Are SEC/CFPB/FDIC/OCC Employees Exempt from Federal Raise Announced by Biden?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow, the salary changes at the FDIC will really harm recruitment. They were always paid more than us at the Fed Board, but the pension at the Fed made up for the lower salary. Now? If FDIC is getting Fed pay but without the more lucrative pension, its a bad move.

Yeah not worth it to go to the fdic now. Pretty sure any other financial regulator will yield a higher offer. But most people at the fdic have been there awhile and are maxed out on the pay scale which means they’re making about $260k or more (salary plus bonus plus annual payouts for being maxed out), and those folks aren’t going anywhere! The glory days of the fdic are over though for new hires and unfortunately gruenberg seems too clueless to fix the problem. There are underlings who helped McWilliams develop the new pay scheme and I am guessing they have convinced gruenberg that it’s a wonderful new system.

Just got to fdic and thought my salary was fair....now I see that I got shafted. Should I start looking elsewhere?

Under the new agreement with NTEU, FDIC salaries should go up 6.1/4% each year for the next couple of years (plus increased locality). That sounds better than most of the other FIRREA agencies, IMO. What are FRB and OCC getting?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow, the salary changes at the FDIC will really harm recruitment. They were always paid more than us at the Fed Board, but the pension at the Fed made up for the lower salary. Now? If FDIC is getting Fed pay but without the more lucrative pension, its a bad move.

Yeah not worth it to go to the fdic now. Pretty sure any other financial regulator will yield a higher offer. But most people at the fdic have been there awhile and are maxed out on the pay scale which means they’re making about $260k or more (salary plus bonus plus annual payouts for being maxed out), and those folks aren’t going anywhere! The glory days of the fdic are over though for new hires and unfortunately gruenberg seems too clueless to fix the problem. There are underlings who helped McWilliams develop the new pay scheme and I am guessing they have convinced gruenberg that it’s a wonderful new system.

Just got to fdic and thought my salary was fair....now I see that I got shafted. Should I start looking elsewhere?

Under the new agreement with NTEU, FDIC salaries should go up 6.1/4% each year for the next couple of years (plus increased locality). That sounds better than most of the other FIRREA agencies, IMO. What are FRB and OCC getting?

Sort of apples and oranges. FRB variable pay + pension blows the FDIC out of the water.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow, the salary changes at the FDIC will really harm recruitment. They were always paid more than us at the Fed Board, but the pension at the Fed made up for the lower salary. Now? If FDIC is getting Fed pay but without the more lucrative pension, its a bad move.

Yeah not worth it to go to the fdic now. Pretty sure any other financial regulator will yield a higher offer. But most people at the fdic have been there awhile and are maxed out on the pay scale which means they’re making about $260k or more (salary plus bonus plus annual payouts for being maxed out), and those folks aren’t going anywhere! The glory days of the fdic are over though for new hires and unfortunately gruenberg seems too clueless to fix the problem. There are underlings who helped McWilliams develop the new pay scheme and I am guessing they have convinced gruenberg that it’s a wonderful new system.

Just got to fdic and thought my salary was fair....now I see that I got shafted. Should I start looking elsewhere?

Don’t look for problems. You were happy with your pay, so why do you care? Because you could potentially have gotten a higher offer at another regulator for a job which you did not get? The possibility of money does not make money appear. If you’re pleased with what you make, why go feeling bad over something you read on a DCUM post by people you do not know? The fact is that FDIC is highly paid compared to other agencies. There is no question of it. The sheer idea of how much people complain about their salary is absolutely nauseating.

Something you should consider is that these agencies often hire from each other. So, now that you’re at FDIC, you may be able to move somewhere else more easily than coming in fresh from another agency or private industry.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow, the salary changes at the FDIC will really harm recruitment. They were always paid more than us at the Fed Board, but the pension at the Fed made up for the lower salary. Now? If FDIC is getting Fed pay but without the more lucrative pension, its a bad move.

Yeah not worth it to go to the fdic now. Pretty sure any other financial regulator will yield a higher offer. But most people at the fdic have been there awhile and are maxed out on the pay scale which means they’re making about $260k or more (salary plus bonus plus annual payouts for being maxed out), and those folks aren’t going anywhere! The glory days of the fdic are over though for new hires and unfortunately gruenberg seems too clueless to fix the problem. There are underlings who helped McWilliams develop the new pay scheme and I am guessing they have convinced gruenberg that it’s a wonderful new system.

Just got to fdic and thought my salary was fair....now I see that I got shafted. Should I start looking elsewhere?

Don’t look for problems. You were happy with your pay, so why do you care? Because you could potentially have gotten a higher offer at another regulator for a job which you did not get? The possibility of money does not make money appear. If you’re pleased with what you make, why go feeling bad over something you read on a DCUM post by people you do not know? The fact is that FDIC is highly paid compared to other agencies. There is no question of it. The sheer idea of how much people complain about their salary is absolutely nauseating.

