This is your daily pension announcement: The Pension War Room™️ observes that it was one year ago today that Travis had an Order in Council faxed up to his bunker in Grand Prairie. It imposed an Investment Management Agreement on ATRF and AIMCO. #AbLeg #handsoffmypension
He signed it, scanned it and sent it back to Edmonton making it law. The ATRF was notified on Jan 4.
That IMA contained sections that were straight up violations of administrative law and the law of trustees. It was a Travis-ty. #AbLeg #handsoffmypension
That IMA contained sections that were straight up violations of administrative law and the law of trustees. It was a Travis-ty. #AbLeg #handsoffmypension
It also went back on earlier assurances made by Travis and @jkenney. Liars.
Thankfully, teachers belong to @albertateachers; so money was available (that had been deducted from every teachers' pay) to hire @FieldLaw to challenge Travis over this egregious wrong. #AbLeg
Thankfully, teachers belong to @albertateachers; so money was available (that had been deducted from every teachers' pay) to hire @FieldLaw to challenge Travis over this egregious wrong. #AbLeg
The transfer of assets from @ATRFPension to @aimcoinvests was put on hold, making Kevin U very, very angry.
If you recall, we had a hearing in September where all issues were aired. A negotiated settlement was reached essentially striking the offending parts of the IMA. #AbLeg
If you recall, we had a hearing in September where all issues were aired. A negotiated settlement was reached essentially striking the offending parts of the IMA. #AbLeg
The settlement was only reached, I believe, because @ewsiddall had replaced Kevin as CEO at @aimcoinvests and could see a clear path forward around the ego involved.
I often wonder what would have happened if we were unable to launch the suit that we did. #AbLeg #handsoff
I often wonder what would have happened if we were unable to launch the suit that we did. #AbLeg #handsoff
My opinion about why all of this is happening: the APP seemed like a real possibility. @aimcoinvests had been having poor returns since at least 2017 (see Dr. Bob's research). They needed to be bulked up to take on more assets! #AbLeg #handsoffmypension
The APP is a stupid idea, likely to cost billions of dollars with no discernable returns. Travis hired a consultant to research the idea and has yet to release the report.
Pensions can't be left to politicians to turn into political footballs. #AbLeg #handsoffmypension
Pensions can't be left to politicians to turn into political footballs. #AbLeg #handsoffmypension
I am looking forward to working with @EchoTasha to make some more pension videos in the new year. I will try to answer all the questions I have been getting on pensions, the structural problems at @aimcoinvests, and the governance irregularities in AB. #AbLeg #handsoffmypension
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