Thread by @yomeeks

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