Thread by @yomeeks

The Pension War Room™️must work hard to get through this Stalinesque level disinformation campaign.

TBF has "briefings" and "explanations" for MLAs so they can learn about hot topics and their press lines. Some of these were on teachers' pensions. #AbLeg #handsoffmypension

Either a group of MLAs (~4 and counting) confused the message, or they were given an entirely incorrect version by Athana and TBF. This is one of the problems with importing Deputy Ministers from BC. I lived through all these events and they affected my family in a material way.

There argument seems to be that because the GOA is paying the pre-1992 liability, that the GOA can do whatever they want with the post 1992 plan. Incorrect. Selective on the facts. #AbLeg #handsoffmypension

When teachers talk about pensions, they really should say "post-1992 fund" because this is the only fund the ATRF invests. There is no money (only liabilities) in the pre-1992 fund. And, as you know, the GOA pays these liabilities from 2008 on. #AbLeg #handsoffmypension

The funds were completely severed in 1992.
The pre-1992 fund was underfunded by billions of dollars.

This was caused primarily by the GOA FAILING to make their legally obligated contributions in a timely way. #AbLeg #handsoffmypension

I will say this once more:

From 1957 until 1992 the GOA DID NOT make their required contributions in a timely fashion. Instead, they gave the ATA a "guarantee" that pensions from this time period would be paid in the future. #AbLeg #fail

The GOA REMOVED the guarantee from this post-fund because, and this is critical, the GOA started making their contributions in full and on time into the post 1992 fund.

The post 1992 fund is what the ATRF invests on behalf of teachers. #AbLeg #handsoffmypension

The 4 horsemen of misinformation unit seems to think poor investment management led to the pre-1992 unfunded liability. Not true at all. In fact they should refer to a report on the matter written by @LukaszukAB for government at the time. #AbLeg

Some people believe that fact checking is misinformation. Sigh.

They also seem to confuse the ATRF with the ATA.

I woulds remind you that half of the ATRF Board is appointed by the GOA (including a consort of W Brett). #AbLeg #handsoffmypension

Appointing half the ATRF Board is how the GOA takes care of the taxpayer's interest of the fund. After all the the GOA does make 49% of the contributions to the post 1992 fund.

Having one of the "partners" deliver binding orders on which investment manager to use is just wrong.

The ATRF is currently investing assets at a lower cost than AIMCO is investing the Heritage Fund. There will be no cost savings here. (The only person who thinks cost will be saved is some anonymous AIMCO employee.)

As if you need more bad news: teachers will likely be on the hook for paying a portion of Kevin's severance.

I talked to a investment compensation expert this weekend: Kevin's severance now estimated to be $4 million. #AbLeg #handsoffmypension

And again, once more for the 4 horseman:

The GOA does not guarantee the post 1992 teachers' pension. It removed the guarantee in 1992. Read the Teachers' Pension Plan Act. Since 1992 teachers' pensions are guaranteed by the ASSETS in the plan. #AbLeg