This is your daily pension announcement. The Pension War Room™️is basking in the afterglow of the Heritage Fund public meeting. Because, of course, @aimcoinvests has no other accountability to teachers or any other pension plan for that matter. #AbLeg #handsoffmypension
A couple of finer points on the q's asked. The AIMCO business case stated that other funds like Heritage should save 0.04% (out of 0.90%) in costs because of scale. We haven't seen any savings yet. TBF seems to say we can't see it or measure it even if it existed... #AbLeg
This is problematic because the GOA used that 0.04% savings as justification for a $20 billion transaction. That is weak justification. The ATRF is more specific: "we haven't seen any savings yet as a result of switching to AIMCO". #AbLeg
The five year value add target for AIMCO is 1.0%. They only earned 0.4% value add. This is not a "stretch" goal. It is driven out by reasonable economic analysis, not a shot in the dark. Not be able to hit it is a (hindsight) statement on inadequate investment strategy. #AbLeg
Finally, @aimcoinvests is facing an arbitration hearing. If this decision goes against them it could be $1.3 billion plus costs. JSYK the GOA is on the hook for any gross negligence awards as sole owner of AIMCO. #AbLeg
This is why other provinces DO NOT use this structure. Joint governance (like in BC) is a method to manage risk.
This is unfortunate and largely avoidable. This also puts a different interpretation on the millions paid to the departed executives. #AbLeg
This is unfortunate and largely avoidable. This also puts a different interpretation on the millions paid to the departed executives. #AbLeg
And finally, Dr. Bob brought up the uncomfortable issue of having teachers put someone on the AIMCO Board. TBF would not answer, but their past statements are clearly opposed. They would rather have those seats doled out by Travis to curry favour with UCP donors. #AbLeg
The War Room would also like to remind you the GOA does not "own" the money in the public sector pension plans. Travis and Jason should not be making unilateral decisions and then enforcing them on the fiduciary trustee. Tis is a lawsuit waiting to happen. #AbLeg #riskmanagement
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