The AB Teacher Pension War Room Profile picture
Educator, financial analyst, pension hawk; working to keep it real everyday. Opinions are my own. I believe in full accountability for @aimcoinvests
y knot Profile picture OK Stewart Profile picture Mary Jane Meeker Profile picture Sylvia Krogh Profile picture Carrie b Profile picture 11 added to My Authors
Jun 25 5 tweets 3 min read
This is your daily pension announcement! The Pension War Room™️ warns you that the turd 💩 knuckles are out! Just so you remember that Travis is all in on the flawed UCP curriculum and wants an Alberta Pension Plan too! #AbLeg #handsoffmypension Numbers matter my ass. Travis definitely gets an award for being the "most Kenney like" in this throw down. It is almost like he is JK's muppet. He also supports an Alberta Pension Plan despite the financial lunacy that it is. #AbLeg Sigh.
Jun 19 8 tweets 5 min read
This is your daily pension announcement: The Pension War Room™️again sinks into the pond of liquefied hog manure to find a kernel of truth!

@aimcoinvests Annual Report is coming soon! Guaranteed to be interesting reading combined with some salacious details. #AbLeg For @MarkDWiseman it is an opportunity for him to justify why the AIMCO Board does not release their expenses to the public like every other board in AB.

(some of their investment professionals are rightfully excluded from expense disclosure-not the Board) #AbLeg
Jun 18 12 tweets 7 min read
This is your daily pension announcement: The Pension War Room™️is again venturing into the moldy root cellar of UCP pension policy. I will bring you some odds and ends that were triggered by Dr. Bob's fantastic paper "Can AIMCO be fixed". #AbLeg #handsoffmypension In reality, the question is more can Travis and the UCP be fixed?

According to Joe Ceci, joint sponsorship for pensions would take “the politics out of pensions” (Alberta Hansard, 29th Legislature, 4th Session, 2373).

Then @ToewsforAlberta said "hold my beer". #AbLeg
Jun 18 4 tweets 3 min read
Erin here has this entirely wrong. As I have said before, contribution rates are going down for teachers and GOA this Sept. ONLY BECAUSE OF THE OUTSTANDING RETURNS OF ATRF OVER THE LAST 7-10 YEARS. @aimcoinvests only took possession of all of @ATRFPension assets last October. In any sane democracy you would not see a government destroy a top quartile investment manager providing employment in their home jurisdiction. #AbLeg
Jun 17 4 tweets 2 min read
“Given the plans are funded by participating employees and employers and the assets held in the plan belong to the members, it follows that employees and employers should be able to make decisions that will impact these plans.” (Alberta Hansard, 29th Legislature, 4th Ses, 2027) This statement above is from Jessica Littlewood, MLA for Fort Sask at the time. This supported a joint governance bill that would "take the politics out of pensions". Please note that, much like an RRSP, pension plan assets belong to the employee (as is recognized here). #AbLeg
Jun 14 8 tweets 6 min read
This is your daily pension announcement: The Pension War Room™️is ramping up activity as we approach D-day: the day that @aimcoinvests releases its Annual Report. We will be looking for several things from this year's tome. #AbLeg #handsoffmypension We will be looking for Kevin Uebelein's severance "pay" LTIP bonus. He was already paid millions in severance, but apparently (setting a new precedent) he has earned a bonus for this year even though he has not worked. #AbLeg #handsoffmypension
Jun 13 8 tweets 5 min read
This is your daily pension announcement: The Pension War Room™️reminisces! I just came across my copy of the Nov 30, 2019 Ponoka News Where @RonOrrMLA is busy repeating the UCP line! All the greatest hits like... #AbLeg #handsoffmypension "...this means that every teacher will get paid a government guaranteed pension until the day they die;"

Well, @RonOrrMLA that just isn't true. The guarantee was removed in 1992. Which makes this decision by Kevin and Travis highly suspect and oppressive. #AbLeg #handsoff
Jun 11 5 tweets 4 min read
This is your daily pension announcement. The Pension War Room™️emerges from the tailpipe and floats past the truck balls to bring you this commentary.

Here part of a letter sent to Travis. It takes issue with comments from both @jkenney and @JasonCoppingAB that are false. Your pension, be it ATRF, LAPP, PSPP, or SFPP, is not "indemnified by the Crown". Horse shit.

@JasonCoppingAB seems to believe that plan members are not on the hook at all for unfunded liabilities. That, is just not true. #ABLeg #handsoffmypension
Jun 9 6 tweets 4 min read
The Pension War Room™️reports that teachers narrowly (51%) accepted the mediators recommendations! The parallels to @jkenney's leadership vote abound. #AbLeg
calgary.ctvnews.ca/alberta-teache… On the surface this avoids, for the time being, a strike or extended lockout. Long term not so much. As much as this vote was about a contract it was about so much more than money. It was about pension, curriculum, respect and a hundred other issues. #AbLeg
Jun 5 6 tweets 3 min read
This is your daily pension announcement: Travis is running for the UCP leadership! Without a doubt as @jkenney's preferred candidate. Not a good strategy at all, given the financial mistakes he has made (pensions included). #AbLeg I am reminded of an interview that I did with a magazine from NY. They asked me why the UCP would be doing this to teachers? I gave a long technical answer. I shouldn't have. The answer was (and is): this was something that they could hurt teachers with. No more motivation req.
Jun 4 5 tweets 4 min read
This is your daily pension announcement. The Pension War Room™️sinks into the ocean next to the effluent pipe that dumps dookies into the bay of pension policy. I have had my differences with Don Braid but he gives the best requiem here. #AbLeg
calgaryherald.com/opinion/column… I have many happy memories of being attacked by GOA staffers for bringing up valid criticism of pension policy. Fun times. In democracies, governments need to take valid criticism and move on. See the curriculum. #AbLeg
May 28 6 tweets 3 min read
This is your daily pension announcement: The Pension War Room™️dives into fecal settling pond that is AB politics! I again savored JK's radio show as he likely only has a few editions left. Unabashedly illogical is the only description I can offer. #AbLeg He got his weekly "why is AHS so expensive" question. This week he retorts with "we hired Ernst and Young" (in 2019) to give us cost savings measures....

