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The AB Teacher Pension War Room Profile picture
@yomeeks
Oct 3, 2020 • 5 tweets • 2 min read • Read on X
This is your daily pension announcement. The Pension War Room™️ realizes this might be TL:dr, but you are interested who Travis appointed to the AIMCO Board then read the following. Mr. Kelly was born in Canada but has lived in NY for years and years.

money.cnn.com/2011/11/18/new…
I am not even sure if he is still a Canadian citizen. He left Wachovia (as CFO) just before the financial crisis. Wachovia, of course, imploded during the crisis and shareholder's equity was wiped out. Shareholders included some large pension funds. #ABLeg
Travis consulted none of the AIMCO clients that make up the majority of their business. He keeps acting like the Heritage Fund, in its withered state, is the whale at AIMCO. I am including the article above because Travis likely didn't share a ton of info with his peers. #ABLeg
Kevin is the real winner here. He gets a guy on the Board who once asked for (and nearly got) $20 million per year during the financial crisis while the bank was being bailed out by the US Gov.

So Kevin's $2.8 million pay from last year must seem like chump change. #ABLeg
I have no problem paying people for performance in institutional investing. The problem with the industry is it often pays large amounts of money for sub-par or mediocre performance. #AbLeg

Billions of dollars invested on our behalf and it seems there is little oversight

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
Nov 20
The Pension War Room™️ again brings you this conundrum. Reasons for @NateHornerAB removing the AIMCO Board keep changing! Barb here, definitely has insider access. Read it

Alberta's preference for Stephen Harper was well known within AIMCo, sources say financialpost.com/fp-finance/alb…
To recap: the original reason for destroying @aimcoinvests was cost plus investment performance. We know know that wasn't true in any logical world.

Barb here floats reason #2: that CEO @ewsiddall was a "liberal" or a "Laurentian Elite". #AbLeg
The Stapler (keep in mind he is an idiot) floats reason #3 in the paper today: That the Board and CEO had the audacity to drag the organization into this century with ESG and DEI policies. The former as part of its legal fiduciary duty...
Read 6 tweets
The AB Teacher Pension War Room Profile picture
Nov 19
The Pension War Room™️needs you to read this piece from the G &M. No, I can't link to it.

You may remember Mr. Willis from the original AIMCO conundrum. He is correct in this case, the pension plans bear the consequences of AIMCOs bad decisions. #AbLeg Image
To quote Mr. Willis:
"The day after Mr. Horner marched AIMCo executives out the door, LAPP put out a press release to say that “your pension remains safe and secure.” LAPP executives declined further comment... #AbLeg
...At best, the pension plan’s “safe and secure” line is wishful thinking, as no one knows where AIMCo’s investment performance is headed." #AbLeg

We are still awaiting the other shoe to drop. #AbLeg
Read 4 tweets
The AB Teacher Pension War Room Profile picture
Nov 17
The Pension War Room™️ reviews this AIMCO quote from Bloomberg: "Employees have already told acquaintances they want new jobs, anticipating the province will begin treating the pension manager like a state agency and slash their pay." #Ableg
Yeah, so this is the hidden cost of @NateHornerAB's actions. A ton of employees with very specific skill sets have already sent their resumes out. This are employees who were very difficult to recruit to start with. #AbLeg
Most of the highly specialized skill sets @aimcoinvests don't grow in AB. They are only produced in major financial centers like Toronto, adding another level of complexity.
Read 4 tweets
The AB Teacher Pension War Room Profile picture
Nov 3
This is your daily pension announcement! The Pension War Room™️ would note Jim-Bob Dinning is still a stan for the APP. He was at the Calgary Golf and Country Club while the rest of the UCP were lathering up in Red Deer. #AbLeg
It appears that his message has not changed. Lifeworks/Telus report=The Word of God. Yeah, even the bits he reproduced for handouts at the events had all sorts of warnings from the actuary about "best estimates". #AbLeg
The crowd, though tough to tell from appearances, looked like they **WILL NOT** be depending on CPP/APP for their retirement income. Unlike millions of Canadians who WILL be depending on it. #AbLeg
Read 8 tweets
The AB Teacher Pension War Room Profile picture
Oct 12
This is your daily pension announcement! Smith recruiting private schools to stack the leadership vote shows a level of desperation. She didn't invent this strategy (@jkenney did), but she needs it. #AbLeg
It seems two groups are organizing against her: one group thinks she had the power to stop the prosecution of domestic terrorists. The other is angry she reneged on a promise to cut taxes.
A certain substantial, but as yet unquantified, portion of her party is just angry all the time about everything. The same people that gave Ralph the boot after all he did for 'berta.
Read 4 tweets
The AB Teacher Pension War Room Profile picture
Sep 8
This is your daily pension announcement. The Pension War Room™️ is mildly piqued at the continued operation of @aimcoinvests without a Board Chair. Speculation centers around the UCP trying to appoint a politician and failing (twice) on conflict of interest grounds. #AbLeg
It is well past time that I remind you if you have a DB pension plan the money in that plan IS NOT your employers. It is held, in trust, and cared for by a trustee. That trustee has the fiduciary responsibility to invest wisely and to pay out benefits to you when the time comes.
It's important for me to hammer home this concept in law as we seem to have lots of MLAs and senior civil servants confused about this. Various FOIP requests have provided ample examples of teachers' pensions being referred to as a GOA "program". They are not. #Ableg
Read 5 tweets

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