Thread by @yomeeks

This is your daily pension announcement: The Globe and Mail is a giant murder hornet in AIMCO's butt cheek edition. Sic burns🔥🔥🔥🔥 ahead! #ABLeg @jkenney

theglobeandmail.com/opinion/articl…

Max does a great job of reminding us that we really need pension help for the teachers and ALL the other provincial plans. His theme is that Travis through his Bill 22 pandering has only made a bad situation worse. #ABLeg #handsoffmypension #AIMCOfail

So, I will jump into this dumpster fire of lies for your edification, as it is my solemn duty.

Lie number one: "...UCP government’s belief that, as Finance Minister Travis Toews wrote in a November op-ed, AIMCo “regularly achieves spectacular investment performance.”" #ABLeg

As I said at the time, this is easily disprovable by calculating a risk adjusted rate of return for the last 4 or 5 years. Travis and Athana (it is her job to equip Travis with facts) couldn't be bothered to look.

Now it has come to this. #ABLeg #AIMCOfail

Another sic burn🔥: " AIMCo hasn’t been as successful as Mr. Toews let on" No shit. In fact, that is why I am so frustrated. This should be based on facts and no facts are involved thanks to AIMCO's conflicted and deficient business case. #ABLeg #AIMCOfail #truthiness

That is why Travis has engaged in a campaign of truthiness. He continually says things that might sound true, but are not. The more he says that AIMCO will save teachers $20 mil the more it sounds true. I can assure you it is not. #ABLeg #AIMCOfail

BTW if you saved $20 mil per year it would take 200 years to pay back a $2 billion loss.

But you wouldn't know anything because Travis has gone MIA despite this being his problem. #ABLeg #whereistravis

Max goes back to performance:
"Over the past four years, AIMCo has only beat its benchmark by an average of 0.38 per cent a year – far less than the stated expectation of 0.85 per cent."

For comparison ATRF has returned 0.8% above bench over the last 4 years. #ATRF #better

Just so you know: at 0.38% over benchmark no AIMCO exec should be getting a bonus.
Instead everyone seems to get a bonus all the time!!! (Read the compensation disclosure in the annual reports, it will make you weep.)

#ABLeg #handsoffmypension

(Naughty bit here: AIMCO's predecessor at AB Finance earned 0.66% over benchmark during its life. AIMCO was created to better that mark.) #ABLeg

"Teachers were outraged by the decision, not least because, as the Alberta Teachers’ Association noted, the ATRF had outperformed the AIMCo-managed LAPP by an annual average of 1.5 per cent over the past six years."

Yeah that hurts. #youhavegottobekiddingme #WTF

And everybody's favorite punching bag Nate Glubish was even quoted:
“While both AIMCo and the ATRF have achieved good investment returns in the past, AIMCo benefits from having more assets under management,” UCP MLA Nate Glubish wrote in a recent op-ed." #ABLeg #yourmomisproud

And, of course the article finishes by pointing out the gaping flaw in Nate's arguement:

"Mr. Glubish is probably right about AIMCo benefiting from having more assets under management, but that’s not really the point here. " #ABLeg #recallnate

"Unless AIMCo can offer up some actual proof that giving it more money will help the people who the money actually belongs to, ... AB’s teachers should be allowed to keep their pension funds where they are where they’ve earned a higher return than ... under AIMCo’s supervision."

If you wanted to prove these pension moves had any benefit for the people the money belongs to, you would hire Aon Canada to come and study this issue in detail.

I have now spent a little over six months screaming at the computer every night. #ABLeg #fail #WTF

Travis really needs to look in the mirror here. It is time he demanded some accountability from AIMCO and the invisible forces that were pushing him into this decision.

Travis never campaigned on this. Ever. #ABLeg #letthatsinkin