...but then fails to mention that E&Y recommended closing rural hospitals. Advice JK has steadfastly ignored. #AbLeg
May 23 10 tweets 7 min read
This is your daily pension announcement: The Pension War Room™️will discuss the recently calculated $30 million in transition costs to using @aimcoinvests. For context, compare the size of the fund at $22,400 million to this $30 million expenditure. #AbLeg #handsoffmypension The transition costs are (relatively) small and are one time costs. They are still regrettable and were avoidable with diligence and planning, but Travis Toews and his chief deputy Athana Mentzelopolos could provide neither of those things. #AbLeg #idiotseverywhere
May 1 7 tweets 6 min read
This is your daily pension announcement: So the @ATRFPension reports that transferring the first 1/3 of assets to @aimcoinvests cost nearly $5 million. Currently, teachers will be on the hook for half.

(This does not include @aimcoinvests' transition costs) #AbLeg #handsoff It would only seem reasonable that Travis and the GOA should cover the cost of transitioning to @aimcoinvests. After all, he legislated it. Teachers' should not have to pay for a transition they were no part of. #AbLeg #handsoffmypension
Apr 30 8 tweets 4 min read
This is your daily pension announcement: The Pension War Room™️declares it a wonderful day!
First, @aimcoinvests does seem to be finishing the "taking out the trash" period. Now I think they still have to hire a HR exec...but congrats so far. #AbLeg

aimco.ca/insights/chief… It is that day that we play "quote of the day".

First from Kevin Uebelein:
"I am grateful for the vote of confidence that the Alberta government has made in AIMCo."

Who can forget that great quote in the @edmontonjournal as he was gaslighting teachers all over AB! #Ableg
Apr 10 5 tweets 4 min read
This is your daily pension announcement. The Pension War Room™️ would like to discuss math today. Specifically, @jkenney's winning number for him to keep his job: 50% plus 1 of votes cast. #AbLeg #handsoffmypension Please compare that "winning" threshold with the percentage of the pension contributions that teachers make: 51%🔥🔥🔥😬 Teachers who are apparently unable to make certain decisions around these funds. #AbLeg #handsoffmypension

Democracy for some, dictatorship for others?
Apr 7 4 tweets 2 min read
This is your daily pension announcement: The Pension War Room™️opines on the similarity of a UCP hack Board firing CEO Dr. Verna Yiu and the same thing happening to Kevin Ubelien. #AbLeg #handsoffmypension Both minsters (Copping and Travis) said, unconvincingly, that the Board did it not them.

Both received substantial severance, though Kevin's was at least 5X larger.

Just remember the GOA does not own most of the assets that @aimcoinvests has.
Apr 3 5 tweets 4 min read
This is your daily pension announcement. The Pension War Room™️recommends this video from @aimcoinvests explaining their purpose. Easy to write it off as corporate feel-goodery but it isn't. Watch carefully. #AbLeg #handsoffmypension
player.vimeo.com/video/405532467 I don't think humility was ever part of their vocabulary before. (I have some stories for another day). #AbLeg

In other news, one of the fawning Matts was expounding on how "interesting" @jkenney's radio show is.
Mar 31 6 tweets 3 min read
The Pension War Room™️will change channels to a similar issue today: #Bill15 gets introduced today. It is Education (Reforming Teacher Profession Discipline) Amendment Act, 2022.

Which is known as the "retribution for teachers opposing the curriculum Act". #AbLeg It removes the discipline function of the ATA that it has successfully executed for 85 years.

It is retribution much in the same way as the superintendents were awarded a disciplinary function for tepid support of the Minister. #AbLeg
Mar 19 8 tweets 5 min read
This is your daily pension announcement: The Pension War Room™️ releases year end results for the major @aimcoinvests clients excluding @ATRFPension. In an annoying bit of accounting, AIMCO takes their year end as March 31 as if they were a GOA department. #AbLeg #handsoff So it will be some months yet to see if @ewsiddall got a raise over what they were paying Kevin.

As I have said previously, above benchmark 1-year numbers for all of the big clients. Positive news. But some weird stuff you should be aware of as well. #AbLeg
Mar 16 4 tweets 4 min read
This is your daily pension announcement: The Pension War Room™️ confirms that it is true, Travis is giving almost everyone at @aimcoinvests raises, while many health care workers are getting rollbacks! Here is the Ministerial Order... #AbLeg #handsoffmypension Raises for employees @aimcoinvests will range from 39% down to 3%. Meaning even the smallest raise will be more than teachers' have received in the last 7 years. Read it and weep. #AbLeg #handsoffmypension