This is your daily pension announcement: The Pension War Room™️is ramping up activity as we approach D-day: the day that @aimcoinvests releases its Annual Report. We will be looking for several things from this year's tome. #AbLeg #handsoffmypension
We will be looking for Kevin Uebelein's severance "pay" LTIP bonus. He was already paid millions in severance, but apparently (setting a new precedent) he has earned a bonus for this year even though he has not worked. #AbLeg #handsoffmypension
We will be looking for any disinformation and outright lies like this chart from last year. This chart allegedly shows how tragically underpaid @aimcoinvests execs are. Unfortunately, this chart is not normed to assets under management. Misleading at best. Image
(Exec pay is correlated to the size of the fund. At the time of this report @aimcoinvests was substantially smaller than comparators.) Kevin should have been paid less because he was managing less. He also should have been paid less because he did a poor job.
I mean really? Really? Comparing Kevin's compensation to Ontario Teachers' which was twice the size. (at the time)

So, I hope that clarity and transparency gets a new focus under @ewsiddall this time around. #AbLeg #handsoffmypension
We will also be looking carefully at the investment costs. I have included the graph authored by @aimcoinvests where it predicts, nay guarantees, a sub 50 basis points cost. This was the diagram that sold @ToewsforAlberta on this stupid idea. #AbLeg Image
So what do I win if @aimcoinvests can't produce a sub 50 basis points cost? An apology?

Here BTW, is part of a letter than @ToewsforAlberta sent to a constituent. Basically saying that you can't trust any of the return comparisons in the AIMCO Business case PUT OUT BY HIS TBF. Image
Again, I would remind you, that @aimcoinvests has no money of their own. They add up their costs and then send bills to the clients like @ATRFPension.

And, all of the pension funds have jointly appointed boards indentured to act in the best interest of the plans. #AbLeg

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More from @yomeeks

Jun 13
This is your daily pension announcement: The Pension War Room™️reminisces! I just came across my copy of the Nov 30, 2019 Ponoka News Where @RonOrrMLA is busy repeating the UCP line! All the greatest hits like... #AbLeg #handsoffmypension
"...this means that every teacher will get paid a government guaranteed pension until the day they die;"

Well, @RonOrrMLA that just isn't true. The guarantee was removed in 1992. Which makes this decision by Kevin and Travis highly suspect and oppressive. #AbLeg #handsoff
"Their union told them that the ATRF managers had higher returns than AIMCO."

No Ron. Just no. The ATRF WHICH IS A JOINT BODY HALF APPOINTED BY GOA told both the teachers and Travis that ATRF had demonstrably outperformed @aimcoinvests. #AbLeg
Read 8 tweets
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.
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
Jun 9
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
Read 6 tweets
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
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
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

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