Discover and read the best of Twitter Threads about #handsoffmypension

Most recents (24)

This is your daily pension announcement: Red tape for everyone edition!!
Below you will find the great David Climenhaga letting us know how despite creating a "Ministry of Red Tape Reduction" red tape is actually being weaponized by the GOA. #ABLeg #ABEd…
Back in the day I served with the Canadian Armed Forces. The red tape reached legendary proportions. So everybody has to love the "get rid of red tape" campaign led by the Muppet Minister Grant Hunter, right? #handsoffmypension #redtape
Only thing is the GOA, as is so eloquently explained by Dave, is not getting rid of red tape but rather using it as a weapon against people and institutions they don't like.

Hmm...sort of like teachers' pensions. #redtape
Read 11 tweets
This is your daily pension announcement: The goose and gander edition.

Well, we are all bunkered in here in the pension war room.

Just so you know, loyal followers, Kevin and Travis are thinking of you every day. #handsoffmypension #ABLeg #ABEd
Let us go back to page 120 of the Fiscal Plan released on October 24, 2019. Teachers know that date as when it was announced that ATRF investments were being ripped away and given to AIMCo. Then, Bill 22 was rammed through the Leg with almost no debate. #antidemocratic
Refering to this action, in the words of @PensionPulse (Leo Kolivakis, more on him later):
"This is Canada, not China, you don't rule by dictatorship and some Conservatives never learn and their arrogance will cost them political points in Alberta's next election."
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This is your daily pension announcement: Dr. Bob writes a research paper about AIMCo! You can download it here. #iwonderwhatitsays #ABLeg #abed #handsoffmypension…
Please do remember that it was published in the spring of 2016. So it is not the most current review of AIMCo's performance. However, it is accurate, rigorous and done by an objective expert. #cantsaythataboutthebusinesscase #petrosexual
I will offer just a few highlights. In a previous tweet I called AIMCo "average". Please read Dr. Bob and let me know if I got it wrong. I want to be fair. From the abstract:
Read 17 tweets
This is your daily pensions announcement: The Dr. Bob edition. Yesterday I introduced you to Dr. Bob Ascah and his blog, AB Pol Econ. What did he have to say about Bill 22? Let's take a look.... #handsoffmypension #ABLeg #abed…
He deals with all parts of Bill 22, so feel free to skip ahead to the pension parts, that is after you read the stinging intro.... #thisisgoingtohurt #zinger
I quote:

"Before commenting on the details in Bill 22, it is important to note that in the UCP’s election platform, there was no mention of pensions, ATB, ACFA or AIMCo."

Read 13 tweets
This is your daily pension announcement: Part two, stirring the pot Lethbridge style. @SPhillipsAB #AbLeg #abed

Take a look:…
These letter writers are correct: they have been betrayed by the UCP invoking billions of dollars of changes on issues that were not part of their platform and that were never consulted on. #thatsucks #handsoffmypension #whattools
And, they are concerned because there are no details on the $41 million of savings that are supposed to "magically appear". Well, you have not found any details because none exist. #noconsultation #handsoffmypension
Read 6 tweets
This is your daily pension announcement: Part one, the AIMCO backstory and evaluation of their governance and cost structure. I have got such a rage on today there might be several parts. Bob Ascah's blog is our starting point. #AbLeg #handsoffmypension…
He remains a Fellow of the Institute for Public Economics after a long career at the University of Alberta, ATB, and the Alberta Treasury. May I remind you now that Travis and AIMCo's current strategy is to hope this mess will die down. #itwont #SpoilerAlert
Now, this blog post is from 2017 so it is a bit dated. Remember the other day when I tweeted about how the ATRF and LAPP moves were supposed to make us more like BC? BCIMC specifically? And, that was 💩💩💩 because retirement funds like BC Teachers can leave BCIMC at anytime?
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This is your daily pension announcement: The LAPP, PSPP, and SFPP edition. So if you happen to be a police officer, sheriff, firefighter, RN, LPN, HCA, EA, or other GOA employee this edition is for you. #petrosexual #handsoffmypension
The big change to your pension as a result of Bill 22 is that AIMCO has a monopoly on investment management services no matter if they turn out to be "average". Support for this decision is well...they do it elsewhere. #BCIMC #handsoffmypension
...And by elsewhere they mean British Columbia Investment Management Corporation (BCIMC). It, successfully I might add, manages the investments of BC teachers and almost all govt employees.
Read 9 tweets
This is your daily pension announcement. The "Minister of Finance Travis Toews declined an on-camera interview request for this story" edition. Yes, you read that right Travis declined @TimmCTV's request for an interview on pensions. #Handsoffmypension #decline #AbLeg #abed
Travis has declined every interview related to pensions since this began. He has made one (misleading) Facebook post, written one Op-Ed and referred all questions to a spokesperson. He has never faced questions. #noquestions #noquestionsiamchicken #diedown
I believe that this is a further abrogation of our democracy. Ministers of the Crown need to make themselves reasonably available to the press to answer questions of public importance. Not so much with Travis. #pissondemocracy
Read 16 tweets
This is your daily pension announcement: let us herald the new year edition!!!!

