This is your daily pension announcement. The Pension War Room™️ can't believe this needs to be said again. But, after some side comments from some local UCP MLAs, here we go:
1. The GOA is a minority (49%) contributor to the
teachers' retirement plan. #ableg 2. The GOA does **NOT** guarantee pensions. They are guaranteed by the assets in the plan. (There was a guarantee until 1992.)
3. Since the GOA contributes 49%, they appoint half the Board Members to the ATRF Board. #AbLeg

This is your daily pension announcement: The Pension War Room™️ is awash in the irony that is the TBA faction of the UCP caucus. Did the slide deck used to convince caucus of DS's latest flaky idea have data from a fake polling firm? I feel the need to know. #AbLeg We are expecting the @ATRFPension Annual Report (to Aug 23) to come out this week. We will be able to see just how far @aimcoinvests has come to saving us $40 million each and every year. My informed opinion is they have saved teachers $0. Every claim AIMCO made was false. #AbLeg

This is your daily pension announcement. The Pension War Room™️ reveals this King's Bench pension decision. If you recall, LAPP, PSPP and SFPP are holding @aimcoinvests and GOA accountable for $1.33 billion dollars of VOLTS losses. #ABLeg
canlii.org/en/ab/abkb/doc… It looks like the GOA tried to sever themselves from the (top secret) arbitration hearing. So your hardworking pension plans needed to go to King's Bench Court to have the GOA again added as a defendant. Which they were, with costs. #AbLeg

The Pension War Room™️ notes that you must be disappointed if you expected someone with a medical background as CEO of AHS. Instead you get Athana. Famous for pension misinformation back in the day. (She was DM of TBF during pension theft.) #AbLeg

edmonton.ctvnews.ca/alberta-health… A bunch of my old tweets got new life with this announcement. I had catalogued stupid and untrue things she had said about pensions. Stuff like "the GOA assumes all of the pension liability" and "the GOA pays for public sector pensions".

The Pension War Room™️ will again sink into the effluent of pension discourse with a cautionary tale from 1992. The teachers' plan was seriously underfunded (mostly due to GOA).

Teachers were talked into a solution that involved them contribution 1.6% of pay. #AbLeg In hindsight we see that was a number with little basis in reality. And, after teachers started making that contribution it was found to be "wrong" that they needed to contribute 3.1% of pay. Nearly double.

Bait and switch 'berta style. #AbLeg

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

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...

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

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

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 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."

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…

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

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.)

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

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

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
edmontonjournal.com/opinion/column… "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

This is your daily pension announcement. The Pension War Room™️is still waiting for the results of the @aimcoinvests arbitration hearing! @ToewsforAlberta does NOT want this out during the leadership campaign. #AbLeg If you recall, this is some pension plans (not ATRF) alleging that AIMCo was negligent in losing billions of dollars via volatility options. These things are not done in open court but rather in top secret arbitration. #AbLeg

This is your daily pension announcement. The Pension War Room™️takes another bath in the stench that is pension policy in AB. Bob Dhillon has been appointed to the @aimcoinvests Board with absolutely no input from pension clients!
aimco.ca/insights/board… Pension plans that make up the vast majority of assets under management at AIMCO. I would submit he is marginally more qualified than the average oil and gas executive that historically is placed on the Board. Mr. Dhillon was a big financial supporter of PCAA candidates. #AbLeg

This is your daily pension announcement. The Pension War Room™️abides! Apparently, the doctors are being offered a contract that includes a clause intended to prevent ripping up of future contracts!?? We go to Dr. Bob for our QOTD on the creation of @aimcoinvests: #AbLeg This study looks at the creation of @aimcoinvests:
"The study also shows the major beneficiaries of the transformation appear to be the senior managers and particularly the senior executives of AIMCo, whose pay has increased significantly." #AbLeg

This is your daily pension reminder:
@jkenney said that public sector pension plans “are indemnified by the Crown”. Copping said “in the end it is the Alberta Government that holds the liability for the ATRF plan not the ATA”.

Neither one of these statements are true. #AbLeg Public sector pensions are NOT indemnified by the crown. They are guaranteed by the assets that they have on deposit.

I wrote a letter to Travis asking him to show me this alleged indemnity in law. He replied without answering the question. #AbLeg