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.

(This does not include @aimcoinvests' transition costs) #AbLeg #handsoff
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
In other news, it has come to my attention that UCP MLAs continue to be shocked at how well teachers understand their pension plan. Pension hawks keep it up! #AbLeg
@jkenney is currently walking the leadership plank. What got him there is his "autocratic" and "dictatorial" leadership style.

Decisions like moving the investment manager of ATRF and barring LAPP from firing @aimcoinvests are good examples of this. #Ableg #paythepiper
Today is a good day to remind you that the GOA has such a poor understanding of fiduciary and trustee law that the ATA and I had to take them to court last September to establish an investment management agreement with @aimcoinvests. #AbLeg #handsoffmypension
So if you get a chance to ask @ewsiddall what exactly the direct transition costs are for the ATRF $20 billion asset transfer please do. #AbLeg #handsoffmypension

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More from @yomeeks

Apr 30
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

aimco.ca/insights/chief…
It is that day that we play "quote of the day".

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...

#AbLeg
Read 8 tweets
Apr 10
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

Democracy for some, dictatorship for others?
Decisions like choosing a cost effective investment manager. Or, @aimcoinvests CEO. Take a look at the Chicago Teachers' pension fund if you want to understand what poor accountability can look like.
#AbLeg #handsoffmypension
forbes.com/sites/edwardsi…
Read 5 tweets
Apr 7
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
Read 4 tweets
Apr 3
This is your daily pension announcement. The Pension War Room™️recommends this video from @aimcoinvests explaining their purpose. Easy to write it off as corporate feel-goodery but it isn't. Watch carefully. #AbLeg #handsoffmypension
player.vimeo.com/video/405532467
I don't think humility was ever part of their vocabulary before. (I have some stories for another day). #AbLeg

In other news, one of the fawning Matts was expounding on how "interesting" @jkenney's radio show is.
This is my reminder that everything @jkenney has said about public sector pensions on the radio was incorrect:

1. Pensions are not guaranteed by the GOA.
2. Teachers bear 51% of the risk.
#AbLeg #handsoffmypension
Read 5 tweets
Mar 31
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…
Read 6 tweets
Mar 19
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
Read 8 tweets

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