annual report logo
13. Number and Annual Salaries of Officers and Employees of the Federal Reserve Banks, December 31, 2009
Federal Reserve Bank (including branches) President1 Other Officers Employees Total
Salary (dollars)2 Number Salaries (dollars)2 Number Salaries (dollar)2 Number Salaries (dollars)2
Full-time Part-time
Boston 320,900 66 12,856,083 744 39 63,516,351 850 76,693,334
New York 410,780 368 85,714,443 2,560 43 254,511,210 2,972 340,636,434
Philadelphia 344,700 58 10,181,633 800 24 55,718,901 883 66,245,234
Cleveland 341,600 57 9,983,500 1,243 22 74,310,639 1,323 84,635,739
Richmond 339,600 80 13,563,800 1,369 27 97,233,037 1,477 111,136,437
Atlanta 302,800 82 15,758,280 1,594 23 111,022,816 1,700 127,083,896
Chicago 308,400 88 15,923,876 1,167 50 93,685,889 1,306 109,918,165
St. Louis 276,800 75 13,394,150 826 35 57,805,258 937 71,476,208
Minneapolis 308,400 48 8,421,035 932 53 62,801,655 1,034 71,531,090
Kansas City 374,400 71 13,256,500 1,099 15 70,636,359 1,186 84,267,259
Dallas 344,700 62 10,568,805 1,067 9 68,950,312 1,139 79,863,817
San Francisco 410,800 76 16,026,698 1,547 17 127,616,719 1,641 144,054,217
Federal Reserve Information Technology 43 7,580,500 862 1 81,892,180 906 89,472,680
Office of Employee Benefits 9 2,140,500 35 0 3,218,346 44 5,358,846
Total 4,083,880 1,183 235,369,803 15,845 358 1,222,919,672 17,398 1,462,373,355

Note: Components may not sum to totals because of rounding.

1. Under current policies, appointment salaries are normally 85 percent of the salary-range mid-point (an 85 compa-ratio), with the exception of the New York Reserve Bank president, whose appointment salary normally is set at a 95 compa-ratio. The Board has discretion to approve a higher starting salary if requested by a Reserve Bank's board of directors. On January 1 each year, all presidents receive salary increases equal to the percentage increase in the mid-point of their respective salary ranges. In addition, on every third-year anniversary of his or her initial appointment (through year 9), each president receives a salary increase that results in a compa-ratio as follows: year 3: 95 (for the New York Bank: 105); year 6: 105 (New York: 115); year 9: 115 (New York: 125). There are tiered salary ranges for Reserve Bank officers, including presidents, reflecting differences in the costs of labor in the head-office cities. The Board reviews Reserve Bank officer salary ranges and Reserve Bank placement in the salary tiers annually. In 2009, New York and San Francisco were in tier 1, which had a mid-point for presidents' salaries of $432,400. Boston, Philadelphia, Chicago, Minneapolis, and Dallas were in tier 2, which had a mid-point for presidents' salaries of $362,800. Cleveland, Richmond, Atlanta, St. Louis, and Kansas City were in tier 3, which had a mid-point for presidents' salaries of $325,600. Salaries for Reserve Bank officers, including presidents, are limited by compensation caps established for each tier. In 2009, the caps were $431,300 for tier 1; $419,600 for tier 2; and $400,000 for tier 3.  Return to table

2. Annualized salary liability (excluding outside agency costs) based on salaries in effect on December 31, 2009.   Return to table

... Not applicable.  Return to table