Thread by @yomeeks

This is your daily pension update: Doing some lapps edition.
Below you can go and download the just released LAPP Newsletter. One version for actives members and another for retirees. Or, I will save you the trouble and reproduce the naughty bits here.

lapp.ca/page/whats-new…

In the wry observation of a pension war room staff member:
"We received the following info in LAPP News, which until lately had been very reassuring reads!" Until lately indeed!
#ABEd #ABLeg #handsoffmypension

The first naughty bit directly from CEO Chris Brown: "We began 2019 with great expectations because legislation was passed in 2018 to recognize LAPP as a jointly-sponsored pension plan, beginning March 1, 2019."

Yeah, don't anyone hold their breath. #othershoewilldrop

Why would you want this?

"This development finally put LAPP on the same footing as other large public sector plans across Canada, allowing
LAPP to gain independence from government and shifting
decision-making authority to the members and employers
who pay into the Plan."

This would relieve the GOA of substantial financial risk.

"It was an exciting time for the Plan because it took 25
years of persistent effort by LAPP sponsors to get
decision-making authority for the Plan."

Yeah, look, it was not an NDP plot. #goldstandardgovernance

"A significant change is the government’s decision to take
away LAPP’s ability to choose its own investment manager
and pension benefit administrator ... LAPP has now been legislated to use ...(AIMCo) ... permanently, with no ability to replace them if circumstances warrant."

And the next naughty bit: "Other changes include the government having the authority to once again approve appointments to the LAPP Corporation Board."
Does anyone have crony for $5000? Same thing as the ATRF Board?
#petrosexual #monopoly

And the last naughty bit: "LAPP Corporation was reclassified as a government agency and made subject to legislation that covers crown corporations, boards and agencies of government."

Yup. No consultation no process. GOA re-assumes any financial risk of this plan.

So if any LAPP members had hard questions for their elected representative please ask them. Maybe the OAG should look into whether the GOA understood the risks involved? #riskybusiness

If Travis ever meets with the LAPP Board maybe they need to point out the average annual LAPP pension paid is $18,725. Hardly gold plated. Travis has made it clear that he does not want to answer pension questions of any sort. As an elected representative he needs to.