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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The Pension War Room™️ again brings you this conundrum. Reasons for @NateHornerAB removing the AIMCO Board keep changing! Barb here, definitely has insider access. Read it
To recap: the original reason for destroying @aimcoinvests was cost plus investment performance. We know know that wasn't true in any logical world.
Barb here floats reason #2: that CEO @ewsiddall was a "liberal" or a "Laurentian Elite". #AbLeg
The Stapler (keep in mind he is an idiot) floats reason #3 in the paper today: That the Board and CEO had the audacity to drag the organization into this century with ESG and DEI policies. The former as part of its legal fiduciary duty...
The Pension War Room™️needs you to read this piece from the G &M. No, I can't link to it.
You may remember Mr. Willis from the original AIMCO conundrum. He is correct in this case, the pension plans bear the consequences of AIMCOs bad decisions. #AbLeg
To quote Mr. Willis:
"The day after Mr. Horner marched AIMCo executives out the door, LAPP put out a press release to say that “your pension remains safe and secure.” LAPP executives declined further comment... #AbLeg
...At best, the pension plan’s “safe and secure” line is wishful thinking, as no one knows where AIMCo’s investment performance is headed." #AbLeg
We are still awaiting the other shoe to drop. #AbLeg
The Pension War Room™️ reviews this AIMCO quote from Bloomberg: "Employees have already told acquaintances they want new jobs, anticipating the province will begin treating the pension manager like a state agency and slash their pay." #Ableg
Yeah, so this is the hidden cost of @NateHornerAB's actions. A ton of employees with very specific skill sets have already sent their resumes out. This are employees who were very difficult to recruit to start with. #AbLeg
Most of the highly specialized skill sets @aimcoinvests don't grow in AB. They are only produced in major financial centers like Toronto, adding another level of complexity.
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