Thread by @yomeeks

This is your daily pension announcement: The pension war room is going code red, we are calling in an anger management consultant. First, #repealbill22 is a thing. Teachers please go to this site to deliver a #repealbill22 message to the elected reps:

handsoffmypension.ca

And, if you are a member of LAPP, PSPP or SFPP you may want to email or write your MLA and Travis to express your concerns about the hamstringing of your plans. Ask them why the budget said....

" AIMCo is expected to provide maximum returns to its clients"
#handsoffmypension

Maybe ask your MLA and Travis if they put that in the Budget because, maybe, I don't know...

AIMCO HAS NOT HISTORICALLY PROVIDED MAXIMUM RETURNS?
#kevinisembarrassedaboutthis #ABLeg

Certainly if I was investing with AIMCO I would be entitled to a consultative review (like ON), a risk adjusted rate of return comparison, and representation on the AIMCo Board (like BC)?

Not in the communist dictatorship of Alberta...
#lowestcommondenominator #ABLeg

Good news on the MLA front. The back benches have apparently formed the opinion that this pension stuff has caused too much paperwork for them. Voters have too many questions. As a group they feel there should be no more messing with pensions. #ABLeg

A little bit more pressure and they might just be able to get Travis and Kevin to do a think through on bill 22.

As it should be in a democracy.
#somebodyshitondemocracy #itwasnotme #ABLeg

At the very least they should enshrine the performance expectations for AIMCo in legislation. Everybody needs to know. The axiom is if it is in the budget it should be in a bill... #ABLeg

The reason the other plans (LAPP etc) were given the ability to leave AIMCo was to give them the ability to address average returns and high executive compensation costs. Take a look at the AIMCO private equity portfolio for example. #ABLeg

AIMCO private equity returned between 7% and 8% for the last 4,5, and 6 year periods; ATRF 19% to 23% over the same time periods. Same pattern in infrastructure and real estate. #ABLeg

At least give Kevin some credit. Out of the gate he was talking like AIMCo could improve ATRF returns. In the face of the evidence he shut his yap pretty quick about superior investment returns and now talks about "synergy". #ABLeg

Now Travis is the only one left clinging to that argument in his many replies to voters. I just wish that Kevin would be a little more honest with Leo Kolvakis @PensionPulse.
You remember Leo? I Tweeted about him before... #ABLeg

One potty mouth (not me) tweep referred to him as the AIMCo bootlicker (and ***licker). If you make $3.4 million per annum you are entitled to cheerleaders is how I would put it.
Take a look...

pensionpulse.blogspot.com/2020/01/making…

He does some good things. Like assembling the expert opinions that make it clear that an APP would be a stupid financial decision. My opinion: this would be done for political reasons not financial ones. Leo expands on some of the Quebec experience of the same nature. #ABLeg

Then he quotes me 😀 to disparage me I think. Nowhere does he discuss the AIMCo PE return numbers (above)...but feels he has enough information to say...

"Anyway, I'm done tweeting about these things with people who think they know best, they clearly have an agenda" #ABLeg

Leo is trying to pass me off as some passerby to this train-wreck. He needs to acknowledge that I have 12 years on the ATRF Board, 10 years as Board Chair. And, that have been studying AB public sector plans, including comparative returns, for twice as long as that. #ABLeg

I have an agenda to encourage rigorous adherence to democratic principles and evidence based decision making. Both principles were grievously violated here. I take great pride in the ATRF and the Canadian pension model and am proud to be a part of it. #ABLeg

I don't know why Leo is so opposed to that.

Leo also needs to acknowledge that my "Twitter fight" with him was more about me trying to get him to correct earlier material misstatements he made about ATRF. (I was trying to educate him as I always do.) #ABLeg Go have a look.