As the turn of the year approaches let us sit back and see what other surprises the crap business case from AIMCo has in store for ATRF, LAPP, PSPP, and SFPP. #handsoffmypension #AbLeg #abed #crony
In the severely conflicted business case that AIMCo wrote they talk about how professional their Board is as a benefit. I think to myself "but ATRF has a Board of skilled and professional individuals." Then Travis says "hold my beer". #UCPcrony
Tomorrow (Dec 31) is the day that the ATRF Board appointments of Dr. Cathy Connolly MBA PhD ICD.d and Kareen Strangerlin CPA CA CFA CFP ICD.D expire. Travis chose not to reappoint them and instead appointed Rafi Tahmazian BA whose appointment begins Jan 1. #crony
Read 6 tweets
This is your daily pension announcement: LinkedIn rules edition!!!

Loyal followers, I know I said I was taking a break over the holidays, but the pension hammer keeps falling so I am here for you.

LinkedIn sent me this job ad, encouraging me to apply:…
That gave me a chuckle for sure. I guarantee I would have done a better job "researching" the ATRF business case. I mean, can you even believe the the entire business case is built upon (I quote directly):
#handsoffmypension #AIMCOfail #AbLeg #abpoli
"The investment management cost for ...(ATRF), based on their publicly available information, appears to be 84.0 bps..."

Appears to be? Really? Really? You are going to go with a decision that affects tens of billions of dollars and tens of thousands people and you are going to
Read 12 tweets
This is your daily pension announcement: How LAPP got screwed over, part deux.

As you well know, the GOA changes to LAPP's governance and restrictions on its business practices are concerns. So on this joyous Christmas Eve I will just leave you with a couple of LAPP quotes.
First a quote from the LAPP CEO: "By making LAPP Corporation subject to restrictions on how it carries out its business, and by taking away LAPP Corporation’s ability to make changes to its two key service providers should issues arise in the future..." #handsoffmypension
"...we have many questions for how our fundamental duty to you, our members, will be impacted by Bill 22."

Yeah, that's right the whole concept of joint sponsorship with the LAPP Corp being the up in the air.

As a taxpayer this has doubled my risk. #MerryChristmas
Read 5 tweets
This is your daily pension announcement: Post Media rejects edition.

If you remember Kevin's last Op-Ed in the @edmontonjournal complete with the full length photo.... with a come-hither smile.
(don't op-eds need to be fact checked?) #handsoffmypension
I wrote a letter to the editor that was.... well, not published.
I will tweet it instead:

Dear Editor,
I read the published comments from AIMCo CEO Kevin Uebelein on investment independence.
What he failed to mention was that the AIMCo Act provides a specific legal mechanism for political interference. It must have slipped his mind. To wit, section 19 of the Act reads: “The Treasury Board may issue directives that must be followed by the Corporation, the board, #fail
Read 7 tweets
This is your daily pension announcement: The "how LAPP got screwed over" edition. BTW here is my #fakedog. If the energy war room can do it so can the pension war room...#handsoffmypension #ABLeg #ABed
The same general comments I make about LAPP also apply to PSPP and SFPP though some of the details are different.

