Thread by @yomeeks

The Pension War Room™️ takes another dip in the primordial ooze. Here AIMCO admits that they got burned on AB real estate (think Calgary office) and oil and gas.
financialpost.com/commodities/en…

It is not funny that AIMCO is billed as "Alberta’s public pension manager" in the article. They are not. Rather, they Alberta's public investment manager.

It is an important distinction. Our pension managers are ATRF, LAPP, SFPP and PSPP. #AbLeg #handsoffmypension

Those organizations do a fine job managing pensions. AIMCO is ONLY an investment manager NOT a pension manager. Yet I see them (mis)billed this way in the press all the time. #AbLeg #handsoffmypension

Just to clarify Kevin's severance that still galls me. His future unvested LTIP payout is estimated to be $1.2 million PLUS and an as yet undetermined LTIP grant for the upcoming year.

I remember when unvested=not legally entitled to, but that is apparently not true anymore.

"No amount is payable if performance is below a certain level or if the vesting and payment conditions pursuant to the plan are not met."

This delicious statement is contradicted by the removal of last year's investment return from the payment calculation. #AbLeg #handsoff

Instead, the investment return was replaced with a "floor" value. The investment performance factor of -16.41 was removed and replaced with a "floor" value of -2.0. Needless to say that had a huge positive effect on LTIP bonuses. #AbLeg #handsoffmypension

As members of the plan we are in the unfortunate situation of paying both Kevin and @ewsiddall LTIP bonuses for next year's investment return.

An entirely different meaning of a double-double. #AbLeg #handsoffmypension