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12 Mar, 6 tweets, 4 min read
The Pension War Room™️ would like you to know that the ATA and good old yours truly have dropped a lawsuit on Travis. I am proud to be one of the applicants in this legal action. #AbLeg #handsoffmypension
If you want more details, here is the press release from the ATA complete with pdfs of all the important documents. For those interested: fill yer boots! #AbLeg #handsoffmypension

teachers.ab.ca/News%20Room/Is…
The legal arguments are multifaceted. And, likely not to be solved until the SCC gets involved. But, here we are taking an important step. It is my position that Travis has violated both the Teachers' Pension Plan Act and the AIMCO Act in imposing an IMA. #AbLeg #AIMCOfail
The ATRF Board (not Travis) has a statutory and fiduciary obligation to invest the funds collected for the beneficial interest teachers when they retire.

The fiduciary duty is a big deal with much jurisprudence in this area. #AbLeg #handsoffmypension
I have said some pretty disparaging things about Travis. I won't say them again unless you really want me to. But, I will say that he should have paid some heed to the legal risk analysis that was prepared for this whole clusterfuck. #AbLeg #handsoffmypension
It is a good idea to email the PDF of the court application to your MLA. They are likely only getting information from TBF that may be incomplete or just plain wrong.

After all, UCP MLAs insisted (wrongly) that the GOA guarantees pension payments and covers any liabilities. #Ab

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More from @yomeeks

The Pension War Room Profile picture
10 Mar
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."

Ain't that some shit? #AbLeg #handsoffmypension
I laughed my ass off when I read that.
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
Read 5 tweets
The Pension War Room Profile picture
9 Mar
The Pension War Room™️brings you the "you can't handle the truth" edition. You need the truth and not talking points. #AbLeg #handsoffmypension

edmontonjournal.com/news/politics/…
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
Read 5 tweets
The Pension War Room Profile picture
6 Mar
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
Read 11 tweets
The Pension War Room Profile picture
28 Feb
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
Read 8 tweets
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
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

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