This is your daily pension announcement: The Pension War Room™️ would like you to laugh today. So I bring you a line from a briefing note given to Travis last June 10:
It was a briefing on Bill 203 that sought to undo the travesty of Bill 22. #AbLeg#handoffmypension
I quote:
"There was strong negative reaction to these (Bill 22) changes from pension stakeholders. AIMCO has since reported significant losses, which has fueled this negative reaction."
Of course, Travis is/was blinded by his own ideology. He, like any elected official, should have had some consultation with stakeholders. He did nothing. Travis deserves the truth in his briefing note. So.... #AbLeg#handsoffmypension
The briefing note should be corrected to read that "the strong negative reaction was due to Bill 22 AND the failure to consult any pension partners."
Travis is evidently still ignorant that:
1. this money held in trust is not the GOA's
2. GOA does not guarantee pensions
This is a bit wrong: UCP MLA Whitney Issik cited a Benefits Canada survey that rated LAPP highly FOR PENSION ADMINISTRATION, not investment. FYI pension admin is very important but less sexy than pension investment. #AbLeg#handsoffmypension
She isn't on Twitter, so I will send her an email later. Just so you know, Alberta Pension Services provides pension admin services to LAPP. AIMCO has not met LAPP's investment objective for a single quarter over the last 12.5 years. #AbLeg#handsoffmypension
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
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
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
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
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
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
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
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