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

[Anonymous]

See title. I came across this comment on reddit saying this is the case for the OCC. Is this also the case for the other financial regulators? Can anyone expand on what this person meant about a “structure increase” at the OCC? Is there something similar in place at the other agencies for employees who haven’t had a full performance cycle?

[Anonymous]

they all have their own differing pay structures, and the agency increase depends on what the union negotiated.

for example, SEC employees hired before the end of the fiscal year will get a 2.65% merit increase on top of the GS increase in both 2023 and 2024, and folks that hit the top of their payband will get a lump sum bonus for whatever would be left on the table, but raises aren't given until the april pay periods so usually show up in the first may paycheck. SEC also uses the OPM locality pay structure. OCC has their own locality pay, and the union negotiates the raises. i think the structure increase is the % increase in the paybands, which is different than the merit raise %age. OFR follows the OCC negotiated rates, not sure if CFPB follows OCC or FRB.

[Anonymous]

from this thread: https://www.dcurbanmom.com/jforum/posts/list/1101755.page FDIC will be getting a 6.1% raise

[Anonymous]

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.

[Anonymous]

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.

[Anonymous]

Anonymous wrote:they all have their own differing pay structures, and the agency increase depends on what the union negotiated.

for example, SEC employees hired before the end of the fiscal year will get a 2.65% merit increase on top of the GS increase in both 2023 and 2024, and folks that hit the top of their payband will get a lump sum bonus for whatever would be left on the table, but raises aren't given until the april pay periods so usually show up in the first may paycheck. SEC also uses the OPM locality pay structure. OCC has their own locality pay, and the union negotiates the raises. i think the structure increase is the % increase in the paybands, which is different than the merit raise %age. OFR follows the OCC negotiated rates, not sure if CFPB follows OCC or FRB.

This framing seems so odd to me. I would go with "what management decides." It is true that they have to negotiate with the union in unionized workplaces, but in the end management agrees.

And the independent agencies with the best overall compensation.....are the ones without unions. (FRB and FHFA) not to mention the FCO.

[Anonymous]

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?

[Anonymous]

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.

[Anonymous]

It’s worth noting that most of these pay scales get step increases, so a 6.1% at FDIC is the raise in total. I assume it’s like this at other regulators too.

[Anonymous]

As a recent hire at one of these agencies, I get nothing but the shaft

[Anonymous]

Anonymous wrote:It’s worth noting that most of these pay scales get step increases, so a 6.1% at FDIC is the raise in total. I assume it’s like this at other regulators too.

Assume you meant don't get step increases?

[Anonymous]

Can anyone explain SEC's formula? And what is the news about Gensler demanding everyone rettyurn to office?

[Anonymous]

Anonymous wrote:Can anyone explain SEC's formula? And what is the news about Gensler demanding everyone rettyurn to office?

Literally the second message in this thread.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Can anyone explain SEC's formula? And what is the news about Gensler demanding everyone rettyurn to office?

Literally the second message in this thread.

I was replying to the comment saying "it's a complicated formula". GS +2.65% sounds pretty straightforward.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Can anyone explain SEC's formula? And what is the news about Gensler demanding everyone rettyurn to office?

Literally the second message in this thread.

I was replying to the comment saying "it's a complicated formula". GS +2.65% sounds pretty straightforward.

That's all it is, it's pretty straightforward. I think you get a little less if you started later in the year but for most people that's the formula. No step increases.