This is your daily pension announcement. The Travis goes balls to the wall edition! It has been a busy week in pensions, so I will again dive into the dung heap with an open mouth. First up Mark (AIMCO Chair) makes a statement...#ABLeg #handsoffmypension
aimco.ca/insights/messa…
Read it carefully, because most of what he wrote is true.

"These factors define the success of the Canadian model of pension management." True. But he needs to acknowledge that ATRF had for generations contributed to the success of the Canadian pension model. #ABLeg #AMCOfail
The real humdinger is:
"The terms and conditions included in the Ministerial Orders are in the best interest of both AIMCo and its clients and clearly align interests."

Nope. That is why 0 out of 4 pension plans have signed an agreement. Take that to your MLA. #ABLeg #handsoff
The terms and conditions contained are egregious and irresponsible. They erode the responsibility of ATRF. But AIMCO doesn't give a shit because they knew if they run out the clock Travis will make it law anyway.

Mark knew that Travis is AIMCO's lackey. #ABLeg
Mark should have learned from his predecessor. Stay out of Alberta politics. Getting involved will lead to no good.

These investment management agreements need to be written on a commercially reasonable basis. Which would include the ability to fire them if required. #ABLeg
Take a look at the top secret Ministerial Order again. (Available on the ATA website). Read the part where the unilaterally imposed agreement says that AIMCO's services "should" cost less than private sector managers. #ABLeg #handsoffmypension #AIMCOfail
Should?😠😠😡😡😡 WTF do you mean should?

Take that to your MLA. Travis spent the last year planting his flag on saving $40 million per year in costs. (Which was BS as exp in previous threads.)

This to me is and admission that any costs savings will be small or nonexistent.
Tomorrow, I will talk about the just released ATRF Annual Report. It has good and interesting things in it. #compare

Travis changed the law to foist AIMCO upon us. So it is disingenuous when he says "I am only following the law". #ABLeg #handsoffmypension Do not take that.
Postscript: Also a question for MLAs, why doesn't the AIMCO Board disclose their expenses? In the interest of fairness and disclosure.....

If you go to the ATRF website and click on the "corporate" tab you can find, complete with receipts, the expenses for the Board and execs.
Not so for AIMCO. Zero expenses published. Two similar investment operations, two different standards for spending public funds.

Zero input from their clients. Your MLA should be interested in giving you full disclosure. #ABLeg #handsoffmypension

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More from @yomeeks

17 Jan
The Pension War Room™️ brings you the ATRF annual Report! A glorious day. Download your copy below if you like. A reminder that the year end for ATRF is Aug 31, unlike the other funds. Be cautious making comparisons. #ABLeg #handsoffmypension

atrf.com/corporate/news…
First thing to note: no change in contribution rates for next year. This is good, considering we just came off a decrease last year. In a DB plan the benefit is defined in law, but the cost sure isn't. Keep an eye on costs. #ABLeg
Fund now over $19 billion. Investment return was 5.5%, below a benchmark of 7.3% Not unexpected. Go to the bottom of Pg 93 and you will see this is the first time in 10 years ATRF has been below benchmark. #ABLeg
Read 7 tweets
13 Jan
This is your daily pension announcement! The other shoe has dropped edition. The ATA put out this release today. Loyal Tweeps, you know that the ATRF and AIMCO have been negotiating an Investment Management Agreement (IMA) for the last year. #ABLeg #AIMCO

teachers.ab.ca/News%20Room/Is…
Apparently, negotiations have failed and Travis has imposed an IMA by Ministerial Order on Dec 23.

Merry F***ing Christmas! @schill_dawg essentially calls Kevin a bitch! Read it and see. #ABLeg #AIMCOfail #Christmascameearly
You wouldn't know that it had become law as it isn't listed with all the other Ministerial Orders on the QP website. I didn't think that was legal, to sign an MO and then keep it hidden from people like me. But, oh well. Nobody has ever accused Travis of being a genius. #ABLeg
Read 16 tweets
1 Jan
This is your daily pension announcement: Please remember YYC, the average LAPP pension paid is $18,000. Even at that amount the AstroTurf organizations with secret donors seem concerned. #handsoffmypension #ABLeg
The numbers are in! The pandemic has been good to some people...

To the end of 2020 North American billionaires (661 of them) have profits totaling $1 trillion dollars from the beginning of the pandemic. That is a cool trillion baby! #handsoffmypension #ABLeg
Which again makes me wonder about the abject stupidity of changing Alberta from the lowest corp tax province to the ultra-lowest corp tax province. Corporations pocketed the profit, made some Cayman Island deposits and Bob's your uncle. #ABLeg #Travisfail
Read 4 tweets
30 Dec 20
This is your daily pension announcement: What should the Board of AIMCO look like? For an answer to this question look no further than the report prepared by Bill Moreneau when some tiny pension plans were being amalgamated in ON. #ABLeg
Travis didn't realize he needed a report here before messing with public sector pension plans. He claimed public knowledge of his plans would be "damaging". Why can they do it in ON then? #ABLeg #idiot
To transfer Bill Moreneau's well researched recommendations to AB we would have an AIMCO Board with 11 directors: 6 (including the chair) would be appointed by the GOA, 3 by the clients (LAPP, ATRF etc) and an additional 2 by the plan members (you and me). #ABLeg
Read 5 tweets
29 Dec 20
This is your daily pension announcement: The Pension War Room would like to thank the entire pension army as we get ready to welcome the new year! 🙏🙏🙏🙏🙏

Of course, I am still marinating in a loathsome broth, stuck on poor public policy and accountability. #ABLeg
On that note, I will again take a dip in the stinking, fetid cesspool of Alberta's public finance in the hopes of educating and inspiring. #ABLeg #travisfail

To quote a pension manager:
"In operation however, AIMCo has issues with alignment and dis-economies of scale... "
"As AIMCo has non-pension fund clients, its strategy is aligned more closely with an investment fund (focusing on returns) as opposed to a pension fund manager (focusing on the liabilities)."

VOLTS is one example of a strategy that is not appropriate for pensions. #ABLeg #fail
Read 7 tweets
28 Dec 20
This is your daily pension announcement!

#JasonKenneyTaughtMe to fetishize Fraser Institute reports, no matter how ludicrous they are.

Remember when he was on TV saying the GOA guaranteed your pension? I sure do. #ABLeg #hegotthatfromthefraserinstitute
BTW, public sector pensions are guaranteed by the assets in the bank not by any promises from the @jkenney. (If you doubt this please read the Teachers' Pension Plan Act.)

I think he also said that it was GOA's sole right to appoint an investment manger for ATRF. Wrong. #ABLeg
I wonder how life is for Kevin now. When he looks at himself in the mirror does he wonder why so many plan members hate him? He and Travis together have killed development of a robust institutional investment community with competing, high performing public sector plans. #ABLeg
Read 6 tweets

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