FRB: Annual Report 2008, Statistical Table 13: Number and Annual Salaries of Officers and Employees of the Federal Reserve Banks, December 31, 2008

13. Number and Annual Salaries of Officers and Employees of the Federal Reserve Banks, December 31, 2008
Federal Reserve Bank (including branches)	President¹	Other officers		Employees			Total
	Salaries (dollars)²	Number	Salaries (dollars)²	Number		Salaries (dollars)²	Number	Salaries (dollars)²
	Salaries (dollars)²	Number	Salaries (dollars)²	Full-time	Part-time	Salaries (dollars)²	Number	Salaries (dollars)²
Boston	306,400	67	12,419,036	763	39	60,411,988	870	73,137,424
New York³	411,200	311	69,392,898	2,385	45	223,220,934	2,742	293,025,032
Philadelphia	294,400	55	9,207,852	892	31	55,785,600	979	65,287,852
Cleveland	298,200	59	9,866,600	1,322	20	75,244,815	1,402	85,409,615
Richmond	327,500	74	12,099,500	1,548	34	99,858,199	1,657	112,285,199
Atlanta	293,000	78	14,645,730	1,702	27	109,592,118	1,808	124,530,848
Chicago	294,400	86	14,847,011	1,224	51	89,501,375	1,362	104,642,786
St. Louis	266,800	78	12,883,520	856	29	55,642,777	964	68,793,097
Minneapolis	398,400	47	7,654,580	1,030	59	63,551,296	1,137	71,604,276
Kansas City	361,000	75	13,426,560	1,135	18	69,259,897	1,229	83,047,457
Dallas	329,100	63	10,431,790	1,128	18	67,523,960	1,210	78,284,850
San Francisco	392,600	73	14,735,945	1,592	28	121,356,540	1,694	136,485,085
Federal Reserve Information Technology	…	42	7,022,145	822	3	75,264,665	867	82,286,810
Office of Employee Benefits	…	9	1,989,000	35	0	3,164,077	44	5,153,077
Total	3,973,000	1,117	210,622,167	16,434	402	1,169,378,242	17,965	1,383,973,408

Note: Components may not sum to totals because of rounding.

1. Under current policies, appointment salaries for 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 of 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 2008, New York and San Francisco were in tier 1, which had a midpoint for presidents' salaries of $413,300. Boston, Philadelphia, Chicago, Minneapolis, and Dallas were in tier 2, which had a midpoint for presidents' salaries of $346,400. Cleveland, Richmond, Atlanta, St. Louis, and Kansas City were in tier 3, which had a midpoint for presidents' salaries of $319,900. Salaries for Reserve Bank officers, including presidents, are limited by compensation caps established for each tier. In 2008, the caps were $411,200 for tier 1; $400,000 for tier 2; and $392,400 for tier 3. Return to table

2. Annualized salary liability (excluding outside agency costs) based on salaries in effect on December 31, 2008. Return to table

3. In January 2009, the Board of Governors, at the request of the Federal Reserve Bank of New York's board of directors, approved a special separation payment of $434,686 to Bank president Timothy Geithner. Return to table

… Not applicable. Return to table

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