Discover and read the best of Twitter Threads about #handsoffmypension

Most recents (24)

This is your daily pension announcement! Good news from @ATRFPension, the Annual Report has just dropped. I need some time to analyze the entire thing but the great news is...
#ABLeg #handsoffmypension…
The plan funded ration is up to 99% (up from 81% in 2014). This all important ratio means that assets almost = liabilities. This improvement is the result of important work the ATRF Board did over the last 10 years. #ABLeg
If you recall, some years ago Redford and Horner tried to cut the other provincial pension plans because they thought their funded ratios were too low. (maybe 80%)
Fast forward: all those plans above 100% and looking good. #ABLeg #neverbelieveapolitician
Read 7 tweets
This is your daily pension announcement. The Pension War Room™️is obliged to inform that @aimcoinvests does NOT have any crypto investments. So that toxic waste dump has been avoided (ON teachers lost millions with the FTX collapse.) #AbLeg #greatnews
LAPP Q3 results are out. After all the positive months, things have turned not positive. Q3 had a -0.3% return, which on its own does not mean anything. Compared to the benchmark of +0.5% it is not good. Far too short of a time period to make firm conclusions. #AbLeg
LAPP year-to-date so far is -8.9% versus a benchmark -9.5%. Though a loss this is good: @aimcoinvests added value by not losing as much as its passive benchmark did. Not a cause for concern at all. #AbLeg #handsoffmypension
Read 9 tweets
This is your daily pension announcement. The Pension War Room™️is basking in the afterglow of the Heritage Fund public meeting. Because, of course, @aimcoinvests has no other accountability to teachers or any other pension plan for that matter. #AbLeg #handsoffmypension
A couple of finer points on the q's asked. The AIMCO business case stated that other funds like Heritage should save 0.04% (out of 0.90%) in costs because of scale. We haven't seen any savings yet. TBF seems to say we can't see it or measure it even if it existed... #AbLeg
This is problematic because the GOA used that 0.04% savings as justification for a $20 billion transaction. That is weak justification. The ATRF is more specific: "we haven't seen any savings yet as a result of switching to AIMCO". #AbLeg
Read 8 tweets
This is your daily pension announcement. Details make all the difference in the gut pile of pension policy. So today I will focus on getting some random details out. God knows the GOA would not provide them. #AbLeg
First, I talked to some Toronto lawyers that have no direct connection to the @aimcoinvests negligence arbitration but were able to provide opinions more informed than my own. #AbLeg
Their collective opinion is that the GOA will try to delay, delay, and further delay the arbitration. Given the complexities of this situation and the staggering amount of money involved, a verdict may be possible well over a year from now. In other words, after the election.
Read 8 tweets
This is your daily pension announcement. The Pension War Room™️reveals the 💣bombshell💣 from the @aimcoinvests Annual Report. The pension plans, presumably LAPP, SFPP, and PSPP, are suing AIMCO for $1.33 billion dollars. WOW. This is for compensation for the VOLTS losses. #AbLeg
Let me explain. Notes to these financial statements are super important where AIMCO is required to reveal **significant** financial details. One can surmise that the pension plans are alleging that @aimcoinvests was grossly negligent in executing the VOLTS strategy. #AbLeg
If you sign an investment management agreement with @aimcoinvests you agree that if you sue the you don't do it in Queen's Bench but rather you go to arbitration. So that is where we are at: as I type this in some law office in Edmonton this hearing is happening right now.
Read 10 tweets
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
Read 7 tweets
The Pension Hawk™️is once again circling the carrion that is Treasury Board and Finance to bring you today's announcement.

The @aimcoinvests Board used to be a pest house for PCAA connected appointees. Ah, the good 'ol boys. #AbLeg
Did they have Alberta's best interest at heart? Maybe. Were they the best for a multi-billion dollar pension fund? Nope.

Board member selection for AIMCO has certainly evolved. You wouldn't know it because Travis has not publicly talked about anything to do with it. #AbLeg
It is bad to have a board that is deeply connected to the politics of AB investing the retirement savings of workers. This process needs to be non-political.

When Rachel became Premier the Board Chair of @aimcoinvests (Mac) offered to resign. #AbLeg For example.
Read 7 tweets
This is your daily pension announcement. The Pension War Room™️continues to act in place of a hog manure pump. AIMCO total return was 14.7% last year and ATRF returned 15.6%.

Yet these numbers tell us very little about performance.#handsoffmypension
Short time periods are unreliable, as well we need to separate out the skills of the portfolio manager from the movement of the general market. We would do this by looking at the 10-year value add above the benchmark return (think index fund). #AbLeg
The 10 year value add at ATRF is 0.8%.

The 10 year value add for AIMCO's balanced fund (mainly pensions) is 0.5%.

