{"id":17590,"date":"2019-11-20T09:45:12","date_gmt":"2019-11-20T14:45:12","guid":{"rendered":"https:\/\/www.benefitscanada.com\/news\/alberta-teachers-calling-on-auditor-general-to-investigate-proposed-public-pension-changes-139131"},"modified":"2019-11-20T09:45:12","modified_gmt":"2019-11-20T14:45:12","slug":"alberta-teachers-calling-on-auditor-general-to-investigate-proposed-public-pension-changes","status":"publish","type":"post","link":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/2019\/11\/20\/alberta-teachers-calling-on-auditor-general-to-investigate-proposed-public-pension-changes\/","title":{"rendered":"Alberta teachers calling on auditor general to investigate proposed public pension changes"},"content":{"rendered":"
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Staff<\/span> | November 20, 2019<\/p>\n

The Alberta Teachers\u2019 Association and the Alberta Teachers\u2019 Retirement Fund are calling on the province\u2019s auditor general to examine the 2019 budget proposal<\/a> that would put the pension\u2019s investments under the control of the Alberta Investment Management Corp.<\/p>\n

In a letter to the auditor general, the ATRF said it would prefer to remain in control of its own investments. \u201cWithout the discretion to have full control of all aspects of managing the investment portfolio, the board is concerned that this will fundamentally impact ATRF\u2019s ability to continue to provide effective pension management and, most importantly, meet the pension promise,\u201d the letter said.<\/p>\n

Read: Alberta budget includes changes to public pensions, expanded biosimilars initiative<\/a><\/strong><\/p>\n

Meanwhile, the ATA is calling the budget proposal a \u201cpension grab\u201d and is concerned that the Alberta government hasn\u2019t consulted with teachers on the matter. \u201cTeachers are not convinced this move is in their interests,\u201d said Jason Schilling, president of the ATA, in a press release. \u201cThe ATRF board is also not convinced that this is in the best interest of plan members. We need to pause this legislation; otherwise, this move amounts to a hijacking<\/p>\n

\u201cShow us the numbers and convince us it is in our interests, instead of unilaterally seizing our pension assets. If AIMCo actually provides better returns at lower costs, then why wouldn\u2019t we want to use them to invest our money? But right now, there is conflicting data and a significant lack of trust.\u201d<\/p>\n

In its letter to the auditor general, the ATRF noted the government hasn\u2019t asked it to provide any data on the current pension arrangements. It stressed that as a fiduciary, the ATRF\u2019s board has to be satisfied that the AIMCo taking over the pension would be in the best interests of plan members.<\/p>\n

Read: Alberta pension plan split not about efficiency, says former CEO of AIMCo<\/a><\/strong><\/p>\n

Read the full article at BenefitsCanada.com<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Staff | November 20, 2019 The Alberta Teachers\u2019 Association and the Alberta Teachers\u2019 Retirement Fund are calling on the province\u2019s auditor general to examine the 2019 budget proposal that would put the pension\u2019s investments under the control of the Alberta...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17590"}],"collection":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/comments?post=17590"}],"version-history":[{"count":0,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/posts\/17590\/revisions"}],"wp:attachment":[{"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/media?parent=17590"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/categories?post=17590"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.lifeinsurance-orleans.ca\/index.php\/wp-json\/wp\/v2\/tags?post=17590"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}