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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