Most pension funds have a value add target of around 0.7% to 0.85% depending on risk. This is the information that should have been in the "business case". #AbLeg
Read 13 tweets
This is your daily pension announcement. The Pension War Room™️will begin a deep dive into the @aimcoinvests Annual Report that was released quietly before a long weekend. No press release. No huzzah from Treasury Board and Finance. #AbLeg #handsoffmypension
I do want to reiterate that we are forced into having Twitter accountability for AIMCO since pension plan members are in NO WAY represented on the Board. In stark contrast with practice in the rest of the country, AIMCO is wholly owned by the GOA. #AbLeg
The first concern: lying. To quote the Annual Report,

"Attracting world-class investment professionals allows for AIMCo to continue to deliver top-tier investment performance with 69% of our clients’ assets managed internally," #AbLeg
Read 13 tweets
This is your daily pension announcement: The Pension War Room™️will begin analyzing the @aimcoinvests Annual Report. Here is a piece addressing the last year and their efforts to rebuild trust. #handsoffmypension…
I take umbrage with “A combination of factors had undermined trust between AIMCo and some of our clients,”

It wasn't "SOME" of your clients, it was MOST of your clients representing MOST of your assets under management. #AbLeg
Details are important.
In fact, @ewsiddall has not even met with @albertateachers , one of his major clients. In trying to rebuild trust I would think this would be a requirement. #AbLeg

Here is the Annual Report for your education and enjoyment. More to follow.…
Read 4 tweets
The Pension War Room™️has returned from the wilderness to bring you the latest Heritage Fund Annual Report! Get your copy ⬇️⬇️. An interesting read by any account. Invested by @aimcoinvests and a great 1-year return.…
Earned an 11.8% one year return against a benchmark of 7%. Which is great by any measure. Also, one year returns don't mean much, but encouraging nonetheless.

Almost $20 billion in size now; next to the pension funds this would be a "small" fund. #AbLeg
@aimcoinvests investment cost was 0.90% (90 bps) both last year and the year before. This is a bit shocking. Asset mix is different than ATRF so a direct comparison is not warranted (bonds cost less to invest than other assets for ex). #AbLeg
Read 10 tweets
This is your daily pension announcement! The Pension War Room™️ warns you that the turd 💩 knuckles are out! Just so you remember that Travis is all in on the flawed UCP curriculum and wants an Alberta Pension Plan too! #AbLeg #handsoffmypension
Numbers matter my ass. Travis definitely gets an award for being the "most Kenney like" in this throw down. It is almost like he is JK's muppet. He also supports an Alberta Pension Plan despite the financial lunacy that it is. #AbLeg Sigh.
I'm reminded of a quote from the court case:

"There is no indication in the Record that ATRF was aware, at the time, of the extensive private communications between the Government of Alberta and AIMCo, or that draft versions of... the Ministerial Order had been exchanged."
Read 5 tweets
This is your daily pension announcement: The Pension War Room™️again sinks into the pond of liquefied hog manure to find a kernel of truth!

@aimcoinvests Annual Report is coming soon! Guaranteed to be interesting reading combined with some salacious details. #AbLeg
For @MarkDWiseman it is an opportunity for him to justify why the AIMCO Board does not release their expenses to the public like every other board in AB.

(some of their investment professionals are rightfully excluded from expense disclosure-not the Board) #AbLeg
For @ewsiddall, it is an opportunity to further distance the org from the prior CEO Kevin's Dec, 2020 Op Ed where he exhorted Albertans to take pride in AIMCO and concluded with gratitude for the...

“vote of confidence the Alberta government has made in AIMCo.”

Gulp. #AbLeg
Read 8 tweets
This is your daily pension announcement: The Pension War Room™️is again venturing into the moldy root cellar of UCP pension policy. I will bring you some odds and ends that were triggered by Dr. Bob's fantastic paper "Can AIMCO be fixed". #AbLeg #handsoffmypension
In reality, the question is more can Travis and the UCP be fixed?

According to Joe Ceci, joint sponsorship for pensions would take “the politics out of pensions” (Alberta Hansard, 29th Legislature, 4th Session, 2373).

Then @ToewsforAlberta said "hold my beer". #AbLeg
As my loyal army will remember, Travis procured a bill that destroyed the trust with plan members and employee associations that is essential for pension plans to operate. Not public money.

Making a nearly impossible job for Evan at @aimcoinvests. #clientshateyou
Read 12 tweets
Erin here has this entirely wrong. As I have said before, contribution rates are going down for teachers and GOA this Sept. ONLY BECAUSE OF THE OUTSTANDING RETURNS OF ATRF OVER THE LAST 7-10 YEARS.
@aimcoinvests only took possession of all of @ATRFPension assets last October. In any sane democracy you would not see a government destroy a top quartile investment manager providing employment in their home jurisdiction. #AbLeg
ATRF did a simulation using asset class returns that showed ATRF outperformed AIMCO by $1.3 billion over a seven year period starting in 2013.

