https://twitter.com/DavidRayAmos/with_replies



David Raymond Amos‏ @DavidRayAmos
Replying to @DavidRayAmos @alllibertynews and 49 others


Methinks folks should ask the other members of the Board of Directors of VESTCOR if they agree with Larry Jamieson and Vicky Deschenes N'esy Pas? 



https://davidraymondamos3.blogspot.com/2020/03/public-pensions-take-hit-from-covid-19.html



#nbpoli#cdnpoli




https://www.cbc.ca/news/canada/new-brunswick/public-pensions-take-hit-1.5500871

Public pensions take a hit from COVID-19 concerns

Plans have likely lost more than $1 billion in stock markets over the last four weeks

Robert Jones· CBC News· Posted: Mar 18, 2020 7:00 AM AT




"Falling stock markets will negatively affect pension plans in the short-term," said the finance department's Vicky Deschenes in a statement Tuesday. (Frank Gunn/Canadian Press)

Estimates are difficult to obtain, but New Brunswick public sector pension plans have likely lost more than $1 billion in the stock markets over the last four weeks.

It's the first major test for shared risk pension plans since they became ineligible for provincial government bailouts.

New Brunswick finance department officials are hopeful recent losses will not become an issue and other plan investments outside of stock markets will help offset the current decline.

"Falling stock markets will negatively affect pension plans in the short-term," said the finance department's Vicky Deschenes in a statement Tuesday.

"The diversified nature of the plans' investments will moderate the impact. Government continues to monitor markets."

Multiple New Brunswick public pension plans serving tens of thousands of retirees and current employees had close to $17 billion under management at the end of 2019.

About $6 billion (35 per cent) of those holdings are invested in stock market equities and indexes and have been caught up in the crushing financial turmoil unleashed by the COVID-19 virus.

Beginning in late February, the Standard & Poors / Toronto Stock Exchange Composite Index fell 5,259 points up to the close of trading Tuesday - a stunning 29.3 per cent in 26 days. Other stock indexes worldwide have dropped similar amounts, with losses steep and widespread.

It's the worst decline to hit markets since the New Brunswick government switched to so–called "shared risk" pension plans, beginning in 2013, and removed itself as a financial guarantor of pension plan benefits.

Short-term issue?

Larry Jamieson is executive director of the New Brunswick Teachers Association and also chair of the New Brunswick Teachers' Pension Plan.  He does not have figures on how the last month has affected plan investments but believes it is a short term issue that will resolve itself in time.

"I'm sure there's nervousness out there," said Jamieson.

"As far as the teacher's pension plan goes, the investment plan is very well diversified  It's designed to weather these kinds of downturn in the market.  I'm sure the market will rebound and the plan will move forward."
 
The teacher's plan is the second largest in the province.

The fund serves 19,167 members, including retired and current educators, and at the end of June 2019 had $6.1 billion of their pension money placed in a wide range of investments.

About $2.4 billion (40 per cent) was in higher risk, publicly–traded equities

The largest pension plan, covering 39,000 current and former civil servants, NB Power employees and others is the Public Service Pension Plan.   It had $8.1 billion invested as of June 30, 2019, with $2.9 billion exposed to stock markets.

An overall 25 per cent decline in stock market equities and indexes would cost those two plans alone about  $1.3 billion.

Both the teachers and public service plans were fully funded at the end of 2019 with hundreds of millions of dollars extra in reserve to meet long term obligations and do have a cushion to absorb losses.  The teachers' plan alone gained $2 billion in its first five years of operation under the shared risk model and Jamieson said markets would have to get much worse for benefits to members to be affected.

"The plans have done well since reform," said Jamieson.

"I can't give you dollar numbers, but we would have to have a long term significant - much more significant than what we're seeing - downturn in the market to impact any of those benefits."

Other New Brunswick pension plans with money exposed to the recent stock market decline include hospital workers, school bus drivers, judges, school district managers and MLAs.






74 Comments



David Amos
Methinks Mr Jones, the CEO and the board of of VESTCOR and nearly everybody else playing their part in the political circus know that there are 3 people in particular from Fundy Royal who were made well aware of my concerns about the the investment industry since 2004 when I ran in the election of the 38th Parliament and that I can easily prove it N'esy Pas?

