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Jun 9 • 6 tweets • 4 min read
The Pension War Room™️reports that teachers narrowly (51%) accepted the mediators recommendations! The parallels to @jkenney's leadership vote abound. #AbLeg
calgary.ctvnews.ca/alberta-teache…
On the surface this avoids, for the time being, a strike or extended lockout. Long term not so much. As much as this vote was about a contract it was about so much more than money. It was about pension, curriculum, respect and a hundred other issues. #AbLeg
It was even about stupid shit like issues managers always referring to our duly elected president, Jason Schilling @schill_dawg by pejorative terms instead of by his name and title. Straight from the @jkenney book of comms. #AbLeg #horseshit
This is your weekly reminder that your pension funds on deposit with @aimcoinvests are not "public money" regardless of what Travis says. The trustee of the assets is the @ATRFPension Board half appointed by the GOA and half appointed by teachers. #AbLeg
In any logically consistent universe it is the @ATRFPension Board as the fiduciary and trustee that decides who the best investment managers are for the fund. #AbLeg #handsoffmypension
I still remember the shock of some UCP MLAs when they found out teachers make most of the contributions but Travis can override the trustee. He should have someone read him the trust law on this issue. #AbLeg

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More from @yomeeks

The AB Teacher Pension War Room Profile picture
Jun 11
This is your daily pension announcement. The Pension War Room™️emerges from the tailpipe and floats past the truck balls to bring you this commentary.

Here part of a letter sent to Travis. It takes issue with comments from both @jkenney and @JasonCoppingAB that are false. Image
Your pension, be it ATRF, LAPP, PSPP, or SFPP, is not "indemnified by the Crown". Horse shit.

@JasonCoppingAB seems to believe that plan members are not on the hook at all for unfunded liabilities. That, is just not true. #ABLeg #handsoffmypension
BTW, this letter to Travis was hoping for substantive discussion on these issues. Instead it just received the generic reply. #AbLeg

Good to see the UCP leadership race off to a start. No candidate has mentioned @aimcoinvests yet. Strange. #AbLeg #handsoffmypension
Read 5 tweets
The AB Teacher Pension War Room Profile picture
Jun 5
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
Read 6 tweets
The AB Teacher Pension War Room Profile picture
Jun 4
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
Read 5 tweets
The AB Teacher Pension War Room Profile picture
May 28
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
Read 6 tweets
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

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