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An agreement reached late last week ensures that the Alberta Teachers’ Retirement Fund (ATRF) will remain in full control of strategic investment policies for teacher pensions.
The new investment management agreement (IMA) between the ATRF and the Alberta Investment Management Corporation (AIMCo) replaces the previous IMA imposed by a ministerial order of Finance Minister Travis Toews in December 2020. The new IMA removes a controversial veto provided to AIMCo over investment directions made by the ATRF.
“This is a huge victory for teachers and the Association. Teachers mounted a strong, wide-reaching, relentless campaign in defence of their pensions, which provided the ATRF with the backing they needed to negotiate an effective agreement that protects the interests of teachers.”
—ATA president Jason Schilling
The imposed IMA prompted the Association to launch a lawsuit in March 2021 arguing that Toews’s ministerial order was unreasonable and should be declared invalid by the courts.
Schilling believes that the prospects of the government losing in court and the installation of a new AIMCo CEO with a fresh perspective on client relations have been instrumental in spurring this resolution.
“Our court challenge against the imposed IMA—backed up by significant pressure from teachers—changed the game. I believe that we were on our way to winning in court. Under the new CEO, AIMCo appears to realize that they need to be responsive to clients and that they will be held accountable for their duty to teachers as the investment manager.”
—ATA president Jason Schilling
As the Association has now achieved everything it hoped to achieve through the legal action, the Association will be discontinuing its legal challenge.
Further information is available in this special ATA News story and on the ATRF website.
The ATRF is an independent corporation governed by the Teachers’ Pension Plans Act, with half of the board members appointed by each of the two plan sponsors—the Government of Alberta and the plan members, represented by the Association.
The Alberta Teachers’ Association, as the professional organization of teachers, promotes and advances public education, safeguards standards of professional practice and serves as the advocate for its 46,000 members.
For more information or to arrange an interview with President Schilling, contact Mark Milne at 780-905-0014.
