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13) Number and Annual Salaries of Officers and Employees of the Federal Reserve Banks, December 31, 2005
Federal Reserve Bank (including Branches) President 1 Other officers Employees Total
Salary (dollars) 2 Number Salaries (dollars)2 Number Salaries (dollars)2 Number Salaries (dollars)2
Full-time Part-time
Boston 3 355,600 62 10,095,965 927 98 59,160,815 1,088 69,612,380
New York 327,800 271 50,656,321 2,594 54 196,934,336 2,920 247,918,457
Philadelphia 293,700 53 7,735,500 912 36 48,862,872 1,002 56,892,072
Cleveland 249,000 60 8,780,700 1,481 36 70,106,859 1,578 79,136,559
Richmond 262,800 69 9,771,300 1,629 67 91,936,492 1,766 101,970,592
Atlanta 355,600 77 12,185,600 1,917 41 101,452,089 2,036 113,993,289
Chicago 3 355,600 84 12,367,949 1,325 57 81,933,636 1,467 94,657,185
St. Louis 295,700 73 10,227,500 972 54 51,984,088 1,100 62,507,288
Minneapolis 355,600 43 6,221,000 1,164 121 60,410,547 1,329 66,987,147
Kansas City 323,800 73 10,761,200 1,237 47 66,213,955 1,358 77,298,955
Dallas 262,800 54 7,838,405 1,199 25 60,943,991 1,279 69,045,196
San Francisco 310,700 73 12,606,008 1,626 30 106,306,340 1,730 119,223,048
Federal Reserve Information Technology ... 36 5,432,900 700 3 56,009,962 739 61,442,862
 
Office of Employee Benefits ... 7 1,412,100 34 0 2,721,309 41 4,133,409
 
Total 3,748,700 1,035 166,092,448 17,717 669 1,054,977,290 19,433 1,224,818,438

1. The policies governing the salaries of Federal Reserve Bank presidents were revised in 2005. Under the revised policies, appointment salaries are normally 85percent of the midpoint of the salary range (an 85 compa-ratio), with the exception of the appointment salary of the New York Reserve Bank president, which is normally set at a 95 compa-ratio. The Board has discretion to approve a higher appointment salary if requested by a Reserve Bank's board of directors.
     On January 1 of each year, each president receives a salary increase equal to the percentage increase in the midpoint of his or her salary range. 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 higher 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 continue to be tiered salary ranges for Reserve Bank presidents, reflecting differences in the costs of labor in the head-office cities. Currently, the New York and San Francisco Banks are in tier 1, which has a midpoint of $345,000; the Boston, Philadelphia, Richmond, Atlanta, Chicago, Minneapolis, and Dallas Banks are in tier 2, which has a midpoint of $309,200; and the Cleveland, St. Louis, and Kansas City Banks are in tier 3, which has a midpoint of $281,600. The Board reviews Reserve Bank officer salary ranges and the placement of individual Reserve Banks in the salary tiers annually.   Return to table

2. Annualized salary liability based on salaries in effect on December 31, 2005.    Return to table

3. Data for 2004 have been corrected, as follows: For the Boston Reserve Bank, employee annual salaries, $57,177,807; total annual salaries, $66,461,907. For the Chicago Reserve Bank, number of full-time employees, 1,471; number of part-time employees, 60; total number of employees, 1,624; employee annual salaries, $86,707,060; total annual salaries, $100,031,698.    Return to table

... Not applicable.

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