Thread by @yomeeks

This is your daily pension announcement: The Pension War Room™️ is on a course to intercept! Take a look at what SFPP has returned. Oh baby not pretty... #ABLeg #AIMCOFAIL

sfpp.ca/page/news

Returning -12.2% in one quarter when the benchmark returns -6.66% is bad real bad. Look Ma, I only lost double what an average manager did!
Of graver concern is the long term performance. It averages to 0.23% of value add (above benchmark) over 12 YEARS. #ABLeg @premiamgmt

Just so you know, pension plan investors have to score substantially above benchmark to earn the million dollar bonus. The return objective, and therefore the compensation threshold, is probably 0.75% above benchmark. This does not come close to that level. #ABLeg

The frequency of which they don't reach benchmark is astonishing. Almost at the point of firing the managers and indexing the lot. #ABLeg

Travis stands in the Legislature and talks about AIMCO overall returns being "stellar" but does not address the pension plan that can only exceed an AIMCO DEFINED benchmark 6 out of 12 years. Not Stellar. #ABLeg

Of course, @ChristinaNDP has introduced Bill 203 The Pension Protection Act to reverse the odious sections of Bill 22. #ABLeg

benefitscanada.com/news/alberta-n…

@jkenney rose in the Leg last week to address this bill (I have tweeted the clip previous). He said a bunch of stuff that was not true, it was actually Fraser Institute talking points. #ABLeg #handsoffmypension

So, I will quote the "Institute" and point to the errors, While wondering where the Deputy Minister of TBF Athana is. It would be her job to ensure politicians are educated on issues before they speak on them. #ABLeg #badatyourjob

To quote the Fraser Institute:
"Specifically, in a defined-benefit pension plan, the employer bears all the financial risk since the employee is guaranteed the benefit. If returns on the pension’s investment fund do not match expectations,

the employer must increase the contributions to the plan to fully fund the guaranteed benefit."

I swear to God this is what @jkenny was quoting. He said returns don't matter to plan members. #ABLeg

The Fraser Institute is the master of the half truth. Take some stuff that is true put it together with something that isn't and voila a truth sandwich.

The "employer bears all the risk" is the lie here. Employees make half the contributions and bear tons of risk.

Tons of risk for low investment returns that @jkenney parrots as no risk at all. The ATRF has been jointly sharing risk since 1938. Teachers make >50% of contributions and bear >50% of the risk. Very similar in the other plans.
#ABLeg #sicburn #iseewhatyoudidthere

The Fraser Institute pretends that public sector employees do not contribute to their retirement savings. #ABLeg

That was only true for the (now defunct) MLA pension plan. Klein killed it because it was a scheme to make every two term MLA a multi-millionaire. #ABLeg

My opinion: The MLA plan wasn't so much a pension plan as a method for MLAs to plunder the public purse under the guise of compensation. #ABLeg