Thread by @yomeeks

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

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

The external manager bit is hilarious. If you remember Kevin's "business case" acted like @aimcoinvests had no external managers when, in fact, they only had marginally fewer than ATRF. #AbLeg #handsoffmypension

I would also add this Forbes article for your continued education. What Chicago Teachers' Pension Fund is going through is materially different than good old 'berta. But, you get the same fetid stink of political interference. #AbLeg #handsoffmypension
forbes.com/sites/edwardsi…

If the article is TL:dr, them may I draw your attention to the most important quote:

"Since the Government Accountability Office has estimated investment consultant conflicts can result in 1.3 percent lower returns..."

#AbLeg #handsoffmypension

As the former Board Chair of ATRF I can attest to the 1.3% as being a reasonable estimate. If an investment manager is in a conflict (say by being owned by the GOA) and it is impossible to fire them, lower returns are likely. #AbLeg #handsoffmypension

All plan members, teachers included must be vigilant so this does not happen here. The Boards that are the fiduciaries and trustees have had a portion of that stripped away and replaced by Travis's uninformed opinion. #AbLeg #handsoffmypension