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14 Oct, 7 tweets, 4 min read
This is your daily pension announcement: The Pension War Room™️notes that Evan is the new Kevin! Take a look below at the deep cut interview below. "I'm going to lead differently" is a good start because the last guy really sucked! #handsoffmypension

financialpost.com/news/fp-street…
I will not needlessly disparage Evan. Ever. But, given my experience on the ATRF Board, if I see injustice I will speak out. I will restrict my comments today to a couple of things. #AbLeg #handsoffmypension
To quote: "Siddall — who pledged to keep a lower profile in his new assignment".

This is a really good idea. Nothing galvanized the anti-AIMCO forces better than Kevin's self serving Op-Ed in the Journal complete with a come-hither photo. #AbLeg #handsoffmypension
Kevin's and Travis' Op-Eds together made me commit to tweeting about public sector pensions every day until the election in 2013. Really don't want to repeat that.
May I add their scribbles were disingenuous, misleading and in some areas wrong. #AbLeg #handsoffmypension
The statement about Kevin standing in shit (waist deep I would think) while trying to negotiate was particularly adroit.

It is my humble opinion that the @Alberta_Finance is still standing in shit up to their necks on pensions. #AbLeg #handsoffmypension
"Some legislation in Alberta over the past few years has aimed to extend the arms-length relationship between AIMCo and the provincial government"

And, that is what Travis sabotaged with Bill 22. #AbLeg #handsoffmypension
Staying out of the APP debate is the right path for AIMCO.

But they still have to deal with the sordid history of producing a pro-APP secret "research" paper and then circulating it among conservative politicians. #AbLeg #handsoffmypension

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
15 Oct
This is your daily pension announcement: here is the video of Evan's first Heritage Fund appearance. Great first half of the year but don't forget: 5 year return 8.2% 0% over the benchmark. (Target would be 1.0% over.)

assemblyonline.assembly.ab.ca/Harmony/en/Pow…
CIO Dale is retiring. So the executive team will only have 2 members (I think) that have been at AIMCO for more than a year. I remember the first time I met the AIMCO executive team. A bunch of them were fired the week after. (Leo was CEO at the time.) #ABLeg #handsoffmypension
Accountability and transparency are great themes for @ewsiddall. Those are things that have been lacking. Kevin had some backroom deals going on with the UCP. You can't have that with an "arms-length" manager. #AbLeg #handsoffmypension
Read 5 tweets
The AB Teacher Pension War Room Profile picture
13 Oct
This is not true. Please read the MacKinnon report. We have a bargain basement system second lowest cost in the country. (BC=lowest) AB would be the lowest if we did not pay private schools and provided less transport. #AbLeg
My analysis: to use the "one of the best-funded" would mean in the top 3 out of provinces. MacKinnon showed us we were nearly the bottom and falling further as enrollment⬆️and inflation erodes. #ABLeg
And that was yer own UCP report. #ABLeg
Read 4 tweets
The AB Teacher Pension War Room Profile picture
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
Read 13 tweets
The AB Teacher Pension War Room Profile picture
8 Oct
This is your daily pension announcement: The Pension War Room™️ notes that Travis writes another op-ed for the Journal. It is filled with the typical lies and misrepresentations of the equalization referendum. Don't read it. It is a waste of time. #AbLeg
Do take a look at the end note:
"This byline information was changed at the author’s request to reflect his capacity as MLA instead of as finance minister and president of Treasury Board."

Why would Travis need to write this as an anonymous MLA instead of as a Finance Minister?
Well, funny you should ask. I suspect it is because the loyal and hardworking servants at Treasury Board and Finance are embarrassed by Travis and his facile arguments. They have provided Travis with no research on equalization. #AbLeg #handsoffmypension
Read 7 tweets
The AB Teacher Pension War Room Profile picture
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
Read 5 tweets
The AB Teacher Pension War Room Profile picture
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

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