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The AB Teacher Pension War Room

26 Jul, 9 tweets, 6 min read

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.
edmontonjournal.com/news/politics/…

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

Yesterday, I was talking about about how, in technical terms, AIMCO has added 0 value over the last 10 years for LAPP. But passed out fat bonuses all along the way. #phat #AbLeg #handsoffmypension

The investment industry is funny, but we should be paying "average" managers about 10% of top quartile managers. (ie $300,000 instead of $3,000,000).

Kevin, the smooth operator that he was, would never let that happen. Would he? #AbLeg #handsoffmypension

As I have opined before, the industry is funny in that 90% of investment managers claim to be in the top quartile. It takes some serious Sherlocking to sort the wheat from the chaff. #AbLeg #handsoffmypension

As evidenced by the repeated Sun articles, Travis and team view going after nurses' pay cheques as a winning strategy to turn the page for the UCP. He goes around slinging numbers from 2015 acting like they have not taken 0% for a bunch of years. #AbLeg

Travis, of course, acts intentionally obtuse. Pretending that inflation is not real and is not eroding nurses ability to pay for housing and put food on their tables.
#AbLeg #handsoffmypension

One more thing: your LAPP pension is safe with a 110% funded ratio.

It should be at 120% and reducing contributions, but it isn't thanks to AIMCO. #AbLeg #handsoffmypension

This is another way that Travis has cost the GOA millions of dollars.

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More from @yomeeks

The AB Teacher Pension War Room

@yomeeks

27 Jul

This is your daily pension announcement coming to you directly from the Pension War Room™️! As the judicial review of the Travis imposed investment management agreement (IMA) nears, it is time for a closer look. Background and original docs: #AbLeg

teachers.ab.ca/News%20Room/Is…

The GOA repeatedly made representations that the ATRF would retain control over the Investment Policy creating a reasonable expectation that the ATRF and ATA would be fairly consulted. #AbLeg

Instead, we seem to have another backroom deal between AIMCO and Travis. #twofer

The "ordered by Travis" IMA gives AIMCO the right to reject ATRF investment policy and be the sole arbiter of disputes in this area. Take that to your MLA: what Travis said and what happened are two different things. #AbLeg #handsoffmypension

Read 5 tweets

The AB Teacher Pension War Room

@yomeeks

25 Jul

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.

lapp.ca/page/whats-new…

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

Read 10 tweets

The AB Teacher Pension War Room

@yomeeks

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.
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

Read 7 tweets

The AB Teacher Pension War Room

@yomeeks

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

The AB Teacher Pension War Room

@yomeeks

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
pspp.ca/page/funding-i…

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

The AB Teacher Pension War Room

@yomeeks

12 Jul

@ChristinaNDP

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

Read 8 tweets

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