AGA TOPICS Newsletter

Change To Definition Of Retired Membership and CGFM Status Approved

Over the years there has been mounting confusion and differences in interpretation of the definition of the retired status for membership and CGFM certification. As a result, at its July 2008 meeting, AGA’s National Board of Directors approved a new definition that will finally alleviate this confusion.

The new definition is “individuals who have permanently retired from and are not working in the field of financial management.” The same definition was approved by the Professional Certification Board (PCB) for the CGFM designation. The old definition was “individuals who have retired from and are no longer substantially working in the government financial management community.”

Additional clarifications for the new retired definition:

• Individuals must be fully retired, not just stop working or changed fields.
• Individuals must be fully retired AND not working in the field. Individuals who have retired but continue working part-time, consulting, teaching or working as a contractor in the field of financial management are NOT considered retired.
• The field of financial management includes not-for-profit and private sectors (for example, CPA firms) – individuals working in these sectors are NOT considered retired.

• If an individual retires and then starts working in another field with no responsibilities for financial management (for example, working as a florist), that individual is considered retired.

• Volunteering does not count as “working in the field” – individuals can volunteer and qualify for retired status; however, AGA members/CGFMs are encouraged to maintain the active status if the nature of the volunteer work requires current expertise in government financial management.
• The election of the retired status is voluntary – individuals who are retired but want to maintain their AGA membership/CGFM in the active status can do so by fulfilling the active status requirements.

If you are an AGA member in retired category, please review the new definition to determine if you still qualify for retired membership.

• If you do qualify, no action is necessary. If you go back to work in the field of financial management in the future, you’ll need to contact AGA to change your retired status.
   
• If you do not qualify, you’ll need to contact AGA to change your membership category to Full Government or Private Sector, depending on your circumstances. The change must take place by Dec. 31, 2008. Please contact AGA no later than Dec. 1.

To adjust your membership status or if you have any questions, please contact the AGA’s Membership Department at 800.AGA.7211 or 703.684.6931, ext. 303.

If you are a CGFM in a retired status, please review the new definition to determine if you still qualify for the retired status.

• If you do qualify, you can continue in the retired status. Important change for your CGFM: CGFMs in retired status can continue to use the CGFM designation, but must clearly indicate their retired status by using “CGFM-Retired” after their name and using “Retired” or “Retired status” on a resume, bio or other statements of qualification. CGFMs in retired status do not have to pay the annual renewal fee or earn CPE hours. If you come back to work in the field of financial management in the future, you’ll need to contact AGA to change your status back to active.
   
• If you do not qualify, you’ll need to contact AGA to adjust your status to active if you want to continue using your CGFM designation or inactive if you don’t want to continue using the CGFM. If you change your status to active, you’ll need to start paying the annual CGFM renewal fee and earn Continuing Professional Education (CPE) hours on Jan. 1, 2009. If you change your status to inactive, you cannot use the “CGFM” after your name until you reactivate the designation, and you can only remain inactive for up to five years. More information on CGFM active and inactive status can be found here. The change must take place by December 31, 2008 – please contact AGA no later than December 1. Important note: starting on Jan. 1, 2009, CGFMs in retired status who wish to change their status from retired to active would need to follow the same reactivation requirements as inactive CGFMs (paying a reactivation fee and submitting 40 CPEs). These requirements are waived until Dec. 31, 2008, so if you need to adjust your status, now is the time!

To adjust your CGFM status or if you have any questions, please contact the AGA’s Office of Professional Certification at 800.AGA.7211 or 703.684.6931, ext. 316.