Go Figure Who They Are

"On the eve of his pending retirement from the Senate, Senator Day tweeted, "On the eve of my retirement from the @SenateCA, I would like to share my farewell remarks. It has been an honour to serve my fellow New Brunswickers and all Canadians. Watch my speech here: [...] #SenCA #cdnpoli #nbpoli."[2] He retired from the Senate on January 24, 2020, upon reaching the mandatory retirement age of 75."

"Day's wife, Georgie Day, was elected to the legislature, on her first attempt in electoral politics, in 1991, and was re-elected in 1995. While in the legislature, she served in the cabinets of Premiers Frank McKenna, Ray Frenette, and Camille Thériault."











David Amos
Methins Mr Jones should read the news today then Google two names Leo Kolivakis John Sinclair and expand upon this story N'esy Pas?









David Amos
Methinks folks should ask the other members of the Board of Directors of VESTCOR if they agree with Larry Jamieson and Vicky Deschenes N'esy Pas? 


David Amos
Reply to @David Amos: Go Figure

TSX loses another 8% as Canadian oil price falls to lowest level on record

Canadian dollar dips below 70 cents US
Pete Evans · CBC News · Posted: Mar 18, 2020 9:41 AM ET | Last Updated: an hour ago
















David Amos
Methinks my critic Quebec in Leo Kolivakis may enjoy a little Deja Vu N'esy Pas?

https://www.cbc.ca/news/canada/new-brunswick/pensions-managers-benchmark-bonuses-1.4632463


David Amos 




























Michael durant
We must bail out the pension plans. We have no other ethical option.


























Paul Bourgoin
These are hard and insecure times for those who have Pension Plans, some believe I'm sure the market will rebound and the plan will move forward while others have $2.4 billion in higher risk, publicly–traded equities, a gamble Being a Retiree I see those long nights getting slower and sleep very little. Going to the buy food is considered dangerous and fear the consequences and impact of from COVID-19, for us seniors this could be deadly so our Family prays! May God Bless and Protect you.!


David Amos 



























michael levesque
dont worry folks the people who do not get these pensions will simply have too make up the difference.




Gary Melanson
Reply to @Samual Johnston: Still have to top up the federal government pension plan

























Stephen MacNeil
If people didn’t eat Garbage food like Lobster we wouldn't get these viruses.



Ben Haroldson
Reply to @James Vander: You mean indigenous people didn't eat shellfish and crustaceans before we even landed on these hallowed shores ? What are all the clam shell dumps eroding out of the shoreline about?



David Amos
Content disabled 
Reply to @Ben Haroldson: Good Point You dudes have a lot to argue as the stock markets tumble and everything shuts down before your eyes. However one must find some fun in the madness that surround us or we will go crazy as well. So here is my two bit worth for your little circus.

Everybody knows some indigenous people in various parts of the world practiced cannibalism not all that long ago and they definitely seemed to be insane.On the otherhand I have heard it said that sometimes Dog Soldiers would have to feed their dogs to other dogs then eat those dogs in order to survive long enough to continue a war with our ancestors invading their native land. That seems to make sense to me. In some foreign countries folks continue to eat dogs to this very day and lord knows what else you could not pay me to eat. Yet I dare not judge anyone because modern members of Trudeau The Younger's beloved peoplekind got the bright idea to feed cows to themselves. Hence the rise of mad cow disease. With things going crazy today I am considering the possibility of what the "Powers That Be" are consuming that causes them to act so loonie. In conclusion methinks nobody can deny that its a mad world in the dog eat dog world of today N'esy Pas?



David Amos
Reply to @David Amos: BINGO


























brian finch
and kenney wants to separate and take control of the pension funds to invest in oil and gas...good luck



























June Arnott
And what about the rest of us who invest in rrsps for our retirement eh? Hope no one gets a bailout or I will riot !


Matt Steele 

Terry Tibbs
Reply to @David Amos:
Take offence where you will, but there is not only a shortage of toilet paper, I see chicken soup is in short supply, along with soda crackers..........
I have absolutely no idea why, though I did kinda grow up with Monty Python, so understanding silly is within my grasp.
Silly can be a good thing, but not usually a good thing if it describes our elected officials.




David Amos
Reply to @Terry Tibbs: Go Figure what else I wrote went "Poof"























Alex Leblanc
This is a great time for them to buy - i'm hoping they keep buying and hold the stocks they have.


