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The Pension War Room

2 Jul, 10 tweets, 6 min read

The Pension War Room™️is in a rage, so we will keep the hits coming!! The LAPP annual report is out, get your copy below. Being jointly sponsored the LAPP Board should be able to choose an investment manager. #AbLeg #handsoffmypension
lapp.ca/page/whats-new…

What did LAPP members get for the $281 million paid to AIMCO last year? 5.2% investment return with a benchmark of 9.5% for a net🥁🥁value add of -4.3%. You would have been better off if you had indexed the lot and had AIMCO employees stay home. #AbLeg #handsoffmypension

BTW, AIMCO returned 1.64% for PSPP. They have not released the value lost yet, it will likely be more than LAPP.

Back to LAPP: 5-year return=7.0% (bench 7.5%) for a value add of -0.5%.

10-year return=8.3% (bench 8.3%) for a value add of 0%. Not good.
#AbLeg #handsoffmypension

LAPP 20-year return (going back to before AIMCO existed) 6.5% (bench of 6.6%) for a value add of -0.10%.

It is possible to conclude that AIMCO has added no value to LAPP. Which is why the Board of this plan was considering its options for investment managers in 2019. #AbLeg

@ewsiddall

@ewsiddall did say (Twitter) that AIMCO failed its clients in 2020.

In an unfortunate oversight (?) he does not mention 2019. You know, when Kevin got in bed with the UCP. In my view, the 2019 failures were worse than the 2020 failures. #AbLeg #handsoffmypension

Kevin was worried about his paycheck in 2019. That AIMCO's biggest clients would pull out partially or completely.

No one has been honest with us about the back room dealings from this period of time. #AbLeg #handsoffmypension

My conjecture is that, Kevin the smart man that he is, took advantage of the UCP's hatred of government workers in general and teachers in specific.

And that gets us to our current unfortunate state of affairs. #AbLeg #handsoffmypension

Employees pick up half the liability of these JOINT plans, yet they have been disenfranchised from them with Travis overruling important decisions.

This reminds of the the exceedingly poor, paternalistic decisions the GOA made that led to the pre-1992 unfunded liability.
#AbLeg

I will send out Kevin's parting compensation to an expert in Toronto for some more information.

I don't know why he is getting his $1 million LTIP bonus next year. LTIPs are long term incentives that reward someone for staying on. He isn't staying on and yet he is getting it?

Every nurse, teacher and firefighter will have part of their paycheck deducted to pay Kevin off over the next two years. #AbLeg #handsoffmypension

I will put out more later today.

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More from @yomeeks

The Pension War Room

@yomeeks

3 Jul

This is your daily pension announcement: the mailbag edition! So I will pull another question out of the pension-question bag and answer it as best I can.... #AbLeg #handsoffmypension

This week's question is..."Greg, if you had one nice thing to say about AIMCO, what would it be?"

I can say several nice, positive, affirming things about AIMCO. The one that jumps to mind is that they went to great lengths to care for their employees during the pandemic. #AbLeg

AIMCO transitioned to being nearly all working from home. They had an array of supports available to workers and certainly took great interest in everyone's physical and mental health through this period. #AbLeg #handsoffmypension

Read 5 tweets

The Pension War Room

@yomeeks

3 Jul

The Pension War Room™️rests for no one! Just so you know, when I was the Board Chair of ATRF I had a role in hiring and negotiating the contract of the CEO. So I do have some background to Kevin's compensation.

I would have expected the Auditor General to make it more transparent. Many unknowns. But here is what we do know....
1. Kevin, as AB highest paid public employee, was paid $2.7 million for his work last year.
2. That was only $100,000 less than the year before.
#AbLeg

3. The biggest single component of his pay is the long-term incentive plan (LTIP) which is (for Kevin) based solely on 4-year total fund return.

EXCEPT IT DIDN'T INCLUDE THE FUND RETURN FROM LAST YEAR. YOU KNOW, THE REALLY SHITTY YEAR. #AbLeg #handsoffmypension

Read 8 tweets

The Pension War Room

@yomeeks

1 Jul

It might be on the eve of a national holiday, but it is here, AIMCO's Annual Report. The Pension war Room will spend the next several days sussing out the naughty bits. #AbLeg #handsoffmypension
aimco.ca

ATRF 10-year return 9.2% against a benchmark of 8.5% for a value add of 0.7%, for comparisons sake.
AIMCO 10-year return 7.7%, against a benchmark of "we are not telling you". That is some real cajones there.
#AbLeg #handsoffmypension

AIMCO 1-year return 2.5% against a benchmark OF 8.0% FOR A VALUE ADD OF -5.5%. That is the whopper.
In fact, they have only hit their target return 2 of the last 5 years. #AbLeg #handsoffmypension

Read 11 tweets

The Pension War Room

@yomeeks

30 Jun

Re-upping this fine piece from Dr. Bob in honor of Kevin's last day at AIMCO: the day the UCP declared war on teachers. (I differ in that I place the date earlier but that is a minor issue.)
A great review of the bullshit that got us to this point. #AbLeg
abpolecon.ca/2021/01/17/ucp…

@MarkDWiseman

Dr. Bob even includes a quote from @MarkDWiseman before it was stricken from the web. In defense of the ordered IMA his statement said in part:

(good governance and operational independence) "These factors define the success of the Canadian model of pension management."
#AbLeg

@MarkDWiseman

@MarkDWiseman should know that the current structure of AIMCO and the GOA DOES NOT AT ALL REPRESENT THE VAUNTED Canadian pension model.

That is false inclusion. The Canadian model does not ans has not ever included governments overruling the joint trustee of the plan. #AbLeg

Read 6 tweets

The Pension War Room

@yomeeks

28 Jun

The Pension War Room™️ brings you the continuing saga of the lies of Travis! Straight from his email to a constituent... (honestly I could not make this shit up)....

The taxpayer writes in with concerns that UAPP can pull out of AIMCO and ATRF can't: #AbLeg #handsoffmypension

"By way of background, the UAPP transitioned to its current governance structure over 20 years ago when it moved from a public sector statutory plan to a registered pension plan under the Employment Pension Plans Act." #AbLeg True but...

"This governance change occurred before the establishment of AIMCo and prior to the more recent governance changes that affected some of the other public sector plans." #AbLeg #handsoffmypension

ATRF WAS ESTABLISHED IN 1938!!!! LONG BEFORE AIMCO EXISTED!!!!!

Read 5 tweets

The Pension War Room

@yomeeks

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

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