This is your daily pension announcement. The Pension War Room™️is taking this time to remind you of the failures of Travis' leadership. Example #3049: he did not step in to address @aimcoinvests clearly egregious bonus system. #AbLeg
@aimcoinvests had a long-term incentive pan (LTIP) that rewarded executives handsomely for superior investment returns over 4 years. To calculate these often multi-million dollar bonuses a 4 year average return would be calculated. #AbLeg
When the VOLTS debacle happened The 2020 investment performance factor of -16 was removed from the calculation and replaced with a -2. This had the effect of paying performance bonuses when none were deserved. #AbLeg
Travis was solely responsible for the AIMCO Board at this time. Pretending the VOLTS debacle didn't happen for bonus purposes is a serious problem and a failure of leadership.

But Travis by this time had made it clear he wasn't going to say shit about AIMCO. #AbLeg
Starting this year @aimcoinvests has introduced a new compensation system. Apparently based on client satisfaction (which is, in part, investment return).

While I applaud the record time and manner of this overhaul, is still paying flawed bonuses to Kevin. #AbLeg
The causal factor seems to be that there is no representation from the biggest clients on AIMCO's Board.

The LTIP bonuses will take on a different light if an arbitration award is made against AIMCO in favor of the pension plans. #AbLeg #grossnegligence

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More from @yomeeks

Aug 12
This is your daily pension announcement. The Pension War Room™️bears is mind that @jkenney failed because he was a micromanaging autocrat. The stories coming out now are something.

Travis won't win this leadership race because he still carries the stink of abject failure. #AbLeg
Like thinking you could solve the AB deficit by cutting AISH. In reality, either permanently high energy revenues or a sales tax are the only ways to do that.

The McKinnon report even noted the reasonable level of spending on K-12 education in AB. Travis cut it anyway.
And who can forget that the UCP platform said nothing about expanding @aimcoinvests with other people's money. Then, boom, it becomes the centerpiece of all things UCP. (Then implodes, that wasn't in the plan.) #AbLeg
Read 5 tweets
Aug 11
The Pension War Room™️ laughed so bloody hard.
Most leader candidates offered apologies. #AbLeg
“AIMCo may need to be reconstituted or we may need to take a closer look at their management if it doesn’t have the confidence of the public,” Smith said.

edmontonjournal.com/news/politics/…
Too little, too late. @ToewsforAlberta skipped this event. Rightly so, as things with a large group of teachers would have gotten ugly. Really ugly. I warned Travis back in the day that taking unilateral action against someones pension would hang around his neck forever. #AbLeg
For all his fiscal conservatism, slashing millions from the education budget had no real effect on AB's bottom line. The needle only moved when oil and gas revenue started streaming in again. All those kids deprived of resources they needed. #AbLeg
Read 5 tweets
Aug 9
This is your daily pension announcement. The Pension War Room™️celebrates irony day today as an official Alberta holiday. No richer gift of irony than Jason and Travis WRONGLY asserting that the GOA guarantees your pension then having to pay to cover AIMCO misdeeds. #ABLeg
So right now in a top secret arbitration hearing LAPP, SFPP, and PSPP are asking for compensation for the billions in loss at @aimcoinvests as a result of the VOLTS fiasco. To be precise, asking for a combined $1.33 billion dollars plus costs. Since AIMCO is owned by the GOA....
The GOA would be responsible for paying any award. Making the pension plans "whole" if you will. Remember, despite what Travis said, your pension is in no way guaranteed by the GOA but rather is guaranteed by the assets of the plan. Assets matter! #ABLeg
Read 7 tweets
Aug 8
This is your daily pension announcement. The Pension War Room™️reveals the 💣bombshell💣 from the @aimcoinvests Annual Report. The pension plans, presumably LAPP, SFPP, and PSPP, are suing AIMCO for $1.33 billion dollars. WOW. This is for compensation for the VOLTS losses. #AbLeg
Let me explain. Notes to these financial statements are super important where AIMCO is required to reveal **significant** financial details. One can surmise that the pension plans are alleging that @aimcoinvests was grossly negligent in executing the VOLTS strategy. #AbLeg
If you sign an investment management agreement with @aimcoinvests you agree that if you sue the you don't do it in Queen's Bench but rather you go to arbitration. So that is where we are at: as I type this in some law office in Edmonton this hearing is happening right now.
Read 10 tweets
Jul 19
This is your daily pension announcement! The Pension War Room™️is scandalized that the former @aimcoinvests CEO Kevin's severance pay adds up to over $10 million dollars! How much do you have to hate him to pay him a cool $10 million to go away? #AbLeg
Kevin made between $2.5-$3.0 million per year at @aimcoinvests so severance of that amount might be expected since he only had a few months left on his contract. But $10 million? C'mon that is just egregious. #AbLeg #handsoffmypension
Where is our fiscally responsible @ToewsforAlberta now?

Of course @aimcoinvests is "quasi-independent" preferring to be independent on some things like executive compensation and preferring to be a government organ on other things like client relations. #AbLeg #handsoff
Read 7 tweets
Jul 17
This is your daily pension announcement: The Pension War Room™️again notes that @aimcoinvests does not publish a schedule of investments in their Annual Report. So you need to rely on Twitter when something goes wrong. Read it and weep. #AbLeg
theglobeandmail.com/business/artic…
I would also like to take this opportunity to remind you of the words of Athana Mentzelopolous Deputy Minister of Treasury Board and Finance when justifying forcing the pension plans to stick with @aimcoinvests #AbLeg (June 23, 2020)
“Bill 22 was developed to forestall the possibility that each of the pension funds could ... develop unique pension management ... capacity resulting in overlap, duplication, growing cost, elimination of existing economies of scale and potentially outsourcing outside of Alberta".
Read 5 tweets

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