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9 Jan, 5 tweets, 4 min read
This is your daily pension announcement, Dr. Bob Ascah takes a deep dive on @jkenney's crazy pension talk!
Once more for emphasis:
"Once contributions are taken in and invested they are not public money."
#AbLeg #handsoffmypension

abpolecon.ca/2021/12/17/can…
This is a deep dive in the @jkenney most recent bozo pension eruption. Please send a copy to your MLA. This is one of many issues in which he is sadly misinformed. His (wrong) opinion seems to come from a foreign funded anti-government organization #AbLeg #handsoffmypension
This is just a reminder that the GOA does NOT directly pay the cost of operating @aimcoinvests. Instead, the costs are apportioned to each fund and taken out of investment earnings. This is important because it puts plan members and the GOA on an equal footing for costs. #AbLeg
Why should we (plan members) be concerned about Kevin's LTIP bonus for this year? Because we are paying for a good portion of it. Remember an LTIP bonus is a LONG TERM RETENTION bonus for execs. Kevin has not been retained. Think about that. #AbLeg #handsoffmypension
I would submit that @aimcoinvests does have day-to-day investment independence from GOA. The problem is every action (ie non-investment decisions) still affect the bottom line at AIMCO. So we, as plan members, pay for it while not be represented on the Board. #AbLeg #handsoff

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
5 Jan
This is your daily pension announcement: The Pension War Room™️ observes that we were right! A receipt is below from Dr. Bob Ascah. Kevin always claimed that AIMCO's independence was written into the Act...unfortunately, no one can find it. #AbLeg #handsoffmypension @aimcoinvests Image
Change is afoot @aimcoinvests! If you have been keeping up they parted ways with a group of employees(~40 people), at least one external manager, and a couple of high-level executives. If you noticed, this AM the Chief Risk Officer's bio disappeared from the website. #AbLeg
This was the person hired to replace the person that was removed after the VOLTS losses.

No, I will not be applying for this or any of the other positions.

In fact, @aimcoinvests seems to be recruiting for several executive-level positions right now. #AbLeg #handsoffmypension
Read 5 tweets
The AB Teacher Pension War Room Profile picture
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
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
Read 6 tweets
The AB Teacher Pension War Room Profile picture
30 Dec 21
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
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 Profile picture
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 Profile picture
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 Profile picture
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

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