Thread by @yomeeks

This is your daily pension announcement: I live to quarantine edition! Well pension army, time for a stroll down memory lane... back in 1992 an agreement was struck to deal with the teachers' pension plan unfunded liability. #ABLeg #handsoffmypension

The primary cause of that UFL was the GOA not making (the required) contributions to the plan and instead kicking the can down the road by funding benefits much later. Teachers (being a joint plan) negotiated to pick up 1/3 of the cost. That cost was 1.6% of pay. #ABLeg #notgood

Imagine the shock of teachers when not more than two years later they learn that the UFL had been seriously underestimated. So UFL contributions went up by 100% to 3.2% of every pay cheque. #ABLeg

I would suggest that it was poor financial analysis to come up with a 70 year projection that needs to be corrected after the first 2 years. Corrected by 100%. As in it needs to be doubled. #ABLeg #fail

Now we have our very own team tripod of Travis, Kevin and Athana who are trying to repeat history. Travis says $41 million will be saved but does no weighted cost determination. Kevin apparently can't calculate a risk adjusted rate of return comparison. #ABleg

And Athana keeps insisting that investment cost is the only discussion point, not the net investment return after costs. Then she sends all of this shoddy financial analysis out to Peter Milburn in BC for him to rubber stamp it. #ABLeg #handsoffmypension

I think that by underestimating the UFL cost that the GOA made it more palatable for teachers. I think team tripod is overstating the savings of the AIMCO takeover to make it more palatable. Can't we just have truth in financial analysis? #ABleg