I can't provide the complete history of the plan... other than to say that Bill 22 substantially changes governance for the LAPP Corporation.
This seems to have resulted in the GOA re-assuming all the risk for the plan. Some history: before the LAPP was a plan where the Minister of Finance was the sole trustee and custodian of the plan (a "fiduciary"). This was not ideal in terms of structure. #really
Read 12 tweets
This is your daily pension announcement: The "What Would AIMCo Do?" edition. Or, when I get it made into a T-shirt it will be just "WWAD?"

Sorry, my announcements have not been quite daily lately. I have been busy working all day and all evening with concerts and the like.
If you asked AIMCo how to compare the investment return of two funds what would they say? #wwad #handsoffmypension #compare

The answer was published by AIMCo in their November missive available on their website. I quote:
All aspects of portfolio construction must be considered to compare asset managers, including:
• Respective Plan’s Reporting Period
• Respective Plan’s Maturity
• Respective Plan’s Funded Status
• Respective Plan’s Asset Mix
• Respective Plan’s Risk Tolerance #really
Read 7 tweets
This is your daily pension announcement: Pandora's Box Edition!! That's right what is in the AIMCo portfolio? As you can see from the article below at one time they went long on migrant detention centers. #handsoffmypension #UNPRI…
Now, as my regular followers will note, I am a fan of details with pensions. That is where the devilish bits are. Did you note where this info came from? As far as I can tell it was from a researcher employed by a newspaper who was reviewing regulatory findings.
Alberta teachers and superintendents are used of flipping open the ATRF Annual Report or the ATRF website and getting a really comprehensive list of investments that the fund has. #disclosure #fulldisclosure (some are not disclosed for competitive reasons, very rare)
Read 6 tweets
This is your daily pension announcement: This is the truth lives edition!!! Where we will celebrate truth in pension disclosure.
@edmontonjournal I am still waiting for my invitation to write an opinion piece. #handsoffmypension #ABLeg #abed…
But first from Travis who has kept a bit quiet lately... in a fawning editorial: “We believe it’s a budget that really reflects the mandate that Albertans gave us, Toews said Thursday."

No one gave you a pension mandate. Ever.
Nor were you given a mandate to cut AISH.
But back to Kevin's opinion piece. I want to explain a couple of things that he goes on about. Relax, Kevin says, this kind of pension hijacking is going on everywhere...

Kevin's exact words:
#handsoffmypension #AIMCOunderperforms
Read 13 tweets
This is your daily pension announcement: Kevin and the truth edition!!! Thanks for all the homework you guys did pointing out the obvious flaws in Kevin's op-ed.

I would be remiss if I did not share my feelings. #handsoffmypension #ABLeg…
Kevin pontificates that "as AIMCo’s CEO, let me be absolutely clear on this issue: the Alberta government has no say whatsoever regarding where or how we invest." That is not what our unelected minister Danielle Smith mused about on her radio show. #whatwouldjkdo
You better deal with that radio show head-on, Kevin. As well, you better deal with the comments in the budget document about a "made in Alberta portfolio" and supporting "broader agency involvement" (with AIMCO). #idontlikethewaythatsounds
Read 19 tweets
This is your daily pension announcement: Truth Orr Lies Part Deux! DR Don Brookwell lays some smack talk on MLA Ron Orr. #handsoffmypension…
He brings up the need for scrutiny the myriad of GOA claims here. Why rush this transfer of billions of dollars through the leg with about 20 minutes of debate on this portion of the bill?

It is like you had something to hide.

