This is your daily pension announcement: The Pension War Room™️ needs to show you just how shoddy the AIMCO "business case" was. Travis and the MLAs stick hard to two claims:
1. AIMCO has a better return pre-VOLTS
2. This will save teachers and GOA $41 mil per year
Both are not true. Here is a screenshot of the return chart from the business case that some bearded mook at AIMCO wrote. It looks like AIMCO is outperforming over the 10-year time frame. #AbLeg #handsoffmypension
The mook from AIMCO (and Peter Milburn after him) fail to recognize that the 2008 return still INCLUDED CO-MINGLING OF FUNDS BETWEEN THE PRE-1992 FUND AND THE POST-1992 FUND.

#AbLeg #handsoffmypension
Remember, ATRF is only responsible for investing the post-1992 fund. I won't go into the details of lending money from the post-92 fund to the pre-92 fund. Suffice to say, it was bad for our cumulative investment return. #AbLeg #handsoffmypension
So how do we get a more accurate investment return comparison? Travis? Travis? Travis?

Wait one year until the 10-year investment return of ATRF is completely disentangled from the pre-92 fund. #AbLeg #handsoffmypension #financialgenius
So without any further ado:

AIMCO 10 year return to Dec 2019: 8.2%
ATRF 10 year return to Aug 2019: 9.2% (0.9% above bench)

This still isn't perfect because of the different year ends. #AbLeg #handsoffmypension
But it is far more accurate than including returns before the financial relationship between the two teacher funds was terminated. #AbLeg #handsoffmypension

Remember this was all before the VOLTS losses. Those losses make ATRF the clear winner in any return comparison.
And remember, if your MLA tells you the GOA is on the hook for any pension liabilities and that they guarantee your pension, they are lying on both counts. They need to read the Act. #tellthetruthtravis

#AbLeg #handsoffmypension
Meanwhile, AIMCO is busy racking up "transition costs" that they will be billed to teachers (and the GOA). It seems unfair to me that the GOA ordered us into AIMCO and is forcing us to pick up 50% of the transition bill. #AbLeg #handsoffmypension
In other news, we eagerly await the 2020 results for AIMCO. We need to understand just how bad the VOLTS losses were.

And, how badly their real estate did. (AIMCO owns a bunch of office towers in Calgary and a bunch of malls. Poor performers) #AbLeg #handsoffmypension #COVID19
We also eagerly await AIMCO's new CEO and new Board appointment. Doubtlessly both friends of @MarkDWiseman. Here is hoping the CEO can start quickly. As negotiations on an IMA with ATRF stopped last Nov when AIMCO walked out. #AbLeg #handsoffmypension
Maybe one or more of the well-compensated people mentioned here can publicly address the crappy governance structure at AIMCO. GOA as the sole shareholder? Not when 80% of their business is joint pension plans. They need a structure similar to BCIMC or IMCO. #AbLeg #fail

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More from @yomeeks

10 Apr
Funny you should ask who was consulted:
1. AIMCO was consulted despite being in the mother of all conflicts of interest.
2. When it was clear that (1) was wrong they sent it to Peter Milburn in BC. He allegedly approved AIMCO's work, but has signed nothing. #AbLeg
What should have happened is Travis should have hired a consultant (AON) to look at relative strengths of the investment operations or turned to the Auditor General for help #AbLeg #handsoffmypension
Peter Milburn was picked as the rubber stamper because Athana, the TBF Deputy Minister, worked with him in BC. #AbLeg #handsoffmypension

This is important because the AIMCO "business case" is nothing more than a marketing flyer. #AbLeg #handsoffmypension
Read 12 tweets
5 Apr
Well Alberta's draft curriculum made the national stage! what an ignominious achievement.

Quote of the week: "Politics will be part of any new curriculum. But Mr. Kenney’s UCP is, as often, in danger of letting politics take over." #AbLeg…
In pension news, if your MLA is still having a hard time coming to grips with the fact the GOA does not guarantee out pensions, I will provide you with some quotes on the matter from Seeking Solutions Report to the Minister of Education on the Teachers' Unfunded Pension Liability
This was written in 2007 by @LukaszukAB, Evans and Scott and is the authority on this matter. This publication is available from the GOA but I will post it latter on

#AbLeg #handsoffmypension
Read 8 tweets
4 Apr
The Pension War Room™️ would like to note that writing the K-12 curriculum is a core government function. Unlike, say, building a pipeline in Montana.

Most of the focus has been on the social studies in the K-6 draft. That is because it is the worst of a bad lot. #AbLeg
Could it be that social is the worst because that is the area that @jkenney took a personal interest in? Specially selecting Champion to work on it? So many thoughts, so little time....

Why did this curriculum go to cabinet?

For approval?
That is very unusual. #AbLeg
Why is it written like an undergraduate course?
And not developmentally appropriate for 5-11 year old children.

Experts are great, but having a PhD in a science (MD?) does not give you any insight into what is appropriate for 6 year olds versus 7 or 8 year old. #AbLeg
Read 9 tweets
1 Apr
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 👇…
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
Read 8 tweets
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
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

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