Thread by @yomeeks

This is your daily pension announcement. The Pension War Room™️ has been invited!

"Alberta Legislative Assembly Committee Review of Bill 203: invitation to provide an oral presentation."

The Committee is seeking input from stakeholders...
Monday, July 6, 2020
8:30 a.m.
#ABLeg

I will attend!

Let the truth run free! I love democracy in action.

Am I the only one who finds it ironic that stakeholders are being consulted for Bill 203 which undoes parts of Bill 22? Which no one was consulted on? #ABLeg #democracyishard #handsoffmypension

My focus will be on the joint nature of ATRF since 1938. I will remind everyone that GOA contributes 49% teachers 51% to a plan they just took unilateral action against.
#ABLeg #handsoffmycpp
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The TBF DM (Athana) in the last meeting spent a lot of time saying that joint governance had not been removed. Well, what do you call it then? My view is has been de facto repudiated given the unilateral GOA actions.
#ABLeg

She also seemed to be saying that AIMCO making the benchmark was the goal. Nope. If it was we would lay off all those managers and have one person index the whole lot.

To be engaged in active management is to believe that you can add value above a benchmark. #ABLeg

And, those big phat bonuses paid to AIMCO execs should only be paid at some investment return above benchmark (say 0.70%).

P.S: AIMCO had a slight out-performance in public equities that we now know they got from taking massive amounts of risk. #ABLeg #AIMCOfail

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As well, don't engage in bait and switch when talking returns. They keep talking about the AIMCO overall return.

No one affected by the odious Bill 22 gives a 💩about the overall return.

No, loyal followers, insist that we discuss the LAPP, SFPP, and the PSPP returns. #ABLeg

On that note, if you would like to review Q1 numbers for PSPP they are available here. Note, they are not pretty: -12.96% return versus a benchmark of -7.00. Almost doubled the general financial market loss! #ABLeg #whatanachievement

pspp.ca/page/funding-i…

Athana also seemed to argue that nothing had changed for LAPP, SFPP, and PSPP under Bill 22. Not true. They had been given power to level the playing field when dealing with AIMCO. They need to be able to leave.

Or, be able to appoint AIMCO Board Members. #ABLeg

Coming from BC Athana should be aware of this. BCIMC has been very successful. Individual plans are free to leave and appoint board members.

What would Peter Milburn do? #milburned
#ABLeg

I want to finish today with a shout out to @lhaukmee! As the primary Pension War Room™️ staffer she has worked it like a rented mule. #ABLeg #handsoffmycpp

Thank you.