The Pension War Room™️ will once again dip into the sewage lagoon of AB public sector pensions!

The LAPP Annual Report is out! Get your copy ⬇️. Lots of good reading.…
The most important quote (p.9):
"Although media attention at the time focused on
significant losses resulting from AIMCo’s volatility
trading strategy (VOLTS), investment choices for nearly
all asset classes at AIMCo also underperformed during
the first quarter." #AbLeg #AIMCO
I could not have said it better myself. On the same page in sanitized corporate language. they also recognize that having Travis mess with the plan willy-nilly is a risk. #AbLeg #handsoffmypension
To quote:
"A key risk facing LAPP Corporation is the governance risk resulting from an inability to choose its own service providers for investing the LAPP fund and administering pension benefits for LAPP members." #AbLeg #handsoffmypension
I wonder if Travis ever gets tired of putting out the fire on his pants?

Finger pointing: "...mandated the use of AIMCo and APS as key service providers, granting both Crown corporations a perpetual monopoly on investment and benefit administration services." #AbLeg
Here are the investment results. Maximum suckage. The target for value add over 4 years is (an eminently reasonable)+0.85%. AIMCO delivered -0.70% value add. #AbLeg #handsoffmypension

Over 10 years (roughly AIMCO's existence) the value add has been 0%.
That hurts. That really hurts. But the worst damage done to AIMCO IMO was the backroom dealing by Kevin and Travis. #AbLeg #handsoffmypension
We also found out how much VOLTS cost LAPP: a loss of $900 million dollars.
To which LAPP throws out this sic burn: "...AIMCo has acknowledged that there is room for improvement in its internal risk management culture and processes."

Really? Really? #AbLeg #handsoffmypension
Take that quote above and email it to Tany Yao, Travis, and @jkenney. Because that is what the Travis did. Without (apparently) a moment's thought, he substituted his opinion for the actual trustee of the funds. Risky for the GOA. #AbLeg #handsoffmypension
But don't worry, Travis knows he will be long gone before any of this comes home to roost. Embedding a structural problem that may blow up in a few years. #ABLeg #handsoffmypension

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More from @yomeeks

26 Jul
The Pension War Room™️ enjoys a throwback today!
I am just including this article here, since there are certain news outlets that think it is only teachers that have pension concerns. #AbLeg #handsoffmypension

It isn't.…
I have talked to people with serious concerns across the spectrum. It also includes one of my favorite stupidisms from Travis:
“We’re not putting our hands on their pensions — their pensions will remain where they are now at AIMCo,”
#AbLeg #handsoffmypension
To be clear, Travis is indeed substituting his judgement for the trustee board that is the fiduciary in this situation. How is the board supposed to act in the best interest of members with one arm tied behind?

#ucpgaslighting #AbLeg #handsoffmypension
Read 9 tweets
22 Jul
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.…
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
Read 7 tweets
21 Jul
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
Read 10 tweets
17 Jul
This is your daily pension announcement! The Pension War Room™️ is back on the grid! Just in time the PSPP Annual Report. Worthwhile reading....get your copy here: #AbLeg #handsoffmypension…
Some naughty bits in the typically sanitized annual report language. Pg. 26

"The 2020 investment performance by PSPP Corporations legislated exclusive investment manager...(AIMCO), was extremely disappointing." #AbLeg #handsoffmypension
Wow. The message seems to be if it wasn't legislated then AIMCO would be toast. Thanks, Kevin.

PSPP members have to be pissed that they just paid $3 million (collectively) to Kevin for him not to work. Happy retirement! #AbLeg #handsoffmypension
Read 10 tweets
12 Jul
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…
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
Read 8 tweets
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…
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

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