Thread by @yomeeks

The Pension War Room™️ would like to announce another public appearance at the Standing Committee on Private Members' Public Bills. The meeting starts Monday morning at 8:00 AM, you can get the video link at this page 👇👇👇 #AbLeg #handsoffmypension

assembly.ab.ca/assembly-busin…

If you can't watch live a recording will be available later in the day.

@yomeeks will be doing a stakeholder presentations on Bill 208, Alberta Investment Management Corporation Amendment Act brought forward by @SPhillipsAB. #AbLeg #handsoffmypension

Bill 208 brings forward several changes to the AIMCO Act that are required, if not seriously overdue. It would remove the ability of TBF to issue "directives" to AIMCO. It would require the appointment of Directors to the AIMCO Board from each of the big pension plans. #AbLeg

Directors would be appointed from LAPP, PSPP, SFPP, and, you guessed it, ATRF. This is essential because since the spring of 2019 the legal status of AIMCO and its harem of clients has changed twice. AIMCO governance needs to be updated. #AbLeg #handsoffmypension

It is fundamentally illogical to have a joint pension plan and not have both of the sponsors on the AIMCO Board. BCIMC has a Board that only has a minority of members representing the government. The majority are appointed by the pension plans.#AbLeg #handsoffmypension

The Bill also requires a referendum on the stupidity of leaving CPP. And, if we choose to leave the CPP a referendum on weather we should use AIMCO as an investment manager for the assets. #fail #AbLeg #AIMCOfail

And that Board operates just fine.

BTW, results for 2020 are in. AIMCO is not releasing theirs. LAPP results are bad. I need to quote the press release to do it justice:

#AbLeg #handsoffmypension

"For the whole of 2020, the LAPP fund generated a return of +4.53%, relative to the Plan’s policy benchmark return of +9.46%. The negative alpha of 493 basis points for the last fiscal year represents the largest drop in the fund's relative performance in the previous ten years."

And, it gets worse:

"As of December 31, 2020, the Fund posted a four-year, annualized return (net of fees) of 7.06% underperforming the policy benchmark for the same period of 7.88% by 0.82%." #AbLeg #handsoffmypension

And worse yet:

"As measured by quarter ends, AIMCo has been short of LAPP’s SIPP-specified value-added expectations for 50 consecutive quarters, or 12.5 years." #AbLeg #handsoffmypension

AIMCo has not met LAPP's expectation ever. Think about that.

If you get a chance this weekend, if your MLA is on this committee, let them know how important this Bill is. And let them know that you will be watching.

Mr. Mike Ellis is the Chair. The rest of the Committee members are on the page linked above. #AbLeg #handsoffmypension