This is your daily pension announcement: The Pension War Room™️reports mass chaos and confusion after the public Heritage Fund meeting this week. The usual gaslighting, though from more from TBF less from AIMCO. #AbLeg #handsoffmypension
Some observations:
First, this was a remote public meeting. Yet, they could not find a way to broadcast the slide deck. It was an integral part of the presentation. They managed to put it on the website after the meeting...... #butthatsucks #AbLeg #handsoffmypension
Second, @ewsiddall did not show up. I am honestly concerned that something may have happened to him that is bad. A meeting of this nature is sensitive given the gaping wounds @aimcoinvests has suffered over the past year. #AbLeg #handsoffmypension
Third, question about whether TBF thinks it is a good idea to have a veto over AIMCO built into the Act. Athana (TBF DM) said that proposed legislation was a secret and they wouldn't comment.

Yeah, we as citizens are entitled to know the general opinion of TBF. #AbLeg
@GrantHunterUCP asked twice about who sets AIMCO's ESG policies. He was presented with a word salad that didn't answer the questions. So allow me, @GrantHunterUCP, it is the AIMCO Board that sets their ESG policies. Full stop. #AbLeg #handsoffmypension
AIMCO needs to find better language to talk about compensation. They paid huge bonuses for the worst performance in all of Canada (except OMERS). Variable pay should be variable.

To trot out a guy who is days away from retirement to deny a problem exists...
In other news, it is final from LaGrange now. Despite all the feedback, their will be no "course correction" to the school curriculum. Bits and pieces will be fixed, but the majority of the feedback will be ignored. #AbLeg #handsoffmypension
She has insisted from the beginning that "people" have given her anecdotal feedback that trumps all opinion polls, studies and academic work in the area.

LaGrange just "knows" that a curriculum largely plagiarized from Virginia (I think) is the way to go. #AbLeg #handsoff
Alberta's curriculum has been 40 years in the making in our own way. It has been one of the components of the strong educational system built here in AB. That regularly outperforms on international scales.... #AbLeg #handsoffmypension
Sigh. Time for a fight.

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More from @yomeeks

28 Nov
This is your daily pension announcement: The one more thing edition...
I did want to review the question from @davideggenAB at the Heritage Fund Meeting. It was along the lines of what can AIMCO do to restore the trust of the people of Alberta? #AbLeg #handsoffmypension
The response is really shows the problems with @Alberta_Finance and their relationship with @aimcoinvests. They (TBF DM Athana) refused to answer the question because it has more to do with teachers and not the Heritage Fund. #AbLeg #handsoffmypension
Well, let's just cut that apart for a moment. Big picture: AIMCO was used, knowingly or not, as a weapon to assault different labour groups. The fiduciary duty of these plans was interfered with and replaced with Travis' discretion. Everybody in AB saw this. #AbLeg #handsoff
Read 6 tweets
26 Nov
Heritage Fund meeting and Evan Siddall doesn't show up? WTF?
Great question about replacing AIMCO as investment manager for the Heritage Fund. Short answer is "yes we can".
Too bad we can't replace them as our pension fund manager. #AbLeg #handsoffmypension
Read 10 tweets
19 Nov
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.

No coincidence I am sure, AIMCO released Q3 results today as well:
assets.ctfassets.net/lyt4cjmefjno/5…
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.

BTW, the goal is 1% over benchmark, not benchmark. #handsoffmypension #AbLeg
Read 6 tweets
18 Nov
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

assembly.ab.ca/assembly-busin…
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.
Read 4 tweets
13 Nov
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
Read 5 tweets
10 Nov
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
Read 6 tweets

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