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Alberta teachers suing UCP over changes to pension investments

Last Updated Jan 27, 2021 at 8:31 am MDT

(CREDIT: iStock Photo)

EDMONTON (660 NEWS) – Alberta’s teachers’ union is the latest group in the province to tell the government to keep its hands off their pensions.

The Alberta Teachers Association (ATA) is taking legal action against the UCP government hoping to reverse a decision they say limits teachers’ control over their pension investments.

The ATA said Bill 22 imposes an investment management agreement on the Teachers’ Retirement Fund and the Alberta Investment Management Corporation.

This gives the management company the ability to veto investment decisions made by the retirement fund, and the Finance Minister can now step in and make agreements if the two entities can’t do it amongst themselves.

President of the ATA Jason Schilling said the order is overstepping and offensive, adding it needs to be stopped and they’re prepared to go to court to do so.

Schilling said while teachers are prepared to fight the order there still needs to be political accountability as they say this move breaks a promise the UCP previously made.

“Teachers were betrayed by their MLAs, the minister and the premier when this imposed IMA failed to live up to their promises made to respect the ATRF’s ability to direct the investment of teacher pension dollars,” said Schilling. “We will fight the order in court, but there still needs to be political accountability for the broken promises.”

Schilling encourages parents and teachers to press their MLAs on this issue and has even launched a website to have their voices heard.

The ATA said that association’s lawyers are now working on the court application.