Annual Report 2015

Table 13. Number and annual salaries of officers and employees of the Federal Reserve Banks, December 31, 2015
Federal Reserve Bank
(including branches)		 President 1 Other officers1 Employees Total
Annual salary
(dollars) 2		 Number Annual salaries
(dollars)2		 Number Annual salaries
(dollars)2		 Number Annual salaries
(dollars)2
Full time Part time
Boston 383,500 69 16,094,616 966 28 99,733,396 1,064 116,211,513
New York 466,500 595 143,062,252 2,532 36 297,653,504 3,164 441,182,256
Philadelphia 375,300 62 12,346,445 767 17 68,373,766 847 81,095,511
Cleveland 369,600 64 12,710,513 860 22 72,967,361 947 86,047,474
Richmond 373,500 86 16,791,379 1,376 18 121,195,943 1,481 138,360,822
Atlanta 346,600 90 18,422,090 1,445 16 125,281,732 1,552 144,050,422
Chicago 382,400 117 24,872,095 1,345 45 129,175,182 1,508 154,429,677
St. Louis 339,700 102 20,206,600 1,087 33 92,623,437 1,223 113,169,737
Minneapolis 368,800 58 11,751,750 966 39 80,241,086 1,064 92,361,636
Kansas City 345,900 91 16,865,400 1,501 12 112,167,581 1,605 129,378,881
Dallas 380,200 68 13,138,600 1,113 9 86,841,329 1,191 100,360,129
San Francisco 422,900 92 20,778,286 1,553 20 156,710,649 1,666 177,911,835
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
Total 4,554,900 1,578 344,883,317 16,686 298 1,574,086,995 18,574 1,923,525,211

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.

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Last update: July 20, 2016