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13. Number and Annual Salaries of Officers and Employees of the Federal Reserve Banks, December 31, 2006
Federal Reserve Bank (including Branches) President1 Other officers Employees Total
Salary (dollars)2 Number Salaries (dollars)2 Number Salaries(dollars)2 Number Salaries (dollars)2
Full-time Part-time
Boston 374,100 62 10,567,765 837 70 57,522,048 970 68,463,913
New York 381,000 279 54,289,191 2,454 54 198,746,036 2,791 254,007,727
Philadelphia 276,500 56 8,595,200 982 34 53,274,392 1,073 62,146,092
Cleveland 281,400 60 9,200,500 1,491 34 72,454,563 1,586 81,936,463
Richmond 276,500 72 10,764,700 1,681 40 95,642,478 1,794 106,683,678
Atlanta Vacant3 78 12,948,880 1,912 40 106,293,498 2,031 119,242,378
Chicago 374,100 86 13,118,406 1,310 59 84,242,032 1,456 97,734,538
St. Louis 311,000 75 10,910,680 954 58 53,627,203 1,088 64,848,883
Minneapolis 374,100 43 6,422,280 1,155 101 62,186,058 1,300 68,982,438
Kansas City 340,600 73 11,504,000 1,218 19 67,284,920 1,311 79,129,520
Dallas 276,500 53 8,337,504 1,219 18 65,143,411 1,291 73,757,415
San Francisco 326,900 75 13,691,634 1,656 28 111,625,788 1,760 125,644,322
Federal Reserve Information Technology ... 39 5,947,200 719 6 59,314,205 764 65,261,405
 
Office of Employee Benefits ... 8 1,618,400 33 0 2,669,126 41 4,287,526
 
Total 3,592,700 1,059 177,916,340 17,621 561 1,090,025,758 19,256 1,272,126,298

1. Under current policies, the appointment salaries of Federal Reserve Bank 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.
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 continue to be 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 2006, New York and San Francisco were in tier 1, which had a midpoint for presidents' salaries of $362,900. Boston, Philadelphia, Richmond, Atlanta, Chicago, Minneapolis, and Dallas were in tier 2, which had a midpoint for presidents' salaries of $325,300. Cleveland, St. Louis, and Kansas City were in tier 3, which had a midpoint for presidents' salaries of $296,200. Return to table

2. Annualized salary liability based on salaries in effect on December 31, 2006. Return to table

3. Atlanta president retired in October 2006. Return to table

... Not applicable.

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