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12 Jul, 8 tweets, 5 min read
This is your daily pension announcement: AIMCO does well in fixed income. If you remember 1-year ago I was testifying on @ChristinaNDP's Private Member's Bill that would have undone much of the damage. #AbLeg #handsoffmypension
benefitscanada.com/archives_/bene…
I said that AIMCO could potentially add value to 20%-30% of the ATRF portfolio. That was fixed income mainly that I was talking about. Sandra Lau's pay went from $2.0 mil last year to almost $2.5 mil this year even with VOLTS. #AbLeg #handsoffmypension
MLA Schow instantly assumed I meant the entire portfolio. I can assure you I did not. Sometimes people should listen. Particularly with multi-billion dollar financial matters. #AbLeg #handsoffmypension
Bill 22 should have said"ATRF must use AIMCO where value exsists". But oh no, Travis knows better even without any independent advice whatsoever. Kevin was conducting the greatest end around deception in pension history. #AbLeg #handsoffmypension
I had another concerning email from Tany Yao to a constituent forwarded to me. Oh my....it opines that "AIMCO is a non partisan entity". That is a classic Tany Yao mic drop.

It is also not true. And that is really the heart of the problem. #AbLeg #handsoffmypension
AIMCO SHOULD BE NON-PARTISAN. But it is not because:

1. It is a corp solely owned by the GOA.
2. The GOA has the ability to issue "directives" that AIMCO must follow.
3. AIMCO Board members are added and removed at Travis's whim. No recourse for anyone.
#AbLeg
4. AIMCO is a key linchpin in UCP plans for an APP. Including providing a bullshit study of this exercise in stupidity.
5. AIMCO went behind the backs of their clients to have the GOA take actions against the best interests of those very same clients. (Bill 22)
#AbLeg
6. AIMCO consulted heavily with Finance to come up with the IMA that was imposed on ATRF and the other plans.

Non-partisan my ass. Kevin got AIMCO in deep with the UCP. The AIMCO Board was likely unaware of Kevin's strategic moves for AIMCO. #AbLeg #handsoffmypension

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
10 Jul
The Pension War Room™️ notes that fresh tribute is coming to AIMCO. This guy replaces one of the execs lost in the VOLTS debacle. #ABLeg #handsoffmypension
newswire.ca/news-releases/…
I do want to correct an error in an earlier tweet. The AIMCO achieved (?) value add for the PSPP plan was -6.34%. Ouch. That was on a return of 1.64% against a passive benchmark of 7.99%. I may have overstated the performance. #AbLeg #handsoffmypension
In terms of @jkenney's strategy, he honestly truly believes that if he can only slash public sector wages he will be popular again (see: Ralph Klein). He is wrong in this assertion like so many others.#AbLeg #handsoffmypension
Read 6 tweets
The AB Teacher Pension War Room Profile picture
6 Jul
The Pension War Room™️has another communique from Kaycee Madu! Threat level mauve! He says a bunch of things that are wrong. Like..."As Trustee, ATRF will also continue to set the investment policy for the plan."
#AbLeg #handsoffmypension
Kaycee should engage his critical thinking skills and ask himself: "what are the other legal obligations of a pension trustee?" Oh, like hiring and firing investment managers? A job the UCP has taken and given to their friends at AIMCO. #AbLeg #handsoffmypension
Apparently they can't ever be fired, regardless of performance. If Travis and @Alberta_Finance were even remotely doing their jobs I would not be in charge of performance management for AIMCO. #AbLeg #handsoffmypension
Read 10 tweets
The AB Teacher 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 AB Teacher 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 AB Teacher Pension War Room Profile picture
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 AB Teacher 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

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