincial plans. His theme is that Travis through his Bill 22 pandering has only made a bad situation worse. #ABLeg #handsoffmypension #AIMCOfail
So, I will jump into this dumpster fire of lies for your edification, as it is my solemn duty.

Lie number one: "...UCP government’s belief that, as Finance Minister Travis Toews wrote in a November op-ed, AIMCo “regularly achieves spectacular investment performance.”" #ABLeg
Read 16 tweets
This is your daily pension announcement: If you want details on the mechanics of evaporating $2.1 billion dollars (so far) read Pension Pulse below. If you just want the highlights stick with my tweets. #ABLeg…
Leo does an excellent job of rounding up what you do if you lose big bucks on a financial instrument that you don't understand.
1. Don't let Kevin make the announcement, that job belongs to the Board Chair J. Richard Bird. A man we have yet to hear from. #ABLeg #handsoffmypension
2. The Board Chair needs to immediately hire a third party firm to investigate the entire volatility strategy.

3. Make that public in a short statement and set a three month time frame to publish an in-depth report which also needs to be public. #ABLeg #AIMCOfail
Read 12 tweets
This is your daily pension announcement: The I couldn't have said it better myself edition. No, Kevin your letter does not restore confidence! #ABLeg #handsoffmypension…
To quote Mr. Climenhaga about job security at AIMCO:
" sure doesn’t sound as if he or anyone else on his senior management team is inclined to resign for losing so much money in an incomprehensible gamble on market volatility."

#ABLeg #AIMCOfail
As he points out so well, and I have been saying since November, that the UCP government wants AIMCO to manage all pensions very, very badly. As I have explained before every "cost saving" that Travis has put forward is easily demonstrated as specious. #ABLeg #handsoffmypension
Read 8 tweets
This is your daily pension announcement: The Pension War Room™️ declares Kevin 50% right about the loss! If you have not yet read Kevin's missive it is available below. Cynical folk might classify it as a hail Mary in an attempt to keep his job. #ABLeg
No surprises, I have some concerns about what Kevin (most likely his flack) has said.

"Amid recent media coverage, it would be easy to think Albertans’ public retirement investments are at risk. Let me reassure you, they are not."
#ABLeg #itisonlymoney #handsoffmypension
True to an extent. The pension plans are not in danger of folding. Just throwing away money in unfathomable amounts. Then Kevin will come to your pay cheque for what will be thousands of more dollars per person of contributions. Thanks Kevin. #ABLeg #kevinfail
Read 15 tweets
This is your daily pension announcement: The Pension War room™️ begins a dive into the dung heap of AIMCo corporate governance. CEO Kevin has been busy. He appeared on a youtube broadcast of the Canadian Club "Pensions and the Pandemic" (it's boring)

This is what is wrong: CEO KEVIN IS NOT A PENSION EXECUTIVE. He is an investment executive. There is a big difference. Never has he gone to a job interview and been asked specific questions about pension liabilities. The Canadian Club called him a pension executive. He isn't.
Which gets to the AIMCO Board. It was an okay arrangement if you were just investing the Heritage Trust Fund. You know, a board selected from business luminaries in AB giving something back to AB. Undoubtedly influencing investment in AB oil and gas. #ABLeg
Read 13 tweets
This is your daily pension announcement: The Truth Will Set You Free, But First It Will Piss You Off!
I will again descend into the vile, stinking, hellish mess that is Alberta pension policy for your education and edification.
First have a read here:
Facts have to matter. The truth has to matter. The air is hot around the AIMCo tragedy, I will try to sort out a few more facts.

I think I heard JK say (yesterday on TV) that public sector pensions are guaranteed by the GOA.

Nope. Not true since the early 1990's. #ABLeg
The GOA guarantee was removed at the same time as the joint sponsorship was contemplated. For the teachers' plan the GOA final started making their required contributions. #itsabouttime #ABLeg
Read 7 tweets
This is your daily pension announcement: Emergent lies edition! @jkenney @EmmaLGraney @CGriwkowsky

Just so you know most of what @jkenney just said about the AIMCo losses was false.

