Per the TFA bylaw, the Association collects monthly dues from its members to cover the cost of operating the Association. The Association notifies the University on a monthly basis as to the amount that should be deducted for each member. This amount is calculated as a percentage (otherwise known as the “Mil Rate”) of a member’s salary and associated stipends. There are two components to the Mil Rate. There is a Mil Rate for our general operating fund (GEN OPS) and a second Mil Rate for our defence fund (DEFENCE). The Mil Rate for GEN OPS is determined based on the budget that is approved by the membership at the RFA’s May annual general meeting. This Mil Rate for GEN OPS remains the same for the budget fiscal year (Sept – Aug). The Mil Rate for DEFENCE fluctuates (according to the bylaws) based on the total defence fund assets at the start of each month. As the DEFENCE assets fall below a certain threshold, the Mil Rate for DEFENCE goes up. As the assets for DEFENCE rise above a certain threshold, the Mil Rate for DEFENCE goes down. Below is the information for the changes in Mil rates.
December 2022 – 9.5 mils (0.0095) Current mil rate (9.5 mil for GEN OPS and 0 mil for DEFENCE). When the balance in the defence fund is greater than $900,000, mandatory contributions to the defence fund shall cease.
November 2022 – 11.5 mils (0.0115) Current mil rate (9.5 mil for GEN OPS and 2 mil for DEFENCE)
October 2022 – 11.5 mils (0.0115) Current mil rate (8.5 mil for GEN OPS and 3 mil for DEFENCE)
September 2022 10.5 mils (0.0105) Current mil rate (8.5 mil for GEN OPS and 2 mil for DEFENCE)
June 2022 11.5 mils (0.0115) Current mil rate (8.5 mil for Gen OPS and 3 mil for DEFENCE)
March 2022 10.5 mils (0.0105) Current mil rate (8.5 mil for GEN OPS and 2 mil for DEFENCE)
February 2021 9.5 mils (0.0095) Current mil rate (8.5 mil for GEN OPS and 1 mil for DEFENCE)
March 2021 10.5 mils (0.0105) Required per bylaw due to change in defence fund assets
May 2021 11.5 mils (0.0115) Required per bylaw due to change in defence fund assets
July 2021 12.5 mils (0.0125) Required per bylaw due to change in defence fund assets
December 2021 9.5 mils (0.0095) Current mil rate (8.5 mil for GEN OPS and 1 mil for DEFENCE)
June 2023 10.5 mils (0.0105) Required per bylaw due to change in defence fund assets