Greg Meeker Profile picture
11 Oct, 10 tweets, 4 min read
The Pension War Room™️ brings you the advice that was given to Travis on the CPP! Since all this RCMP stuff is hitting the fan, I gotta pile on. Nobody wants an Alberta Pension Plan to replace CPP. #ABLeg

Especially since it would cost more. Lots more.
Travis was given advice on withdrawing from CPP on Sept 18, 2019. It read in part:

"The ability to pool risks associated with longevity, mortality, and investment, which are an advantageous feature associated with funding defined benefit pension plans,..."
"...would be considerably smaller under an Alberta Pension Plan."

In other words, withdrawing from CPP would be a risky financial proposition. #ABLeg #dontpullout
"Consequently, the diminished risk pool of an Alberta Pension Plan is more likely to create contribution volatility relative to the CPP."

Read that as we will need to jack up contribution rates. #ABLeg
"Additional and significant actuarial analysis would be required to determine the contribution rates that would be required to fund benefits under an Alberta Pension Plan."

We would have to jack rates up so much that, well, we don't even know how much. #ABLeg
This whole thing started with some stupid Fraser Institute report. Remember them as the free market pushers who actively solicited payments from the tobacco industry and then argued smoking was not bad for you and second hand smoke was actually helpful. #ABLeg
@jkenney does seem to get all his talking points from Fraser. Someone will have to put together the definitive thread of the history of the Fraser Institute climate change denial. #ABLeg
In the same report to Travis, a chart is provided which shows:
"On, average Alberta has the highest weekly earning of all the provinces."
Which is kinda funny because MacKinnon argues we should have had the lowest paid public servants. #ABLeg
And, finally with one more quote from Travis:
"The current Chair of the Board of Directors of the BCIMC (Mr. Peter Milburn) reviewed AIMCo’s business case and determined that the processes used and conclusions reached in the business case were reasonable." #ABLeg #milburned
I am still waiting for Milburn's written opinion.

In other news, ATRF annual investment return will be out soon (they have Aug 31 year end). I will be excited to see what a non-VOLTS portfolio returned through COVID. #ABLeg

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More from @yomeeks

12 Oct
The Pension War Room™️ wonders why Travis would put his foot in his mouth again? Shandy? Shandy? Where are you little buddy? Travis is stealing your level of stupid. #ABLeg…
Ever get the feeling that all this Western alienation talk is really politicians living in the past trying to deal with the NEP?

Why does Travis have a typo in his press release? Don't we pay the communications people enough? #ABLeg
So many questions, so little time.

In a free market economy the government only has very limited influence over the economy. Things like commodity prices and structural revolution in the economy..... #ABLeg
Read 4 tweets
3 Oct
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.…
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
Read 5 tweets
2 Oct
This is your daily pension announcement: Rob Anders and his pension! Wow. The problem with the far right is they benefit from roads, hospitals and national defense but believe they don't need to pay for it. #ABLeg #TaxationIsTheft…
He hasn't been found guilty of anything yet (other than being the worst MP ever). Who shit talks Nelson Mandela? Rob Anders does.

Early in his career Rob castigated the MP "pension" plan. Later in his career I believe that he felt entitled to it. #ABLeg
This is where @jkenney gets his wrong headed info about defined benefit pension plans. The MP plan is the worst example. Remember, public sector DB plans generally have 50/50 employee/employer contributions.

Before 2016 the MP plan had a 96%/4% contribution split. #ABLeg
Read 8 tweets
27 Sep
This is your daily pension announcement: The Pension War Room™️ declares it nonperformance day! LAPP Q2 results are out and they speak for themselves. Less than benchmark for Q2, YTD, 1 year, and 4 year. #ABLeg #AIMCOfail #milburned Image
The organization with the highest executive salaries seems to receive the least scrutiny. I wonder why that is?

This is perfectly predictable as the value add for the last five years was lost with the VOLTS debacle. #ABLeg
The GOA seems to have repudiated joint governance. Next time (and there will be a next time) unexpected losses mount the plans should charge them to the GOA.

After all we are forced to use their investment manager. #ABLeg #riskexposure
Read 4 tweets
19 Sep
This is your daily pension announcement: The Pension War Room™️ is in "I told you so" mode. Much to our chagrin. Take a look at the quote below from the inquest into the VOLTS debacle at AIMCO. This is what @ChristinaNDP and @SPhillipsAB were getting at... #ABLeg
That quote is from the scope of the inquest saying compensation needs to be looked at as being a cause of the VOLTS losses.

Yet in all the recommendations, compensation is never mentioned. Never in the positive ("AIMCO's bonus structure is fine") ...#ABLeg
and never in the negative ("AIMCO's bonus structure incentivized dangerous risk taking by individuals hoping to earn their next big bonus.")

And, to be clear, we got no clear answer from AIMCO in the Standing Committee meeting. #ABLeg #wherewaskevin
Read 16 tweets
16 Sep
This is your daily pension announcement: The Pension War Room™️ would note that Kevin as CEO and highest paid GOA employee could not even show up to the most newsworthy Heritage Fund Committee meeting ever. #ABLeg
Without any sense of irony, AIMCO presented a quarterly that showed AIMCO investment costs to be 0.80% per annum. Here is the graph from the AIMCO business case... #ABLeg #lie #fail #milburned Image
It shows AIMCO reducing costs of ATRF investments from 0.84% to about 0.50%. If AIMCO invests the Heritage Fund for 0.80%, hey they lied, and AIMCO won't save shit. #AbLeg

Decisions like these require careful study by financially competent people. #ABLeg #notinbertatheydont
Read 6 tweets

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