Thread by @yomeeks

This is your daily pension announcement: I will dive into the fetid slough of pension policy with my eyes wide open to bring you enlightenment.

Travis, of course, was summoned to a newser last week to announce what he WASN'T going to do. No APP referendum. #AbLeg #handsoff

It can only be described as a victory for rational thought and financial well-being. The APP is the stupidest UCP idea so far, and that is a mighty deep barrel.

The outstanding issue is that Travis used taxpayer dollars to have a consultant prepare a report on the APP. #AbLeg

In a continuation of the UCP undemocratic tradition, he will not release said report. This is wrong. Taxpayers should have access to the opinion of financial experts commissioned by the GOA.

I bet they hate the idea of an APP. #AbLeg #handsoffmypension

I will continue my examination of AIMCO's compensation practices through the lens of Kevin's severance. I have now been able to chat with some comp experts from Toronto. This will take several days, there is a lot to unpack. #AbLeg #handsoffmypension

First, AIMCO is exempted from the sunshine list in AB. So there is no disclosure of what AIMCO employees make. Only named execs from the annual report are disclosed.

(AIMCO is exempted from the sunshine list for valid competitive reasons IMO.) #AbLeg #handsoffmypension

Second, Kevin's severance seems abusively high to me. Remember Kevin said he "retired" of his own accord.

The dictionary definition of severance pay is focused on being pay required for "being unwillingly separated from your employment". #AbLeg #handsoffmypension

Third, the real issue is that we (the people paying for this) have no way of understanding how many AIMCO employees have similar extraordinarily generous "termination" provisions.

#AbLeg #handsoffmypension

Fourth, most of the money paid (gifted?) to Kevin was done under the long term incentive program (LTIP). This is a bonus program that rewards execs over the long term (4-years) to incent them to stay at AIMCO for the, get this, long term. #AbLeg #handsoffmypension

So imagine my shock when I read:

"The incumbent CEO is also entitled to an LTIP grant in fiscal 2022."

So Kevin will get a bonus based upon how the fund does next year when he is golfing. This bonus target is $875,000 it maxes out at $2,625,000. #AbLeg #handsoffmypension

Remember that he is the guy that said commoners like me should not ever question the motives of AIMCO.

Travis, the Minister responsible for AIMCO has said nothing. Go figure. #AbLeg