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This is your daily pension announcement: The Pension War Room
https://abs.twimg.com/emoji/v2/... draggable="false" alt="™️" title="Registered-Trade-Mark-Symbol" aria-label="Emoji: Registered-Trade-Mark-Symbol"> will dive in to the tailings pond that is AIMCO executive compensation. #ABLeg
Kevin is Alberta& #39;s highest paid public servant. It, however, a confusing landscape.
Kevin is Alberta& #39;s highest paid public servant. It, however, a confusing landscape.
This info is available from their Annual Report. I will compare Kevin (CEO) and the guy that left AIMCO because of the VOLTS mess, Peter (Exec VP Public Eq) #ABLeg
It is important to note that we don& #39;t know if Peter left AIMCO with a payout or not (cause/no cause). You might think it would be a no-brainer for cause situation. Don& #39;t cast aspersions.
But in this industry separation payments are sometimes made to keep things quiet.
But in this industry separation payments are sometimes made to keep things quiet.
Kevin& #39;s base salary is $500,000 per year and Peter& #39;s was $300,000. Without a hint of irony the comment is made....
"The final important consideration is that AIMCo has exercised very material salary restraint. A salary freeze remains in place for AIMCo’s Executive team."
"The final important consideration is that AIMCo has exercised very material salary restraint. A salary freeze remains in place for AIMCo’s Executive team."
So Kevin and Peter haven& #39;t had a "raise" to their base salary in recent memory. Don& #39;t feel bad for them as base salary forms a drop in the bucket of overall compensation.
Kevin got another $420,000 for reaching his "annual individual objectives". #ABLeg
Kevin got another $420,000 for reaching his "annual individual objectives". #ABLeg
Peter got $0. This is probably due to the VOLTS mess. His individual bonus went from about $177,000 to $0.
Kevin gets an additional $108,500 for hitting his corporate objectives and $603,610 for the 2019 investment return.
Peter got $51,150 and $170,735 for the same reasons.
Kevin gets an additional $108,500 for hitting his corporate objectives and $603,610 for the 2019 investment return.
Peter got $51,150 and $170,735 for the same reasons.
So if your keeping track, Kevin is well over $1.5 million per year so far.
He also receives a long term incentive plan (LTIP) award of $1,128,253 and pension contributions of $68,000 and benefits worth $14,727. #ABLeg
He also receives a long term incentive plan (LTIP) award of $1,128,253 and pension contributions of $68,000 and benefits worth $14,727. #ABLeg
The LTIP is interesting because both it and the investment bonus payments are apparently made:
"based upon value-add investment performance over a four-year period,"
Do we have two bonuses paid for the same reason? #ABLeg
"based upon value-add investment performance over a four-year period,"
Do we have two bonuses paid for the same reason? #ABLeg
Kevin& #39;s total for last year $2.8 million and Peter& #39;s $1.05 million.
Unrevealed is the threshold return required to pay these bonuses. (typically a fund would earn benchmark plus a threshold of, say, 0.4% for this bonus to kick in) #ABLeg
Unrevealed is the threshold return required to pay these bonuses. (typically a fund would earn benchmark plus a threshold of, say, 0.4% for this bonus to kick in) #ABLeg
Important to note that Kevin is part of a DC pension plan where taxpayers contributes 66% and he contributes 33%.
Peter was a member of MEPP so his pension contributions were closer to 50/50. #ABLeg
Peter was a member of MEPP so his pension contributions were closer to 50/50. #ABLeg
