This is your daily pension announcement: The Pension War Room™️would like to thank Dr. Oberg for one thing: he struck a committee to finally resolve the unfunded liability of the teachers' pension plan that had built up from 1958-1992. #AbLeg#handsoffmypension
He did that as one of the concession from the largest teachers' strike in AB history. This committee eventually wrote a report that I have posted in this space many times. @LukaszukAB was one of the authors.
A reminder that @jkenney continues to be fallacious about pensions.
These pension plans are not guaranteed by taxpayers. They are guaranteed by the assets in the plan that @aimcoinvests has investment control over. The teachers' plan, for example, had the guarantee removed in 1992. #AbLeg#handsoffmypensioon
It has become @jkenney's style to use objectively false information to further his political agenda. Which seems to be the GOA needs to takeover (read: hijack) the pension investment function to safeguard it.
@jkenney's biggest lie is that the @aimcoinvests has saved $50 million so far for ATRF. They have not saved a dime. In fact, they have cost teachers millions and millions in transition costs while only having the assets for eight weeks. #AbLeg#handsoffmypension
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This is your daily pension announcement: The Pension War Room™️revels in truth from Dr. Bob Ascah's AIMCO paper‼️Please allow me to provide the highlights that I have also been screaming! #AbLeg#handsoffmypension parklandinstitute.ca/media_report_c…
Things like: “Trust in the governance of pension plans and in the investment management done on behalf of pension plan members ... is critical to the pension bargain..." (cont in next Tweet) #AbLeg#handsoffmypension
"Unfortunately, this trust has been seriously eroded through legislative and regulatory actions taken by the United Conservative Party (UCP) government.”
This is your daily pension announcement: New member of the AIMCO Board just dropped! Rest assured, Lorraine Mitchelmore was appointed with absolutely no input from from the pension funds that make up the vast majority of @aimcoinvests assets. #AbLeg
She used to be the president of Shell Canada and is clearly a cut above the usual out-of-work oil and gas executive that is appointed.
On the plus side of the ledger, she does not appear to be a UCP or PCAA donor and is from the more progressive area of the oil and gas industry
On the negative side: why can't we get someone from the investment industry with pension plan experience? Is that too much to ask? That would better reflect AIMCO's assets. #AbLeg#handsoffmypension
This is your daily pension announcement: The Pension War Room™️notes that there have been a series of unfortunate events. Travis (and @jkenney) took credit for bright fiscal update! #AbLeg#handsoffmypension
Travis and Jason have no influence over commodity prices and very limited influence over the economy in general. So your election platform being "the economy" is a fib to begin with. #AbLeg#dontpumpmyjack
@jkenney is spending most of his time in backroom fights over his leadership. You and I won't know the outcome until white smoke comes out of Cooper's Subaru.
It seems wrong to me that this fight is happening largely in secret when it involves our democracy. #AbLeg
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
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