Annual, Compensatory, Furlough Leave Credits

Any of the above leave credits that have been earned but not used at termination of employment are paid in cash at the current rate of pay as at the last day of employment. These amounts are ineligible for transfer to an RRSP unless a Tax waiver letter can be obtained from the CRA and if applicable from Revenue Québec.

Members should note that annual, compensatory and furlough leave are considered “pensionable service” in accordance with the provisions of the PSSA. Prior to establishing an actual retirement date, members should carefully assess the advantages and disadvantages of using accumulated annual, compensatory or furlough leave, thereby increasing pensionable service and improving future superannuation benefits versus receiving lump-sum cash payments for accumulated credits upon termination of employment.

December 10, 2015