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24 Jun, 4 tweets, 3 min read
This is your daily pension announcement. The Pension War Room™️ notes that another Heritage Savings Trust Fund Annual Report is upon us! Tomorrow morning from 9-11 AM. You can watch it through the link below. #AbLeg #handsoffmypension
assembly.ab.ca/assembly-busin…
The Annual Report actually has to be approved by the committee before mere citizens such as myself are allowed to peruse it. Look for high investment costs from AIMCO. Substantially higher than the 0.76% that it cost the ATRF to invest. #AbLeg #handsoffmypension #aimcofail
I thought AIMCO was supposed to save on costs? And insource from private managers? It still seems to outsource $36 billion or 40% of its public equity.

I don't know who will show up from AIMCO. Kevin is probably busy packing up his office, so don't count on him. #AbLeg
I predict that the AIMCO VOLTS mess will be downplayed again tomorrow. Until you realize that a full 5 years of value has been destroyed. So if you are Kevin & Co you can cash in big bonuses for four years out of five then destroy all value and not pay back anything. #AbLeg

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More from @yomeeks

The Pension War Room Profile picture
27 Jun
The Pension War Room™️brings you the letters from Travis edition. Or at least email that he probably had a minion write to a concerned taxpayer.

This was referred to Travis because the local UCP MLA was unable/unwilling to engage on this topic.
#AbLeg #handsoffmypension
It was sent to me for further analysis. Like we have seen with all of Travis's correspondence: some parts are correct, some stretch the truth, and some are just plain wrong. A UCP sandwich of the good, the bad and the ugly.
#AbLeg #handsoffmypension
First, it was interesting to note that he did not acknowledge the mistakes he made in his previous email where he represented 2018 investment results as 2019 investment results. Really, it is a bit concerning for getting the right numbers on billion dollar decisions.... #AbLeg
Read 14 tweets
The Pension War Room Profile picture
25 Jun
This is your daily pension announcement! AIMCO performance under the microscope at the Heritage Fund meeting. I still don't have the report....apparently mere taxpayers don't deserve such things..... #ABLeg #handsoffmypension
First the good news: Amit, the new investment strategy exec was presenting. Because he was trotted out publicly (in place of both the CEO and CIO) it is unlikely he will be fired in the coming shakeup. #AbLeg #handsoffmypension
Then the bad: 5-year value add was -0.6%, the target was +1.0%. With a negative five-year value add no investment bonuses should be paid. #ABLeg #nobonusforyou
You could have done better with an index fund.
Read 10 tweets
The Pension War Room Profile picture
17 Jun
This is your daily pension announcement. I can guarantee you there are people at AIMCO that wish they never tried to take over ATRF!!!! Regrets, there are many of them. The line of thought is something like... "man we overreached" and "we should have just been happy with LAPP".
Along with UCP MLAs who are collectively shocked at the tenacity and pension knowledge of teachers. They thought little white lies like "the GOA guarantees your pension" would go unnoticed. #AbLeg #handsoffmypension
From way back in the Leo De Bever days until the present time AIMCO has always been able to successfully evade public examination of its investment results. Until now. #AbLeg #handsoffmypension

It is time that WE held them to account.
Read 4 tweets
The Pension War Room Profile picture
12 Jun
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
Read 6 tweets
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
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
28 May
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
Read 6 tweets

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