Share this page!

The AB Teacher Pension War Room Profile picture
Twitter logo
Jan 28 • 7 tweets • 5 min read
This is your daily pension announcement! Good news from @ATRFPension, the Annual Report has just dropped. I need some time to analyze the entire thing but the great news is...
#ABLeg #handsoffmypension
atrf.com/about-atrf/202…
The plan funded ration is up to 99% (up from 81% in 2014). This all important ratio means that assets almost = liabilities. This improvement is the result of important work the ATRF Board did over the last 10 years. #ABLeg
If you recall, some years ago Redford and Horner tried to cut the other provincial pension plans because they thought their funded ratios were too low. (maybe 80%)
Fast forward: all those plans above 100% and looking good. #ABLeg #neverbelieveapolitician
The ATRF investment return was overall negative: -1.8% overall over a benchmark of -4.1%, giving us a whopping value add of +2.3%. Our 4 year return is a much more accurate measure. 6.6%, above a benchmark of 5.6%, value add a full 1.0% #ABEd #fuckyeah #smellslikevictory Image
It is this 1.0% "extra" over a longer time frame that provides real and lasting value to teachers' retirement security.

Remember @aimcoinvests was our investment manager for 1 of these 4 years. I honestly hope the new management @aimcoinvests is paying off. #ABLeg
In terms of investment costs, remember that Travis and Kevin promised big savings. Investment costs are UP from $209 million last year to $235 million this year. So any savings promised have NOT materialized. #liar #nosurprise #ABLeg
In basis points terms, @aimcoinvests promised to move the investment costs down below 60 bps they are now above 100 bps. As I tried to explain to Travis, Jason, and Kevin (repeatedly): what matters far more is return AFTER COSTS. #ABLeg

• • •

Missing some Tweet in this thread? You can try to force a refresh
　

Keep Current with The AB Teacher Pension War Room

The AB Teacher Pension War Room Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

PDF

Twitter may remove this content at anytime! Save it as PDF for later use!

Try unrolling a thread yourself!

how to unroll video
  1. Follow @ThreadReaderApp to mention us!

  2. From a Twitter thread mention us with a keyword "unroll"
@threadreaderapp unroll

Practice here first or read more on our help page!

More from @yomeeks

The AB Teacher Pension War Room Profile picture
Nov 26, 2022
This is your daily pension announcement. The Pension War Room™️ notes the fiscal update for AB was released. The pension liabilities are on page 30. I would note the current liabilities are $0 as the plans are fully funded.

open.alberta.ca/dataset/9c81a5…
I would also note that the assets of the pension plan DO NOT appear as assets for the GOA.

That is, of course, because that money does not belong to the GOA. Which, again, begs the questions as to why the GOA would make unilateral decisions about money that isn't theirs...
Which also begs the question as to why the GOA would not complete a risk adjusted rate of return study prior to ordering other entities to use @aimcoinvests...

(The investment returns are far too complex for simple return comparisons.) #AbLeg
Read 4 tweets
The AB Teacher Pension War Room Profile picture
Nov 20, 2022
This is your daily pension announcement. The Pension War Room™️is obliged to inform that @aimcoinvests does NOT have any crypto investments. So that toxic waste dump has been avoided (ON teachers lost millions with the FTX collapse.) #AbLeg #greatnews
LAPP Q3 results are out. After all the positive months, things have turned not positive. Q3 had a -0.3% return, which on its own does not mean anything. Compared to the benchmark of +0.5% it is not good. Far too short of a time period to make firm conclusions. #AbLeg
LAPP year-to-date so far is -8.9% versus a benchmark -9.5%. Though a loss this is good: @aimcoinvests added value by not losing as much as its passive benchmark did. Not a cause for concern at all. #AbLeg #handsoffmypension
Read 9 tweets
The AB Teacher Pension War Room Profile picture
Oct 30, 2022
This is your daily pension announcement. The Pension War™️ is a spooky🦇🦇place to be! It is clear the GOA relies on confusion around the word "benchmarks" to explain away crappy decisions.
Let me use LAPP as an example. Here is DM of TBF Athana:
“LAPP set something called a value-add [target];
it’s like a stretch goal.”

What she was talking about is the "policy benchmark". #AbLeg
LAPP’s 0.85% value added expectation (aka policy benchmark) is an expectation – not a “stretch target” – of AIMCo’s active management capabilities; the investment policy is very clear that this is an expectation and not an “stretch” aspiration. #AbLeg
Read 6 tweets
The AB Teacher Pension War Room Profile picture
Oct 29, 2022
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
Read 8 tweets
The AB Teacher Pension War Room Profile picture
Oct 23, 2022
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.

assembly.ab.ca/assembly-busin…
"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
The AB Teacher Pension War Room Profile picture
Oct 23, 2022
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."
abpolecon.ca/2019/10/30/cri…
and

"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
Read 4 tweets

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3/month or $30/year) and get exclusive features!

Become Premium

Don't want to be a Premium member but still want to support us?

Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal

Or Donate anonymously using crypto!

Ethereum

0xfe58350B80634f60Fa6Dc149a72b4DFbc17D341E copy

Bitcoin

3ATGMxNzCUFzxpMCHL5sWSt4DVtS8UqXpi copy

Thank you for your support!

Follow Us on Twitter!

Send Email!

:(