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May 28 • 6 tweets • 3 min read
This is your daily pension announcement: The Pension War Room™️dives into fecal settling pond that is AB politics! I again savored JK's radio show as he likely only has a few editions left. Unabashedly illogical is the only description I can offer. #AbLeg
He got his weekly "why is AHS so expensive" question. This week he retorts with "we hired Ernst and Young" (in 2019) to give us cost savings measures....

...but then fails to mention that E&Y recommended closing rural hospitals. Advice JK has steadfastly ignored. #AbLeg
One week JK said (about AHS)... "we give them money and don't tell them their health business".

This week we heard the far more accurate "we fired the CEO because she wasn't doing what we wanted"...

#AbLeg #handsoffmypension
On a different note the teachers' pension plan in Arkansas is suing their (huge) investment manager Alliance Bernstein. A $643 settlement for the teachers' plan. #AbLeg #handsoffmypension

reuters.com/legal/litigati…
Alliance Bernstein was (get this) LYING to the pension fund about risks that were being taken.

The pension law landscape is different in the USA but this is why we must remain diligent about investment managers that might be subject to political influence. #AbLeg
Oversight by a jointly sponsored pension plan board (like ATRF) is the safest most robust structure for both plan members and taxpayers.

Travis overriding this structure willy-nilly is dangerous and anti-democratic. #AbLeg

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
May 23
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
Read 10 tweets
The AB Teacher Pension War Room Profile picture
May 1
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
Read 7 tweets
The AB Teacher Pension War Room Profile picture
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
The AB Teacher Pension War Room Profile picture
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
The AB Teacher Pension War Room Profile picture
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
The AB Teacher Pension War Room Profile picture
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

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