This is your daily pension announcement! The Pension War Room™️ warns you that the turd 💩 knuckles are out! Just so you remember that Travis is all in on the flawed UCP curriculum and wants an Alberta Pension Plan too! #AbLeg #handsoffmypension
Numbers matter my ass. Travis definitely gets an award for being the "most Kenney like" in this throw down. It is almost like he is JK's muppet. He also supports an Alberta Pension Plan despite the financial lunacy that it is. #AbLeg Sigh.
I'm reminded of a quote from the court case:

"There is no indication in the Record that ATRF was aware, at the time, of the extensive private communications between the Government of Alberta and AIMCo, or that draft versions of... the Ministerial Order had been exchanged."
Yeah that's right, Travis is the guy who promised that ATRF would retain its powers and then conspired with @aimcoinvests behind closed doors to abrogate those powers. #AbLeg

Never forget: AIMCo's "independence" is based on Travis appointing all the directors.
Teachers, thankfully, paid for lawyers to challenge this stupidity in the form of a Ministerial Order.

Teachers, through their taxes, also paid for the whole slate of GOA lawyers to defend this poor behavior. No word yet on what that cost. #AbLeg

• • •

Missing some Tweet in this thread? You can try to force a refresh
 

Keep Current with The AB Teacher Pension War Room

The AB Teacher Pension War Room Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @yomeeks

Jun 19
This is your daily pension announcement: The Pension War Room™️again sinks into the pond of liquefied hog manure to find a kernel of truth!

@aimcoinvests Annual Report is coming soon! Guaranteed to be interesting reading combined with some salacious details. #AbLeg
For @MarkDWiseman it is an opportunity for him to justify why the AIMCO Board does not release their expenses to the public like every other board in AB.

(some of their investment professionals are rightfully excluded from expense disclosure-not the Board) #AbLeg
For @ewsiddall, it is an opportunity to further distance the org from the prior CEO Kevin's Dec, 2020 Op Ed where he exhorted Albertans to take pride in AIMCO and concluded with gratitude for the...

“vote of confidence the Alberta government has made in AIMCo.”

Gulp. #AbLeg
Read 8 tweets
Jun 18
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
Read 12 tweets
Jun 18
Erin here has this entirely wrong. As I have said before, contribution rates are going down for teachers and GOA this Sept. ONLY BECAUSE OF THE OUTSTANDING RETURNS OF ATRF OVER THE LAST 7-10 YEARS.
@aimcoinvests only took possession of all of @ATRFPension assets last October. In any sane democracy you would not see a government destroy a top quartile investment manager providing employment in their home jurisdiction. #AbLeg
ATRF did a simulation using asset class returns that showed ATRF outperformed AIMCO by $1.3 billion over a seven year period starting in 2013.

This study, which was made public, was NOT EVER CHALLENGED by AIMCo or the Finance Minister’s office. #AbLeg #handsoffmypension
Read 4 tweets
Jun 17
“Given the plans are funded by participating employees and employers and the assets held in the plan belong to the members, it follows that employees and employers should be able to make decisions that will impact these plans.” (Alberta Hansard, 29th Legislature, 4th Ses, 2027)
This statement above is from Jessica Littlewood, MLA for Fort Sask at the time. This supported a joint governance bill that would "take the politics out of pensions". Please note that, much like an RRSP, pension plan assets belong to the employee (as is recognized here). #AbLeg
Travis, of course, had a different idea and engaged Kevin in a course of action to bring politics back into pensions. Smart as a rock.

In the process, trust was lost with all plan members and employee associations. #AbLeg
Read 4 tweets
Jun 14
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
Read 8 tweets
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

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

:(