This study, which was made public, was NOT EVER CHALLENGED by AIMCo or the Finance Minister’s office. #AbLeg #handsoffmypension
Read 4 tweets
This is your daily pension announcement: The Pension War Room™️is ramping up activity as we approach D-day: the day that @aimcoinvests releases its Annual Report. We will be looking for several things from this year's tome. #AbLeg #handsoffmypension
We will be looking for Kevin Uebelein's severance "pay" LTIP bonus. He was already paid millions in severance, but apparently (setting a new precedent) he has earned a bonus for this year even though he has not worked. #AbLeg #handsoffmypension
We will be looking for any disinformation and outright lies like this chart from last year. This chart allegedly shows how tragically underpaid @aimcoinvests execs are. Unfortunately, this chart is not normed to assets under management. Misleading at best. Image
Read 8 tweets
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
"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
Read 8 tweets
This is your daily pension announcement. The Pension War Room™️emerges from the tailpipe and floats past the truck balls to bring you this commentary.

Here part of a letter sent to Travis. It takes issue with comments from both @jkenney and @JasonCoppingAB that are false.
Your pension, be it ATRF, LAPP, PSPP, or SFPP, is not "indemnified by the Crown". Horse shit.

@JasonCoppingAB seems to believe that plan members are not on the hook at all for unfunded liabilities. That, is just not true. #ABLeg #handsoffmypension
BTW, this letter to Travis was hoping for substantive discussion on these issues. Instead it just received the generic reply. #AbLeg

Good to see the UCP leadership race off to a start. No candidate has mentioned @aimcoinvests yet. Strange. #AbLeg #handsoffmypension
Read 5 tweets
The Pension War Room™️reports that teachers narrowly (51%) accepted the mediators recommendations! The parallels to @jkenney's leadership vote abound. #AbLeg…
On the surface this avoids, for the time being, a strike or extended lockout. Long term not so much. As much as this vote was about a contract it was about so much more than money. It was about pension, curriculum, respect and a hundred other issues. #AbLeg
It was even about stupid shit like issues managers always referring to our duly elected president, Jason Schilling @schill_dawg by pejorative terms instead of by his name and title. Straight from the @jkenney book of comms. #AbLeg #horseshit
Read 6 tweets
This is your daily pension announcement: Travis is running for the UCP leadership! Without a doubt as @jkenney's preferred candidate. Not a good strategy at all, given the financial mistakes he has made (pensions included). #AbLeg
I am reminded of an interview that I did with a magazine from NY. They asked me why the UCP would be doing this to teachers? I gave a long technical answer. I shouldn't have. The answer was (and is): this was something that they could hurt teachers with. No more motivation req.
After all, the message was to be don't feel too confident about your deferred salary retirement savings. Travis has prevented any pension fund from accessing the highly competitive market for investment managers.#AbLeg #handsoffmypension
Read 6 tweets
This is your daily pension announcement. The Pension War Room™️sinks into the ocean next to the effluent pipe that dumps dookies into the bay of pension policy. I have had my differences with Don Braid but he gives the best requiem here. #AbLeg…
I have many happy memories of being attacked by GOA staffers for bringing up valid criticism of pension policy. Fun times. In democracies, governments need to take valid criticism and move on. See the curriculum. #AbLeg
Today a thought from Leo de Bever, the first CEO of @aimcoinvests circa 2019: "Alberta exiting the CPP would not make a great deal of sense." He went on to say sometimes politicians say stupid things just to get attention. #Ableg #handsoffmypension
Read 5 tweets
This is your daily pension announcement: The Pension War Room™️dives into fecal settling pond that is AB politics! I again savored JK's radio show as he likely only has a few editions left. Unabashedly illogical is the only description I can offer. #AbLeg
He got his weekly "why is AHS so expensive" question. This week he retorts with "we hired Ernst and Young" (in 2019) to give us cost savings measures....

...but then fails to mention that E&Y recommended closing rural hospitals. Advice JK has steadfastly ignored. #AbLeg
One week JK said (about AHS)... "we give them money and don't tell them their health business".

This week we heard the far more accurate "we fired the CEO because she wasn't doing what we wanted"...

#AbLeg #handsoffmypension
Read 6 tweets
This is your daily pension announcement: The Pension War Room™️will discuss the recently calculated $30 million in transition costs to using @aimcoinvests. For context, compare the size of the fund at $22,400 million to this $30 million expenditure. #AbLeg #handsoffmypension
The transition costs are (relatively) small and are one time costs. They are still regrettable and were avoidable with diligence and planning, but Travis Toews and his chief deputy Athana Mentzelopolos could provide neither of those things. #AbLeg #idiotseverywhere
I would note, for the record, that Kevin Uebelein did not produce an estimate of transition costs in @aimcoinvests' "business plan" to takeover ATRF's investment operation. This was a stark dereliction of duty on the part of all three of them. #AbLeg #handsoffmypension
Read 10 tweets
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
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
Read 7 tweets

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