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ACFO officially signed a new FI Collective Agreement on September 30, 2013. A copy of the agreement is now available on ACFO’s website; for more information on what has changed, please see ACFO’s collective agreement resources page.
Departments are now in the process of implementing the new terms and conditions of employment. Below is information on expected timelines for carrying out this implementation.
Retroactive Pay, Vacation Entitlements and Bereavement Leave
Following the arbitration decision on July 5, 2013, Departments were required to implement changes to new vacation leave entitlements, annual rates of pay and retroactive pay within 90 days of the award. This means that as of October 4, 2013:
If you have not yet received your lump-sum retroactive pay, and/or your annual rate of pay has not been adjusted (and in some cases your leave bank), please notify your compensation advisor and direct any concerns to email@example.com.
Voluntary Severance Payout
Although each department will be implementing severance payouts at their own pace, all Departments have until December 30, 2013 to provide you with the necessary information to make a decision with respect to your severance payout, including your period of continuous employment, payout calculation and options.
If they have not already done so, Departments will be providing members with a Severance Option Notification Forms. Please keep in mind that Departments are not required to accept returned Notification Options Forms before the December 30, 2013 deadline. Once you receive your voluntary severance payout information, you will have until late March to inform your Department of your choice on the type of voluntary severance payout. If you fail to advise your Department of your choice of option by March 30, 2014, your payout will automatically be deferred at the time of retirement or termination. Additional information on the elimination of voluntary severance options and important implementation dates are available on ACFO’s Collective Agreement resources page.
Members are encouraged to speak to their financial advisor regarding financial or tax implications of voluntary severance payouts. To assist you and serve as a guide, you can view this 3rd party presentation prepared for public servants which explains factors to consider when cashing out your voluntary severance pay. If you have any questions on financial or tax related implications, please speak to your financial advisor and/or Canada Revenue Agency.
If you have any questions in regards to the implementation of the FI Collective Agreement, please email firstname.lastname@example.org or call the ACFO office at 613-728-0695 (National Capital Region) or toll-free at 1-877-728-0695 and ask to speak with a Labour Relations Advisor.