This is your daily pension announcement. The Pension War Room™️tried not to listen to @jkenney on the radio yesterday. Thanks so much to the teacher that phoned in about pensions. I just did not have the stomach for it. #AbLeg#handsoffmypension
I do need to point out that what @jkenney said was wrong, very wrong. Sigh. He repeated some Fraser Institute talking points that might go far in caucus. Please read the Teachers' Pension Plan Act for receipts. #AbLeg#handsoffmypension
For the umpteenth time: the GOA in DOES NOT guarantee teachers' pensions the financial risk is shared: 49% for the GOA and 51% for teachers.
This is why decisions about this plan **should** be made by the ATRF Board which is half appointed by the GOA and half by the ATA. #AbLeg
The guarantee the GOA offered on this plan was ended in 1992 when the GOA started making their contributions normally.
He is going to be pissed when he finds out that due to excellent investment performance **at ATRF** over the last 10 years contribution rates have been cut saving GOA $38 million next year and every year after.
Then there is the comparative return study on @aimcoinvests:
The point is: saying something that is untrue again and again does not make it true. Lying to citizens to serve a political narrative undermines democracy and should be embarrassing to @jkenney and @aimcoinvests. #AbLeg#handsoffmypension
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This is your daily pension announcement: Statement of @ewsiddall, @aimcoinvests CEO:
"We have advised our clients that we will be divesting our small number of Russian positions as soon as possible and that we will make no new purchases of Russian securities during the conflict.
@aimcoinvests continues to have a unique approach to investment disclosure in that they don't do any. Take a look at what BCIMC does. They publish (annually) a flipbook listing of their investment inventory. #AbLeg#handsoffmypension
This is your daily pension announcement, the budget edition! Travis does mention that $290 million increase for @aimcoinvests primarily for performance incentives that pay off. Funny how he can understand the concept of "net return" now and not as it applied to ATRF. #AbLeg#dumb
He also mentions that GOA pension plans are very well funded near or above 100%. Great news, somebody should put a stamp on that an mail it to the Fraser Institute. #AbLeg#handsoffmypension
But with Kevin Uebelein gone so are the grandiose plans @aimcoinvests. The red tape reduction people should really cut the layer named @aimcoinvests out from between teachers and their retirement savings. #AbLeg#handsoffmypension
This is your daily pension announcement. The Pension War Room™️does eagerly await the budget this week. Remember the UCP have little direct influence over the economy. Oil prices saved us again not the UCP. #whowilltakecredit#AbLeg#handsoffmypension
Some people like to take credit when none is due. Bumbles did throw away $1.2 billion on a pipe to nowhere.
I do need to remind you that public sector pension assets in AB are NOT PUBLIC MONEY despite what he says. Please read the Financial Administration Act. #AbLeg#handsoff
And, public sector pensions are NOT guaranteed by the GOA. In the case of teachers' pensions they were guaranteed until 1992.
They were guaranteed as compensation for the GOA under-funding them from 1957-1992. Teachers made their required contributions, GOA not so much. #AbLeg
This is your daily pension announcement: The Pension War Room™️ recognizes that it was just over two years ago Travis introduced short sighted changes to AB Teachers' and others pensions. #AbLeg#handsoffmypension
These changes from Travis led (directly and indirectly) to one lawsuit, countless demonstrations and the firing of almost all of @aimcoinvests client services people. What a two years has it been. Travis is now contemplating what will probably be his last budget. #AbLeg
I continue to marvel at our brand of democracy. Protests of thousands of people were ignored by the UCP and yet a protest of 74 people, some heavily armed and armored, is caved in to within minutes. Ahh, what it would be to be an MLA running out coffee and donuts to them. #AbLeg
This is your daily pension announcement: The Pension War Room™️notes that Bert Clark from Investment Management Corporation of Ontario (IMCO) sets the truth free on Travis' wild claims. #AbLeg#handsoffmypension theglobeandmail.com/business/artic…
Central to the Travis argument: bigger investment funds will perform better because of lower costs and better investment opportunities.
This is your daily pension announcement: The Pension War Room™️brings you more ATRF Annual Report comment and analysis!!!
Travis gets a 1% cut in contribution rates (so do teachers): which will save him many, many times the amount he will save by forcing @aimcoinvests on us.
It is interesting to note that the ATRF Board is making this momentous decision; the very same ATRF Board that could not be consulted over over which investment manager to use. Go figure.
May I remind you the ATRF Board is joint, representing both sponsors, ATA & GOA. #AbLeg
If you are a regular reader, you will note that this is the first Annual Report that has not contained a schedule of investments. That is all @aimcoinvests. It is industry standard to include a listing of investments and major partners. #AbLeg#handsoffmypension