Compensation and pension at Federal Reserve

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Any chance we can get a range of the raise percentage for the various “ratings”? With apparently 0% for rock bottom performers.

2.6% for almost everyone. 4% for the top performers. Hardly worth what it takes to be rated a top performer.

Seriously? Do they have steps at the Fed Reserve because if not the raise is less than what the GS folks will get if you add in the average value of steps over a career which is about 1.5%.

It's natural to obsess over topline salary figures but don't forget that FERS takes a significant cut: 4.4% employee contribution = $8800 tax on a $200k salary every year. A Fed Reserve employee contributes 0% so effectively makes $8800 more at the same base salary, plus receives better bonuses, better pension rates, and the Fed pension counts bonuses when calculating high salary levels, whereas crappy FERS doesn't count bonuses, just base salary. It's relatively easy to roll over FERS service credits into the Fed pension plan. Also the Fed has much better vision and dental insurance than the garbage FEDVIP plans, plus its own (good) in-house Thrift plan that Congress won't constantly screw with like they do with TSP.

[Anonymous]

Someone mentioned cash awards. I wouldn't consider that. In many divisions, they amount to around $500, hardly worth it. Mostly, it is the thought that counts.

Over the years, pay increases have often been very influenced by economic conditions and the need to "set an example." High inflation? Pay increases will be well under the headline numbers. Recessions? Increases need to be modest in light of unemployment rates.

In some divisions, promotions can be quite difficult to get once you get to a 12 or 13 equivalent. Getting a 15 equivalent is usually competed and you need to fit the current management mold

But compensation overall is very good, and the pension is even better. It is the place to be if you are planning to work to 70; there is a multiplier on the pension amount for the standard retirement age of 65 that increases monthly until you are 70.

[Anonymous]

Is it possible to make >300k at the Fed? I'm thinking of leaving academia but only if I can make the same pay

[Anonymous]

Anonymous wrote:Is it possible to make >300k at the Fed? I'm thinking of leaving academia but only if I can make the same pay

It depends what level. But with bonus, yes. Economists and lawyers are on a higher pay scale.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Any chance we can get a range of the raise percentage for the various “ratings”? With apparently 0% for rock bottom performers.

2.6% for almost everyone. 4% for the top performers. Hardly worth what it takes to be rated a top performer.

Seriously? Do they have steps at the Fed Reserve because if not the raise is less than what the GS folks will get if you add in the average value of steps over a career which is about 1.5%.

It's natural to obsess over topline salary figures but don't forget that FERS takes a significant cut: 4.4% employee contribution = $8800 tax on a $200k salary every year. A Fed Reserve employee contributes 0% so effectively makes $8800 more at the same base salary, plus receives better bonuses, better pension rates, and the Fed pension counts bonuses when calculating high salary levels, whereas crappy FERS doesn't count bonuses, just base salary. It's relatively easy to roll over FERS service credits into the Fed pension plan. Also the Fed has much better vision and dental insurance than the garbage FEDVIP plans, plus its own (good) in-house Thrift plan that Congress won't constantly screw with like they do with TSP.

PP here and all fair points, I was just surprised that the raises seem kinda low and out of step with the rest of what looks like a great comp package.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Any chance we can get a range of the raise percentage for the various “ratings”? With apparently 0% for rock bottom performers.

2.6% for almost everyone. 4% for the top performers. Hardly worth what it takes to be rated a top performer.

Seriously? Do they have steps at the Fed Reserve because if not the raise is less than what the GS folks will get if you add in the average value of steps over a career which is about 1.5%.

It's natural to obsess over topline salary figures but don't forget that FERS takes a significant cut: 4.4% employee contribution = $8800 tax on a $200k salary every year. A Fed Reserve employee contributes 0% so effectively makes $8800 more at the same base salary, plus receives better bonuses, better pension rates, and the Fed pension counts bonuses when calculating high salary levels, whereas crappy FERS doesn't count bonuses, just base salary. It's relatively easy to roll over FERS service credits into the Fed pension plan. Also the Fed has much better vision and dental insurance than the garbage FEDVIP plans, plus its own (good) in-house Thrift plan that Congress won't constantly screw with like they do with TSP.

PP here and all fair points, I was just surprised that the raises seem kinda low and out of step with the rest of what looks like a great comp package.

The raises are abysmal. Staff are concerned about whether we will even receive large enough raises this year for inflation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Any chance we can get a range of the raise percentage for the various “ratings”? With apparently 0% for rock bottom performers.

2.6% for almost everyone. 4% for the top performers. Hardly worth what it takes to be rated a top performer.

Seriously? Do they have steps at the Fed Reserve because if not the raise is less than what the GS folks will get if you add in the average value of steps over a career which is about 1.5%.

It's natural to obsess over topline salary figures but don't forget that FERS takes a significant cut: 4.4% employee contribution = $8800 tax on a $200k salary every year. A Fed Reserve employee contributes 0% so effectively makes $8800 more at the same base salary, plus receives better bonuses, better pension rates, and the Fed pension counts bonuses when calculating high salary levels, whereas crappy FERS doesn't count bonuses, just base salary. It's relatively easy to roll over FERS service credits into the Fed pension plan. Also the Fed has much better vision and dental insurance than the garbage FEDVIP plans, plus its own (good) in-house Thrift plan that Congress won't constantly screw with like they do with TSP.

