This is your daily pension announcement. The Pension War Room™️ again points out that Travis is a weak and ineffective Minister. I hope he enjoys throwing back drinks at the Sky Palace for now. #AbLeg#handsoffmypension
You can bet that this is how the plan to screw over public sector pensions was born. That and the plan to remove overtime pay incentives from wide swaths of the working public. #AbLeg#handsoffmypension
My concern this week is that there are MLAs still running around saying the GOA guarantees teacher' pensions and is solely responsible for liabilities. #tanyyao A number of these MLAs even claim to have attended briefings with TBF where they "learned" these facts.... #AbLeg
It is almost funny that Athana (DM TBF) before she began advising the GOA she advised Christy Clark's gov into oblivion (and earned $475,000 severance in the process). So she is riding her second government into the dirt....#AbLeg
In a functioning democracy she would be the one responsible for ensuring the MLAs were fully briefed on the current pension legislation in AB. But, apparently, not so much.
Instead, she has advised Travis through the loss of $14 billion dollars. Nothing to show for it. #AbLeg
For example, Travis spent nearly $2.1 billion unloading crude by rail contracts. Now that oil is back to $71 per barrel those transportation contracts would sure come in handy. #AbLeg#handsoffmypension
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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
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.
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
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
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
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
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