An investment in public education is an investment in the economy.”. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. The next issue of Calgary Herald Headline News will soon be in your inbox. Visit our Community Guidelines for more information and details on how to adjust your email settings. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. “We’re looking at $200 less per student in the system, so maintaining the budget is a cut to the system and I worry about my colleagues because once again we have a government that is asking teachers to do more with less,” said Jason Schilling, the president of the association. In the case of the ATRF, it is estimated that this measure will result in an annual savings of $41 million for the teachers’ pension plan, or almost $500 for every teacher that contributes to the fund. AIMCo has earned its reputation as a world-class investment manager, with $108 billion under management. The next issue of Edmonton Journal Headline News will soon be in your inbox. “It is not a requirement to notify the ATRF of this change, and it is proposed until the appropriate legislation is tabled and passed in the Legislative Assembly.”. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Alberta’s government-owned investment manager reportedly lost $4 billion in an investment strategy sidelined by the COVID-19 crisis and weak oil prices. There’s a level of respect that should be met when you’re dealing with professionals on matters that are important to them, and this was a highly disrespectful manoeuvre on how to do this.”, In the government’s budget documents, the province explained the move was done to maximize the trio of funds by lowering costs and achieving “significant and necessary economies of scale that will protect the funds and government and protect returns to pensioners.”. Finance Minister Travis Toews justified the paused indexing, saying Alberta gives more than similar programs elsewhere in the country. Government contemplates changes to management of more than 400,000 Alberta workers' pension plans. We ask you to keep your comments relevant and respectful. Grasping Alberta's budget problems. “Increases to motor vehicle and land titles fees are estimated to add about $9 million to 2019–20 revenue, growing to $41 million by 2022–23,” the budget reads. Part of that was the group still needed to use the management corporation for another five years, Smith added. Thursday’s provincial budget will fund enrolment growth this year, but freeze K-12 operating spending over the next four years, a move that could force per-student investment to plummet if school enrolment continues to grow. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. In the committee meeting, Toews said the government did prepare optimistic business cases for all the proposed moves and will later release them to the public. This advertisement has not loaded yet, but your article continues below. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Many, Schilling said, are unsure of what happens next. Some parts of land title fees double, with registration fees for land transfers or mortgages rising from $1 to $2 per $5,000 of the value of the land, in addition to base fees. These savings, which were previously wasted on administration costs, will now be directed towards the health of the plan. 2011-12 Supplementary Supply Estimates No. The annualized total fund returns over 10 years were 8.2 per cent. Our government is committed to ensuring that Albertans get the most out of their pensions. There was an error, please provide a valid email address. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. We are keeping the investments within AIMCo for the long term. Budget 2011: Building a better Alberta. Visit our Community Guidelines for more information and details on how to adjust your email settings. “To say we’re going to look at this going forward — well, what does that mean? Comments may take up to an hour for moderation before appearing on the site. Almost 78 per cent of government-sector workers in Alberta have a registered pension plan. Appeared in the Calgary Herald. In case you missed it, the premier recently appointed the Fair Deal Panel to consult Albertans on how best to protect our economic interests within Confederation. But the teachers aren’t the only ones affected by the move. AIMCo controls $119 billion for 375,000 members of provincial public retirement programs and is responsible for the investments of 30 pension, endowment and government funds in Alberta, including the $18 billion Heritage Savings Trust Fund. A welcome email is on its way. “In Alberta, our monthly AISH support payments are $400 higher per month than the next-most generous province.”. Alberta Pensions Services Corporation. The corporation currently administers pensions for all teachers in school jurisdictions and charter schools in Alberta, with an option for private school teachers to join as well. The government is pledging a total of $1.8 billion towards new schools and improvements over the next four years, including $123 million for approximately 250 new modular classrooms and $397 million for 25 new and modernized school projects. Alberta Finance Minister and President of the Treasury Board Travis Toews speaks about Budget 2019, the United Conservative Party's first since winning the … There, he said he heard concerns from them, adding he’s also heard from some teachers on the move. We were elected to be fiscally responsible — and that is exactly what we are doing. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. We encountered an issue signing you up. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. If you don't see it please check your junk folder. Budget Day was the first Alberta teachers had heard of government’s plans to wrest investment management of their pensions away from the ATRF. According to a recent study by the Fraser Institute, Albertans make a disproportionate contribution to the CPP. Unauthorized distribution, transmission or republication strictly prohibited. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Last week’s provincial budget documents say the ATRF and other funds managed by Alberta Health Services (AHS) and the Workers’ Compensation Board (WCB) are expected to be turned over to the Alberta Investment Management Corporation (AIMCo) for investment management.

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