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The Pension War Room

7 May, 10 tweets, 5 min read

This is your daily pension announcement: it has come to my attention that UCP MLA's are sticking to the "we gotta appoint AIMCO as investment manager to take care of the taxpayer's interest..." schtick.

Bull.
#AbLeg #handsoffmypension

The GOA makes only 49% of the contributions to ATRF. Why do they get to dictate the investment manager? This is unfair on the highest level. Decisions such as investment managers should be made jointly by the Board. #AbLeg #handsoffmypension

Why does Travis feel the need to take over the management of a fund that isn't his? Well, admitting is the first step....he initially denied that the GOA was taking over the fund. Now...not so much. #AbLeg #handsoffmypension

The GOA has its interest protected by appointing HALF OF THE ATRF BOARD. This Board for the last 80 years has chosen the investment manager. Teachers who make 51% of the contributions need THEIR INTEREST protected from underperforming investment managers that are solely owned GOA

Travis has repudiated joint sponsorship. He has never addressed this topic publicly. He has instead kicked highly qualified people off of the ATRF Board and used a consort of W Brett as one of the replacements. #AbLeg #handsoffmypension

Taxpayers (which includes teachers) should be pissed that they are funding the legal defense of this slimy activity. Particularly when the best way forward is obvious. #AbLeg #handsoffmypension

So make sure you let your MLA know your feelings about UAPP firing AIMCO when other plans can't. With the Leg suspended they have lots of time. #AbLeg

AIMCO is busy booking millions of dollars in transition costs which will be passed on to teachers. And also booking many limo rides...because that's how they roll. #AbLeg #handsoffmypension

@jkenney

Here is an excellent article where a pension policy expert shows the fallacies in The Fraser Institute's position on pullout from the CPP. Why is Veldhuis @jkenney's idea guy? Why is FI's calculation secret?
So many questions...
albertaviews.ca/alberta-pensio…

To quote:
"The case for an Alberta Pension Plan is short-sighted and rests on dubious assumptions, including the belief that Alberta could extract concessions from the rest of Canada. Establishing an APP would expose Albertans to unnecessary risk and instability..." #AbLeg

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More from @yomeeks

The Pension War Room

@yomeeks

9 May

@JasonCoppingAB

Happy Mother's Day from the Pension War Room™️!!!!

Here is a round of gaslighting from Minister @JasonCoppingAB. The GOA holds 50% of liability for the pension plan. Risk adjusted return of ATRF is superior to AIMCO. And, the AIMCO governance model is byzantine. #AbLeg

@JasonCoppingAB

Seriously, I sent @JasonCoppingAB an email months ago offering to take him through the legislation that make all the plans joint risk-shared plans. But I never heard back.

For a topic like this he (and all the UCP MLAs) would be given talking points by Travis and Athana. This makes sense as MLAs can't be experts on everything.

This is so rich because here is a Minister of the Crown being gaslit by another Minster. Welcome to the club! #AbLeg

Read 5 tweets

The Pension War Room

@yomeeks

5 May

This is your daily pension announcement: The Pension War Room™️notes the twisted irony in the court date that has been set for the AIMCO case: Sept 2&3. That is right, the first two days of school! #AbLeg

I look forward to it even if the outcome is uncertain. Through all of this, the GOA and Travis in particular have never really recognized the ATA as the joint sponsor (and joint risk taker). #AbLeg #handsoffmypension

If Travis wants all the risk for the plan he can have it. But that is a bad deal taxpayers. Very bad deal. Risk shared is way better for taxpayers. Travis does not know the damage he is doing when he opens his yap. #AbLeg #handsoffmypension

Read 6 tweets

The Pension War Room

@yomeeks

2 May

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…

@jkenney

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

Read 7 tweets

The Pension War Room

@yomeeks

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

@yomeeks

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

@yomeeks

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

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