Thread by @yomeeks

This is your daily pension announcement: The Pension War Room™️is again venturing into the moldy root cellar of UCP pension policy. I will bring you some odds and ends that were triggered by Dr. Bob's fantastic paper "Can AIMCO be fixed". #AbLeg #handsoffmypension

In reality, the question is more can Travis and the UCP be fixed?

According to Joe Ceci, joint sponsorship for pensions would take “the politics out of pensions” (Alberta Hansard, 29th Legislature, 4th Session, 2373).

Then @ToewsforAlberta said "hold my beer". #AbLeg

As my loyal army will remember, Travis procured a bill that destroyed the trust with plan members and employee associations that is essential for pension plans to operate. Not public money.

Making a nearly impossible job for Evan at @aimcoinvests. #clientshateyou

Travis has tried his best never to comment on this issue.

When he does @ToewsforAlberta disingenuously claims that "pension payments do not vary with investment return".

Yet unmet investment objectives are real and primary risk to plans in question. #AbLeg

Travis is not the trustee of the plans. He seems to be granting powers to AIMCO that only the trustee can. See the lawsuit that final checked this overreach on the investment management agreements. #AbLeg

TBF sent out a thorough study that Bill Moreneau did for Ontario as research and support @ToewsforAlberta's position.

Apparently, he can' read because the study recommends that funds have the ability to leave their government appointed investment manager. #irony

This cuts right to the fundamentally illogical nature of TBF under the UCP. There only goal seems to be putting the politics back in pensions.

Significantly, Morneau did not find a compelling case for economies of scale above $50-billion in managed assets. (AIMCO >$100 billion)

To quote Travis:
" AIMCo is expected to provide maximum returns to its clients, and processes will be expanded to support broader agency involvement (TBF, 2019, 120)." #AbLeg

Travis never ever defined broader agency involvement. #AbLeg #chillling

This can be taken a couple of ways. My interpretation:

@ToewsforAlberta knew their was a return problem with Kevin and AIMCO and plans were likely to flee.

AND, @aimcoinvests was going to have a key role in selling the APP and other financial chicanery to 'berta. #AbLeg

Shortly thereafter Kevin, AIMCO CEO at the time, was appointed to the Premier's Economic Recovery Council. Again angering the pension plans that were responsible for paying most of his salary. #AbLeg

We have had some really confusing comments from the UCP.

Government House Leader and noted marksman Jason Nixon, said that savings of 0.25 per cent or $41 million on administrative fees would be achieved. And yet the ATRF does not even spend $40 million on administration. #AbLeg

Again, we are closing in on D-Day, the release of @aimcoinvests Annual Report. Please share this tweet stream with at least 10 plan members (LAPP, ATRF, PSPP, etc). They all have a financial interest in @aimcoinvests whether they like it or not. #AbLeg