Thread by @yomeeks

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

BTW, the VOLTS variance swap is a good example of an investment strategy that is okay for an investment fund but entirely inappropriate for a pension fund. #AbLeg #handsoffmypension

Just for @MattJonesYYC who seems very interested in performance. From LAPP:
"In 2020, AIMCo posted a return that was 4.93% below LAPP’s market-based policy benchmark return of 9.46%. Over a four-year period, net value added by AIMCo was (0.82%) on an annualized basis." #AbLeg

That is a four-year NEGATIVE 82 basis points value added by AIMCO. That is destroying value not adding it. Somebody call Tany Yao. #AbLeg #handsoffmypension

Another note for @MattJonesYYC, that when Bill 22 broke the ATRF Board asked Travis to have the Auditor General compare returns of AIMCO and ATRF across asset classes. This request was rebuffed. #AbLeg #handsoffmypension #reasonablerequest

Another note for all UCP MLAs and everyone at TBF, stop saying the GOA guarantees pension payments.

From 19.1(3) of the TPP Act:
"The Crown guarantees the payment of the pre‑1992 benefits."

That is right, only pre-1992 benefits are guaranteed. #AbLeg #handsoffmypension #fail