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1 Apr, 8 tweets, 4 min read
This is your daily pension announcement. The Pension War Room™️will be busy next Thursday night. Feel free to sign up for a pension issue consultation with Rachel. Might I point out Travis has not held any type of consultation on pensions. Ever. #AbLeg 👇
albertasfuture.ca/event-registra…
In fact, some UCP MLAs have now taken to apologizing for the "poor consultation" around the AIMCO decisions. You can't make this shit up.

NO CONSULTATION does not even rise to the very low bar of "poor". Poor consultation would be an improvement. #AbLeg #handsoffmypension
The UCP MLAs that we have heard from all seem to be asking the questions about the roles and motivations of the civil servants at TBF. They can't believe that these public servants could mislead them in any way. #AbLeg #handsoffmypension
Yet, I would just suggest that if you gave Travis bad advice on a highly politicized issue you would work hard to justify your actions. Maybe drag in the pre-1992 fund to confuse the issue? Is that really far fetched? #AbLeg #handsoffmypension
Tonight is LAPP night, with some more quotes from LAPP people:

"Between AIMCo’s inception and May 31, 2020, the LAPP portfolio returned an annualized 6.18% versus a LAPP policy benchmark return of 6.76%."

Oh, that burns! #AbLeg
Another industry exec:
"By eliminating investment manager choice ... it is highly questionable whether any cost savings would outweigh the financial benefit lost by constraining the ability of funds to customize investment management solutions to their unique needs." #AbLeg
#AbLeg
"What is a black-and-white is that AIMCo, since its inception in 2008 to the end of 2019, has charged LAPP approximately $1.9 billion in investment costs and but delivered under-performance versus the LAPP benchmark during its existence as a standalone corporation." #fail
Bad public policy is bad public policy. #handsoffmypension #AbLeg

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More from @yomeeks

The Pension War Room Profile picture
1 Apr
This is your daily pension announcement: The Pension War Room™️ announces today as the happiest day Travis has had in the last two years. With this disastrous curriculum release teachers are occupied with topics other than unilateral pension decisions by the UCP! #AbLeg
But, don't worry Travis, I am still here to point out your errors in logic and finance. In the end, the root causes of both the curriculum disaster and the pension fiasco are the same: the UCP are politicizing things that should never be politicized. #AbLeg
One curriculum tidbit if I may: to quote the grade 6 social studies draft: Controlled by the Democratic party? Really? Can't resist that pejorative poke? Of course there were several Fugitive Slave Acts (1793, 1850, and individual states passed their own as well). #AbLeg
Read 7 tweets
The Pension War Room Profile picture
24 Mar
This is your daily pension announcement: The Pension War Room™️ brings you the risk shared edition! This is probably the most dangerous lie about public sector pensions in AB.... that the GOA is on the hook for any and all liability. #AbLeg
ATRF (and now LAPP, SFPP and PSPP) are all "risk shared" plans. In the case of ATRF if any liabilities exist they are paid off 50/50 by plan members and GOA over a max 15 year time.

This is a good idea for taxpayers, that plan members bear at least half the funding risk. #AbLeg
That is why I am so shocked when MLAs are claiming that the GOA is picking up the risk. If they keep saying that....then it must be true. Truthiness on display.

FYI, currently, the teachers' plan has a deficiency of about 3% of pay. It is being paid off 50/50 right now. #AbLeg
Read 6 tweets
The Pension War Room Profile picture
21 Mar
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
Read 13 tweets
The Pension War Room Profile picture
20 Mar
The Pension War Room™️would like to remind you that the AIMCO Board is also legally obligated to disclose their expenses. Like every other board in Alberta.....

Some pigs definitely more equal than others.
calgaryherald.com/news/local-new…
Back in the day I attended the occasional conference with ATRF. Often I would be on the same flight as AIMCO folks going to the same conference. I always wondered why they had limousines waiting for them at the airport. I took the shuttle bus. #AbLeg
One more comment on that puff piece yesterday on @MarkDWiseman. It wasn't the focus of the article but I really wonder what he thinks about the investment management agreement that Travis forced on ATRF. #handsoffmypension
Read 4 tweets
The Pension War Room Profile picture
19 Mar
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

financialpost.com/news/fp-street…
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
Read 8 tweets
The Pension War Room Profile picture
18 Mar
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
Read 6 tweets

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