Teachers want UCP decision on pension reversed

Jan 14, 2021 | 2:32 PM

Alberta teachers are calling on the United Conservative government to reverse a decision about how their pensions are managed.

Just before Christmas, the government quietly signed an order giving the Alberta Investment Management Corporation (AIMCo) the power to effectively veto decisions made by the Alberta Teachers’ Retirement Fund (ATRF), which is a private corporation.

The change is part of Bill 22, the Reform of Agencies, Boards and Commissions and Government Enterprises Act.

Jason Schilling, president of the Alberta Teachers’ Association, says there is no reason for the change and there was no consultation.

“Throughout debate on Bills 22 and 203, the government was adamant that ATRF would retain control over investment decisions. Officials and MLAs told teachers they were overreacting and that they were being lied to. Now we have an investment agreement with loopholes big enough to fit a bad $2.1 billion volatility bet.”

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“You would think that AIMCo, which independent reviewers described as demonstrating unsatisfactory investment decisions, risk controls, collaboration and risk culture and as being desperately in need of a culture change would have approached its negotiations with ATRF with a little less arrogance and more flexibility. You would think the government would think twice before backing AIMCo’s position.”

Schilling is calling on teachers and retirees to contact their MLAs to press for a stop to the order.

by The Canadian Press