This is your daily pension announcement. The Pension War Room™️ commemorates the day exactly two years ago that Bill 22 was introduced. @jkenney was hiding in Texas, the Bill was rammed through in an undemocratic record 4 days. Should have been a month... #AbLeg#handsoff
Bill 22 abolished the election commissioner and removed the right of pension plan fiduciaries to choose their own investment manager.
Pretty good Q3: 1.7% return versus a benchmark of 0.8%. Of note, they mention their 4-year rolling return but not their 4 -year rolling benchmark, against which reliable judgments can be made.
It only seems fitting that UCP execs are today traveling AB far and wide dispensing $100 bills to people who promise to show up to the UCP convention and support @jkenney. I thought that was illegal..... #AbLeg#handsoffmypension
One more blast from the past complete with Kevin and his come-hither look and the first of many lies:
"No one will get bigger bonuses or more shares or options from the moves, he said." Says the man whose paycheque is normed to the size of AIMCO. #AbLeg edmontonjournal.com/news/local-new…
And this bullshit buffet.....
"It’s near-impossible to compare investments’ performances — especially if their fiscal years don’t align, he said."
He said this 12 weeks after AIMCO wrote the business case...you guessed it... comparing returns. #AbLeg#handsoffmypension
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This is your daily pension announcement! The Pension War Room™️ announces the next Heritage Fund meeting!!! I would expect @ewsiddall to be in fine form.
Put November 25, 7-9 pm on your calendar. On the link below you can submit a question. #AbLeg
Questions will be answered by AIMCO and/the GOA. They can't be directly about the pension plans, but do feel free to ask things like:
"The Heritage Fund is coming off its worst year ever why did AIMCO still pay millions in performance bonuses?" #AbLeg#handsoffmypension
"Are we still paying Kevin Uebelein a bonus based upon the fund's results this year even though he no longer works there?" #AbLeg#handsoffmypension
I know I will be tuned in for information and edification.
This is your daily pension announcement: the are teachers "employees" of the GOA edition? It is an important distinction. LaGrange, for example, asked school boards to institute vaccine mandates for their employees(teachers). #AbLeg#handsoffmypension
Whereas Travis has been quoted so many times saying: "(the GOA) as the employer of teachers and the owner of AIMCO" can strip away the choice of investment manager from the fiduciary, which is the ATRF Board.
Really something to think about. Ministers can't seem to agree. #AbLeg
Travis, as I have said so many times, is wrong anyway.
In a @jkenney level gaslight, he fails to mention this plan is JOINTLY sponsored and the GOA contributes <50%. Might want to check with the other sponsor before you pronounce.... #AbLeg
This is your daily pension announcement. I spent yesterday afternoon in the wonderful @aupe pension conference.
I was pleased to do a session for attendees as well as listen to Dr. Bob Ascah. Here is an article he wrote last April...🔥🔥🔥🔥🔥 #ABLeg albertaviews.ca/the-120-questi…
Dr. Bob Ascah is uniquely qualified to comment on both AIMCO and TBF within the larger Government context. He has a new paper coming (soon). I don't want to let the cat out of the bag, but the title might be "can AIMCO be fixed?" A valid question. #AbLeg#handsoffmypension
I have a better understanding now of the Charter challenges that are possible when Travis strips the ability to choose an investment manager away from a pension fiduciary and trustee. I will continue to review the last two centuries of trust law. #AbLeg
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
This is your daily pension announcement: The Pension War Room™️ notes it has been a tough week, month, and year for the UCP. My message today is that I have the Google Sheet ready to go to account for the money saved (lost) by using AIMCO. #AbLeg#handsoffmypension
Remember Travis swore up and down that AIMCO would save teachers $41 million per year by reducing investment costs by 0.25% from the ATRF recent average of 0.77%. In fact, I think this requires an audit by the Auditor General. Bring on the accounting! #AbLeg
BTW, Mark Prefontaine who was Chief Client and Stakeholder Relations Officer no longer works for AIMCO. If you are keeping score, that is two senior executives turning over with the new CEO. #ABLeg#handsoffmypension
This is your daily pension announcement: It is mailbag day for The Pension War Room™️. Question from Squiggy: "Does the GOA (Travis) own the funds in the pension plans?" Emphatic HELL NO! I know Travis has said that in the Leg at different times. #AbLeg#handsoffmypension
Remember with @joececiyyc: legislation was passed to (in his words) "get the politics out of pensions". While Travis has said it is his job to "maximize the funds" and to ensure we have a "made in Alberta portfolio". Putting the politics right back into pensions. #ABLeg
Getting back to the question of ownership of funds held in trust, we go to the Teachers' Pension Plan Act 17(3) which says in part: (3) The Board shall...
(b) manage those assets for the sole benefit of the persons entitled to the respective benefits. #ABLeg