Annual Report 2014

Statistical Table 13

Table 13. Number and annual salaries of officers and employees of the Federal Reserve Banks, December 31, 2014
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 367,200 71 15,545,016 929 33 92,739,181 1,034 108,651,397
New York 444,200 558 130,860,908 2,542 26 290,524,388 3,127 421,829,495
Philadelphia 379,900 65 12,015,155 805 15 68,628,859 886 81,023,914
Cleveland 358,800 61 11,260,000 849 23 69,017,034 934 80,635,834
Richmond 362,600 84 15,586,182 1,380 19 116,886,462 1,484 132,835,244
Atlanta 334,200 84 16,679,220 1,437 20 119,457,509 1,542 136,470,929
Chicago 365,100 116 23,144,019 1,330 50 126,233,827 1,497 149,742,946
St. Louis 320,900 98 18,569,400 984 36 80,512,368 1,119 99,402,668
Minneapolis 338,700 54 10,444,846 964 46 76,616,426 1,065 87,399,972
Kansas City 332,900 87 15,548,100 1,373 11 99,277,705 1,472 115,158,705
Dallas 395,700 67 12,114,101 1,088 10 81,644,283 1,166 94,154,084
San Francisco 378,500 87 19,052,263 1,514 18 147,684,358 1,620 167,115,121
Federal Reserve Information Technology n/a 72 14,017,925 1,102 1 119,331,208 1,175 133,349,133
Office of Employee Benefits n/a 13 3,143,645 38 0 4,173,740 51 7,317,385
Total 4,378,700 1,517 317,980,780 16,335 308 1,492,727,347 18,172 1,815,086,827

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

1. As of January 1, 2014, the Board implemented a new compensation policy for Reserve Bank presidents and individual officer salary ranges for each Reserve Bank reflecting the cost of labor in each head-office city. The Board reviews Reserve Bank officer salary ranges annually and may adjust those ranges based on market information. Salaries for Reserve Bank officers, including presidents, are limited by compensation caps established for each Reserve Bank. The 2014 compensation caps were $461,700 for Boston, New York, and San Francisco; $428,200 for Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and Dallas; and $412,900 for Kansas City.

Under the new policy, a president's initial appointment salary normally will be set at 95 percent of the salary-range midpoint (a 95 compa-ratio), with the exception of the president of the New York Reserve Bank, whose appointment salary normally will be set at 105 compa-ratio, reflecting that position's additional responsibilities and broader scope. The Board has discretion to approve an appointment salary greater than those noted above at the request of a Reserve Bank's board of directors.

Under the new policy, all presidents will normally receive annual salary increases on January 1, based upon the Board-approved average Reserve Bank officer merit percentage for that year. In addition, each incumbent president's 2014 compensation was adjusted to reflect the transition from the previous president compensation policy, in which each president received an annual salary increase to maintain his or her compa-ratio and an additional increase triennially to his or her compa-ratio. The previous policy was suspended from 2011 through 2013 due to the Board's application of the pay freeze to Reserve Bank officers. The adjustments, which take into consideration tenure as president and position within the relevant salary range, will be phased in through 2016. Return to table

2. Annualized salary liability (excluding outside agency costs) based on salaries in effect on December 31, 2014. Return to table

n/a Not applicable.

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Last update: July 17, 2015