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The Pension War Room

18 Dec, 9 tweets, 4 min read

The Pension War Room™️will celebrate throwback Thursday! Remember this witty rejoinder from Travis' Matt. #ABLeg Quote from this article. #fail

edmontonjournal.com/news/politics/…

“Government contributes to each pension plan, and so Alberta taxpayers are partners and have a vested interest in the health of the plans,” said Jerrica Goodwin, press secretary for Finance Minister Travis Toews, in a Wednesday email." #ABLeg

Sure the GOA as a MINORITY CONTRIBUTOR has a vested interest in the plan. Problem is teachers have an interest that has been totally ignored here. What kind of advice are you getting Travis? #ABLeg #AIMCOfail #milburned

What has happened here is we have been forcibly moved from an investment manager jointly owned and managed (ATRF) to an investment manager that is owned exclusively by the GOA (AIMCO). That should give anyone pause. #ABLeg

Not even so much as a "mistakes were made" from Travis. In fact, he has gone out of the way NOT to comment on this issue. Democracy demands more. 40,000 names on a petition? #ABLeg

Another TBT: "Jason Kenney says he will use a referendum to determine if Albertans want their Canada Pension Plan shifted to AIMCo," says Jonathan Teghtmeyer, "why won't he allow teachers to vote on whether they approve the move of their pension funds to AIMCo?" #ABLeg #travis

Teachers need to vote, after all the assets are held in trust for them. It is democratic. We do know how it would turn out. I have heard reports of AIMCO execs being accosted by teachers in the street. Lack of democracy leads to this. #ABLeg

To quote the CBC:
"There have been other changes to AIMCo's executive team since the losses first became public in April. Two other senior leaders left the company in June, and the names of three other executives have disappeared from AIMCo's senior team page on its website."

And...
"This month, the corporation announced a new chief financial officer, new chief risk officer and the promotion of a vice-president of responsible investment."

There will be more turnover as the new CEO is hired and brings in a new team. #ABLeg

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@yomeeks

19 Dec

This is your daily pension announcement: I want to straighten a few details out from the functionaries not the politicians. #AbLeg #travisfail

Re-upping this for commentary that I didn't have time for:

albertapolitics.ca/2020/05/ceos-l…

First, when Kevin chortled in superiority with:

"He also argued “media reporting has dramatically overstated the extent of the losses,” stating that “realized and unrealized losses to date are approximately $2.1 billion..." #ABLeg #AIMCOfail

Kevin and Athana are referencing initial reports of losses that were $4 billion ...revised numbers were "only" $2 billion lost. #stillashitton #fail

Now we find out that original $4 billion came from Kevin's mouth. ($2 billion realized +$2 billion unrealized). #ABLeg

Read 6 tweets

The Pension War Room

@yomeeks

17 Dec

This is your daily pension announcement: Remember this article? It makes me livid to this very day. Especially the part where:

"...Jerrica Goodwin, said government wants to consolidate pension management with AIMCo to achieve "economies of scale."
cbc.ca/news/canada/ed…

That, of course is horse shit. More to the point, doesn't that quote make is seem that Travis is MANAGING the ATRF funds? You know making decisions about where the funds were invested and all? #ABLeg #idiot

I will quote from the Teachers' Pension Plan Act which lays down the law on this topic:
"17
(3) The Board shall
(a) INVEST or lend the assets of a Pension Fund in a manner that is not excluded by the regulations, and"

(caps added)

Read 10 tweets

The Pension War Room

@yomeeks

15 Dec

https://twitter.com/Jantafrench/status/1338526808426233868

So this happened. Copy a song list from Virginia, and this is what you get. I will make a couple comments from my area of expertise (Science Education) about the Guiding Framework for K-12. It is available, Google it. #ABLeg

https://twitter.com/Jantafrench/status/1338526808426233868

Like all guiding documents it is very non-specific. But, if you believe the UCP is trying to drive conservative bias into the K-12 curriculum there are some veritable freeways available. #ABLeg

First, the document recognizes

"Alberta has a world-renowned tradition of educational excellence."

Yes, it does. And that is partially due to the complex, strong and advanced curriculum presently used. The Minister's job should be not to mess it up. #ABLeg

Read 6 tweets

The Pension War Room

@yomeeks

13 Dec

This is your daily pension announcement: The Management Employees Pension Plan edition! Unlike the teachers' plan, MEPP only has one sponsor namely Travis. So he can (and does) make unilateral decisions here. (Fun fact, AIMCO managers used to be members of this plan.) ##ABleg

First important fact, is that it is almost 2021 and they have not yet posted their 2019 Annual Report. Interesting choice. If you were a member of the plan you might want to inquire as to why that is. #ABLeg #travisfail #hidesomething

@premiamgmt

Next, I know this question is on your mind, how badly did the VOLTS debacle affect MEPP? Take a look @premiamgmt it is not pretty. #ABLeg #AIMCOfail

Read 9 tweets

The Pension War Room

@yomeeks

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

@yomeeks

4 Dec

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

Read 4 tweets

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