David Amos 

























Lou Bell
These plans , unlike those of some people who self invest and have bragged of their returns and are now being hit mercilessly , would have a cushion built in with low risk bonds and high interest accounts where they are impacted very little or even not at all by this. Remember , both funds have money going in bi weekly and most likely have more going in than coming out.



Tom Simmons
It's all fake economy....did the people actually think they were gonna get free money down the road? The banksters and politicians will grabble it all up.


David Amos 

David Amos
Surprise Surprise Surprise


Terry Tibbs 






http://pensionpulse.blogspot.com/2019/06/vestcor-gains-196-in-2018.html

Vestcor Gains 1.96% in 2018

New Brunswick's Vestcor recently reported a 2.08% gross, 1.96% net return for 2018:

Vestcor Inc. (Vestcor) has released its 2018 Annual Report, which reflects the successful amalgamation on January 1, 2018 of its predecessor companies, Vestcor Investment Management Corporation (VIMC) and Vestcor Pension Services Corporation (VPSC). Vestcor operates as a private, not-for-profit company offering global investment management and pension and benefit administration services to public sector entities.

“Despite difficult market conditions, especially during the last quarter of 2018, we are proud to announce that Vestcor has been able to achieve positive investment performance for our clients” said John A. Sinclair, President and Chief Executive Officer. “Our clients frequently cite capital preservation as a key objective for their investment strategies. Despite a negative market environment for risk assets in 2018, we are pleased to have delivered on that objective during the year.”

The Annual Report also outlines that Vestcor successfully exceeded the key performance targets of their administrative clients during the year despite an overall 13% increase in pension and benefit applications.

“We are also proud to have continued to offer management and administration services that are very cost effective versus other public sector peers” declared Mr. Sinclair.

Further investment disclosure reports a 2.08 percent overall gross investment return for total assets under active management for the year ended December 31, 2018, with a management expense ratio of approximately 0.12 percent. “Our not-for-profit business model continues to provide low cost, efficient investment and administration services for our clients” said Sinclair. Pension Funds under active management specifically achieved an overall 2018 return of 2.07 percent which exceeded blended client portfolio benchmarks, before investment management costs, by approximately 1.15 percent during the year.

The long-term annualized Pension Fund returns, since Vestcor began its investment management business (originally known as N.B. Investment Management Corporation prior to its privatization in 2016) in 1996, continue to exceed both client return and risk management funding requirements at 7.09 percent.

About Vestcor

Located in Fredericton, New Brunswick, Vestcor provides global investment management services to nine different public sector client groups representing approximately $16.9 billion in assets under management, and administration services to 11 public sector pension plans and 4 employee benefit plans.

The Vestcor Group of Companies was created through Province of New Brunswick legislation in July 2016 (the Vestcor Act). As of October 1, 2016, N.B. Investment Management Corporation was continued as VIMC, while the operations of the Pension and Employees Benefits Division of the Province of New Brunswick’s Department of Human Resources were transferred to VPSC. On January 1, 2018 VIMC and VPSC were amalgamated to form Vestcor Inc.

Vestcor’s team of more than 140 New Brunswick-based service professionals provides innovative, integrated, cost-effective investment management and pension and benefit administration services solutions to a number of public sector entities that meet the requirements of approximately 96,000 individual members and 134 employer groups.

Take the time to read Vestcor's 2018 Annual Report, it is very well written and not too long.

Late this afternoon, I had a chance to talk to Jon Spinney, Vestcor's CIO. I thank him and John Sinclair, Vestcor's CEO, for taking the time to answer my emails and questions.

John Sinclair emphasized the key thing for Vestcor's clients: “Capital preservation is a key goal for our clients, and we were happy to deliver positive returns for 2018 in a challenging market environment, particularly the 4th quarter when volatility increased significantly.”

Jon Spinney shared this with me by email prior to our conversation:

“Overall, 2018 was a good year for us in the context of a volatile 4th quarter. Our clients, partially due to Shared Risk regulations in the province, run fairly low risk levels in their asset portfolios (on average similar in total risk levels to a 35-40% equity/60-65% bonds public market portfolio). As such, we’ve looked for opportunities to de-risk the asset portfolio in a prudent manner wherever possible while maintaining return generating opportunities. Consequently, we expect to lag somewhat during stronger periods but should perform well when markets are more challenging.

