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25 Feb, 6 tweets, 4 min read
This is your daily pension announcement: The Pension War Room™️notes imminent legal action!

Lots of UCP MLAs are expressing concerns at the number of teachers going at them. Keep at it! Remind them that @MarkDWiseman thinks it is a bad idea to politicize pensions! #AbLeg
They all seem to be coming back with the same thing: one investment operation will cost less than two. That is wrong on several counts. Investment operations don't follow the same economics as 7-Eleven stores. #AbLeg #handsoffmypension
But the real "go back to your MLA" question is why do you think you can make arbitrary decisions about money in a plan that the GOA is only a 49% partner in? Really? Joint plan since 1938 and the GOA has veto? #AbLeg What planet are you on? #uranus
Had that been the GOA's intention they could have had a sit down with the ATA. Bill 22 could have read "...must use AIMCO where value exsists...." which would have been fine. #AbLeg #handsoffmypension
So please get back in there with your MLA and ask them if the GOA will cover any plan liabilities. (spoiler alert, they won't) As well, ask them if the GOA guarantees your pension (spoiler alert, they don't). Then ask them why they are politicizing them. #AbLeg #handsoffmypension
Mark Wiseman (AIMCO Chair) just made a strong public statement against politicization of public pensions. I have to think that is directed at @jkenney and the CPP and ATRF. #AbLeg Happy budget day! It comes out at 3:15pm! I have heard some bad things...... #AbLeg

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More from @yomeeks

The Pension War Room Profile picture
26 Feb
The Pension War Room brings the budget edition! A couple of observations:

First, there is less Trudeau bashing than the last fiscal update. It wasn't a good look. So good to see a slight improvement here. #AbLeg #handsoffmypension
That stuff has no place in these docs. Grow up.
Second, in the "garbage in, garbage out category" we have a regurgitation of MacKinnon:
"MacKinnon found that Alberta has a lower cost of living (measured by a comparison of provincial taxes and utilities in key cities in each of the provinces) ...." #AbLeg
So MacKinnon ignored every other economist on Earth that would use a basket of goods and services to measure cost of living. (food+rent+transportation, for example) She instead said (low)taxes+(low)utilities=cost of living

Voila, we have a low cost of living in AB. #AbLeg
Read 8 tweets
The Pension War Room Profile picture
21 Feb
This is your daily pension announcement. The Pension War Room™️ recognizes that the GOA budget is imminent. Ah... remembering MacKinnon it has been so long since so little was done. #AbLeg #handsoffmypension

afl.org/don_t_believe_…
Remember that Travis, in his last fiscal update said something to the effect of: "AB spends a bit more than BC per capita on education, therefore education is well funded in AB". Travis loves to start a sentence with something that is true then veer off from there... #AbLeg #fail
The truth is that BC spends the least in Canada, AB the next lowest. AB would have the lowest spending if they did not generously support private schools and busing. #AbLeg #handsoffmypension
Read 6 tweets
The Pension War Room Profile picture
19 Feb
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
Read 7 tweets
The Pension War Room Profile picture
18 Feb
This is your daily pension announcement! Management Employees' Pension Plan (MEPP) has their 2019 Annual Report available. AIMCO earned return: 12.5% against a benchmark of 13.3%. Not good. Bonuses should never be paid for below benchmark performance. #AbLeg @premiamgmt #fail
Not a big problem for MEPP, after all, they are 120% funded. Interesting to note that AIMCO charged MEPP 80 bps in costs. ATRF last year had investment costs of 76 bps, Travis tell me again how Bill 22 is going to save money... @AbLeg #handsoffmypension
@JasonCoppingAB has not replied to my email about the errors he was making about pensions. MEPP is a good example of a single sponsor (ie not joint) plan. Travis is the sole authority for the plan and is responsible for deficiencies. It is also fairly small ~$5 billion. #AbLeg
Read 5 tweets
The Pension War Room Profile picture
14 Feb
This is your daily pension announcement! Not feeling the love today edition. I want to just remind we still have no reliable answer as to how many billions went down the toilet🚽 with KXL. #AbLeg #handsoffmypension
Our pension topic of the day is about MLAs wrongly telling AB that the GOA is responsible for any deficiency in public sector pension plans. Some plans are like that, not the major AB public sector plans though. #handsoffmypension
Joint (or risk shared) plans like ATRF split the liabilities between the GOA and the teachers. Which is only fair that it mirrors contributions. And these liabilities are paid off in a 15 year time period max. #AbLeg #handsoffmypension
Read 7 tweets
The Pension War Room Profile picture
11 Feb
This is your daily pension announcement: The ATRF is dropping the truth munitions! Check this shit out. Can you say boom?💣💣💣 When they say "public statements" they mean the incorrect MLA statements. #AbLeg #handsoffmypension

atrf.com/teacher/news/c…
This is a new low for democracy. Elected officials saying things that are flat out wrong ("the GOA guarantees your pension!") or injurious to taxpayers ("the GOA assumes all unfunded liabilities!). #handsoffmypension #AbLeg
The MLAs have corrected their press lines, but not (to my knowledge) issued any retractions.

So to clarify: AIMCO broke off negotiations in November.

AIMCO is insisting on the clause that does not give ATRF full decision making control.🤮🤮

#somebullshithere #AbLeg #handsof
Read 9 tweets

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