This is your daily pension announcement: Remember this video!!!!!
I have had the same experience with the Travis directed @jkenney led pension file. We can't even agree on basic facts never mind policy matters.#AbLeg #handsoffmypension
Take this reply to a constituent from Whitney Issik (don't blame her, many MLAs used the same script).
"In the case of teachers’ pension, government’s review found that having AIMCo provide investment management services for the ATRF would decrease the fund’s ...costs." #AbLeg
Strap on your critical thinking hat for a moment. The government (TBF) didn't review shit. AIMCO wrote the review that the TBF accepted. Need I remind you that AIMCO claims to be "arms-length". Instead we get an AIMCO in the worst conflict of interest. #AbLeg #handsoffmypension
Whitney goes on to say that it was really too difficult to compare investment returns between AIMCO and ATRF. Which, of course, is not true either.
They have such derision towards our retirement savings they could not be bothered to put an ounce of effort in. #AbLeg #handsoff
One more from Whitney Issik:
"Government, as the employer of teachers and owner of AIMCo, has closely monitored the investment returns"
In one sentence she has discarded the last two centuries of the law of trustees and fiduciary duty. #AbLeg #handsoffmypension
She conveniently answers:
1. Is AIMCO Arm's length?
Nope.
2. Does the ATRF Board (as trustee) have the most info on returns?
Apparently not.
3. Despite making >50% of the contributions, do teachers need to be consulted?
Nope.
#AbLeg #handsoffmypension #travisfail
In his Op-Ed I think @ewsiddall makes it clear that AIMCO was too worried about its own future. And, (my opinion) instead of buckling down and working on investment strategies to secure that future, they chose the political route.
I have been invited to speak at the @_AUPE_ pension conference this week. I hope to address what has happened here, as well as some ideas for the future.
If you can, listen to Dr. Bob Ascah as he will be commenting on AIMCO directly. #AbLeg
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