Our stakeholders understand that strategy and are willing to make that trade-off. With the RBC DB median return at about -0.65% in 2018 compared to our total fund composite return of 2.08%, that strategy worked to produce a somewhat smoother return profile for clients both recently and over the longer term.

In terms of active management, after considering all investment management costs, we outperformed our benchmark by just over 1% for the calendar year. While Vestcor’s reliance on Private Markets has historically been somewhat less than many of our peers (our strategy has relied heavily on internal active management, with approximately 85% of assets managed in house), these strategies were significant contributors to value-add during the most recent year and have a strong long-term track record. “

Jon expanded on these points during our call. He told Vescor underperformed the RBC DB median return in 2017 but over a two-year and longer horizon, it is outperforming this index with 20-30% less volatility.

Interestingly, while Private Markets were significant contributors to value-add in 2018, Jon told me they're not as heavily weighted as their peers in privates and run most of their absolute return strategies internally:



As shown above, there is $1.3 billion invested in public market Absolute Return Strategies (run internally), $666 million in Private Equity, and $1 billion each in Real Estate and Infrastructure.

So, he's right, Vestcor is not as heavily weighted in private markets as its peers and Jon explained this to me: "We have many clients. Some are more mature and need liquidity, but even they have a minimum of 5% in private equity, real estate and infrastructure. Others typically have 12-15% in real estate, 10-12% in private equity and 10% in infrastructure."

The Absolute Return Strategies in public markets are beta neutral strategies which typically underperform in a raging bull market but outperform when markets get hit.

It's important to read this passage from pages 19-20 of the Annual Report:

Our Absolute Return portfolio seeks to produce stable, positive returns in all market environments while resulting in little to no correlation with traditional investment strategies, thus providing attractive returns and enhanced diversification for the combined portfolio. To achieve this, we manage separate internal strategies that provide exposure to event-driven, fundamental, and quantitative investment approaches, in varying amounts. Meaningful allocations to these portfolios combined with a well-developed risk management and capital allocation framework allow the strategy to achieve the goal of positive, low risk returns without taking on unintended risk exposures as can often be the case in multi-strategy absolute return portfolios. While each strategy is managed in a diversified and prudent manner by a portfolio management team, we additionally employ a combined portfolio risk budgeting approach to ensure risk is efficiently managed and budgeted through all market environments by shifting capital and risk allocations to their most favorable locations where necessary.

In 2018, the benefit of a diversified investment approach is apparent. While each of the sub-strategies provided positive total returns, only two of the three sub-strategies provided returns in excess of the benchmark. The combined portfolios provided a positive total return of 2.36%, delivering stable performance in a volatile, risk adverse environment. Vestcor uses a proactive risk management approach for these strategies, meaning that these positive returns were achieved with extremely low volatility and near zero correlation to traditional investment categories. On a four-year basis, the strategy has managed to navigate challenging investment environments to produce a positive 4.00% annualized return while maintaining net zero exposure to broad equity markets.

The private equity portfolio is diversified across several factors including geographies, industry sectors and currencies, and investments are made through a combination of commitments to external funds, co-investments alongside fund managers and direct internally managed investments. In 2018, this portfolio produced very strong returns, outperforming comparable public market strategy benchmarks by 27%. A record amount of distributions were received by the private equity program during 2018 as a healthy exit environment prevailed. Over the longer-term four year period, private equity returned 19.11%, outperforming the blended benchmark by greater than 11% per year.

The Real Estate portfolio has two broad components: North American Real Estate Investment Trust (REIT) securities, and private real estate in the form of limited partnership interests, direct co-investments and direct holdings. Canada represents the largest component of the private portfolio however we continue to seek high quality opportunities abroad. The private portfolio continued to achieve strong returns in 2018 as a result of good fundamentals in supply and demand and continued low capitalization rates.

The Infrastructure portfolio has two broad components: first, private infrastructure in the form of co-investments diversified by geography, currency and by asset type and also fund commitments to limited partnerships. Second, an internal public infrastructure portfolio that is designed to provide similar long-term return and risk characteristics as private infrastructure investments. Both portfolios produced positive returns in 2018, with particularly strong private portfolio returns stemming from a combination of solid growth in earnings and continued low market discount rates.

