This is your daily pension announcement: The Pension War Room™️is sifting for nuggets in the giant litter box that is the provincial budget! First, we have Dr. Bob, giving us a detailed breakdown of the budget. #AbLeg #handsoffmypension

abpolecon.ca/2021/02/26/bud…
As well I would remind you of the many shortcomings of the MacKinnon report. She refused to use Saskatchewan as a a comparator whose cost of government per capita is very comparable to AB. Even after her round of closing hospitals across SK. #AbLeg
Equally vexing is her inclusion of the the pre-1992 pension liability in teacher's compensation. This under-funding arose from the GOA did not make timely contributions THAT THEY WERE LEGALLY OBLIGATED TO MAKE FROM 1957 TO 1992. #AbLeg #handsoffmypension
Instead the GOA "guaranteed" the pensions instead of living up to their obligation. Sounds like a bad IOU. Two salient facts remain unexplored:
1. the 2008 agreement where the GOA took over all pre-1992 was a negotiated agreement. A quid pro quo where teachers...
gave up some things in order to secure a solution.

2. It was the GOA's bad behavior over generations that caused this mess.

Get this, now in 2021 every teacher is to have an accounting amount added to their comp because the GOA didn't make timely contributions in the 1970's.
That is a twisted trail of faulty logic. Right up there with MacKinnon refusing to examine cost of living as a source of disparity.

Her chart in the report shows clearly ON teachers make more, with recent settlements BC teachers (I think) do to. She failed to provide data for PQ
But her worst error of omission is her (I believe intentional) omission of teacher's working conditions. She opines at length about nurse's contractual details. Could this be because teachers elsewhere have strict class size and hour limits? #AbLeg
Provisions that are far lower than the custom here in AB.

Teachers are angry about the UCP pension monkey business because they have institutional memory of the pre-1992 shit show. Had Travis hired a deputy from AB (not BC) he might have been briefed on this.
#handsoffmypenion

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More from @yomeeks

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
25 Feb
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
Read 6 tweets
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
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
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
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

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