EDMONTON -- An NDP MLA is trying to undo the United Conservative Party government's decision to have teachers' pensions cared for by the provincial investment manager.
NDP MLA and the Official Opposition's labour and immigration critic Christina Gray introduced Monday Bill 203, the Pension Protection Act.
The legislation proposes reversing Bill 22, which transferred management of the pensions of about 400,000 Albertans to AIMCo, the Alberta Investment Management Corporation, in November.
In April, a left-wing think tank found AIMCo had lost millions by investing in energy companies during an economic decline.
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Affected pensions include the Alberta Retired Teachers Fund, Special Forces Pension Plan, Local Authorities Pension Plan and Public Sector Plan.
Gray's bill, if passed, would require government to consult with pension holders before making changes.
"This decision has terrified tens of thousands of teachers who earned their pensions over a lifetime of hard work. You may have heard this old teacher adage before but it bears repeating here: Please show your work,” Gray said during Monday's question period.
"The reality is there’s not a pension management firm that has not experienced a real challenge in Q1 of 2020. In fact, Mr. Speaker, AIMCO’s returns in eight of the last 10 years have beat the benchmark," Finance Minister Travis Toews responded.
"Beating the benchmark is the bare minimum. It is only better than having no investment strategy at all," Gray said. "To the Premier, when you are investing your own money, is your goal the bare minimum or is it to gain the biggest bang for your buck?"
Toews said the government has "complete confidence" in AIMCo.
"I want to ensure (pension holders)… their pensions are safe and secure, that right now, all of the public service pensions managed by AIMCO are fully funded."
Bill 203 also proposes making it illegal for the UCP government to withdraw Alberta from the Canadian Pension Plan against Albetans' wishes illegal.
Premier Jason Kenney said creating Alberta's own provincial pension plan was one way the province could get a 'fair deal' from Ottawa.
At the time, he said the decision to explore such a possibility would be put to the public.
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Toews reiterated this Monday, saying the government plans to uphold its promise of a referendum.
