Annual Report 2015
|Federal Reserve Bank
|President 1||Other officers1||Employees||Total|
|Full time||Part time|
|Federal Reserve Information Technology||n/a||71||14,575,185||1,139||2||126,952,368||1,212||141,527,553|
|Office of Employee Benefits||n/a||13||3,268,105||36||1||4,169,660||50||7,437,765|
Note: Components may not sum to totals because of rounding.
1. In January 2014, the Board implemented a new compensation policy for Reserve Bank presidents and 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. Total cash compensation for all Reserve Bank officers is limited by compensation caps established for each Reserve Bank. The 2015 compensation caps were $469,500 for Boston, New York, and San Francisco; $435,500 for Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, and Dallas; and $419,900 for Kansas City. Under the Board's 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 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, presidents, as applicable, received an adjustment to their 2015 compensation 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, 2015. Return to table
n/a Not applicable.