Thread by @yomeeks

This is your daily pension announcement: The Pension War Room™️ attends the Heritage Savings Trust Fund annual meeting. Well, attended virtually because of COVID. If you want to watch it the recording is below. See Kevin stick-handle! #ABLeg

assemblyonline.assembly.ab.ca/Harmony/en/Pow…

The teachers' pension fund came up repeatedly during the meeting, and many thanks to the teachers who submitted questions.

Even though Travis will no longer publicly answer questions about this, it is still a huge issue. #milburned #ABLeg

Watch Kevin in action and you can see if the $2.8 million we paid him was worth it ($3.4 million the year before).

Dale MacMaster the Chief Investment Officer was there as well ($2.9 million last year, $3.5 million the year before).

Dale makes more than Kevin. #ABLeg #nono

As you would expect, lots of rah, rah AIMCO stuff. If I may bring your attention to....

They started by saying 90% of AIMCO staff live in Edmonton. This lets you know that AIMCO supports JK's pipe dream to leave the CPP and bring assets to good old 'berta. #ABLeg

The question to ask though is how many AIMCO executives live in AB? I don't know about presently, but in the past there were execs whose families and houses remained in Toronto and they "commuted" to AIMCO in Edmonton. #ABLeg

Question of the night goes to UCP MLA Jason Stephan (see it 20 min before the end of the video). He asks the question along the lines of- if you can't add value above the benchmark why don't you use index products to at least hit benchmark. #ABLeg

Kevin admitted that they are working on creating index products for their clients, a far cry from rah rah AIMCO.

With respect to the subsuming of the ATRF investments, Kevin repeated his oft made assertion that "if we do this right this will benefit all parties." #ABLeg

I would agree, but Kevin and I differ on the relative probability of AIMCO "doing this right". He seems to believe it is >50% and I think <50%. #ABLeg

AIMCo should have a mandate to manage assets "where value exsists". Not where they cost more and return less.

Kevin's best bit is when he says that AIMCO is the best because, well, look at all these other plans like LAPP and SFPP that are in an excellent funded position.

They are in great funded position only because of the hard work and dedication of the pension plan boards.

The LAPP organization itself is responsible for funded position and setting the contribution rate to support the funding of the plan. AIMCO has never made the return required (0.85% above bench I think). Ever. So the LAPP Board has had to cover that through contribution rate.

So AIMCO taking credit for the funded position of the plans denigrates the hard work and dedication of the pension plan boards in managing their liabilities.

AIMCO IS NOT A PENSION MANAGER THEY ARE AN INVESTMENT MANAGER. #ABLeg

Mark Smith UCP MLA for Drayton Valley, a teacher of 30 years, asked a question about investment products for ATRF.

While I applaud the question, the answer from Kevin stated that "teachers had anxiety" about the hijacking. #ABLeg

That is a material misstatement. Teachers are pissed. Angry. Enraged. And they aren't outraged because of the asset mix AIMCO will use. Teachers understand that the ATRF Board remains in control of the overall asset mix. #ABLeg

Teachers' rage flows from having no influence or control over AIMCO, AIMCO's track record, and the arbitrary ideologically driven nature of the GOA's action in this case. The GOA which, may I remind you, is a minority contributor to the plan. #ABLeg

And it isn't just teachers. Members of LAPP, MEPP, PSPP and SFPP are not happy either. They were forced to use AIMCO in perpetuity as well.

AIMCO often opines that the GOA is its sole shareholder. Think about that then go look at BCIMC. #milburned #ABLeg

Kevin, just once, acknowledge the shotgun nature of your relationship with all the Alberta pension plans. #ABLeg