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The AB Teacher Pension War Room

@yomeeks

10 Oct

This is your daily pension announcement: throwback to the World Bank Group's case study on the much vaunted (and rightly so) Canadian Pension Model. You can access the paper from the article below, but be warned it may be TL:dr and too much Kevin. #AbLeg
optrust.com/AboutOPTrust/N…

This paper is from 2017, before any of the crazy UCP/AIMCO stuff. But it gives you insight into the things that Travis did to weaken pensions in AB. Strap in, this is going to be a long ride. #AbLeg #handsoffmypension

1. "Because of their success, the World Bank Group partnered with four Canadian pension funds, Alberta Investment Management Corporation (AIMCo)".

Er, yeah. AIMCO is not a pension fund. They are an investment manager, a service provider to pension funds if you will. #AbLeg

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The AB Teacher Pension War Room

@yomeeks

5 Oct

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

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The AB Teacher Pension War Room

@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

@MarkDWiseman

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

The AB Teacher Pension War Room

@yomeeks

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

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The AB Teacher Pension War Room

@yomeeks

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

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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

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