#pensionhijack #handsoffmypension #truthorrlies
Take a lesson from Don, let your local paper know how you feel. I certainly did.

BTW Ron, ATRF only spent $28 million on investment admin last year. How do you think that you can save $41 million? #fail #mathdontwork
Read 3 tweets
This is your daily pension announcement: Actuary lays the boots to the Alberta Pension Plan. Malcolm Hamilton, a retired actuary and the most respected pension expert in Canada, had this to say about Jason and Travis' trial balloon of an APP pull out from CPP. #dontpullout
I quote from Pension Pulse: "There are many subsidies in a national pension plan. Men may subsidize women, who live longer. The poor may subsidize the rich, for the same reason. The healthy subsidize the less healthy." #handsoffmypension
"In the CPP and QPP, past generations had a better deal than future generations. Alberta may have subsidized other provinces in the past but that does not mean that Alberta will subsidize other provinces in the future. Its population and economy may change."
Read 8 tweets
This is your daily pension announcement: Who makes public policy edition?

If you work with people, as I have, who make more than $1 million dollars per year some funny things happen.

I need to talk about one of those funny things today: command inversion. #ABLeg #ABed
This is a phenomena seen occasionally in the military as well as in business. The military like the GOA has a hierarchical structure. If you are on a military mission the highest ranked officer would be in charge. #handsoffmypension #noireallymeanit
And, as much as they would seek opinions and feedback from lower ranks, they would have the responsibility for decisions.
Imagine a situation where some calamity ensues and someone lower in the command structure starts issuing orders. (this has been the subject of war movies)
Read 10 tweets
This is your daily pension announcement: The war room at the Chez Meek is ready at action stations!! Here is UCP MLA Ron Orr (Ponoka) @RonOrrMLA reviewing the ATRF pension hijacking. I am going to have to go through this again... #ABLeg #ABEd…
First, I would like to commend @RonOrrMLA. He has definitely tried to dig into this complex and multifaceted issue. I am not being facetious. He has dug in deeper than most MLAs. I do need him to engage in some critical thinking and challenge Travis occasionally. #getthehistory
Ron should be concerned about re-electability. These pension changes are abusive in nature. You will please note that he does not comment on the wider changes to other public sector plans. I think police officers, fire fighters and others should communicate with Ron.
Read 29 tweets
This is your daily pension announcement: Downgrade Double Down! Travis Toews talks like a socialist. What a day it has been. Let me just review some facts... #handsoffmypension
1. In a mainly free market economy the any government has very little control over the economy.
2. Give any large company money and they will do whatever is in their best interest. #freemarket
3. No politician has control of commodity prices no matter how many times they say it.
(I think we should disqualify anyone from running who makes such specious claims.)
4. This downgrade is the official statement from the institutional investment community that Alberta is not... a good investment.
Read 8 tweets
This is your daily pension announcement: Well, for 48 hours now I have been stewing in a loathsome broth. I can't decide which of the following three things is the worst:

#handsoffmypension #idiot #travistime
1. Is it the worst that some idiot at AIMCo who probably makes $500,000 per year off the taxpayer wrote the business case to move ATRF pension investment? It is so deficient that well... see yesterday's Tweets. #petermilburn
2. Or is it the worst that a GOA Cabinet used this poor work as justification for a decision that will likely cost teachers and the GOA millions of dollars? #ripoff Come on, Travis the least you could do is not blame it on some mook from BC named Peter. #peterprinciple
Read 16 tweets
Sorry guys, the business case from AIMCO has so many errors that it will take me some time to deal with.
The Peter principle edition; or friends helping friends. #handsoffmypension
Let us start again with the (unsigned) TBF summary:

"Experts reviewing pension investment management, particularly in the Canadian context, find that pooling
investments reduces duplication costs"
Again, I hate to go back to this. This is a misstatement of what unnamed "experts" in Canada think. The sentence is true. But, it is inapplicable to funds that are extremely large (>$100 billion) as I pointed out yesterday.
Read 16 tweets

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