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The AB Teacher Pension War Room

8 Sep, 10 tweets, 6 min read

The Pension War Room™️ declares total victory over AIMCO! I was advised earlier that ATRF and AIMCO have just inked a 50-page investment management agreement. As this new IMA contains everything we were asking for, the lawsuit was discontinued this morning.

The statement from the ATRF is here:
atrf.com/teacher/news/i…
The statement from the ATA is here:
teachers.ab.ca/News%20Room/Ne…

#AbLeg #handsoffmypension

This new IMA does the two things that Kevin (and Travis through Kevin) would never do.

1. The IMA recognizes the fiduciary duty of the
ATRF unconditionally.
2. And, it adds proper role clarity for both parties.
AIMCO does not get a veto.

@ewsiddall

What made the difference? New leadership at AIMCO. @ewsiddall clearly has a better understanding of what a future relationship should look like. Maybe like an independent entity?

Kevin, I'm certain, is still busy counting his money. #AbLeg #handsoffmypension

In my opinion, AIMCO is not a villain anymore. They need to be given a chance to carry out the investment policy of the ATRF in good faith and be measured against the performance goals. #AbLeg #handsoffmypension

The GOA and Travis remain villains. The odious Bill 22 is still law, and can only be dealt with by an election that I can't wait for.

Travis accepted no input into Bill 22 and accepted no feedback. Democracy requires better. #AbLeg #handsoffmypension

I am a little bit sad the decision will not be rendered in the court case. My feeling was that it might set an administrative law precedent for years to come. Nonetheless, I am certain that ATRF achieved a commercially reasonable agreement #AbLeg

This victory belongs to you-the Pension Army. Advocacy works. Travis's comms people all told him that this would blow over in no time. And, you have shown him again and again that you are informed about your pension and willing to take action. #AbLeg #handsoffmypension

When Kevin was AIMCO CEO he was the chief cheerleader for Bill 22. That was a questionable position for him to adopt. #AbLeg #handsoffmypension

@jkenney

Please keep up with your efforts directed at UCP MLAs. They need to know that ATRF has the fiduciary duty to invest the plan assets not the GOA. @jkenney has no role here. #AbLeg #handsoffmypenion

More later.

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The AB Teacher Pension War Room

@yomeeks

12 Sep

This is a curriculum announcement! A reminder that our current (strong) curriculum was developed over about 35 years of PC rule. The draft that was thrown away was developed under the PC and NDP. Calling it the "NDP curriculum" is simply not accurate. #AbLeg #ditchthedraft

In fact, our current curriculum is followed by many schools in other countries. That is yet another reminder of the strength of our education system. Put that together with the MacKinnon Report that shows K-12 education costs in AB are low and we have the deal of deals. #AbLeg

Only BC is lower cost (mainly because BC doesn't support private schools or the same level of busing). We had (historically) strong curriculum development process here. The process we had has been totally abandoned now. And, instead the draft is run up to cabinet every other week

Read 4 tweets

The AB Teacher Pension War Room

@yomeeks

6 Sep

This is your daily pension update: LAPP, SFPP, and PSPP are watching the ATA pension court case with bated breath. It is possible, depending on the decision, that we could see mucho legal action on behalf of these plans. #AbLeg #goteam

I would caution you that their situation is a bit different because those plans already use AIMCO as an investment manager. #AbLeg #handsoffmypension

I will remind everyone (again) that the Teachers' Pension Plan Act gives the responsibility for investing the assets of the plan to the ATRF Board not AIMCO and certainly not Travis. What kind of advice is he getting? #AbLeg #handsoffmypeension

Read 5 tweets

The AB Teacher Pension War Room

@yomeeks

4 Sep

This is your daily pension announcement: yesterday was the second and final day in court for The Pension War Room™️ and the ATA. It started with the judge telling the GOA that their interpretation of (the contested) section 3.8 of the IMA was "way off base". #AbLeg

@FieldLaw

It was clear from the questions that the judge was asking that she understood where the GOA was moving into the ridiculous.

A big shout out to Katrina Haymond and @FieldLaw for representing us so well. #AbLeg #handsoffmypension

Our torch of righteousness was borne well into the courtroom.

There are many issues for the judge to decide here in the application of administrative law. So it may take awhile for a decision to be rendered. #AbLeg

Read 6 tweets

The AB Teacher Pension War Room

@yomeeks

28 Aug

This is your daily pension announcement: asking the never ending question if the ATRF is the trustee of $20 billion of retirement savings why is the GOA telling AIMCO that it can do what it likes investing those assets? #AbLeg #handsoffmypension

Apparently AIMCO had two secret meetings with Treasury Board and Finance just before Travis imposed the IMA on the ATRF. If you are wondering what was discussed please stay tuned for the court case scheduled for next Thursday and Friday. #AbLeg #juicy

When AIMCO does cheap shit like this it really lays waste to the "arms length from government" claims. I am arguing that Travis owes the ATRF a basic level duty of fairness (among other things). #AbLeg #handsoffmypension

Read 4 tweets

The AB Teacher Pension War Room

@yomeeks

27 Aug

This is your daily pension announcement. The Pension War Room™️ attended the retirement ceremony of ATRF Chief Investment Officer Derek Brodersen today with mixed feelings. A great CIO who was an excellent steward of teachers' assets. #AbLeg
atrf.com/teacher/news/a…

September 2 is our day in court to challenge the imposed IMA. Please tune in for my commentary.

Things are weird at the Alberta Legislature right now. Deputy Minister are running around scare to do anything. An overriding atmosphere of fear and loathing. #AbLeg

@jkenney

This is your reminder that the ATRF Board is the only entity that is the fiduciary and trustee for the teachers' pension plan. And, despite what @jkenney has said, the plan is not backstopped by the GOA. #AbLeg #handsoffmypension

Read 4 tweets

The AB Teacher Pension War Room

@yomeeks

18 Aug

This is your daily pension announcement! The Pension War Room™️is back on the grid.
Take a look at this page from the GOA on public sector joint governance in good old 'berta. See if you can spot the errors.... #AbLeg #handsoffmypension
alberta.ca/public-sector-…

I do understand that updating the webpages might take time due to COVID but it has been nearly two years.

After all, this is where MLA (and employees and the public) get information from. So buckle in and apply your critical reading skills. #AbLeg #handsoffmypension

"Under joint governance, employee and employer groups share control of plan design and responsibility for the financial health of the plan." (correct)

So next time a UCP MLA says that the GOA alone is responsible for the financial health of the plan....refer them here. #AbLeg

Read 7 tweets

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