Something you should consider is that these agencies often hire from each other. So, now that you’re at FDIC, you may be able to move somewhere else more easily than coming in fresh from another agency or private industry.

I thought that other agencies only match what you currently make and not more? Since i'm making around 190k at fdic, wouldn't occ/fed/cfpb only match? Im sure they will ask for my latest sf50.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow, the salary changes at the FDIC will really harm recruitment. They were always paid more than us at the Fed Board, but the pension at the Fed made up for the lower salary. Now? If FDIC is getting Fed pay but without the more lucrative pension, its a bad move.

Yeah not worth it to go to the fdic now. Pretty sure any other financial regulator will yield a higher offer. But most people at the fdic have been there awhile and are maxed out on the pay scale which means they’re making about $260k or more (salary plus bonus plus annual payouts for being maxed out), and those folks aren’t going anywhere! The glory days of the fdic are over though for new hires and unfortunately gruenberg seems too clueless to fix the problem. There are underlings who helped McWilliams develop the new pay scheme and I am guessing they have convinced gruenberg that it’s a wonderful new system.

Just got to fdic and thought my salary was fair....now I see that I got shafted. Should I start looking elsewhere?

Don’t look for problems. You were happy with your pay, so why do you care? Because you could potentially have gotten a higher offer at another regulator for a job which you did not get? The possibility of money does not make money appear. If you’re pleased with what you make, why go feeling bad over something you read on a DCUM post by people you do not know? The fact is that FDIC is highly paid compared to other agencies. There is no question of it. The sheer idea of how much people complain about their salary is absolutely nauseating.

Something you should consider is that these agencies often hire from each other. So, now that you’re at FDIC, you may be able to move somewhere else more easily than coming in fresh from another agency or private industry.

I thought that other agencies only match what you currently make and not more? Since i'm making around 190k at fdic, wouldn't occ/fed/cfpb only match? Im sure they will ask for my latest sf50.

I have no idea, but it appears they all have some sort of calculation.

I think $190K is pretty good, so I’m the wrong person to ask. I’m a career Fed and moved from a 14 to a 13 In corporate support. I got a raise and now with the 6.1% will make more than I would have in the next 5 years at my old job, plus hundreds more in benefits per paycheck. I’m not saying I’ll never leave FDIC, but I know how good I have it, and I make much less than you make.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow, the salary changes at the FDIC will really harm recruitment. They were always paid more than us at the Fed Board, but the pension at the Fed made up for the lower salary. Now? If FDIC is getting Fed pay but without the more lucrative pension, its a bad move.

Yeah not worth it to go to the fdic now. Pretty sure any other financial regulator will yield a higher offer. But most people at the fdic have been there awhile and are maxed out on the pay scale which means they’re making about $260k or more (salary plus bonus plus annual payouts for being maxed out), and those folks aren’t going anywhere! The glory days of the fdic are over though for new hires and unfortunately gruenberg seems too clueless to fix the problem. There are underlings who helped McWilliams develop the new pay scheme and I am guessing they have convinced gruenberg that it’s a wonderful new system.

Just got to fdic and thought my salary was fair....now I see that I got shafted. Should I start looking elsewhere?

Don’t look for problems. You were happy with your pay, so why do you care? Because you could potentially have gotten a higher offer at another regulator for a job which you did not get? The possibility of money does not make money appear. If you’re pleased with what you make, why go feeling bad over something you read on a DCUM post by people you do not know? The fact is that FDIC is highly paid compared to other agencies. There is no question of it. The sheer idea of how much people complain about their salary is absolutely nauseating.

Something you should consider is that these agencies often hire from each other. So, now that you’re at FDIC, you may be able to move somewhere else more easily than coming in fresh from another agency or private industry.

I thought that other agencies only match what you currently make and not more? Since i'm making around 190k at fdic, wouldn't occ/fed/cfpb only match? Im sure they will ask for my latest sf50.

FRB would match you to what similarly positioned FRB employees make. They try to avoid pay disparities within positions.

[Anonymous]

I thought that other agencies only match what you currently make and not more? Since i'm making around 190k at fdic, wouldn't occ/fed/cfpb only match? Im sure they will ask for my latest sf50.[b]

Wow! You make $190,000 and are deliberating about where you can get more?? What is your role for that grand salary?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work for SEC- we get annual increase in PP7. It is kind of a complicated formula but works out much better than the GS pay increases.

It's better but it's not much better. The SEC doesn't get step increases and those have an average value of 1.5% per year including the years where you don't get a step increase so the SEC raise is about 1.15% better than the GS raise.

