But rather, amongst the outrage fatigue, a reminder that the UCP took time and a half overtime pay away thousands of workers. People who work in the landscaping industry are just finding this out. #AbLeg
I am acquainted with landscapers who are returning to work now to find time in lieu of overtime pay specified in their terms. People who work in this industry generally work a mind boggling number of hours from May to October. Like every waking moment. #AbLeg
The time and a half paid in the past for OT would allow workers to live through the winter of low employment.
This is the net effect of the UCP changing the employment standards as directed by their corporate overlords. #AbLeg
This is a bald face rip-off of people who do hard physical labour. The people I know enjoy their jobs and the industry. But they are confused and angry as to why @jkenney cut their pay by 30-45%. #AbLeg
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This is your daily pension announcement, mailbag edition!😎Where I will answer pension question put to me by the loyal pension army!!!
First up, several questions all along the lines of: "If the NDP toss the UCP from power will Bill 22 be rescinded?" #AbLeg#handsoffmypension
I can't say what exactly will happen but the NDP have shown they understand the issues involved and have tried (twice) to get most odious and unfair portions of Bill 22 and the AIMCO Act fixed.
For me, if the public sector pension plans were obligated to use AIMCO "where value exists" then things would be fine.
I am confident that in a couple of asset classes AIMCO can provide cost-effective investment management. Not in all asset classes. #AbLeg#handsoffmypension
The Pension War Room™️suggests you read only the last paragraph of this article. It is just a retread of Evan getting the CEO job to become the highest paid public servant in AB. That last paragraph is a doosie. #AbLeg#handsoffmypension financialpost.com/fp-finance/aim…
To wit:
"In addition, the Alberta Teachers Retirement Fund board has been working to transfer the management of its assets to AIMCo, despite the objections of some teachers unions." #AbLeg#handsoffmypension
I guess it includes the lack of accuracy is to be expected. One teacher union, the ATA, which is also a joint sponsor of the plan. Which represents all of the public school teachers and then some. #AbLeg#handsoffmypension
This is your daily pension announcement: The Pension War Room™️ is giving Evan Siddall a chance. Here is the clip where Ron Liepert MP called him "Arrogant". To be clear, I consider this an achievement. As well as the pot calling the kettle black. #AbLeg
Loyal tweeps, you can depend on me to sift through the fetid filth that is pension policy in AB. The hiring of Evan is unique, not necessarily in a bad way. His PR was all about having deep experience in "financial services" and not "investment management" or "pension". #ABleg
In fact, I am kind of surprised at that. What he seems to bring to the table is the ability to reposition and redefine a crown corp. Which btw is what AIMCO needs. It is also an exceedingly difficult job in 'berta. #AbLeg#handsoffmypension
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
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
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.