USFA e-Letter: Accountable Professional Expense Fund (APEF) Maximums

The 2014 – 2017 Collective Agreement includes increases to annual allocations to your professional expense account: $2,200 effective July 1, 2015.

Unused funds are carried forward for the following year; however, the new Collective Agreement now includes a maximum balance for these accounts of six times the annual allocation. Balances will not be reduced if they are over the maximum, but annual allocations will be reduced so that the balance does not exceed the maximum.

Take a look at the current balance of your APEF. If your balance is over $11,000 (5 x $2,200), consider spending down your account prior to June 30th in order to receive the full allocation for 2015-16.

If you have any questions about the APEA, or other Collective Agreement provisions, simply let us know in a reply to this email and someone will contact you.