True, but the baseline starting point is way higher. This is kinda like saying that a banker/trader earning 650K only got a 1% raise while the regulator earning 200K got a 5% raise. Which would you rather be?

PP- exactly my spouse is a 15/10 and has been at the cap for years. At the SEC I am a SK 14 at the cap and make significantly more than them.

You aren't joking. That's like a 50k difference.

I’m a 15-10 and my spouse at one of these agencies (not SEC) makes 64k more than me base plus gets unused pay paid out each year, better retirement matching, free dental and vision insurance (for family) etc.

Pay out for unused annual leave? Isn't it use or lose?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work for SEC- we get annual increase in PP7. It is kind of a complicated formula but works out much better than the GS pay increases.

It's better but it's not much better. The SEC doesn't get step increases and those have an average value of 1.5% per year including the years where you don't get a step increase so the SEC raise is about 1.15% better than the GS raise.

True, but the baseline starting point is way higher. This is kinda like saying that a banker/trader earning 650K only got a 1% raise while the regulator earning 200K got a 5% raise. Which would you rather be?

PP- exactly my spouse is a 15/10 and has been at the cap for years. At the SEC I am a SK 14 at the cap and make significantly more than them.

You aren't joking. That's like a 50k difference.

I’m a 15-10 and my spouse at one of these agencies (not SEC) makes 64k more than me base plus gets unused pay paid out each year, better retirement matching, free dental and vision insurance (for family) etc.

At CFPB you can get two weeks of use or lose paid out. A full pay check (and it is actually more than a usual paycheck because there is no deduction for insurance, retirement etc).

Pay out for unused annual leave? Isn't it use or lose?

[Anonymous]

At CFPB you can get two weeks of use or lose paid out. A full pay check (and it is actually more than a usual paycheck because there is no deduction for insurance, retirement etc).

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I work for SEC- we get annual increase in PP7. It is kind of a complicated formula but works out much better than the GS pay increases.

It's better but it's not much better. The SEC doesn't get step increases and those have an average value of 1.5% per year including the years where you don't get a step increase so the SEC raise is about 1.15% better than the GS raise.

True, but the baseline starting point is way higher. This is kinda like saying that a banker/trader earning 650K only got a 1% raise while the regulator earning 200K got a 5% raise. Which would you rather be?

PP- exactly my spouse is a 15/10 and has been at the cap for years. At the SEC I am a SK 14 at the cap and make significantly more than them.

You aren't joking. That's like a 50k difference.

I’m a 15-10 and my spouse at one of these agencies (not SEC) makes 64k more than me base plus gets unused pay paid out each year, better retirement matching, free dental and vision insurance (for family) etc.

Pay out for unused annual leave? Isn't it use or lose?

Fed Board and OCC also have versions of this.

You can rollover 360 hours of annual leave.
80 hours above that (hours 361-440) can be paid out once per year in a lump sum.
Any remaining leave in excess above 440 hours is forfeited to the leave donation pool.

So really “lose or use” doesn’t kick in until you have 441+ hours of accrued leave.

[Anonymous]

Anonymous wrote:I thought that other agencies only match what you currently make and not more? Since i'm making around 190k at fdic, wouldn't occ/fed/cfpb only match? Im sure they will ask for my latest sf50.[b]

Wow! You make $190,000 and are deliberating about where you can get more?? What is your role for that grand salary?

Coming in from big law and took a hefty 50% pay cut to take this job.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought that other agencies only match what you currently make and not more? Since i'm making around 190k at fdic, wouldn't occ/fed/cfpb only match? Im sure they will ask for my latest sf50.[b]

Wow! You make $190,000 and are deliberating about where you can get more?? What is your role for that grand salary?

Coming in from big law and took a hefty 50% pay cut to take this job.

Only 50% is pretty good. I know many who took much higher pay cuts.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought that other agencies only match what you currently make and not more? Since i'm making around 190k at fdic, wouldn't occ/fed/cfpb only match? Im sure they will ask for my latest sf50.[b]

Wow! You make $190,000 and are deliberating about where you can get more?? What is your role for that grand salary?

Coming in from big law and took a hefty 50% pay cut to take this job.

I think you need to ask yourself why you did that, and then remember it. That will greatly help your feelings about work.

You didn’t come for a pay cut, you came for benefits and security you’d otherwise not enjoy. Even at FDIC, no one is in it for the money.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I thought that other agencies only match what you currently make and not more? Since i'm making around 190k at fdic, wouldn't occ/fed/cfpb only match? Im sure they will ask for my latest sf50.[b]

Wow! You make $190,000 and are deliberating about where you can get more?? What is your role for that grand salary?

Coming in from big law and took a hefty 50% pay cut to take this job.

Oh, OK. Understood.