Thread by @yomeeks

This is your daily pension announcement: The Pension War Room™️will discuss the recently calculated $30 million in transition costs to using @aimcoinvests. For context, compare the size of the fund at $22,400 million to this $30 million expenditure. #AbLeg #handsoffmypension

The transition costs are (relatively) small and are one time costs. They are still regrettable and were avoidable with diligence and planning, but Travis Toews and his chief deputy Athana Mentzelopolos could provide neither of those things. #AbLeg #idiotseverywhere

I would note, for the record, that Kevin Uebelein did not produce an estimate of transition costs in @aimcoinvests' "business plan" to takeover ATRF's investment operation. This was a stark dereliction of duty on the part of all three of them. #AbLeg #handsoffmypension

They had a legal duty (law of trustees) to plan members as well as a legal duty to taxpayers who are directly on the hook for half of the $30 million. Imagine making billion dollar decisions with no idea of the costs or benefits. #AbLeg #handsoffmypension

Also revealed is that no measurable cost savings have yet materialized. Any savings will be difficult to measure. My thoroughly researched position remains that there will be NO savings in investment costs. #AbLeg #handsoffmypension

The MOST important measure however, is the net investment performance of @aimcoinvests. This is, of course, the number that Travis ignored.

In reality, we need a couple of years of giving @aimcoinvests (under new management) a chance to do their job. #AbLeg #handsoffmypension

Remember the reason this was done: elements in the UCP wanted a big strong @aimcoinvests that would be capable of investing for an Alberta Pension Plan even though it makes no financial sense to do so. And, that was all the reason required to run roughshod over teachers. #AbLeg

I listened to Danielle Smith on the radio yesterday (in SK). She seemed to be working the same political angle of "separating" as far as possible, including withdrawing from CPP. This is financial lunacy, so stay tuned for more stupid. #AbLeg #handsoffmypension

The Pension War Room remains clear and certain that the cut in contribution rates coming this Sept has absolutely nothing to do with @aimcoinvests, but rather the long term excellent performance of @ATRFPension. #AbLeg

And, that Travis and Athana will do nothing, or less than nothing, to address the ongoing and well documented structural and governance problems at @aimcoinvests.
#Ableg #handsoffmypension

Have a nice day.