DM me if you want more. But, this is remarkable because it is not normal market volatility.
The losses reported were in ADDITION to market volatility losses not INSTEAD.

Mercer's says through COVID the average Canadian pension fund has lost 8.1%. The G&M yesterday (and LAPP confirmed) said that AIMCo lost $4 billion (~4%) ON TOP of normal market volatility. #ABLeg
For example, that would be -12.1% for AIMCo and -8.1% for the average pension fund.

The $4 billion has just evaporated. It is not like your stocks have gone down in price and you can wait for them to recover post-COVID. This money is gone. #ABLeg
Read 11 tweets
This is your daily pension announcement: Hot of the press edition: this is not good news, not good at all. #handsoffmypension #ABLeg…
Loyal Tweeps, I descend into the septic holding tank of institutional investment for your education. These people will soon be managing the single largest asset my family has. I quote:

"The now-defunct volatility-trading program cost pensioners and Albertans about $3 billion"
"Canada boasts some of the world’s most sophisticated and best performing public investment funds, which essentially operate like Wall Street firms but siphon profits to ex-bus drivers and retired nurses. "

"AIMCo is not among that top tier, experts and data suggest. " #ABLeg
Read 12 tweets
This is your daily pension announcement: The crazy shit from Danielle Smith edition!
"The question the government should be asking is: Why are people going to alternative sources to get information? I’ll tell you why." #fail…
Trust Danielle to apply a political paradigm to a medical issue. According to her people are flocking to "alternative" sources because governments are lying.😲 Nope. If you have just discovered a new virus you communicate the best information you have at the time. #fail
Human understanding rapidly evolves as more experience is had. To accept Danielle's premise is to accept that doctors all over the world were in possession of all the COVID facts as of Jan1, 2020. Medical professionals learning quickly and adjusting is not incorrect information.
Read 6 tweets
This is your daily pension announcement: The Pension War Room™️ unleashes AIMCo's investment results and some whoop-ass! Available for download here. #ABLeg #handsoffmypension #travisfail…
On the surface of the press release things sound good! AIMCo earned a net (of fees) return of 10.6% in 2019. But, as I have said many times, this number is nearly meaningless for comparison purposes. ATRF has a different year end and a different asset mix. #ABLeg
As Kevin would tell you, end date and asset mix need to be controlled to make this kind of comparison over a one year time frame.

CEO Kevin does admit a little ways down:

"we acknowledge that in the short-term we have not met our clients’ expectations.” #ABLeg #owthathurts
Read 16 tweets
This is your daily pension announcement: throwback to the 2008 financial crisis! You know, when 150 year old investment banks went bankrupt on derivative trading strategies! #handsoffmypension #travisfail #ABLeg
I don't want to panic anyone. But, AIMCo wants trust from teachers and other plan members. Both LAPP and PSPP, both exclusive AIMCO customers, finished 2019 below their return benchmarks. Would have been better indexed. #ABLeg
In the case of PSPP 1.46% below benchmark (benchmark=average return). Usually the goal is to earn some % above benchmark. (LAPP's goal is 0.8% above bench.) #ABLeg
Read 6 tweets
This is your daily pension announcement: All hands on deck edition!
Every day I descend in to the filth and muck of the Alberta pension decision making apparatus to sift out an undigested nugget of truth. Today I have sluiced several nuggets. #ABLeg #handsoffmypension
Well, there have been developments that give me hope! Yesterday, Travis appointed Tim Wiles to the ATRF Board. Not a #petrosexual. Not a consort of W Brett. That is a victory in itself. Tim is currently the CEO of the Credit Union Deposit Guarantee Corp. #ABLeg
Tim also spent some years as a Deputy Minister with a number of ministries including Treasury Board and Finance and Education.
At the same time, Maria Holowinsky was reappointed to the ATRF Board for another term. Given Travis' record in this area these are both welcome moves.
Read 7 tweets

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