This is your daily pension announcement: The Pension War Room™️declares it a wonderful day!
First, @aimcoinvests does seem to be finishing the "taking out the trash" period. Now I think they still have to hire a HR exec...but congrats so far. #AbLeg
First from Kevin Uebelein:
"I am grateful for the vote of confidence that the Alberta government has made in AIMCo."
Who can forget that great quote in the @edmontonjournal as he was gaslighting teachers all over AB! #Ableg
Kevin neglected to point out that the GOA may have confidence in @aimcoinvests but that they OWN ONLY A SMALL PART of the assets under management at AIMCO.
And yet the GOA continues to exert full control over the @aimcoinvests Board. Hmm...that seems wrong...
How about this quote from Travis:
"It's estimated that the ATRF's administrative fees will decrease by .25 per cent as AIMCo can apply economies of scale, which will drive costs down in the management of these investment assets." (Nov 19, 2019)
And, here we are a couple of years later and how much have we saved...
"What we can say is that at this time we have not seen any savings as a result of the transition, and also that it will be important to continue focusing on potential cost savings..."
"We have presented preliminary information on transition costs as of the end of the fiscal year in our annual report, including $4.9 million in costs to ATRF related to the transfer of the first third of the assets."
Make your own conclusions. $4.9 million in transition costs for 1/3 of the assets. Transition has not yet saved a dime.
@jkenney is now realizing (too late) that you can't have a government based on fighting, lies and misinformation. #AbLeg#handsoffmypension
This is your daily pension announcement: So the @ATRFPension reports that transferring the first 1/3 of assets to @aimcoinvests cost nearly $5 million. Currently, teachers will be on the hook for half.
It would only seem reasonable that Travis and the GOA should cover the cost of transitioning to @aimcoinvests. After all, he legislated it. Teachers' should not have to pay for a transition they were no part of. #AbLeg#handsoffmypension
It is curious that @aimcoinvests "business case" for moving assets does not address transition costs in any way. And, we are still waiting for $1 of savings. The 0.25% that Kevin promised is an absolute pipe dream. #AbLeg#dontholdyourbreath
This is your daily pension announcement. The Pension War Room™️ would like to discuss math today. Specifically, @jkenney's winning number for him to keep his job: 50% plus 1 of votes cast. #AbLeg#handsoffmypension
Please compare that "winning" threshold with the percentage of the pension contributions that teachers make: 51%🔥🔥🔥😬 Teachers who are apparently unable to make certain decisions around these funds. #AbLeg#handsoffmypension
This is your daily pension announcement: The Pension War Room™️opines on the similarity of a UCP hack Board firing CEO Dr. Verna Yiu and the same thing happening to Kevin Ubelien. #AbLeg#handsoffmypension
Both minsters (Copping and Travis) said, unconvincingly, that the Board did it not them.
Both received substantial severance, though Kevin's was at least 5X larger.
Just remember the GOA does not own most of the assets that @aimcoinvests has.
It is speculated that Dr. Yiu was fired for not being on board with "privatize a bunch of stuff before the elections". Kevin was fired, opinions differ here, because he was a recurring embarrassment to Travis. #AbLeg
The Pension War Room™️will change channels to a similar issue today: #Bill15 gets introduced today. It is Education (Reforming Teacher Profession Discipline) Amendment Act, 2022.
Which is known as the "retribution for teachers opposing the curriculum Act". #AbLeg
It removes the discipline function of the ATA that it has successfully executed for 85 years.
It is retribution much in the same way as the superintendents were awarded a disciplinary function for tepid support of the Minister. #AbLeg
If you want more background, read this from former standout Minster of Education Dave King. #AbLeg cbc.ca/news/canada/ca…
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.