This is your daily pension announcement: I will again direct your attention to what Canada's preeminent pension expert has to say about an Alberta Pension Plan.
It is a stupid idea based on the underwriting risk alone. #AbLeg #handsoffmypension
kpa-advisory.com/policy-papers/…
Defined benefit pensions are all about risk management. A point that is not well understood by the sellers of the APP "vision". Simply put, since the APP would be so much smaller than the CPP premiums would have to be more since the fund has less ability to absorb shocks. #ABLeg
These shocks might be investment (think financial crisis) or experience (think people living longer). But either way the plan needs to be structured to be able to deal with these risks. #AbLeg #handsoffmypension
Most people currently selling the APP do not account for the underwriting risk. They have not even convinced me the know what it is. The whole "costs less same benefits as CPP" justification is BS. They have no basis to make that claim. #AbLeg #handsoffmypension
Travis does have a detailed study (paid for by taxpayers) on his desk by actual experts in this field. Why don't we have a gander at what it says?

Oh that is right....he isn't releasing the report. Wonder why that is... #AbLeg #handsoffmypension

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with The AB Teacher Pension War Room

The AB Teacher Pension War Room Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @yomeeks

2 Oct
This is your daily pension announcement: The Pension War Room™️observes that two existential risks are still present for ATRF and the other public sector pension plans. These both reside with the GOA. Summary below. #AbLeg #handsoffmypension
First, the AIMCO Board is entirely appointed (and removed) by Travis. This does not meet the bar required for AIMCO to be "independent" as Travis is so fond of saying. It also does not meet the best practice of the much vaunted Canadian Pension Model. #AbLeg #handsoffmypension
I suspect that @MarkDWiseman knows this and knows what needs to be done to fix it. 80% of AIMCO's business is investing for pension plans and NONE of those plans have any Board level influence. The whole structure of the AIMCO Board needs to change. #ABLeg
Read 7 tweets
1 Oct
The Stapler™️ wrote again on the draft K-6 curriculum. It is a sight to see. I won't link to it because he has had me blocked ever since I explained pensions to him. I will, however summarize his argument... #AbLeg #handsoffmypension
He seems to now agree that the draft curriculum is a steaming pile of horse manure. And, he tries to convince the humble reader that he has been digging through that warm, stinky pile of shit only to find a couple of undigested kernels of grain. #AbLeg
He is busy eating those crap covered kernels telling us that they taste good and that we should eat a substantial part of the manure pile. (He claims one part of the draft English Language Arts curriculum is good even though he fails to parse the pedagogy.) #AbLeg
Read 6 tweets
19 Sep
This is you daily pension announcement: pension news seems to have been overtaken by other events! There seem to be several members of cabinet who believe that our way out of this pandemic is to open another ICU. They have no understanding of labor economics. #AbLeg
You can't go to the unemployment line and expect to find College certified emerg docs and fully trained ICU nurses. It takes years to build up a reservoir of professional skills like this. #AbLeg
In pension news, please remember the ATRF investment employees who will now be moving to AIMCO over the next couple of months. I hope they will continue their great work in their new home. Their skill and dedication at ATRF was unmatched. #AbLeg
Read 5 tweets
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
8 Sep
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.
Read 10 tweets
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

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!

Follow Us on Twitter!

:(