As a result of the union’s ongoing efforts, the SEC has now agreed to expand professional dues reimbursement to cover many more relevant credentials.
When the SEC’s Office of Human Resources (OHR) originally implemented the dues reimbursement program in May, it took a very narrow view of the dues that should be reimbursed, limiting it to three types of credentials. The union immediately objected and notified the agency that it would file a national grievance over the issue. Simultaneously, the union reached out to SEC employees and surveyed them on the credentials that they utilize in their jobs. After providing that information to OHR and engaging in discussions over the issue, the agency has now agreed to cover the additional credentials listed below.
Additional Credentials SEC Has Now Agreed to Cover:
American Institute of CPAs (AICPA)
Advanced Certified Paralegal (ACP)
Bar License (required for position)
Bar Dues for more than 1 jurisdiction
Bar Dues for SEC staff who are not in attorney positions
Certificate in Investment Performance Measurement (CIPM)
Certified Anti-Money Laundering Specialist (CAMS)
Certified Financial Forensics (CFF) (need AICPA membership)
Certified Financial Planner (CFP)
Certified Forensic Computer Examiner (CFCE)
Certified Fraud Examiner (CFE)
Certified Government Financial Manager (CGFM)
Certified Information Systems Auditor (CISA)
Certified Information Systems Security Professional (CISSP)
Certified Management Accountant (CMA)
Certified Public Accountant (CPA)
Certified Regulatory and Compliance Professional (CRCP)
Certified Securities Compliance Professional (CSCP)
Certified Valuation Analyst (CVA)
Chartered Alternative Investment Analyst (CAIA)
Chartered Financial Analyst (CFA)
Chartered Global Management Accountant (CGMA)
Chartered Investment Management Analyst (CIMA)
Encase Certified Examiner (EnCE)
Engineering & Science Licenses/Credentials
Federal IT Security Program (FITSP)
Financial Risk Manager (FRM)
Investment Advisor Certified Compliance Professional (IACCP)
ISACA (IT qualification)
ISC(2) (IT qualification)
Project Management Professional (PMP)
The new CBA provision provides for reimbursement of up to $400 per year in professional dues for industry credentials that are either (a) required for the job or (b) encouraged by the SEC and used in the job. The union negotiated this program not only to ensure that SEC employees would receive a common benefit that is already enjoyed by many professionals both in the private sector and other government agencies; the union also wanted to ensure that the SEC will continue to maintain the high standards of professional excellence that many of these credential represent.
"Maintenance of many of these industry credentials is actively encouraged by SEC management and there are many good reasons for that,” NTEU Chapter 293 President Greg Gilman noted this morning. “It is very important that the SEC continue to ensure that the agency is able to attract and retain highly qualified experts, particularly in the aftermath of the 2008 financial crisis and the Madoff case,” he added. “This union-proposed program was intended to do precisely that and now we believe that it will come much closer to this important goal.”
At the end of June, OHR agreed to extend the deadline for submitting applications for the above credentials paid during calendar year 2013 to July 31, 2014. Reimbursements for dues paid in 2014 may be submitted on a rolling basis when employees actually pay the dues.
This union-negotiated benefit would not exist without the support of our members. There is strength in numbers.