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
"Sole benefit" is crystal clear. But, if you work for @Alberta_Finance keep reading section 18(2)a:
(2) The assets of
(a) the post‑1992 fund belong beneficially to the persons entitled to the post‑1992 benefits,...
and the Crown has no claim to those assets.
NO CLAIM! #ABLeg
ATRF assets have now been completely transferred to @aimcoinvests. Remember that the most recent 10-year value add for ATRF was 0.70%, BCIMC 1.1%, and AIMCO 0%. Facts never mattered here. Apparently. #ABLeg #handsoffmypension #milburned
Travis nor Kevin have defined a "made in Alberta" portfolio might consist of. May I be so bold as to remind you that ATRF portfolios were all made in Alberta? #ABLeg #handsoffmypension
This is to say, again, that the GOA has considerable power over AIMCO when it should not. The power to appoint and remove directors should lie with AIMCO's clients not with Bumbles. #ABLeg #handsoffmypension
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