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27 Jul, 5 tweets, 3 min read
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
The Teachers' Pension Plan Act (TPPA) sets the rules:
17.1
 (2) The Board shall ensure that the Pension Funds are invested in accordance with the statement of investment policies and goals.

Hmm, nothing about AIMCO overruling. #AbLeg #handsoffmypension
And it goes on...
(3) The Board shall
(b) manage those assets for the sole benefit of the persons entitled to the respective benefits.

ie, not for the benefit of AIMCO or the GOA. Read it and weep.

#AbLeg #handsoffmypension

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
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.
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
Read 9 tweets
The AB Teacher Pension War Room Profile picture
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 Profile picture
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 Profile picture
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 Profile picture
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 Profile picture
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
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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