This is your daily pension announcement:
Far be it from me to include this Op Ed from Travis. These tired old talking points don't deserve the light of day again.
I do want to take some of this apart and perhaps speculate about the future. #AbLeg
calgaryherald.com/opinion/column…
Far be it from me to include this Op Ed from Travis. These tired old talking points don't deserve the light of day again.
I do want to take some of this apart and perhaps speculate about the future. #AbLeg
calgaryherald.com/opinion/column…
I do agree that this current pension situation is absolute nonsense. Travis and Alberta Finance are responsible for 99.5% of this nonsense. Are you getting good advice? Or are you ignoring the advice you are given? I don't have enough information to speculate. #handsoffmypension
Allow me to speculate about how this might have happened... Kevin (CEO of AIMCO) a year ago probably knew he was in a bind. After about 10 years of negotiations the public sector plans had been given joint sponsorship (that ATRF already had for generations)
So when Travis says...“It is curious that union leaders whose investments are currently managed by AIMCo would be concerned.”
It is really disingenuous to put that in the paper.
They have spent the last ten years negotiating the right to use other investment managers. You took that away. That is not curious, it is disappointment with a side of justifiable anger. No consultation. No study. No discussion.
Despite furiously writing you letters I don't think that you have even communicated with these Boards since this broke. Travis, that is straight up poor communication. The LAPP Board in particular has not heard from you. And they would like to.
Back to Kevin: he made about $3.4 million dollars last year. Working with people who make more than a million a year is, well, different. For one, you don't make that much money without being an excellent persuasive negotiator.
My speculation is that Kevin was worried all these plans would bail from AIMCo and he would be left with a shriveling organization and a shriveling paycheck. (Executives in this industry have their pay normed to assets under management.)
My estimate would be that the moment it looked like the UCP would be elected and Travis would be Minister of Finance, Kevin probably started a charm offensive (bromance?) with all the bigger is better arguments to force the other public sector plans to remain with AIMCO.
(In my opinion, the Alberta Health and WCB money should have already been with AIMCO.) I think ATRF got swept up in this talk. Being a plan with an 80 year history of joint sponsorship was ignored.
Kevin is the winner here, in my opinion. AIMCO has every investment manger's dream, clients that can't fire them. And, most likely, he gets a bigger paycheck too. AIMCO probably provide information to Travis to help him make this decision...but they have never had access to ATRF
Back to Travis' failure of leadership:
You promised to release the business case for this decision when the legislation was tabled and you did not. Don't think that we have forgotten. Was it written for you by AIMCO? #conflict
You promised to release the business case for this decision when the legislation was tabled and you did not. Don't think that we have forgotten. Was it written for you by AIMCO? #conflict
Never mind the undemocratic rushing of this bill through while your boss was out of town. This bill, like others of its size, should have taken a month or more. #ethics I won't sully Twitter again with the other ethical lapses in this bill.
