This is your daily pension announcement: Travis is running for the UCP leadership! Without a doubt as @jkenney's preferred candidate. Not a good strategy at all, given the financial mistakes he has made (pensions included). #AbLeg
I am reminded of an interview that I did with a magazine from NY. They asked me why the UCP would be doing this to teachers? I gave a long technical answer. I shouldn't have. The answer was (and is): this was something that they could hurt teachers with. No more motivation req.
After all, the message was to be don't feel too confident about your deferred salary retirement savings. Travis has prevented any pension fund from accessing the highly competitive market for investment managers.#AbLeg#handsoffmypension
As Minister, Travis would have staff bringing stupid money saving ideas to him all the time. His mettle is decided by the ones he says "no" to. A parallel is in the whole insulin pump debacle: someone came to the Copping and said "I have a great idea to save money!"
Travis may have thought he could save some money but he was so blinded by ideology that he couldn't even ask for a financial analysis. Here is the prediction for @aimcoinvests' costs after subsuming ATRF: 49 basis points. we will get to find the actual cost very soon. #AbLeg
This is your weekly reminder that the GOA in no way guarantees your pensions. It is, in fact, guaranteed by the assets on deposit with @aimcoinvests. These assets are NOT "public money" no matter what Travis said. #AbLeg#handsoffmypension
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This is your daily pension announcement. The Pension War Room™️sinks into the ocean next to the effluent pipe that dumps dookies into the bay of pension policy. I have had my differences with Don Braid but he gives the best requiem here. #AbLeg calgaryherald.com/opinion/column…
I have many happy memories of being attacked by GOA staffers for bringing up valid criticism of pension policy. Fun times. In democracies, governments need to take valid criticism and move on. See the curriculum. #AbLeg
Today a thought from Leo de Bever, the first CEO of @aimcoinvests circa 2019: "Alberta exiting the CPP would not make a great deal of sense." He went on to say sometimes politicians say stupid things just to get attention. #Ableg#handsoffmypension
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"...
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
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™️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...
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