Thread by @yomeeks

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

For comparison, LAPP's Annual Report (Pg 9) shows it has not hit benchmark the last 2 out of 4 years. (And this does not include the pandemic as it ends in Dec 2019). Over 10 years LAPP's value add is 0.3% above bench, well short of the 0.8% expectation. #ABLeg #handsoffmypension

Investment costs for ATRF 0.76%. LAPP was 0.7%. Remember when Travis said moving to AIMCO would save $40 million per year? He was wrong. Super wrong. If ATRF is charged the same % as AIMCO is charging LAPP then savings will be $9 million. #ABLeg

$9 million sure isn't $40 million is it? Financial incompetence. And, yet again, I will remind my loyal army that these savings will only be realized if AIMCO performs at the same level as ATRF. #ABLeg #handsoffmypension

Finally, may I remind you don't let Travis compare overall AIMCO results to ATRF. AIMCO invests lots of money that is NOT pensions. It is only reasonable to compare to pension investments. #ABLeg #handsoffmypension