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The AB Teacher Pension War Room

This is your daily pension announcement: It is mailbag day for The Pension War Room™️. Question from Squiggy: "Does the GOA (Travis) own the funds in the pension plans?" Emphatic HELL NO! I know Travis has said that in the Leg at different times. #AbLeg #handsoffmypension

Remember with @joececiyyc: legislation was passed to (in his words) "get the politics out of pensions". While Travis has said it is his job to "maximize the funds" and to ensure we have a "made in Alberta portfolio". Putting the politics right back into pensions. #ABLeg

Getting back to the question of ownership of funds held in trust, we go to the Teachers' Pension Plan Act 17(3) which says in part:
(3) The Board shall...
(b) manage those assets for the sole benefit of the persons entitled to the respective benefits.
#ABLeg

The Pension War Room

The Pension War Room™️will celebrate throwback Thursday! Remember this witty rejoinder from Travis' Matt. #ABLeg Quote from this article. #fail

edmontonjournal.com/news/politics/…

“Government contributes to each pension plan, and so Alberta taxpayers are partners and have a vested interest in the health of the plans,” said Jerrica Goodwin, press secretary for Finance Minister Travis Toews, in a Wednesday email." #ABLeg

Sure the GOA as a MINORITY CONTRIBUTOR has a vested interest in the plan. Problem is teachers have an interest that has been totally ignored here. What kind of advice are you getting Travis? #ABLeg #AIMCOfail #milburned

The Pension War Room

This is your daily pension announcement. The SFPP edition! I will include some comments about this pension plan, some of the comments are mine some are not.

SFPP you will remember is the pension plan that covers municipal police officers (ie. not RCMP) across AB. #ABLeg

Data from 2019 suggests that Alberta’s public sector pension plans make up 10.79% of the active workforce. Not "a small number" as put by Travis.
#ABLeg

Travis sez "economies of scale":
SFPP (like many plans) is administered by the provincial pension administrator, Alberta Pensions Services Corporation. SFPP’s administration cost per member is $235. ATRF is self-administered at $84 per member, and UAPP @ $124 per member. #ABLeg.

Greg “Big Ed” Meeker

This is your daily pension announcement: The Pension War Room™️ attends the Heritage Savings Trust Fund annual meeting. Well, attended virtually because of COVID. If you want to watch it the recording is below. See Kevin stick-handle! #ABLeg

assemblyonline.assembly.ab.ca/Harmony/en/Pow…

The teachers' pension fund came up repeatedly during the meeting, and many thanks to the teachers who submitted questions.

Even though Travis will no longer publicly answer questions about this, it is still a huge issue. #milburned #ABLeg

Watch Kevin in action and you can see if the $2.8 million we paid him was worth it ($3.4 million the year before).

Dale MacMaster the Chief Investment Officer was there as well ($2.9 million last year, $3.5 million the year before).

Dale makes more than Kevin. #ABLeg #nono

The Pension War Room™️ brings you the advice that was given to Travis on the CPP! Since all this RCMP stuff is hitting the fan, I gotta pile on. Nobody wants an Alberta Pension Plan to replace CPP. #ABLeg

Especially since it would cost more. Lots more.

Travis was given advice on withdrawing from CPP on Sept 18, 2019. It read in part:

"The ability to pool risks associated with longevity, mortality, and investment, which are an advantageous feature associated with funding defined benefit pension plans,..."

"...would be considerably smaller under an Alberta Pension Plan."

In other words, withdrawing from CPP would be a risky financial proposition. #ABLeg #dontpullout

This is your daily pension announcement: The Pension War Room™️ declares it nonperformance day! LAPP Q2 results are out and they speak for themselves. Less than benchmark for Q2, YTD, 1 year, and 4 year. #ABLeg #AIMCOfail #milburned

The organization with the highest executive salaries seems to receive the least scrutiny. I wonder why that is?

This is perfectly predictable as the value add for the last five years was lost with the VOLTS debacle. #ABLeg

The GOA seems to have repudiated joint governance. Next time (and there will be a next time) unexpected losses mount the plans should charge them to the GOA.

After all we are forced to use their investment manager. #ABLeg #riskexposure

This is your daily pension announcement: The Pension War Room™️ would note that Kevin as CEO and highest paid GOA employee could not even show up to the most newsworthy Heritage Fund Committee meeting ever. #ABLeg

Without any sense of irony, AIMCO presented a quarterly that showed AIMCO investment costs to be 0.80% per annum. Here is the graph from the AIMCO business case... #ABLeg #lie #fail #milburned

It shows AIMCO reducing costs of ATRF investments from 0.84% to about 0.50%. If AIMCO invests the Heritage Fund for 0.80%, hey they lied, and AIMCO won't save shit. #AbLeg

Decisions like these require careful study by financially competent people. #ABLeg #notinbertatheydont

This is your daily pension announcement: The Pension War Room™️ declares tomorrow dead man walking day.

