The Alberta Teachers’ Association (ATA) and the Alberta Teachers’ Retirement Fund (ATRF) have issued the following statements regarding the Alberta Government’s removal of the AIMCo board.
Alberta Teachers’ Retirement Fund
November 8, 2024
ATRF members may have heard the Government of Alberta’s announcement regarding AIMCo on November 7, 2024.
We want to reassure ATRF members that their pensions remain secure.
ATRF continues to manage Alberta’s teacher pension plans and set the strategy for our investments, while AIMCo provides the day-to-day management of ATRF’s investments as required by provincial legislation.
Nothing that has happened with regard to the changes at AIMCo thus far has caused us concern about the status of our investments.
At the same time, we have in the past raised issues regarding costs at AIMCo with both the Government of Alberta and with AIMCo.
We look forward to working with Treasury Board and Finance and being part of determining the appropriate path forward.
The health of our pension plans and the security of our plan members’ pensions have always been our highest priorities, so we will continue to monitor this situation closely and, as always, will inform members if there are any impacts to the plans that they should be aware of.
Alberta Teachers’ Association
November 8, 2024
Despite the firing of the Alberta Investment Management Corporation (AIMCo) Board, Alberta teachers can be confident that their pensions, administered through the Alberta Teachers’ Retirement Fund (ATRF), remain secure and their plan well funded.
The government’s decision to place the president of Treasury Board and minister of Finance at the helm of AIMCo is troubling, considering it was meant to function at an arm’s length from government.
“This government has taken highly politicized positions with respect to pension issues, and teachers are naturally concerned about the motivations and intentions behind this decision.”
—Jason Schilling, ATA president
In 2020, the ATRF was forced by the provincial government to transfer assets to AIMCo management, even though it continually outperformed AIMCo. At the time, Alberta teachers criticized the move, characterizing the government’s passage of Bill 22, the Reform of Agencies, Boards and Commissions and Government Enterprises Act as a “hijacking” of teacher pensions.
After a successful court action initiated by the Alberta Teachers’ Association concerning the scope of Bill 22’s regulations, ATRF and other public sector pension plans were given the ability to define investment strategies for implementation by AIMCo. With that, some measure of control was returned to the constituent plans and stability was restored.
While the province characterizes Thursday’s change as an effort to “restore confidence in AIMCo,” more needs to be done.
“The key to restoring confidence in AIMCo among teachers will be for government to consult with the public sector pension plans and organizations, such as the Alberta Teachers’ Association, that represent the ultimate owners and beneficiaries of those plans.”
—Jason Schilling, ATA president
The Alberta Teachers’ Association is monitoring developments closely and will be ready to step in to defend the interests of active and retired teachers.
The Alberta Teachers’ Association, as the professional organization of teachers, promotes and advances public education, supports teachers’ professional practice and serves as the advocate for its 46,000 members.
For more information, please direct inquiries to the ATRF
Telephone: 780-451-4166
Toll Free: 1-800-661-9582
General Inquiries: info@atrf.com
Actively Teaching: member@atrf.com
Retired Members: retiredmember@atrf.com