Lastly, in terms of compensation, the CBC made a big stink that N.B. pension management employees score record $5M in bonuses, but I wonder if anyone bothered reading the annual report.

In particular, there's a detailed discussion on compensation beginning on page 32, and the senior managers at Vestcor delivered on their long-term targets so they are entitled to their compensation:



Also worth mentioning that while this compensation may raise some eyebrows and critical comments from uninformed New Brunswickers like David Raymond Amos, the folks at Vestcor are not paid anywhere near as much at their peers in the rest of Canada.

So let's dispense with the CBC/ communist crap on compensation at large pensions, these investment managers are delivering on their long-term targets and their compensation structure is clearly explained in the annual report.

If people are getting big bonuses it's because they're delivering long-term results, and that's a good thing, especially in New Brunswick where public pensions were a total mess prior to the establishment of Vestcor.

Below, the Board of Trustees for the New Brunswick Public Service Pension Plan held the 2018
Annual General Meeting on September 6, 2018 in Bathurst, NB. Fast-forward to minute 47 to hear Vestcor's CEO John Sinclair's comments, he covers a lot of key points worth listening to.

 https://vestcor.org/en/nbpspp-agm/


https://youtu.be/kXrPnFjMqPs

NBPSPP 2019 Annual Information Meeting

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https://www.youtube.com/watch?v=ymWncoi8bhA






http://davidraymondamos3.blogspot.com/2019/06/nb-pension-management-employees-score.html

Friday, 21 June 2019

N.B. pension management employees score record $5M in bonuses

---------- Original message ----------
From: Jane.Philpott@parl.gc.ca
Date: Fri, 21 Jun 2019 19:58:59 +0000
Subject: Automatic reply: Methinks the reason the VESTCOR dudes don't
call or write is because Mr Higgs and Franky Boy McKenna don't love me
Nesy Pas Mr Jensen?
To: david.raymond.amos333@gmail.com

Hello,

Thank you for your email to the Honourable Jane Philpott, Member of
Parliament for Markham-Stouffville.

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---------- Original message ----------
From: david.raymond.amos333@gmail.com
Date: Fri, 21 Jun 2019 15:58:55 -0400
Subject: Fwd: Methinks the reason the VESTCOR dudes don't call or write is because Mr Higgs
and Franky Boy McKenna don't love me Nesy Pas Mr Jensen?
To: Karine.Arseneau@snb.ca, briangallant10@gmail.com, jfurey@nbpower.com,
jfetzer@d.umn.edu, washington.field@ic.fbi.gov, dean.buzza@rcmp-grc.gc.ca,  oig@sec.gov, mark.vespucci@ci.irs.gov, mark.gallagher@usdoj.gov, Chuck.Thompson@cbc.ca, mary.wilson@gnb.ca, Dominic.Cardy@gnb.ca, hon.ralph.goodale@canada.ca, dominic.leblanc.c1@parl.gc.ca, Bill.Casey@parl.gc.ca, Bill.Oliver@gnb.ca, bill.sweeney@gov.ab.ca, premier@gov.ab.ca, scott.moe@gov.sk.ca, premier@gov.pe.ca, PREMIER@gov.ns.ca, premier@leg.gov.mb.ca, premier@gov.nl.ca, premier@gov.bc.ca, david.eby.mla@leg.bc.ca,  Dale.Morgan@rcmp-grc.gc.ca, david.young@mcinnescooper.com, dale.drummond@rcmp-grc.gc.ca
Cc: "David Amos"motomaniac333@gmail.com, alan.roy@snb.ca, Alaina.Lockhart@parl.gc.ca,  Jane.Philpott@parl.gc.ca, Diane.Lebouthillier@cra-arc.gc.ca, Jody.Wilson-Raybould@parl.gc.ca,
David.Lametti@parl.gc.ca, jan.jensen@justice.gc.ca, Nathalie.Drouin@justice.gc.ca


---------- Original message ----------
From: "Martin, Marc   (SNB)"<Marc.Martin@snb.ca>
Date: Fri, 21 Jun 2019 19:09:22 +0000
Subject: Automatic reply: Methinks the reason the VESTCOR dudes don't
call or write is because Mr Higgs and Franky Boy McKenna don't love me
Nesy Pas?
To: David Amos <david.raymond.amos333@gmail.com>

Je serai absent du bureau jusqu'au 24 juin. Pour des questions de
traduction, veuillez communiquer avec Karine Arseneau par téléphone au
506-726-2360 ou par courriel à l'adresse Karine.Arseneau@snb.ca.

