CPP expansion is underway! I just want to remind you of two bits of Top Secret advice Travis received in Sept 2019:
"Longer term, CPPIB assets increased over $239 billion over the last 10 years for an annualized net nominal rate of return of 11.1 per cent over a 10-year period."
And a little further down...
"In comparison, as of December 31, 2018, AIMCo generated an investment return of 2.3 per cent net of costs. Longer term, AIMCo generated an annualized net nominal rate of return of 7.2 per cent over a five-year period." #AbLeg#handsoffmypension
So there you have it, Travis has been told in the nicest of bureaucratic terms that AIMCO would not produce the same investment returns as CPP. So withdrawing from CPP would be stupid. For this and many other reasons. #AbLeg#handsoffmypension
Creating and operating a top quartile investment manager is difficult. If it wasn't everyone would do it.
This is your daily pension announcement. The Pension War Room™️never sleeps! Here is some advice, available through FOIP, given to Travis on the eve of the pension hijacking. Can you spot the error(s)? #AbLeg#handsoffmypension
Ding, ding, ding we have a winner! The fact that ATRF is being lumped in with public money! I would argue that AHS and WCB both should have always been invested with AIMCO. The ATRF is not public money and should not be included in any conversation with it. #AbLeg#handsoff
In fact, Dr Bob in his paper Can AIMCO be Fixed?, puts a fine point on "public money".
Yup, ATRF may be a "public entity" but the assets are NOT "public money".
To have this mistake made by a Minister of Finance is embarrassing and only served to erode trust further. #AbLeg
This is your daily pension announcement: The Pension War Room™️wishes you a Merry Christmas and a Happy New Year! May it bring us leaders who understand pension law! #AbLeg#handsoffmypension
The nurses of AB are voting on a settlement. It appears to me as a victory for reason and economics over stupidity and partisan politics. Admitting that inflation is a thing is important. #AbLeg#handsoffmypension
I will give this one more excerpt from Dr. Bob Ascah paper "Can AIMCO be Fixed?" #AbLeg#handsoffmypension
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
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
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
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