Alberta Teachers’ Retirement Fund (ATRF) Investment Management Change

October 30, 2019

ARTA has received many inquiries regarding the proposed legislative amendment to make Alberta Investment Management Corporation (AIMCo) the exclusive investment manager of the Alberta Teachers’ Retirement Fund (ATRF). ARTA endeavoured to collect and share pertinent information on this amendment and has posted them on our website for all of our members to view. As further details become available, we will continue to share any relevant information with you.

Lorna McIlroy, President

The following are questions that have been identified, and will need to be answered by the Government of Alberta prior to any legislation changes.

  1. Will the mandate of AIMCo in investing teachers’ pension funds be focused exclusively on ensuring the security and sustainability of the pension plan into the future, or will AIMCo be subject to direction from government to promote government’s preferred economic development strategies?
  2. Will the government cover the costs associated with this transition or will this be left to the ATRF and teachers to absorb?
  3. What strategies and steps will AIMCo undertake to build confidence and support among its clients?
  4. Currently, if an investment manager does not perform, the ATRF can fire them and move the funds to another manager. As AIMCo will be the exclusive investment manager for ATRF, what recourse will the ATRF board have if it is unsatisfied with AIMCo’s performance?
  5. The government chose not to provide any notice of this significant change to the co-sponsor of the plan. What assurances do we have that the government will work cooperatively with ATA and ATRF to ensure the financial wellbeing and welfare of teachers in the future?

The “fact sheet” linked below originates with Alberta Finance. Note that this is the Government of Alberta’s characterization of the transfer of ATRF investment management.

ATRF is posting information on its site under “The ATRF Advantage” link. Included in the information posted is an authoritative fact sheet linked below

In addition, a letter sent by ATRF Board Chair Sandra Johnston to President of Treasury Board and Minister of Finance Travis Toews is linked below

A letter sent by ARTA President Lorna McIlroy to President of Treasury Board and Minister of Finance Travis Toews is linked below

And a letter sent by ATA President Jason Schilling to Auditor General of Alberta Doug Wylie is linked below

A website has been developed by the ATA to assist active and retired teachers to express their concerns about the Alberta government’s plan to transfer the assets of the Alberta Teachers’ Retirement Fund (ATRF) to the Alberta Investment Management Corporation (AIMCo). The site includes a link to the ATA FAQ on the issue and a tool that will assist visitors to contact their MLAs.