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The AB Teacher Pension War Room

@yomeeks

1 Jan

This is your daily pension announcement. The Pension War Room™️ brings you an official statement from SFPP (municipal police officers)! No, public sector plans are not guaranteed by the GOA, and here is the legislation that shows it....#AbLeg #handsoffmypension

Like SFPP, the ATRF guarantee was removed in 1992. It was replaced with the GOA making joint contributions and accepting joint liability. "Jointly sponsored" in this context means decision making is turned over to a Board with equal representation. #AbLeg #handsoffmypension

@Alberta_Finance

Here is a quote from the DM of @Alberta_Finance: "It’s why I’m so distressed when we hear the suggestion that Bill 22 reversed joint governance. I think that that is really unfortunate, that that is one of the claims that’s been made about Bill 22. It’s totally false." #AbLeg

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The AB Teacher Pension War Room

@yomeeks

30 Dec 21

@aimcoinvests

This is your daily pension announcement: The Pension War Room™️would report that the ATRF Annual Report is due out in the next week or two. Does this chart allow you to conclude that @aimcoinvests can cut costs by 25 basis points? #AbLeg #handsoffmypension

@aimcoinvests

This is critical thinking 101. What it shows is that investment cost of the ATRF over time compares very favorably with the @aimcoinvests managed funds. At the very least, it shows you would have to dig far deeper into the cost structure before making conclusions. #AbLeg

Which is why it will be so interesting to read the ATRF Annual Report. It will help us understand the investment cost better. Travis, of course, was not interested in this enough to do this kind of analysis. #handsoffmypension #AbLeg

Read 6 tweets

The AB Teacher Pension War Room

@yomeeks

29 Dec 21

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

Read 5 tweets

The AB Teacher Pension War Room

@yomeeks

27 Dec 21

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

Read 4 tweets

The AB Teacher Pension War Room

@yomeeks

24 Dec 21

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

Read 6 tweets

The AB Teacher Pension War Room

@yomeeks

23 Dec 21

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

@jkenney

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

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