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The AB Teacher Pension War Room Profile picture
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14 Jan, 9 tweets, 6 min read
This is your daily pension announcement! The Pension War Room™️ wants you to read this, the most cogent response from Travis about the pension brouhaha. Then I will explain how it is still bullshit!🐂🐂💩💩 Please read this carefully. Critical thinking! #AbLeg #handsoffmypension
Did you get the last sentence? The one about an analysis conducted "based on publicly available information". Wrong. Travis is the Minister of Finance. He is one of the sponsors. He is entitled to all the data NOT just the public data. #AbLeg #handsoffmypension
He goes into a complex financial decision that will ultimately cost teachers and taxpayers $1.8 billion without proprietary data that is readily available to him? Really? Give your head a shake.

Travis, apparently could not be bothered to even access the data. #AbLeg #handsoff
And... how about the part where "@aimcoinvests was asked to developed a business case...."

Placing @aimcoinvests in the mother of all conflicts of interests. If Kevin had any scruples he would have declined. But, it seems as he was the one orchestrating this... #AbLeg #handsoff
AIMCO execs were happy to write a bullshit supportive business case. Happy to lock in bigger bonuses that more assets would bring. Happy to lock pension funds in to keep the gravy train flowing without having to, well, perform. #AbLeg
At least the unnamed bureaucrat that wrote this for Travis got this part right. The bureaucrat failed to mention that teachers make the majority of the contributions and assume most of the risk. THEY NEEDED TO BE CONSULTED. #AbLeg #handsoffmypension
The fact of the matter is that Travis was more concerned about propping up @aimcoinvests as clients were considering whether or not to leave. Some plans like UAPP did leave. #AbLeg #handsoffmypension
The missive from Travis then goes on to mans-plain how good @aimcoinvests is at investing. A concept that has been so thoroughly debunked I will not waste another Tweet on it here. #AbLeg #handsoffmypension
I do this for your education and edification. Please engage your UCP MLA in further discussion on this topic. I am sure they would appreciate the break from mishandling the pandemic. #AbLeg #handsoffmypension

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
15 Jan
This is your daily pension announcement. The Pension War Room™️notes that @aimcoinvests still makes the news! This is the intrepid @LeannaO who broke the story about the VOLTS losses. While the article as a whole may not be much interest to you....#AbLeg #handsoffmypension Image
It is a good indicator of what is going on.
I would differ in the numbers a bit. I have it at 40 layoffs, another 40 substantially altered job descriptions and at least one external manager fired.

Oh, and a trio of new (high comp) executive positions. #AbLeg #handsoffmypensions
This is not likely the end either. When a new Chief Investment Officer is hired there will be more changes.

The Twitter version of public accountability is necessary here because teachers and other plan members are in no way represented on @aimcoinvests Board. #AbLeg
Read 8 tweets
The AB Teacher Pension War Room Profile picture
9 Jan
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
Read 5 tweets
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

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