This is your daily pension announcement. The Pension War Room™️ attended a huge #Rally4Ed today. Teachers that were in the crowd expressed concern about pensions and #aimcoinvests. But really the focus was on why the UCP was dismantling a leading ed system. #AbLeg
If you recall: Dr. Bob published a critical review of the MacKinnon report that the UCP blindly followed.
His findings:

"Consultation and cooperation are not necessary in reaching the Panel’s findings and recommendations."…

"Uncritical acceptance of the government’s mandate and prescription that spending was out of control."

When in reality AB had more of a revenue problem than spending problem. #AbLeg
And that brings me to the unfortunate duo of Travis and LaGrange being reappointed to their respective roles. The next election can't come fast enough. #AbLeg

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More from @yomeeks

Oct 23
This is your daily pension announcement. On the heels of the huge #Rally4Ed it may get lost that the tiny bit of public accountability for @aimcoinvests is this week.

This committee is having their annual public meeting.…
"The Standing Committee on the Alberta Heritage Savings Trust Fund invites all Albertans to its annual public meeting on Thursday, October 27, 2022, at 7 p.m. Attend in person at the Queen Elizabeth II Building, 9820-107 Street."
Needless to say, @aimcoinvests will be present to answer questions about why the value add was less than target both in 5 and 10 year periods. They had a great year last year.

I will be submitting some questions, or maybe going in-person. #AbLeg
Read 5 tweets
Oct 8
This is your daily pension announcement: The Pension War Room™️can't help but notice that DS worked for the Fraser Institute at one time. That org is single-handedly responsible for the misinformation related to the cost of an Alberta Pension Plan. #AbLeg
I have gone through their errors many times in this space. Suffice to say, they don't include any recognition that, as a much smaller plan, contributions need to be much higher as the plan is more risky. Never mind the fact that AB demographics are changing. #AbLeg
With respect to the @aimcoinvests hearing, I did get an official response from Jason Nixon:

"With regard to your questions about the arbitration proceedings, as this is an ongoing legal matter, we are not at liberty to comment on it as this time." #AbLeg
Read 4 tweets
Oct 1
This is your daily pension announcement! Apparently, the current position of Travis is that we should have an "optional" Alberta Pension Plan. Hard to believe but this idea is more stupid than the last. #AbLeg
Defined benefit pension plans have two main advantages:
1. cost effective access to good institutional money managers. (Which would be AIMCO)
2. Mandatory participation from a young age. (Not sure how that would work in The Travis vision.)
Research does indicate that unless automatic contributions are made younger workers won't save for retirement. Which is unfortunate as that is where time to compound returns is greatest. #AbLeg
Read 6 tweets
Sep 24
This is your daily pension announcement. Details make all the difference in the gut pile of pension policy. So today I will focus on getting some random details out. God knows the GOA would not provide them. #AbLeg
First, I talked to some Toronto lawyers that have no direct connection to the @aimcoinvests negligence arbitration but were able to provide opinions more informed than my own. #AbLeg
Their collective opinion is that the GOA will try to delay, delay, and further delay the arbitration. Given the complexities of this situation and the staggering amount of money involved, a verdict may be possible well over a year from now. In other words, after the election.
Read 8 tweets
Sep 24
The Pension War Room™️brings you "the grift is strong with the UCP" edition. Everybody remembers Athana Mentzelopoulos, Deputy Minister of Treasury Board and Finance? She does live in Victoria and yet works for the GOA? she signed a two year extension to her employment contact.
This is a scam perpetrated by Travis. Her current contract expired in April, 2023. You know, when the election will occur. And Athana's employment likely will end, severance pay would not be payable. Travis should have let that play out. #AbLeg
Instead, the scam is to sign her up for a couple of years; so that now when she is fired she will be paid big severance dollars. All this from the "fiscally responsible". This is Travis trying to set a trap for the NDP if they win the next election. #AbLeg
Read 8 tweets
Sep 18
Sorry, just had have this pension throwback from 2019. @ToewsforAlberta in his own words. He is keeping money THAT IS NOT THE PROVINCES with @aimcoinvests. You should really discuss that with the beneficial owners of said money. #AbLeg…
"AIMCo has earned its reputation as a world-class investment manager..." that was quite a statement. It was wrong at the time and it is even more wrong now that Kevin has been sent packing and AIMCO is in a hearing to determine negligence. #AbLeg
" it is estimated that this measure will result in an annual savings of $41 million..."

IT is estimated? Try AIMCO estimated. They did provide some estimates in a clear conflict of interest. The execs at AIMCo stood to gain millions in pay and bonuses just by having more assets.
Read 6 tweets

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