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The AB Teacher Pension War Room Profile picture
@yomeeks
Feb 19, 2021 • 7 tweets • 4 min read • Read on X
The Pension War Room™️ passes on this wisdom from the current AIMCO Board Chair. It seems to me he is throwing shade on Travis and @jkenney. Read it and tell me if I am wrong..... #AbLeg #handsoffmypension

bnnbloomberg.ca/mark-wiseman-t…
He starts by recognizing that Canadian pensions are "well managed and safe" especially when compared to the rest of the developing world.

Then the bomb:

"it is vitally important that these plans continue to operate with the independence and strong corporate governance" #ALeg
Independence? That has been established as critical to successful pension funds. I wonder what he thinks about Travis meddling in investment managers for ATRF.....

Strong governance? I wonder what advice he is giving Travis about AIMCO..

Mark tells us:
#AbLeg #handsoffmypension
"The Ontario Teachers’ Pension Plan (OTPP) is what a pension plan with both independence and rigorous corporate governance structures looks like."

Yeah. And Mark well knows the ATRF is modeled directly after OTPP. #AbLeg #handsoffmypension
I agree:
"Canadian governments have, to date, understood that the money in these plans is not theirs to invest or spend, rather it belongs to Canadian beneficiaries and should be managed in a way that safely maximizes the risk adjusted returns for those beneficiaries." #AbLeg
Pension funds can only flourish if they are politically independent. Funny that Travis has turned Alberta pensions into a political issue.

BTW, any day Travis will appoint another member to the AIMCO Board which no longer operates as a pesthouse for unemployed oil execs. #AbLeg
Also implied in this quote is that mini-MAGA governments like AB are starting to are ignoring this going forward.

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
Nov 17
The Pension War Room™️ reviews this AIMCO quote from Bloomberg: "Employees have already told acquaintances they want new jobs, anticipating the province will begin treating the pension manager like a state agency and slash their pay." #Ableg
Yeah, so this is the hidden cost of @NateHornerAB's actions. A ton of employees with very specific skill sets have already sent their resumes out. This are employees who were very difficult to recruit to start with. #AbLeg
Most of the highly specialized skill sets @aimcoinvests don't grow in AB. They are only produced in major financial centers like Toronto, adding another level of complexity.
Read 4 tweets
The AB Teacher Pension War Room Profile picture
Nov 3
This is your daily pension announcement! The Pension War Room™️ would note Jim-Bob Dinning is still a stan for the APP. He was at the Calgary Golf and Country Club while the rest of the UCP were lathering up in Red Deer. #AbLeg
It appears that his message has not changed. Lifeworks/Telus report=The Word of God. Yeah, even the bits he reproduced for handouts at the events had all sorts of warnings from the actuary about "best estimates". #AbLeg
The crowd, though tough to tell from appearances, looked like they **WILL NOT** be depending on CPP/APP for their retirement income. Unlike millions of Canadians who WILL be depending on it. #AbLeg
Read 8 tweets
The AB Teacher Pension War Room Profile picture
Oct 12
This is your daily pension announcement! Smith recruiting private schools to stack the leadership vote shows a level of desperation. She didn't invent this strategy (@jkenney did), but she needs it. #AbLeg
It seems two groups are organizing against her: one group thinks she had the power to stop the prosecution of domestic terrorists. The other is angry she reneged on a promise to cut taxes.
A certain substantial, but as yet unquantified, portion of her party is just angry all the time about everything. The same people that gave Ralph the boot after all he did for 'berta.
Read 4 tweets
The AB Teacher Pension War Room Profile picture
Sep 8
This is your daily pension announcement. The Pension War Room™️ is mildly piqued at the continued operation of @aimcoinvests without a Board Chair. Speculation centers around the UCP trying to appoint a politician and failing (twice) on conflict of interest grounds. #AbLeg
It is well past time that I remind you if you have a DB pension plan the money in that plan IS NOT your employers. It is held, in trust, and cared for by a trustee. That trustee has the fiduciary responsibility to invest wisely and to pay out benefits to you when the time comes.
It's important for me to hammer home this concept in law as we seem to have lots of MLAs and senior civil servants confused about this. Various FOIP requests have provided ample examples of teachers' pensions being referred to as a GOA "program". They are not. #Ableg
Read 5 tweets
The AB Teacher Pension War Room Profile picture
Mar 29
This is your daily pension announcement. The Pension War Room™️ can't believe this needs to be said again. But, after some side comments from some local UCP MLAs, here we go:
1. The GOA is a minority (49%) contributor to the
teachers' retirement plan. #ableg
2. The GOA does **NOT** guarantee pensions. They are guaranteed by the assets in the plan. (There was a guarantee until 1992.)
3. Since the GOA contributes 49%, they appoint half the Board Members to the ATRF Board. #AbLeg
4. The ATRF Board is the trustee with a fiduciary
duty to the plan members. Selecting investment
strategy and **in any normal world** hiring
investment managers is their responsibility. #AbLeg
Read 5 tweets
The AB Teacher Pension War Room Profile picture
Feb 11
This is your daily pension announcement: The Pension War Room™️ is awash in the irony that is the TBA faction of the UCP caucus. Did the slide deck used to convince caucus of DS's latest flaky idea have data from a fake polling firm? I feel the need to know. #AbLeg
We are expecting the @ATRFPension Annual Report (to Aug 23) to come out this week. We will be able to see just how far @aimcoinvests has come to saving us $40 million each and every year. My informed opinion is they have saved teachers $0. Every claim AIMCO made was false. #AbLeg
Here again, for posterity's sake, is the **top level** analysis done by AIMCO and provided to TBF. This really shows two things: AIMCO can't recognize the Mother of All conflicts of interest, and is AIMCO is incapable of calculating a risk adjusted return. #AbLeg Image
Read 7 tweets

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