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2 May, 7 tweets, 5 min read
This is your daily pension announcement: The Pension War Room™️brings you Dr. Bob Ascah's Magnum Opus on AIMCO. I have quoted his work extensively in the past. But, this leaves me speechless...#AbLeg #handsoffmypension

albertaviews.ca/the-120-questi…
First, Dr. Bob is an expert and independent. Two things that should mean something in @jkenney's Alberta but often don't. Second, he raises the same concerns that I have. #Ableg
1. AIMCO has a byzantine governance structure where all board members are appointed by Travis. In any objective reality the board members should be appointed by AIMCO clients who make up 80% of their assets. #AbLeg #handsoffmypension
2. AIMCO's 11 year value add is 0.43% above the benchmark when their objective is 0.75-1.00% above benchmark depending on fund.

0.43% above bench should not cause the payment of huge investment bonuses. (that threshold should kick in about 0.5%) #AbLeg #handsoffmypension
I will just leave this right here for @SPhillipsAB ....
"The aggregate compensation of the top five officers of AIMCo grew from $7.2-million in 2008 to $10.4-million in 2019, or by 44 per cent."
I don't mind paying such sums if supported by performance.
#AbLeg #handsoffmypension
As Dr. Bob notes, Travis has been strangely silent through all these events. He is supposed to be an elected representative. One who should have commissioned studies to investigate and address these issues. #AbLeg #handsoffmypension
The UCP's election platform did not mention AIMCO even once. Yet, after election, AIMCO seems to be very central to them.

Executives in the financial industry tend to be strong UCP supporters. Please make sure your MLA gets a copy of this paper. #AbLeg #handsoffmypension

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More from @yomeeks

The Pension War Room Profile picture
1 May
This is your daily pension announcement: the odds and ends edition!

The Pension War Room™️would like to note the following somewhat unrelated thoughts.

Some UCP MLAs are surprised at how informed teachers are about their pension. #AbLeg #handsoffmypension
MLA comments have found their way back to me. Keep 'em coming. It still shocks me that that things that are straight up wrong were in the MLA communication lines. (BS like "your pension is guaranteed by the GOA".)

Pensions are guaranteed by the assets in the plan. Full stop.
And, it is important to remember that 75% of pension payouts comes from investment earnings the other 25% from contributions. That is why this AIMCO mess is such a big deal. #AbLeg
Read 7 tweets
The Pension War Room Profile picture
25 Apr
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.

#AbLeg #handsoffmypension
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
Read 7 tweets
The Pension War Room Profile picture
24 Apr
This is NOT a pension announcement.

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
Read 4 tweets
The Pension War Room Profile picture
19 Apr
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
Read 5 tweets
The Pension War Room Profile picture
18 Apr
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
Read 6 tweets
The Pension War Room Profile picture
15 Apr
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
Read 9 tweets

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