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.

Return to top