THE ALBERTA TEACHERS' ASSOCIATION

Stop the Imposed “Agreement”

We said hands off our pension!

They said we would still control how our money was invested.

But we were betrayed.

Promise made. Promise broken.

On December 23, 2020, Finance Minister Travis Toews signed a ministerial order imposing an investment management agreement (IMA) between the Alberta Teachers’ Retirement Fund (ATRF) and the Alberta Investment Management Corporation (AIMCo).

According to ATRF, the forced IMA includes a recognition that the ATRF board will establish the investment policy to direct how plan assets are managed, but the full discretion of the board in establishing and executing the investment policy will be restricted. Effectively, the government has given AIMCo a veto.

This directly contradicts what was promised by Minister Toews, Premier Jason Kenney and UCP MLAs.

The ATRF board will remain in control of determining how the pension funds are invested at a strategic level as well as retaining ownership of the plan’s assets. That is, AIMCo will invest according to the policies set by the ATRF board.

Travis Toews, Hansard, November 7, 2019

 

Alberta Teachers’ Association president Jason Schilling is incensed by the ministerial order.

“The government was adamant that ATRF would retain control over investment decisions. Now we have an investment ‘agreement’ with loopholes big enough to fit a bad $2.1 billion volatility bet. You would think that AIMCo—which independent reviewers described as demonstrating unsatisfactory investment decisions, risk culture and collaboration—would have approached its negotiations with ATRF with a little less arrogance and more flexibility. You would think that the government would think twice before backing AIMCo’s position.”

Teachers don’t trust AIMCo, and they don’t trust this government right now when it comes to pensions. Teachers trust ATRF:

We were already very upset about the decision to force ATRF to use AIMCo exclusively to manage our investments. Now it turns out that the one consistent message of comfort all government representatives were sharing was completely bogus.

Send your MLA a letter, and tell them to stop the IMA.

MLAs have been hearing a lot from upset constituents lately, and the last thing they want is another explosive issue to re-emerge—especially when the talking points they have been diligently using to manage the issue have now been blown up!

Your message could make a real difference.

Have your say. Be heard.

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BE HEARD

If you are an Alberta retiree who now lives out of province, use Postal Code T2Y 0L1, to email the Premier.

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