Share this page!

The Pension War Room Profile picture
Twitter logo
3 Jul, 5 tweets, 3 min read
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
If someone gave corporate awards in this area AIMCO would be a contender.

I can't help but juxtapose this with LaGrange, who with two masks and a jug of hand sand, sent 40,000 teachers back to the front lines of COVID. #AbLeg #handsoffmypension
BTW, I am also outraged that LaGrange is apparently going to get away with a serious cut to education by pretending inflation isn't real, and that the thousands of new students should not cost anything. #AbLeg #handsoffmypension

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with The Pension War Room

The Pension War Room Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @yomeeks

The Pension War Room Profile picture
5 Jul
The Pension™️ War Room brings you the AIMCO pay package edition! There are some really juicy interpretations of facts in the compensation disclosure.
I will point them out, you can let me know if they are on the mark. #AbLeg #handsoffmypension
It starts on page 72 of the Annual Report with Kroner (the chair of the HR Committee) pointing out that: "...with compensation down by more than 10% relative to 2019."

This might give you false hope that execs paid a real price for the VOLTS shenanigans.#AbLeg #handsoffmypension
At least that is what Kroner wants you to think. Probably not true. The fact comp is down by 10% probably has more to do with positions that were left vacant for the part of the year. (The SVP who was fired over VOLTS has not been replaced yet, for ex.) #AbLeg
Read 7 tweets
The Pension War Room Profile picture
5 Jul
Just a great (and timely) article from @sophiaharrisCBC. I am in this boat as well. Had a flight, @WestJet canceled, offered me a replacement flight on a day when I had to work. Refused to refund me, gave me an expiring coupon instead.
cbc.ca/news/business/…
Glad to see these people in the article got their money back. Maybe @sophiaharrisCBC can do a follow up with the thousands of other customers.

It shouldn't be up to her. The @CTA_gc should be all over this.
Keeping people's money for a @WestJet canceled flight violates the tariff (read:contract) as well as the Air Passenger Protection Regulations.

When you buy an airline ticket you are entering into a contract. Written by and heavily in favor of the airline.
Read 11 tweets
The Pension War Room Profile picture
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 Profile picture
2 Jul
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
Read 10 tweets
The Pension War Room Profile picture
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 Profile picture
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…
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 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

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

Like this author's thread?

Get emails when @yomeeks has new unrolls!

Check out other threads from @yomeeks!

Read all threads by @yomeeks

:(