Annual Report 2011
| Federal Reserve Bank (including branches) | President 1 | 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 | 12,787,567 | 809 | 30 | 71,319,707 | 903 | 84,457,674 |
| New York | 410,780 | 435 | 99,572,258 | 2,573 | 37 | 269,269,544 | 3,046 | 369,252,582 |
| Philadelphia | 350,400 | 58 | 10,232,763 | 759 | 23 | 57,859,212 | 841 | 68,442,374 |
| Cleveland | 347,400 | 54 | 9,771,600 | 982 | 20 | 66,340,988 | 1,057 | 76,459,988 |
| Richmond | 347,400 | 79 | 13,697,600 | 1,340 | 26 | 102,685,209 | 1,446 | 116,730,209 |
| Atlanta | 314,400 | 83 | 16,139,830 | 1,434 | 19 | 109,786,315 | 1,537 | 126,240,545 |
| Chicago | 350,400 | 98 | 18,094,760 | 1,223 | 45 | 103,988,873 | 1,367 | 122,434,033 |
| St. Louis | 281,300 | 75 | 13,795,540 | 843 | 29 | 62,525,370 | 948 | 76,602,210 |
| Minneapolis | 313,500 | 51 | 8,972,725 | 949 | 44 | 67,721,083 | 1,045 | 77,007,308 |
| Kansas City | 323,200 | 73 | 13,204,700 | 1,135 | 16 | 76,035,677 | 1,225 | 89,563,577 |
| Dallas | 350,400 | 59 | 10,295,104 | 1,044 | 10 | 71,807,913 | 1,114 | 82,453,417 |
| San Francisco | 367,500 | 77 | 16,335,031 | 1,435 | 23 | 128,903,369 | 1,536 | 145,605,900 |
| Federal Reserve Information Technology | ... | 47 | 8,541,725 | 953 | 7 | 93,864,052 | 1,007 | 102,405,777 |
| Office of Employee Benefits | ... | 12 | 2,801,400 | 35 | 1 | 3,598,355 | 48 | 6,399,755 |
| Total | 4,107,080 | 1,264 | 254,242,603 | 15,514 | 330 | 1,285,705,666 | 17,120 | 1,544,055,349 |
Note: Components may not sum to totals because of rounding.
1. Appointment salaries of presidents 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.
No incumbent president received a salary increase in 2011. Under the Board's normal policy, during years in which there is no pay freeze, 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).
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. The current caps, which have remained unchanged from 2010, are $431,300 for tier 1; $419,600 for tier 2; and $400,000 for tier 3. In 2011, 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.
2. Annualized salary liability (excluding outside agency costs) based on salaries in effect on December 31, 2011. Return to table
... Not applicable.