Teachers Reiterate Call to Repeal Bill 22 After Failed AIMCo Gambit

Release Date 2020 04 22

In light of news that the Alberta Investment Management Corp (AIMCo) investment managers lost $4 billion on a “wrong-way bet,” Alberta’s teachers are reiterating calls for the Government of Alberta to reverse its decision to transfer teacher pension investment control to AIMCo. 

While teacher pension plan investments were not affected by this loss, the news story underscores the concerns identified by teachers about the pension investment takeover.

“This type of investment exceeds the risk tolerance that would be acceptable to teachers. With ATRF, teachers have a board of directors whose seats are half-filled by teacher representatives. The investment strategy is specifically catered to the risk profile of teachers.”

—Jason Schilling, ATA president

Schilling says that this news story raises again serious concerns over the AIMCo takeover of teacher pensions and is encouraging members to reach out again to MLAs.

“Teachers invest their own money into their pension plan. Teachers were not consulted on the takeover and this story further validates our concerns. I am calling on the Government of Alberta to finally listen to teachers and stop the takeover by repealing Bill 22.” 

—Jason Schilling, ATA president

The Globe and Mail story that broke this news cited sources saying that “AIMCo now acknowledges its executives were not fully aware of the risks they were taking.”

“It is completely unacceptable that investment managers would make such a significant investment without fully understanding the risks. I am confident that ATRF would not have invested in such a risky venture. So far, ATRF investments have weathered the current market downturn as well as could be expected and the plan was prepared for fluctuations of this magnitude.” 

—Jason Schilling, ATA president

Teachers and other Albertans concerned about the impacts of Bill 22 can e-mail their MLA using the website www.handsoffmypension.ca

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 or mark.milne@ata.ab.ca.