Thread by @yomeeks

This is you daily pension announcement: the celebration edition. Look what was delivered to the pension war room today! The ATRF Annual Report Highlights. Filled with interesting facts and figures. #ABLeg #ABEd #handsoffmypension #noireallymeanit

I am a bit biased. Some nice words are said about me in a couple of spots. (my term on the Board expired last September)

But, I am so proud of the hard work and dedication of all the ATRF employees. #ABLeg

The employees know to their very core that securing the pension promise for teachers is the mission.

So with mixed feelings, I do have to let you know that 50 of the ATRF investment employees will move over to AIMCo in the near future. #ABLeg #handsoffmypension

I want to thank them all for their labour at ATRF. I hope you get to work with teachers' investments at AIMCo.

Wow, we finished this year with a 7.8% return which is 1.4% above benchmark. (Remember LAPP's goal is 1% above bench which they have never earned.)

I also want to straighten out one little misconception. Some people think those 50 investment employees will move to the AIMCo office on Jasper Ave. Not so.

AIMCo runs entire asset classes out of its Toronto office. I would expect some of them would be moved there. #ABLeg

That means @jkenney will keep his title as Alberta's number 1 job killer.

It is impossible to know how many positions will be sent to Toronto. But, if you writing a letter to Travis, Kevin or @nateglubish you should ask how much "Alberta" is in AIMCo. #ABLeg

Speaking of @nateglubish, a delegation of retired teachers went to see him the other day and then made a written situation report to the pension war room. I want to thank them so much. Nate really stepped in it. #ABLeg

@nateglubish's mantra was "fire me in four years if you don't like it." Well Nate, you give us no choice.

Despite the fact that democratic principles are such that you need to give us your platform before, not after, the election. You have given us a bait and switch.

Question for @nateglubish: As our board (ATRF) was comprised of 50% teachers, will AIMCO also be bringing teachers on board to manage our pension?

Well for the first time this government makes a new firm commitment:

"The ATA will be allowed to nominate teachers to the board (AIMCo) but the government will have final say because they want to ensure that the teachers have the skill set required to do this job."

“They should be able to read a financial statement or balance sheet for instance”

Pick me, I have a great deal of investment experience. #hereicomekevin

Also interesting to note that @nateglubish thinks that if the fund under-performs, the taxpayer is on the hook.
No Nate. TEACHERS AND THE TAXPAYERS ARE BOTH ON THE HOOK IF THE FUND UNDERPERFORMS. #ABLeg

Can someone from TBF please go explain that the ATRF has been jointly sponsored since 1938. And, that would mean joint risk sharing. We are in this together teachers 51% and GOA 49% (teachers contribute slightly more than GOA) #helpmehelpnate #ABLeg

Which is why it is a shock that Travis is reeling back the joint sponsorship of LAPP, SFPP, and PSPP. I mean if those plans have no ability to switch investment managers and the fund under-performs, taxpayers alone will foot the bill I bet. #ABLeg

BTW, ATRF 10 year return is now 9.2% (because a low return associated with the payoff of the unfunded liability was knocked off). Nate says that the 9.4% return of AIMCo (even though Kevin was only present for half of that period) is clearly superior.

I can't wait to get AIMCo's new 10 year number, it should be available in a month.

And, have no fear pension army, I will report and analyze it right here on Twitter. #ABLeg

If you are visiting your MLA or writing Travis a letter or run into Kevin at the grocery store please ask them about the transition costs for this move.

They are all pretending the transition costs will be $0. They won't be. They will be in the millions. Many millions.

Complex systems need to be integrated. And, no mistakes can be made when you are dealing with $18 billion dollars.

The war room missive will deal with @nateglubish's feelings on executive pay at AIMCo. #ABLeg