Table 13. Number and annual salaries of officers and employees of the Federal Reserve Banks, December 31, 2010
Federal Reserve Bank (including branches) President1 Other officers Employees Total
Annual salary (dollars)2 Number Annual salaries (dollars)2 Number Annual salaries (dollars)2 Number Annual salaries (dollars)2
Full-time Part-time
Boston 350,400 63 12,906,449 765 35 66,470,310 864 79,727,159
New York 410,780 406 94,432,384 2,534 42 256,567,921 2,983 351,411,085
Philadelphia 350,400 59 10,598,888 740 24 55,001,615 824 65,950,903
Cleveland 347,400 57 10,400,200 1,179 25 72,763,870 1,262 83,511,470
Richmond 347,400 78 13,534,900 1,339 30 100,683,036 1,448 114,565,336
Atlanta 314,400 87 17,491,030 1,523 16 111,098,660 1,627 128,904,090
Chicago 350,400 94 17,612,760 1,138 49 95,320,721 1,282 113,283,881
St. Louis 281,300 74 13,471,940 823 36 60,265,479 934 74,018,719
Minneapolis 313,500 48 8,485,225 912 51 63,334,083 1,012 72,132,808
Kansas City 380,500 71 13,102,500 1,108 14 73,171,732 1,194 86,654,732
Dallas 350,400 56 9,955,605 1,047 10 70,513,045 1,114 80,819,050
San Francisco3 74 16,115,623 1,413 24 124,088,889 1,511 140,204,512
Federal Reserve Information Technology ... 49 8,721,500 863 1 84,200,812 913 92,922,312
Office of Employee Benefits ... 11 2,631,525 35 1 3,417,805 47 6,049,330
Total 3,796,880 1,227 249,460,529 15,419 358 1,236,897,978 17,015 1,490,155,387

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

1. Under current policy, appointment salaries are normally 85 percent of the salary-range midpoint (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.

Except as noted below, on January 1 each year, all presidents receive salary increases equal to the percentage increase in the midpoint 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). In 2011, all presidents' salaries are frozen at their December 31, 2010, levels.

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. Salaries for Reserve Bank officers, including presidents, are limited by compensation caps established for each tier. In 2010, the caps were $431,300 for tier 1; $419,600 for tier 2; and $400,000 for tier 3. In 2010, New York and San Francisco were in tier 1, which had a range midpoint for presidents' salaries of $432,400. Boston, Philadelphia, Chicago, Minneapolis, and Dallas were in tier 2, which had a midpoint for presidents' salaries of $368,800. Cleveland, Richmond, Atlanta, St. Louis, and Kansas City were in tier 3, which had a midpoint for presidents' salaries of $330,900. As noted above, salary midpoints are used to calculate presidents' compa-ratios. Return to table

2. Annualized salary liability (excluding outside agency costs) based on salaries in effect on December 31, 2010. Return to table

3. As of December 31, 2010, the San Francisco Bank's president position was vacant. Return to table

... Not applicable. Return to table

Back to top

Last update: July 5, 2011