The Standing Committee on the Heritage Fund is meeting at 1:00. You can watch it live or on a recording on the assembly site. Download the report!

open.alberta.ca/publications/4…

That is the most recent quarterly report. Go past all the self-congratulatory baffle gab at the front and proceed to Note 8.

Check out the horrible return. #ABLeg

THE VALUE ADD IS NEGATIVE FOR Q1 OF 2020 & 2019 AS WELL AS OVER FIVE YEARS!

OMG!💣 We could have paid the investment managers at AIMCO to stay home for the last five years, indexed the portfolio and come out with more money! #ABLeg Let that sink in, Kevin.

This is your daily pension announcement: Holy Dinah, did you ever think you would see the day that Danielle Smith agrees with The Pension War Room™️?

Alberta is a financial disgrace. With a sycophantic Travis Toews as the Minister. #ABLeg

calgaryherald.com/opinion/column…

I do quarrel with Danielle on some of the details. And, to be sure, in her position as an un-elected cabinet minister she is writing this at the direction of @jkenney. He is trying to see if a sales tax is float-able. #ABLeg

A sales tax is possible and has been possible for about the past 5 years. COVID has only made the cracks in our fiscal ideology into the gaping caverns that they now are. #ABLeg
Similar screeds have, coincidentally I'm sure, appeared in other Postmedia products. #ABLeg

This is your daily pension announcement: The Pension War Room is trying to make sense of reducing our already low employment standards! Our standards are so low they are almost nonexistent. The best roundup is here. #ABLeg #AIMCOfail #milburned

albertapolitics.ca/2020/07/albert…

In pension news Travis, who as one commentator put it, was supposed to be the adult in the room among cabinet ministers (thanks Daveberta). Well, not so much. Travis, in an email to concerned constituents, has doubled down on his pension delusions. #ABLeg #betheadult

To quote Travis: "Government has no intention of changing its policy of consolidating investment management under AIMCo. This policy will reduce costs paid by pension plans."

As I have shown so many times before, demonstrably false. #ABLeg

This is your daily pension announcement. The pension War Room™️ brings you a tale of things to come! Leanna Orr bring the 🔥🔥🔥🔥🔥 again! As sole shareholder of AIMCO, the GOA could be sued for VOLTS loss if willful misconduct was on the plate. #ABLeg

institutionalinvestor.com/article/b1mlj2…

My favorite quote:

"This is the first major lawsuit to result from a salvo of blowups early this year. Industry insiders expect more to come over the summer." #ABLeg

I wonder what @premiamgmt thinks about this article?

And....

“The losses range from about $10 million into the nine figures,” or upwards of $1 billion, “but not many others are at the scale of Arkansas’.”

Then Kevin said hold my beer.... I can beat that.#ABLeg #milburned

The Pension War Room™️ remember quote about potentially starting an APP:
It brought my favorite @jkenney quote about potentialy starting an APP:

edmontonjournal.com/news/local-new…

“That is not about investment strategy, it is about demography,” he said, noting that Alberta has a young population and should be able to operate a public pension plan at lower premiums than the CPP."

Just so you know, that isn't true. Somebody call an actuary. #ABLeg

On moving ATRF to AIMCO:

"Kenney said the transfer will save taxpayers money and “generate better returns,” while continuing to allow the teachers’ board to manage its investment strategy and level of risk under AIMCo’s execution."

Anybody seriously going to argue this now?

This is your daily pension announcement: The Pension War Room™️ takes a walk on the septic field of the Alberta Pension Plan.

Let me analyze and educate about some of the issues. #ABLeg #AIMCOfail

edmonton.ctvnews.ca/kenney-ndp-tra…

The current UCP MLA talking points include an APP that would bring $40 billion of assets to good ol 'berta for AIMCO to manage and at lower cost to boot.

That is, of course, after a nice 'n democratic multi-million dollar referendum. #ABLeg

Please let me analyze the current talking points.

First, most of the assets (>50%) would be managed out of AIMCO's Toronto office, so they would not be "brought back" to Alberta. #ABLeg

The Pension War Room™️ after hours edition. Some required reading: #ABLeg

cbc.ca/news/canada/ed…

Sometimes I am in the twilight zone. Like when we hear a DM says she can't speak about BCIMC because she left BC two years ago. Wasn't she the one using it as an example for the last 6 months? Didn't she call in the chair of BCIMC Peter Milburn to OK everything? #ABLeg #milburned

Or when she said that Kevin's pay has no relationship to assets under management. That's just wrong.

Every couple of years the AIMCO Board reviews executive comp, calls in a consultant and norms his base pay to assets. #ABLeg #execcomp

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.
#ABLeg

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
.

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. "

I ALWAYS KNEW THIS! THANK GOD THIS SEES THE LIGHT OF DAY! #ABLeg #aimcofail

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

theglobeandmail.com/business/comme…

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

This is your daily pension announcement: The how did AIMCO lose all that money edition? #ABLeg
Get the gory details here! #handsoffmypension

theglobeandmail.com/business/artic…

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