This is your daily pension announcement: LAPP laying the smack on Franco "the Turd" Terrazzano. Take a good read. This has more to do with Calgary politics than anything else...#ABLeg #donttakethebait

calgarysun.com/opinion/column…
If Franco had any cajones at all he woulds spend his time asking why AIMCO has two long term incentive programs (LTIP and Special LTIP). One incentive is not enough! And , he would ask the question why the compensation disclosure is incomplete in this regard. #ABLeg
Franco's motives are not hard to discern. He won't comment on the upper reaches of AIMCO because they have some hardcore UCP supporters in residence. The overlords are present here, trying to influence the Calgary election. #ABLeg
Supplementary retirement plans (pronounced "Serp") are common features in for most employees public or private earning more than the pension max (about $160,000). Including AIMCO employees. So acting like a Serp is something new and only in the city of Calgary is ridiculous.
A pension that averages $18,000 per year is hardly a golden ticket. Nor is having your employer contribute to your pension during your working life. Franco and that other guy need to look at the people who are earning millions during the pandemic. #ABLeg

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with The Pension War Room

The Pension War Room Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @yomeeks

22 Dec
This is your daily pension announcement! AIMCO is looking for a new Board Member! I am hoping they get someone who can ask the question: "Which one of our current investment strategies is NOT covered by our risk system?"
#ABLeg #funnynotfunny

alberta.ca/public-agency-…
But seriously, the person has probably already been chosen. Probably an associate of Mark Wiseman and Bob Kelly as they seek to consolidate some power on the Board. #ABLeg
Please note that AIMCO can (and I believe does) hold Board meetings in Toronto. Since most of the directors live there.

Remember that next time Athana and Travis talks about bringing assets "home" to Alberta. #ABLeg
Read 8 tweets
22 Dec
This is your second daily pension announcement! Remember when Travis said that AIMCO will save beaucoup dollars due to economies of scale? I sure do.
The AIMCO "business case" claims costs will come in below 50 bps when ATRF is subsumed. #ABLeg #bullshit #travissucks
For comparison we should use CPPIB which is roughly 4 times larger than AIMCO ($410 bil vs $103 bil). Being larger with roughly the same investment operation it should have lower costs.....

...but it doesn't. Costs for CPPIB right around 90 bps. #ABLeg
That's right. Cost is roughly double. So much for economies of scale.

(This was predicted by academic research that shows dis-economies of scale kick in above $100 billion. Thank Bill Morneau for the research.)
Read 9 tweets
20 Dec
This is your daily pension announcement. The Pension War Room™️ brings you the quotes from Travis Xmas gift edition! He may not be publicly answering questions but I have been given a few of his replies to constituents. #ABLeg
By all means continue to write to Travis. He hates it.
To quote:
"Government believes that having ATRF’s assets managed
by AIMCo will benefit ATRF significantly in the long-term."

Yes, he really said that.

What the GOA believes is irrelevant. ATRF is the trustee of the funds.
@jkenney said this too in a TV clip. He believes it is the GOA's sole prerogative to decide on investment manager. The pair of them need to read the Teachers' Pension Plan Act where the ATRF Board is appointed as the manager. #ABLeg
Read 14 tweets
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
18 Dec
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
Read 9 tweets
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

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!