Thread by @yomeeks

This is your daily pension announcement: The Truth Will Set You Free, But First It Will Piss You Off!
I will again descend into the vile, stinking, hellish mess that is Alberta pension policy for your education and edification.
First have a read here:

susanonthesoapbox.com

Facts have to matter. The truth has to matter. The air is hot around the AIMCo tragedy, I will try to sort out a few more facts.

I think I heard JK say (yesterday on TV) that public sector pensions are guaranteed by the GOA.

Nope. Not true since the early 1990's. #ABLeg

The GOA guarantee was removed at the same time as the joint sponsorship was contemplated. For the teachers' plan the GOA final started making their required contributions. #itsabouttime #ABLeg

Yesterday JK became a little testy when asked about keeping ATRF assets out of AIMCo as a result of this current situation. He said he was moving ATRF to the same investment manager as ALL the other plans.

True. #ABLeg

But, he neglected to mention that ATRF is the only plan that has been joint since 1939.
Applying democratic principles allows me to conclude that:

If the GOA does not guarantee the plans then they should not dictate to the plans. #ABLeg #handsoffmypension

JK also halfheartedly said that "AIMCo has a good track record."

He is aware that in his October 2019 budget had a statement: "AIMCo will be expected to provide maximum return". (Page 239 if I recall) Read into that what you will. #ABleg #maxfail

What is really messed up is the governance structure of AIMCo. It is the right model for a hedge fund, the wrong model for pension funds investing for worker's retirement.
I will delve into this dung heap tomorrow. ##ABLeg #handsoffmypension