Thread by @yomeeks

This is your daily pension announcement. The Pension War Room™️will begin a deep dive into the @aimcoinvests Annual Report that was released quietly before a long weekend. No press release. No huzzah from Treasury Board and Finance. #AbLeg #handsoffmypension

I do want to reiterate that we are forced into having Twitter accountability for AIMCO since pension plan members are in NO WAY represented on the Board. In stark contrast with practice in the rest of the country, AIMCO is wholly owned by the GOA. #AbLeg

The first concern: lying. To quote the Annual Report,

"Attracting world-class investment professionals allows for AIMCo to continue to deliver top-tier investment performance with 69% of our clients’ assets managed internally," #AbLeg

69% of assets managed internally, roughly the same as @ATRFPension before the takeover.

Remember the whole reason Travis put forth for AIMCO subsuming ATRF investment management? It was "AIMCO will manage more assets internally therefore cut costs." Bullshit exposed. #AbLeg

I knew that was self-serving bullshit put forth by the then CEO, Kevin. Presumably to pad his own pay cheque.

Speaking of costs, overall @aimcoinvests investment cost last year were 72.1 bps (0.721%), roughly the long term average cost of @ATRFPension.

So again we would question why @aimcoinvests asserted to TBF that 0.25% savings could be achieved bringing their cost below 0.50%. Or why the finance professionals at TBF apparently could not see this serious error. #AbLeg #handsoffmypension

On the positive side of the ledger, @ewsiddall has cleaned house. This was necessary. It is unfortunate that it had to cost so much. For instance Dale MacMaster the CIO "retired" after a long career. His pay is "inclusive of $340,500 related to a transition arrangement". #AbLeg

This industry has absurd compensation. But $340,500 as a retirement incentive? Really?

Another big project:
"Following two years of plan redesign, a new compensation plan was implemented effective
January 1, 2022, with many features of the old plan eliminated." #AbLeg

This organization desperately needed a new compensation plan. So good on them.

The elephant in the room is now departed CEO Kevin was paid millions of dollars NOT TO WORK a single day last year. He was the GOA's highest paid civil servant last year at $4,947,227. Nearly $5 million dollars for a guy who allegedly had a few months left on his contract?

And another quote breaking down the $5 million.
"Kevin Uebelein’s Other Compensation for the 2021/2022 fiscal year is inclusive of $2,226,173 related to a transition arrangement and paid pursuant to his employment contract.” #AbLeg

This is a sore point because he (and Dale) most likely could have been fired over the VOLTS mess. But @ToewsforAlberta has adopted a don't ask, don't tell policy despite being the Minister responsible for @aimcoinvests at the time. #AbLeg

It will take me all month to analyze this whole mucky mess for your education on Twitter. A task that is very necessary.

If you run into @ToewsforAlberta maybe ask him why the @aimcoinvests Board does not disclose their expenses when every other Board in AB does. #AbLeg