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Now for your daily pension update. Quote from the most recent LAPP annual report:
"On March 1, 2019, the LAPP Corporation will be
established as trustee and administrator of the Plan
and will be the foundation of a new governance
structure" #handsoffmypension
They were about to attain the same joint governance that ATRF already had and has had for years! Another quote: "The Plan will be officially recognized as a jointly-sponsored pension plan (JSPP) with full authority to make all decisions concerning LAPP." #ABbudget
Why would LAPP be celebrating this as a victory? The answer is also in the annual report... "It is an important milestone for LAPP because it means that members are no longer subjected to the political risk and volatility that comes with party platforms and election promises."
That didn't age well. LAPP was concerned about political interference with their pension plan😳They wanted the same structure as ATRF to minimize the risk of a political party interfering... #heardthatsomewherebefore #snatchedaway #isthatwhatishappening
Can you blame teachers for being worried about political interference? LAPP sure is...they said it in black and white. Maybe someone should think this through.
If you have not read this letter yet, you really need to. Our Board Chair of the ATRF is writing to Minister Toews and it is fire. Filled with material to take to your MLA for a discussion. atrf.com/Documents/Lett…
#handsoffmypension
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Greg Meeker
@yomeeks
So here is the backgrounder provided to MLA’s on the unilateral decision to turn over all ATRF assets to AIMCo for investment. Can I get som guarantees here? Reduce costs from the ATRF five year average cost of 0.72% by 0.25%? Want to put that in writing?
For comparison’s sake AIMCo‘s all in investment cost for 2018 was 0.53% which includes about 40% cash and fixed income which is inexpensive to manage. For comparison ATRF is about 22% cash and fixed income. #closecounts
Estimated annual savings of $41 million rests entirely on the canard of AIMCo being able to earn the exact same investment return. If AIMCo messes up the return by even 0.2% then all the expected savings are gone.
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Greg Meeker
@yomeeks
So from the official Finance spokesperson the motivation for switching investment managers is: “reduced investment costs and, therefore, higher expected investment returns.” Straight up admission that AIMCo can’t provide a better gross investment returns. #abteachers
Their impact would be by reducing costs and therefore (hopefully) increasing the net investment return. Sorry this is going to be a long thread. #abteachers #ABbudget
I will say that AIM Co would probably be able to reduce investment costs by maybe 5 basis points.
Success would then be predicated on AIMCo returning at least the same gross return as ATRF. Doubtful. Highly doubtful. Highly speculative. I will work on an analysis of ATRF returns vs LAPP (managed by AIMCo). Unfortunately, it is complicated by different year ends and the like.
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