Alberta Investment Management Corporation: Severance Packages

Alberta Investment Management Corporation (AIMCo) is a Canadian investment management firm established in 2008, based in Edmonton, Alberta. AIMCo manages assets on behalf of the Government of Alberta, including various public sector pension plans and provincial endowments. It operates as a Crown corporation, serving as a public asset manager focused on generating long-term, sustainable returns for its clients.

With a diversified portfolio, AIMCo invests in public equities, fixed income, private equity, real estate, infrastructure, and other asset classes, deploying capital both in Canada and internationally. The corporation manages over $158 billion in assets and employs a team of finance, investment, risk management, and administrative professionals to meet its mandate.

AIMCo employs roughly 500 people in various roles.

AIMCo job cuts

• November 2024: Alberta removes AIMCo’s board and CEO over rising costs and lagging returns, aiming to refocus on efficiency.

Severance pay for AIMCo employees

Non-unionized employees at AIMCo are entitled to up to 24 months of severance pay when laid off or terminated without cause, whether full-time, part-time, or hourly. Independent contractors may also qualify for severance if they have been misclassified.

Key severance facts:

• Severance Pay: Can reach up to 24 months’ pay based on factors like position, tenure, age, and ability to find similar work. Learn more about severance pay, and explore resources that explain how it works in Ontario, Alberta and B.C.
• What’s Included: In addition to salary, severance may cover bonuses, commissions, and other compensation.
• Deadlines: You have up to two years from termination to pursue severance, regardless of any employer-imposed deadlines, which are not legally enforceable.
• Better Packages: We have successfully secured much larger amounts for individuals employed across a variety of positions, from entry level jobs to executives.

Note: Even if dismissed for cause, employees might still qualify for severance due to the strict legal standards required for just cause. Learn more about termination for cause.

LEARN MORE
• Severance for provincially regulated employees
• Severance packages in mass layoffs
• How severance pay works by company
• Severance for federally regulated employees

Before you sign a severance package

Use our free Severance Pay Calculator to confirm if your offer is fair. If the offer is lower than what our calculator indicates, you may have been wrongfully dismissed – contact our experienced employment lawyers at Samfiru Tumarkin LLP for guidance. Some other vital things you should know:

• More Than One Week Per Year: Contrary to popular belief, severance isn’t simply based on one or two weeks per year of service.
• Rights Don’t Change: Severance pay rules are consistent regardless of economic conditions, company downsizing, business closures, or significant public health events, such as the COVID-19 pandemic.
• Don’t Sign on the Dotted Line: Avoid signing any severance or termination documents until you’ve reviewed them carefully. Once signed, you generally forfeit your ability to negotiate a better severance package.

WATCH: Employment lawyer Lior Samfiru explains everything you need to know about severance pay on an episode of the Employment Law Show.

Talk to an employment lawyer

If you’re facing job loss or workplace issues, explore your options with our Pocket Employment Lawyer tool or contact the experienced team at Samfiru Tumarkin LLP.

Our lawyers in Ontario, Alberta, and B.C. have successfully represented tens of thousands of non-unionized employees. Beyond severance packages, we can assist with issues like:

Get the advice you need and the compensation you deserve.

Disclaimer: The materials above are provided as general information about the rights of non-unionized employees in Canada. It is not specific to any one company and should not be read as suggesting any improper conduct on the part of any specific employer, or a relationship between Samfiru Tumarkin LLP and a specific employer.