Thread by @yomeeks

This is your daily pension announcement: Part one, the AIMCO backstory and evaluation of their governance and cost structure. I have got such a rage on today there might be several parts. Bob Ascah's blog is our starting point. #AbLeg #handsoffmypension

abpolecon.ca/2017/03/11/bab…

He remains a Fellow of the Institute for Public Economics after a long career at the University of Alberta, ATB, and the Alberta Treasury. May I remind you now that Travis and AIMCo's current strategy is to hope this mess will die down. #itwont #SpoilerAlert

Now, this blog post is from 2017 so it is a bit dated. Remember the other day when I tweeted about how the ATRF and LAPP moves were supposed to make us more like BC? BCIMC specifically? And, that was 💩💩💩 because retirement funds like BC Teachers can leave BCIMC at anytime?

If you get a chance take a look at the BCIMC Board. Each one of the component plans appoint a director. BC Teachers appoint one, the Public Service Plan appoints one etc.... #talkingoutofyourmouthandass #handsoffmypension

So in the Alberta wave of change...you would think that ATRF would appoint directors to serve on the AIMCo Board. Well, that does not happen. To quote Bob:

"Another key recommendation of the AIMCo paper was that consideration be given to the appointment of representatives from the various public pension plans."

Why you ask?

"Since the rise in investment management expenses has been a drag on returns to pensioners and employees, it would seem reasonable for the Alberta government to follow the example of British Columbia’s Public Sector Pension Plans Act." (...by having the plans appoint directors)

"These persons would represent members with economic interests at stake. Such individuals would likely be more vigilant in ensuring expense levels were scrupulously watched than directors who legislated duty does not take the beneficiaries interests directly into account." #costs

All of this was written before the current Bill 22 clusterf**k.

My worry, from the start, is the pension moves are not motivated by any ability to save money. But, rather political payback to individuals and companies who traditionally donate to right wing candidates.

We certainly see that in this government's board appointing cronyism. Rafi Tahmazian, anybody? #cronycapitalism
Please #DoTheRightThing

BTW, Bob also suggests appointing board members who have a background in math and physics. That is how I got involved with ATRF back in the day. #lovethephysics