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28 May, 6 tweets, 4 min read
This is your daily pension announcement: Jim Keohane was appointed to the AIMCO Board! As much as I enjoy pointing out the grift at AIMCO, this is actually a great move. He is the former CEO at the Hospitals of Ontario Pension Plan (HOOPP). #AbLeg #handsoffmypension #aimcofail
I met him once or twice at events in Toronto. He understands derivatives at an expert level and investment risk even more so. So he would be the person with the skills to steer AIMCO away from a repeat of the VOLTS fiasco. #AbLeg #handsoffmypension #volitilitybomb #aimcofail
Even better he has public sector pension plan experience, something that was seriously lacking on the board. And a serious problem as 80% of their business is pensions. So hopefully he will be able to convince Travis to reform the antique governance structure at AIMCO. #AbLeg
Jim worked with a HOOPP Board that was half appointed by employees. Travis currently accepts no input for AIMCO Board appointments. He universally disenfranchises the people whose money is being invested. #AbLeg #handsoffmypension
Travis is busy sending more mendacious emails. More on that tomorrow. But, suffice to say, When it is half way through 2021 citing 2019 investment results like 2020 never happened is good old UCP gaslighting. #AbLeg #handsoffmypension
I am so happy that the AIMCO Board is no longer a repository for out of work oil and gas executives. Maybe they will also start disclosing their expenses on their website as required by law. A taxpayer can dream....#AbLeg

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The Pension War Room Profile picture
30 May
This is your daily pension announcement. The Pension War Room™️ takes no pleasure in finding outright misinformation from Treasury Board and Finance. Below is a chart from Travis in a reply to a constituent concerned about the ATRF/ AIMCO situation. #AbLeg #handsoffmypension Image
Ah Travis you keep on giving.....
Can you spot the error/misinformation? Here is another view:
"ATRF (year ending August 31, 2019)
AIMCo Balanced Fund (year ending December 31, 2019)"

Travis claimed these were 2019 value add returns when in fact they were 2018 returns. #AbLeg
Is it any coincidence that you need to go back to 2018 to find a reasonable return for AIMCO? Was this an accident? #AbLeg #handsoffmypension

This is indicative of this whole issue. No rational discussion with TBF, ever.
Read 7 tweets
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
16 May
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
Read 5 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

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