Thread by @yomeeks

This is your daily pension announcement: The Pension War Room™️ is in self-isolation! The good news is that I have several cases of Corona beer purchased at a significant discount. Now I will be able to devote my time to sharing my pension knowledge..... #handsoffmypension #ABLeg

In other news, I am happy to report that Kevin has been appointed to @jkenney's economic recovery panel. Despite impressions that I may have given you he is a pretty smart guy. Not so for some of the other people on the panel. #ABLeg

I would opine that it might be a bit early strike such a panel as we have not reached the bottom of the current decline. The economy is still contracting by the day. And, as @AB_MD_WarRoom, points out so clearly, Shandy is doing his best to cause further economic contraction. #FU

I got my audited cost numbers back from my accountant today. Woah, this ATRF thing is worse than I thought. It all started with the AIMCo business case (Kevin):

"An initial high-level estimate of cost savings indicates that ATRF annual costs could be lowered by 25 bps (~$41M)"

As I have said before this $41 million in annual savings is complete bull💩. Travis is sticking so hard on that number and he is, well, wrong. Kevin pulled that number out of his ass by assuming ATRF costs could be brought to the same costs as LAPP. #ABLeg

That is not the industry standard practice. The correct method to compare costs of a portfolio of different asset classes is to adjust for the diff asset allocation of the two portfolios. This is because some asset classes cost less to invest in (bonds). #ABLeg #cfaanyone

Other asset classes (private equity) cost much more to invest in (and also have a much higher expected return making the increased cost worthwhile).

The ATRF portfolio has more private equity and other high cost assets than the LAPP portfolio. #ABLeg #wrong #fail

So anyone with a CFA would know that they need to equate the asset mixes to compare costs accurately.

So how much money can you save if ATRF had the same asset allocation as LAPP? I will give you a hint.... not $41 million that Travis keeps repeating over and over.... #ABLeg

$21 million. A hair more than half of what Travis says.

I am opposed to fake information being used to make multi-billion dollar decisions. The $21 M will not likely be saved for other reasons that I went into in my previous Tweets. #ABLeg #fail

In fact, after we amortize transition costs into the equation this decision might save $3 or 4 million per year. And, if AIMCo returns even slightly less than ATRF that saving will evaporate.

Kevin's main error is turning over shoddy financial analysis to the GOA. But really, where is Athana (DM of TBF) in all of this? Her job is to make sure her minister is not saying factual incorrect things. She is supposed to support Travis enough.... #fail #ABLeg

...so he doesn't shoot himself in the foot. What is she doing for her ~$300,000 per year. It is damning that TBF has not released any detailed cost saving analysis of this decision. They are still sticking to $41 that is clearly bull💩💩💩💩. #ABLeg #fail

Athana might have told Travis the truth about the cost situation. And, he might have ignored her. All the MLA correspondence that is coming back is going hard on the $41 million projected savings. #fail #ABLeg #handsoffmypension

Which is why @RonOrrMLA and other back benchers are going hard on $41 million. Bill 22 needs to be repealed.

And, how about constituting a panel to answer some simple financial questions. #answerthequestion

Of course, I wish the economic recovery panel the best of luck. I love seeing capitalists go socialist.