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4 Dec, 4 tweets, 2 min read
This is your daily pension announcement:
Remember when Travis was shit talking public sector pensions?

“Public service pensions are paid for by Alberta taxpayers."

He neglected to mention that GOA makes less than half the contributions. #ABLeg
He also failed to mention that, in the case of teachers, GOA didn't even make their contributions from 1957 to 1992. Contributions they were legally obligated to make, I might add.

Travis was clearly unaware of these facts. I hope he has learned from this experience. #ABLeg
He also neglected to opine as to why forcing the pension plans to use an under-performing investment manager was a good idea.

It would be great if some teachers could write to him and ask these questions as he refuses to be interviewed on this topic. #ABLeg
Just thought I would share that I never knew it would be so hard to get answers from public officials in a democracy.
I think TBF is still paying a guy to print my Tweets and put them in a binder for Travis.

#ABLeg

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More from @yomeeks

The Pension War Room Profile picture
6 Dec
This is your daily pension announcement. The SFPP edition! I will include some comments about this pension plan, some of the comments are mine some are not.

SFPP you will remember is the pension plan that covers municipal police officers (ie. not RCMP) across AB. #ABLeg
Data from 2019 suggests that Alberta’s public sector pension plans make up 10.79% of the active workforce. Not "a small number" as put by Travis.
#ABLeg
Travis sez "economies of scale":
SFPP (like many plans) is administered by the provincial pension administrator, Alberta Pensions Services Corporation. SFPP’s administration cost per member is $235. ATRF is self-administered at $84 per member, and UAPP @ $124 per member. #ABLeg.
Read 16 tweets
The Pension War Room Profile picture
28 Nov
This is your daily pension announcement! The I'm sure nobody will want this job now edition. So many things going on....

First, the intrepid Leanna Orr reports on the departure of Kevin. #AbLeg

Just read her description of the modern Alberta hellscape

institutionalinvestor.com/article/b1pbkk…
"Alberta Investment Management Corp. CEO Kevin Uebelein is on his way out, having led the public fund as it lost billions on wayward volatility trades and became the center of bitter political battles between the province’s far-right government and its own unionized clients."
No one has encapsulated so much with so few words. Even to generally right leaning institutional investors our good ol' 'berta qualifies as a far-right govt.

As I have previously opined, Kevin's major error was putting himself at the center of a political decision. #ABLeg
Read 8 tweets
The Pension War Room Profile picture
27 Nov
This is your daily pension announcement, the Alberta Fiscal Update edition! As you probably well know, Travis provided the Fiscal update available below. TL:dr is okay, I will bring you the naughty bits. #ABLeg
open.alberta.ca/publications/6…
First, from the update Travis opines:

"Government obligations for pension plan liabilities are $415 million lower, mainly from improved valuations for the two Teachers’ Pension Plans. Other liabilities have decreased $567 million."

#ABLeg
That's right, great investment returns from ATRF have made Travis $415 million. That should give any Minister of Finance pause. Like don't move the management over to AIMCO kind of pause. Travis is in a financial bind and is turning his nose up at future cash. #ABLeg #idiot
Read 11 tweets
The Pension War Room Profile picture
20 Nov
The Pension War Room™️ is relieved. After all, I have referred to Kevin as "dead man walking" for some time now. Glad the lawyers involved could get this done. A couple of thoughts: #ABLeg

theglobeandmail.com/business/artic…
First, don't worry about Kevin, he will be fine. He currently is mid-contract so the the severance payment is likely to be in the millions. He made $2.8 mil last year and $3.5 mil the year before that. #ABLeg
If Travis gives you some absurdly low number for this severance payment, don't believe him. (often people don't include accrued LTIP payouts in severance calc)

See Doug Ford for examples.

#ABLeg
Read 10 tweets
The Pension War Room Profile picture
13 Nov
The Pension War Room™️ would like to note some whoppers about public sector pay are being passed around. #AbLeg

I wanted to provide this older (2014) critique of the Fraser Institute. It mirrors my own comments on this topic.
albertapolitics.ca/2014/08/the-re…
The materially unreliable Fraser Institute seeps into everything from Gunter's column in the Edmonton Sun ("public sector employees should be happy with pay cut") to GOA reports. He quotes some stats, I think they were from the Fraser Institute. He doesn't say. #ABLeg
Heck even the KPMG in the MacKinnon report quotes Fraser.

My point is garbage in=garbage out. In their free market zeal enforced by their corporate overlords they make few (if any) data supported conclusions. #ABLeg
Read 7 tweets
The Pension War Room Profile picture
11 Nov
The Pension War Room wants you to know that Drew Barnes is an idiot in the same vein as Trump; populist economic policy combined with a healthy dose of xenophobia. This is a paid ad gussied up to look like a national post article. #ABLeg
nationalpost.com/sponsored/news…
This is the new thing in print "journalism". The @nationalpost will print anything for money and have no qualms about passing it off as an article.

This advertisement-article was paid for by a PAC that was set up to skirt political financing law in AB. #ABLeg
It returns to @jkenney favorite, and,as yet unstudied desire to withdraw from CPP and form an APP.
The errors are many, but considering that we are currently paying millions to have this stupid idea researched, Drew is really tipping his hand here. #ABLeg
Read 13 tweets

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