This is your daily pension announcement: Kevin's swan song appearance is below in the Heritage Fund Committee meeting. Skip ahead to 10:34 for that bit. Kevin expresses concern (remorse?) that AIMCO has been pulled into politicized areas. #AbLeg
assemblyonline.assembly.ab.ca/Harmony/en/Pow…
Well, Kevin, that is all your fault. Not the part about working with a weak and unknowledgeable minister, you couldn't avoid that. But you took AIMCO the politicized route when you supported Bill 22. You should have steered clear. #AbLeg #handsoffmypension
Kevin, for instance, could have insisted that Bill 22 could have read that ATRF must use AIMCO "where value exists" instead of "must".

Kevin could have insisted that AIMCO not write any "business case" as they were clearly in a conflict of interest. #AbLeg #handsoffmypension
For $3,000,000 a year you would think that Kevin would be smart enough to understand that teachers would scrutinize AIMCO as a result of Bill 22. And, yes, that scrutiny includes performance, motives, and purpose. That is how democracy is supposed to work. #AbLeg #fail
Right before Kevin's piece, @MattJonesYYC asks about the 5-year return for ATRF versus (I think) the Heritage fund.

McMaster (AIMCO) gives the right answer: we can't compare because of different end dates and asset mixes. #AbLeg #handsoffmypension
Too bad Kevin didn't give that (correct) response when Bill 22 was announced. Nope. They showed us through the business case and his op-eds that they didn't care for the facts. (Kevin should have insisted that AON be hired to conduct a risk-adjusted rate of return comparison.)
But since you wanted some long-term results, @MattJonesYYC, here they are...

ATRF 10-year.....9.2% with a value add of 0.9%
Heritage Fund 10-year....8.8% with a 0.2% value-added

AIMCO has not yet released its 2020 annual report, so it is impossible to say AIMCO wide. #AbLeg
BTW a 0.2% value add is low enough it should not trigger any investment bonuses.

If you want to go back to 2019 (before VOLTS) AIMCO's 10-year return was 8.2%.

Ontario Teachers' 10-year return was 9.3%. Just for comparison. #AbLeg #handsoffmypension
Kevin is officially done on June 30. I suspect that date was chosen so that any severance received will not be announced until next year's annual report. Sigh.

He has repeatedly claimed to be leaving of his own volition in which case no severance would be paid. #AbLeg #fail
The good news is that our next CEO Evan bought a house here. So he won't be an executive-commuting-from-somewhere-else. As so many others have been. #AbLeg #handsoffmypension

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More from @yomeeks

13 May
This is your daily pension announcement: @MattJonesYYC wanted AIMCO Heritage Fund 5-year numbers, well here you go. Attached is the quote from the last quarterly that shows the 5-year investment objective to be 7.1%. #AbLeg #handsoffmypension Image
What was the 5-year AIMCO Heritage return? 6.3%, A FULL 0.8% BELOW THE GOAL.

That is annualized each year for 5 years. Think about that. Kevin often tries to confuse things by suggesting the passive benchmark is the target. It isn't. #AbLeg
I am so concerned about this unilateral GOA action is that pension policy errors don't show up for years and then are dealt with years after that.

It is so interesting to me that MLAs swear that pensions are guaranteed when that guarantee was removed in 1992. #AbLeg

#AbLeg
Read 5 tweets
9 May
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
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
7 May
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
Read 10 tweets
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
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…
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
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

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