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15 Apr, 9 tweets, 6 min read
This is your daily pension announcement: The Pension War Room™️ notes that a new AIMCO CEO has been appointed! And, with the oldest PR technique, this news is announced at the same time as the bad news. Distract from the bad news! #AbLeg #handsoffmypension
In fact, I wonder how Evan Siddall feels about having these two announcements sandwiched together. I have never met Evan. I know him by reputation. Several mutual acquaintances have phoned me this AM to vouch for him as a stand-up guy. #AbLeg

en.wikipedia.org/wiki/Evan_Sidd…
A couple of thoughts:

1. As expected, someone who is tight with Mark Wiseman.

2. Evan is apparently super tight with Mark Carney. I thought that would disqualify him from the job. #AbLeg #handsoffmypension
3. The finance industry is dominated by pale, male, and stale executives. The AIMCO Board sees no reason to buck this questionable "tradition".

4. Evan will be in for a substantial raise. Base pay is about the same as at CMHC ~$500,000 per year. #AbLeg #handsoffmypension
But, investment bonuses at AIMCO could easily bring his total comp to $3,000,000 per year. (Paid, apparently, regardless of performance.) I have no problem paying >$1 million performance bonuses, but it needs to be supported by performance. #AbLeg #handsoffmypension
In other news, AIMCO returned (all in) 2.5% last year. A whopping 5.4% below the passive fund benchmark of 7.9%. And no, the passive benchmark is NOT a stretch target regardless of what Athana says. #AbLeg #handsoffmypension
This is just a reminder that the 10-year AIMCO return is now 7.7%. The latest 10-year return for ATRF is 9.2%.

Travis, please tell me again how AIMCO outperforms ATRF.... #idiot #doyourhomework #AbLeg #handsoffmypension
I wonder if this new CEO will move to Edmonton? Sometimes executives in this pay range become residents for tax purposes but then fly "home" to Toronto every weekend. #AbLeg #handsoffmypension
The good news is that Evan is apparently free right now. So he can start work immediately by taking a look at the Investment Management Agreements that were forced on clients. And, hopefully, find a graceful way to walk them back. #AbLeg #handsoffmypension

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More from @yomeeks

The Pension War Room Profile picture
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
The Pension War Room Profile picture
8 Apr
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
Read 12 tweets
The Pension War Room Profile picture
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

theglobeandmail.com/opinion/articl…
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 pensionwarroom.ca

#AbLeg #handsoffmypension
Read 8 tweets
The Pension War Room Profile picture
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
The Pension War Room Profile picture
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 👇
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
Read 8 tweets
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

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