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30 Jan, 6 tweets, 4 min read
This is your daily pension announcement: The Pension War Room™️ watched the Standing Committee on the Heritage Fund with great interest. The transcript and video are available below. You get all the greats: AIMCO Kevin and TBF Athana. #AbLeg #AIMCOfail

assembly.ab.ca/assembly-busin…
Question of the day goes to @SPhillipsAB who asked with a below benchmark 5 year performance, why have we paid out $57 million in pay and performance bonuses to the top 10 AIMCO execs? Performance bonuses for what? #AbLeg #handsoffmypension @premiamgmt
Remember, Heritage Fund 5 year return is 6.8%, well under the benchmark of 7.4%. We could have paid AIMCO managers to stay home for 5 years and we would have done better. #AbLeg
And the absolute performance goal (CPI+450+100) was 7.0%, which was (ahem) not reached either.

Five years is roughly the time that Kevin has been at the helm. Think about that. Hard. #AbLeg #handsoffmypension
At least Kevin had the dignity to resign over this performance. Travis, the man who signed the billion dollar cheques for the KXL giveaway of taxpayer dollars, seems to be in hiding. He seems to think he is entitled to take no questions. #AbLeg
Very soon (my estimate: before the end of Feb 2021) the first assets will me moved to AIMCO. Then teachers will move from riding in a Cadillac to touring in a K-car. I will be here with you the Pension Army, every inch of the way.
#AbLeg #handsoffmypension

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More from @yomeeks

The Pension War Room Profile picture
31 Jan
This is your daily pension announcement. Lots of you have heard back from your MLA with the the statement below👇. This one is from @JasonCoppingAB, but they are all the same. You need to go back at your MLAs HARD because this is some Stalin level disinformation. #AbLeg #abpoli Image
In no particular order I will run through the errors:

1. "the Alberta Government ...holds the liability of the ATRF plan.."

Absolutely, unequivocaly false. Read the Teachers' Pension Plan Act. Any liabilities are paid off 49% by the GOA/51% by the teachers. #AbLeg #abpoli ImageImage
This is a risk shared plan, teachers pick up 51% of the financial risk. This is a benefit to the taxpayers. Not all plans in Canada are risk shared but ATRF sure as hell is.

(even the Fraser Institute admits this) #AbLeg #handsoffmypension
Read 17 tweets
The Pension War Room Profile picture
29 Jan
This is your daily pension announcement: let's see how AIMCO is doing investing the Heritage Savings Trust Fund!
The latest quarterly report is available here. It is about the same size as ATRF. So good comparison. #AbLeg #Spoileralert #handsoffmypension
alberta.ca/heritage-savin…
Q2 for AIMCO returned 2.6% versus a bench of 2.1%. Not bad. The large print on the front page says the six month return is 7.7%. But it does not show the six month benchmark which was 8.8%.

That is sub-optimal performance. The value add is NEGATIVE 1.1% #thatsbad #AbLeg #notgood
What should the value add be:

"In the SIP&G, the Ministry of Treasury Board and Finance expects that the investments held by the Fund will return approximately 100 basis points, or 1% per annum, above the policy benchmark."

1% value add goal #thathurts

#AbLeg #swingandamiss
Read 7 tweets
The Pension War Room Profile picture
23 Jan
This is your daily pension announcement: Great letter to the editor here. Truth bombs getting lobbed at @nateglubish . Pensions are not a gift. They represent deferred wages that are held in trust then paid out when a worker can no longer work. #ABLeg

sherwoodparknews.com/opinion/letter…
UCP MLAs need to look up "fiduciary duty" and "trustee" to understand the role of the ATRF Board. This money does not belong to Travis. A point that he has continually refused to acknowledge. #ABLeg #handsoffmypension
benefitscanada.com/news/alberta-g…
Kevin resigned after he lost $2 billion. @jkenney has lost a comparable amount...the writing is on the wall. (BTW don't believe any final tally on KXL until audited numbers are in. The UCP have made several billion dollar accounting "mistakes" in the past.) #ABLeg #handsoff
Read 4 tweets
The Pension War Room Profile picture
22 Jan
This is your daily pension announcement: Corbella (I don't believe I am amplifying her) provides an almost complete list of UCP mistakes. She forgets the pension takeover debacle. Of course, she only gets so many words. #ABLeg
#handsoffmypension
edmontonjournal.com/opinion/column…
People have super long memories about pension monkey business. Just ask Horner his "pension reform" effort coincided with the end of his political career.

Travis thinks public servants will forget all this.
Not so much. #ABLeg
As well I would like to ask the question, @SPhillipsAB :
Is AIMCO violating the law by not listing Board and exec expenses and receipts on their website? You know like ATRF does? #ABLeg
Read 5 tweets
The Pension War Room Profile picture
19 Jan
The Pension War Room™️brings you this informed and insightful commentary from Dr. Bob Ascah. This is the greatest one article account of the entire sordid affair. #ABLeg #handsoffmypension #Travisfail
abpolecon.ca/2021/01/17/ucp…
"The key point reiterated by the union leaders was the money being managed was not government money but the savings of hundreds of thousands of Alberta public sector workers and retirees."

Take that into your MLA meeting. #ABLeg #handsoffmypension
And,

"Firstly, it seems the UCP government is following its formula of acting in an adversarial manner with public sector workers....Affected parties simply are not consulted." #ABLeg
Read 7 tweets
The Pension War Room Profile picture
19 Jan
This is your daily pension announcement. The Pension War Room™️ is going to DEFCON 2, live lawsuit on the horizon! Ohh boy this will be something.... They quote me as well. Ain't that some shit? #ABLeg #handsoffmypension

edmontonjournal.com/news/politics/…
Let's have a trip to the Supreme Court of Canada, because the nature of the fiduciary duty of the ATRF Board needs to be enforced. No one in the UCP gives a shit. But do remind your MLA how much this is going to cost AB taxpayers. They have legal advice already about this. #ABLeg
The SFPP (municipal police officers pension plan) doesn't even have anything directly to do with the GOA. Municipalities and police officers both make contributions and run the plan. They have been upended into AIMCO as well. #ABLeg #UCPsucks
Read 5 tweets

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