Thread by @yomeeks

This is your daily pension announcement: The Pension War Room™️ releases year end results for the major @aimcoinvests clients excluding @ATRFPension. In an annoying bit of accounting, AIMCO takes their year end as March 31 as if they were a GOA department. #AbLeg #handsoff

So it will be some months yet to see if @ewsiddall got a raise over what they were paying Kevin.

As I have said previously, above benchmark 1-year numbers for all of the big clients. Positive news. But some weird stuff you should be aware of as well. #AbLeg

LAPP: 1 year return of 15%, 7.5% above benchmark. Great! What drove that return? A 72.5% RETURN IN PRIVATE EQUITY. That definitely requires special attention from the Auditor General.

(Valuation of Private Equity is inexact. Caution required) #AbLeg #handsoffmypension

I hope their private equity area is straightened out. I do remember them changing PE strategies at least three times in the last 10 years.

So for LAPP a 4 year return of 8.2% presents a value add of 0.7%. Which is approaching the value add objective. Keep trying! #AbLeg

For PSPP: 1 year return of 15.83% with a benchmark of 10.3%. That is a positive value add! Great.

They don't release a 4-year value add, but I estimate it to be -0.34%.
That means they would have been better off paying AIMCO managers to stay home for the 4 years. #AbLeg

For MEPP: 19.06% return, with a benchmark of 11.37%. Great positive value add.

The four year return of 8.45% with a value add of -0.11%. Which, again, means AIMCO managers actually destroyed value over this time period. #AbLeg #handsoffmypension

These results are reason for cautious optimism.

My greatest hope is that the workers across AB who own this money will one day be represented on @aimcoinvests' Board. #AbLeg #handsoffmypension

After @jkenney's radio hour last week I feel it is necessary to tell you he was wrong. Public sector pensions in are NOT guaranteed by the GOA. And, teachers pick up 51% of the financial risk of the plan. #AbLeg #handsoffmypension