Thread by @yomeeks

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

The AIMCO LTIP seems to include a "floor" that removed the -16.41 performance factor and replaced it with a performance factor of -2.0.

This seems to me to be egregious given what happened. The LTIP bonus in no way represents the investment return for last year. #AbLeg

As I have repeatedly said, AIMCO seems to pay performance bonuses regardless of performance. That is certainly true of the LTIP.

#AbLeg #handsoffmypension

4. Kevin's LTIP decreased by $500,000. But have no fear, in a remarkable FU to the GOA salary restraint the Board boosted his short term bonus by $400,000. So net Kevin is only out $100,000. #AbLeg #handsoffmypension

5. Kevin allegedly retired, this triggered the severance provision of his contract. This is more common in this industry than people will admit. It is more like deferred wages than severance.

$2.1 million in severance payable to Kevin by 2022. #AbLeg #handsoffmypension

6. But we aren't done with the "retirement" incentives. Apparently he also gets $1.3 million in unvested LTIP bonuses as well. And another $150,000 in an RFU bonus.

WTF? #AbLeg #handsoffmypension