This is your daily pension announcement: Remember this video!!!!!
I have had the same experience with the Travis directed @jkenney led pension file. We can't even agree on basic facts never mind policy matters.#AbLeg#handsoffmypension
Take this reply to a constituent from Whitney Issik (don't blame her, many MLAs used the same script).
"In the case of teachers’ pension, government’s review found that having AIMCo provide investment management services for the ATRF would decrease the fund’s ...costs." #AbLeg
Strap on your critical thinking hat for a moment. The government (TBF) didn't review shit. AIMCO wrote the review that the TBF accepted. Need I remind you that AIMCO claims to be "arms-length". Instead we get an AIMCO in the worst conflict of interest. #AbLeg#handsoffmypension
Whitney goes on to say that it was really too difficult to compare investment returns between AIMCO and ATRF. Which, of course, is not true either.
They have such derision towards our retirement savings they could not be bothered to put an ounce of effort in. #AbLeg#handsoff
One more from Whitney Issik:
"Government, as the employer of teachers and owner of AIMCo, has closely monitored the investment returns"
In one sentence she has discarded the last two centuries of the law of trustees and fiduciary duty. #AbLeg#handsoffmypension
She conveniently answers: 1. Is AIMCO Arm's length?
Nope. 2. Does the ATRF Board (as trustee) have the most info on returns?
Apparently not. 3. Despite making >50% of the contributions, do teachers need to be consulted?
Nope. #AbLeg#handsoffmypension#travisfail
In his Op-Ed I think @ewsiddall makes it clear that AIMCO was too worried about its own future. And, (my opinion) instead of buckling down and working on investment strategies to secure that future, they chose the political route.
I have been invited to speak at the @_AUPE_ pension conference this week. I hope to address what has happened here, as well as some ideas for the future.
If you can, listen to Dr. Bob Ascah as he will be commenting on AIMCO directly. #AbLeg
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This is your daily pension announcement! The Pension War Room™️ would note Jim-Bob Dinning is still a stan for the APP. He was at the Calgary Golf and Country Club while the rest of the UCP were lathering up in Red Deer. #AbLeg
It appears that his message has not changed. Lifeworks/Telus report=The Word of God. Yeah, even the bits he reproduced for handouts at the events had all sorts of warnings from the actuary about "best estimates". #AbLeg
The crowd, though tough to tell from appearances, looked like they **WILL NOT** be depending on CPP/APP for their retirement income. Unlike millions of Canadians who WILL be depending on it. #AbLeg
This is your daily pension announcement! Smith recruiting private schools to stack the leadership vote shows a level of desperation. She didn't invent this strategy (@jkenney did), but she needs it. #AbLeg
It seems two groups are organizing against her: one group thinks she had the power to stop the prosecution of domestic terrorists. The other is angry she reneged on a promise to cut taxes.
A certain substantial, but as yet unquantified, portion of her party is just angry all the time about everything. The same people that gave Ralph the boot after all he did for 'berta.
This is your daily pension announcement. The Pension War Room™️ is mildly piqued at the continued operation of @aimcoinvests without a Board Chair. Speculation centers around the UCP trying to appoint a politician and failing (twice) on conflict of interest grounds. #AbLeg
It is well past time that I remind you if you have a DB pension plan the money in that plan IS NOT your employers. It is held, in trust, and cared for by a trustee. That trustee has the fiduciary responsibility to invest wisely and to pay out benefits to you when the time comes.
It's important for me to hammer home this concept in law as we seem to have lots of MLAs and senior civil servants confused about this. Various FOIP requests have provided ample examples of teachers' pensions being referred to as a GOA "program". They are not. #Ableg
This is your daily pension announcement. The Pension War Room™️ can't believe this needs to be said again. But, after some side comments from some local UCP MLAs, here we go:
1. The GOA is a minority (49%) contributor to the
teachers' retirement plan. #ableg
2. The GOA does **NOT** guarantee pensions. They are guaranteed by the assets in the plan. (There was a guarantee until 1992.)
3. Since the GOA contributes 49%, they appoint half the Board Members to the ATRF Board. #AbLeg
4. The ATRF Board is the trustee with a fiduciary
duty to the plan members. Selecting investment
strategy and **in any normal world** hiring
investment managers is their responsibility. #AbLeg
This is your daily pension announcement: The Pension War Room™️ is awash in the irony that is the TBA faction of the UCP caucus. Did the slide deck used to convince caucus of DS's latest flaky idea have data from a fake polling firm? I feel the need to know. #AbLeg
We are expecting the @ATRFPension Annual Report (to Aug 23) to come out this week. We will be able to see just how far @aimcoinvests has come to saving us $40 million each and every year. My informed opinion is they have saved teachers $0. Every claim AIMCO made was false. #AbLeg
Here again, for posterity's sake, is the **top level** analysis done by AIMCO and provided to TBF. This really shows two things: AIMCO can't recognize the Mother of All conflicts of interest, and is AIMCO is incapable of calculating a risk adjusted return. #AbLeg
This is your daily pension announcement. The Pension War Room™️ reveals this King's Bench pension decision. If you recall, LAPP, PSPP and SFPP are holding @aimcoinvests and GOA accountable for $1.33 billion dollars of VOLTS losses. #ABLeg canlii.org/en/ab/abkb/doc…
It looks like the GOA tried to sever themselves from the (top secret) arbitration hearing. So your hardworking pension plans needed to go to King's Bench Court to have the GOA again added as a defendant. Which they were, with costs. #AbLeg
This is a thorough ruling. It is hard to think that they even argued such a stupid position: that the GOA had no responsibility for @aimcoinvests even though they own them and are responsible for appointing board members. #AbLeg