13. Number and Annual Salaries of Officers and Employees of the Federal Reserve Banks, December 31, 2007

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	300,700	66	11,705,861	834	68	60,844,958	969	72,851,519
New York	398,200	289	58,962,284	2,435	51	209,318,220	2,776	268,678,705
Philadelphia	289,000	57	9,156,100	964	32	55,399,380	1,054	64,844,480
Cleveland	294,100	57	9,097,275	1,450	36	74,076,101	1,544	83,467,476
Richmond	323,000	78	12,092,800	1,647	42	97,039,847	1,768	109,455,647
Atlanta	289,000	79	13,820,595	1,822	33	108,183,543	1,935	122,293,138
Chicago	289,000	83	13,151,804	1,292	53	86,678,366	1,429	100,119,170
St. Louis	356,000	79	12,257,140	937	58	55,858,832	1,075	68,471,972
Minneapolis	391,000	43	6,663,760	1,101	87	63,751,595	1,232	70,806,355
Kansas City	356,100	78	13,349,302	1,244	23	71,299,571	1,346	85,004,973
Dallas	289,000	61	9,740,198	1,172	20	66,113,025	1,254	76,142,223
San Francisco	360,300	74	14,269,134	1,652	68	119,451,612	1,795	134,081,046
Federal Reserve Information Technology	. . .	37	5,909,456	770	3	67,164,988	810	73,074,444
Office of Employee Benefits	. . .	9	1,830,900	34	0	2,896,647	43	4,727,547
Total	3,935,400	1,090	192,006,609	17,354	574	1,138,076,686	19,030	1,334,018,695

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 2007, New York and San Francisco were in tier 1, which had a midpoint for presidents' salaries of $379,300. Boston, Philadelphia, Richmond, Atlanta, Chicago, Minneapolis, and Dallas were in tier 2, which had a midpoint for presidents' salaries of $340,000. Cleveland, St. Louis, and Kansas City were in tier 3, which had a midpoint for presidents' salaries of $309,600.  Return to table

2. Annualized salary liability based on salaries in effect on December 31, 2007.  Return to table

... Not applicable.

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