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16 May, 5 tweets, 3 min read
This is your daily pension announcement: The Pension War Room™️is busy sorting through a pile of email between Kevin, Athana, Travis and the pension plans. Part of them came through FOIP requests the rest through (the court) discovery. #AbLeg #handsoffmypension
With the court case still upcoming I won't go through what is all there. But, I will tell you what ISN'T THERE.

There is no recognition of the ATA as the joint sponsor of the plan. Ever. Not surprising but very disconcerting. #AbLeg #handsoffmypension
Especially since this special legal status has existed since 1938. All of this mess could have been avoided if the GOA had consulted the ATA prior to Bill 22. But, oh no, consultation with people who are footing 51% of the bill isn't the UCP way.... #AbLeg
Except when it comes to AIMCO. It appears they were consulted extensively by TBF both for Bill 22 and the investment management agreement. Ain't that some shit. #AbLeg #handsoffmypension
I'm going hard on this because no one at TBF seems to be asking questions about AIMCO's performance.

And, as much as Kevin suggested it would be impolite to, we need to question AIMCO's motives. #AbLeg #handsoffmypension

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More from @yomeeks

The Pension War Room Profile picture
17 May
The Pension War Room™️ reminds you that TBF has completed the analysis about withdrawing from CPP and forming an APP. It will be interesting for sure. No doubt @jkenney is waiting to release this report until he gets control of his caucus. #AbLeg #handsoffmypension
May I reiterate the only reason for withdrawing from CPP would be to say FU to the feds. There will be no enduring cost savings. (The younger AB population will give lower rates, but that will be compensated for by higher rates for the smaller group size.) #AbLeg #handsoffmycpp
Never mind the political risk of @jkenney directing investment operations (even subtly) while appointing AIMCO directors. I can't even think about it. #AbLeg #handsoffmypension
Read 8 tweets
The Pension War Room Profile picture
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
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
The Pension War Room Profile picture
11 May
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
Read 10 tweets
The Pension War Room Profile picture
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
The Pension War Room Profile picture
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
The Pension War Room Profile picture
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

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