This is your daily pension announcement: The Pension War Room™️remembers when @aimcoinvests tried to backpedal their bullshit💩business case that said they outperformed ATRF. They released this ⬇️⬇️ a month after the crap hit the fan. #ABLeg
Look at the factors they give under "Comparing Historical Investment Performance". Because @aimcoinvests had been pilloried for NOT examining said factors in their business case. Why not make yourself the laughing stock of the industry? #ABLeg
If you don't get your CFA designation from a Cracker Jack box there are methods to control for risk, plan maturity, asset mix, and funded status in financial analysis.

The question was and is: Why wouldn't @aimcoinvests do that when preparing a business decision for Travis?
I think what you saw on this piece of paper was an attempt to backpedal the crappy work they did for Travis on the ATRF asset takeover. They were trying to convince the world that @aimcoinvests does, in fact, know how to compare investment returns with rigor. #ABleg
Which is a tad funny because some UCP MLAs are still claiming the BS💩from the business case when even @aimcoinvests has disowned it to some degree. #AbLeg
Just re-upping this article. Reporters would phone Travis and he would refuse to comment. Then an article would come out and his office would be on the phone all day trying to refute things. Quite a pattern. #AbLeg
jacobin.com/2021/02/albert…

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More from @yomeeks

Jun 25
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."
Read 5 tweets
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

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