The Pension War Room™️ notes that an incredible number of people from AIMCO are searching my profile on Linked In. At the same time, Linked In is recommending a number of jobs at AIMCO for me to apply to. I am flattered on both counts. #AbLeg#handsoffmypension
But, I think I will let the HR machine at AIMCO replace the Senior VP of Public Equities first. As that position has been empty a long time. Remember, he was fired after the VOLTS fiasco. #AbLeg#handsoffmypension
I have started a website: pensionwarroom.ca Lots of people have been asking me to publish fact sheets and the like. I will do so over the next little bit. I also think it important to have a spot to publish all the legal documents regarding this lawsuit. #AbLeg
I want everyone one to see all the bullshit things Travis is going to say to justify violating the fiduciary role of the ATRF Board. #AbLeg#handsoffmypension
@nateglubish has to feel relieved today. He was the prime candidate for recall. But, @jkenney has punked all of us by making the bar impossibly high for MLA's. So I feel confident in saying that he won't be recalled. Too bad. #AbLeg
If anyone from AIMCO wants to know my position on pension investment issues feel free to call me. Or, message me through Linked In. #handsoffmypension
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This is your daily pension announcement: The Pension War Room™️steps into the toxic sludge that is the Financial Post to fish out some @MarkDWiseman hot takes! Read it and I will unpack the shit takes for you. #AbLeg#handsoffmypension
First, the facts are largely correct in this article. They fail to mention that Travis has a legislative power to issue "directives" to AIMCO. An oversite I am sure. #AbLeg#handsoffmypension
Second, I am glad that he is setting up a committee to look at reputational risk for AIMCO. Their reputation has really taken a beating. I don't think he understands how much his pension clients (80% of assets) hate him and AIMCO. #AbLeg#handsoffmypension
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
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
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
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