I will be away from the office until June 24th. For
translation-related questions, please contact  Karine Arseneau at
506-726-2360 or by email at Karine.Arseneau@snb.ca.

---------- Original message ----------
From: Premier of Ontario | Premier ministre de l’Ontario <Premier@ontario.ca>
Date: Fri, 21 Jun 2019 19:09:22 +0000
Subject: Automatic reply: Methinks the reason the VESTCOR dudes don't
call or write is because Mr Higgs and Franky Boy McKenna don't love me
Nesy Pas?
To: David Amos <david.raymond.amos333@gmail.com>

Thank you for your email. Your thoughts, comments and input are greatly valued.

You can be assured that all emails and letters are carefully read,
reviewed and taken into consideration.

There may be occasions when, given the issues you have raised and the
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response may take several business days.

Thanks again for your email.
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Merci pour votre courriel. Nous vous sommes très reconnaissants de
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Merci encore pour votre courriel.



---------- Original message ----------
From: David Amos <david.raymond.amos333@gmail.com>
Date: Fri, 21 Jun 2019 15:09:17 -0400
Subject: Methinks the reason the VESTCOR dudes don't call or write is because Mr Higgs
and Franky Boy McKenna don't love me Nesy Pas?
To: comments@vestcorinvestments.com, blaine.higgs@gnb.ca,
BrianThomasMacdonald@gmail.com, mckeen.randy@gmail.com, David.Coon@gnb.ca, Davidc.Coon@gmail.com, leader@greenparty.ca, brian.gallant@gnb.ca, pm@pm.gc.ca, David.Barr@gnb.ca, Cyril.Theriault@gmail.com, postur@for.is, Bill.Morneau@canada.ca, Robert.Jones@cbc.ca, info@scapitalmgmt.com, LKolivakis@gmail.com,



https://twitter.com/DavidRayAmos/with_replies




David Raymond Amos‏ @DavidRayAmos
Replying to @DavidRayAmos@alllibertynews and 49 others
Methinks the reason the VERY GREEDY VESTCOR dudes don't call or write is because Blaine Higgs and their LIEbrano/lawyer/Bankster buddy Franky Boy McKenna don't love me Nesy Pas?


https://davidraymondamos3.blogspot.com/2019/06/nb-pension-management-employees-score.html



#cdnpoli#nbpoli



https://www.cbc.ca/news/canada/new-brunswick/vestcor-new-brunswick-government-pension-investment-employees-paid-1.5178486



---------- Original message ----------
From: "MinFinance / FinanceMin (FIN)"<fin.minfinance-financemin.fin@canada.ca>
Date: Fri, 21 Jun 2019 16:33:34 +0000
Subject: RE: YO John Sinclair I called YOU at Vestcor Pension Services Corporation (506 453-2296) AGAIN Afterr the usual runaround I got a direction to contact some lady's voicemail
To: David Amos <david.raymond.amos333@gmail.com>

The Department of Finance acknowledges receipt of your electronic
correspondence. Please be assured that we appreciate receiving your
comments.

Le ministère des Finances accuse réception de votre correspondance
électronique. Soyez assuré(e) que nous apprécions recevoir vos
commentaires.


---------- Original message ----------
From: Newsroom <newsroom@globeandmail.com>
Date: Fri, 21 Jun 2019 16:31:09 +0000
Subject: Automatic reply: YO John Sinclair I called YOU at Vestcor Pension Services Corporation
(506 453-2296) AGAIN Afterr the usual runaround I got a direction to contact some lady's voicemail
To: David Amos <david.raymond.amos333@gmail.com>

Thank you for contacting The Globe and Mail.

If your matter pertains to newspaper delivery or you require technical
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publiceditor@globeandmail.com<

N.B. pension management employees score record $5M in bonuses

Province's investments saw 2% gain last year, despite significant declines in global stock markets

According to its latest annual report, Vestcor posted a 2.08 per cent gain on investments in 2018 — less than the rate of inflation — but significantly better than pension plans across the country, many of which bled money during the year thanks to turbulent stock prices.

Bonuses exceed salary by 200%