PP here and all fair points, I was just surprised that the raises seem kinda low and out of step with the rest of what looks like a great comp package.

The raises are abysmal. Staff are concerned about whether we will even receive large enough raises this year for inflation.

My prediction is that they will be well below the inflation level. Because the Fed needs to fight inflation on every front, starting at home.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Any chance we can get a range of the raise percentage for the various “ratings”? With apparently 0% for rock bottom performers.

2.6% for almost everyone. 4% for the top performers. Hardly worth what it takes to be rated a top performer.

Seriously? Do they have steps at the Fed Reserve because if not the raise is less than what the GS folks will get if you add in the average value of steps over a career which is about 1.5%.

It's natural to obsess over topline salary figures but don't forget that FERS takes a significant cut: 4.4% employee contribution = $8800 tax on a $200k salary every year. A Fed Reserve employee contributes 0% so effectively makes $8800 more at the same base salary, plus receives better bonuses, better pension rates, and the Fed pension counts bonuses when calculating high salary levels, whereas crappy FERS doesn't count bonuses, just base salary. It's relatively easy to roll over FERS service credits into the Fed pension plan. Also the Fed has much better vision and dental insurance than the garbage FEDVIP plans, plus its own (good) in-house Thrift plan that Congress won't constantly screw with like they do with TSP.

PP here and all fair points, I was just surprised that the raises seem kinda low and out of step with the rest of what looks like a great comp package.

The raises are abysmal. Staff are concerned about whether we will even receive large enough raises this year for inflation.

My prediction is that they will be well below the inflation level. Because the Fed needs to fight inflation on every front, starting at home.

Yes this is pretty much the consensus.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Do you know what’s the policy on starting comp at the FRB? If I’m around $200k at the SEC, would they just match or can I negotiate? Or even worse, go off some predefined formula using years of experience and I actually have to take a cut?

What’s your current grade and salary? And what type of jobs are you looking at? $200K would be very high to start.

I’m a 14 at the SEC and currently around $200k. Non-lawyer.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Any chance we can get a range of the raise percentage for the various “ratings”? With apparently 0% for rock bottom performers.

2.6% for almost everyone. 4% for the top performers. Hardly worth what it takes to be rated a top performer.

Seriously? Do they have steps at the Fed Reserve because if not the raise is less than what the GS folks will get if you add in the average value of steps over a career which is about 1.5%.

It's natural to obsess over topline salary figures but don't forget that FERS takes a significant cut: 4.4% employee contribution = $8800 tax on a $200k salary every year. A Fed Reserve employee contributes 0% so effectively makes $8800 more at the same base salary, plus receives better bonuses, better pension rates, and the Fed pension counts bonuses when calculating high salary levels, whereas crappy FERS doesn't count bonuses, just base salary. It's relatively easy to roll over FERS service credits into the Fed pension plan. Also the Fed has much better vision and dental insurance than the garbage FEDVIP plans, plus its own (good) in-house Thrift plan that Congress won't constantly screw with like they do with TSP.

PP here and all fair points, I was just surprised that the raises seem kinda low and out of step with the rest of what looks like a great comp package.

The raises are abysmal. Staff are concerned about whether we will even receive large enough raises this year for inflation.

Your salaries are above the GS cap already, cry me a river.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is it possible to make >300k at the Fed? I'm thinking of leaving academia but only if I can make the same pay

It depends what level. But with bonus, yes. Economists and lawyers are on a higher pay scale.

I disagree, except at the very top levels of senior management. Even they only make a hair over $300, including bonus. Also, as you get more senior, raises really start shrinking because of the cap.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Do you know what’s the policy on starting comp at the FRB? If I’m around $200k at the SEC, would they just match or can I negotiate? Or even worse, go off some predefined formula using years of experience and I actually have to take a cut?

What’s your current grade and salary? And what type of jobs are you looking at? $200K would be very high to start.

I’m a 14 at the SEC and currently around $200k. Non-lawyer.

What’s the salary band of the job you’re looking at?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Do you know what’s the policy on starting comp at the FRB? If I’m around $200k at the SEC, would they just match or can I negotiate? Or even worse, go off some predefined formula using years of experience and I actually have to take a cut?

What’s your current grade and salary? And what type of jobs are you looking at? $200K would be very high to start.

I’m a 14 at the SEC and currently around $200k. Non-lawyer.

What’s the salary band of the job you’re looking at?

A 14 is equivalent to an FR-28. The pay band is huge: $126,500 to $240,500. Assuming you have highly desirable skills they need, you possibly could get a match.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Any chance we can get a range of the raise percentage for the various “ratings”? With apparently 0% for rock bottom performers.

2.6% for almost everyone. 4% for the top performers. Hardly worth what it takes to be rated a top performer.

Seriously? Do they have steps at the Fed Reserve because if not the raise is less than what the GS folks will get if you add in the average value of steps over a career which is about 1.5%.

It's natural to obsess over topline salary figures but don't forget that FERS takes a significant cut: 4.4% employee contribution = $8800 tax on a $200k salary every year. A Fed Reserve employee contributes 0% so effectively makes $8800 more at the same base salary, plus receives better bonuses, better pension rates, and the Fed pension counts bonuses when calculating high salary levels, whereas crappy FERS doesn't count bonuses, just base salary. It's relatively easy to roll over FERS service credits into the Fed pension plan. Also the Fed has much better vision and dental insurance than the garbage FEDVIP plans, plus its own (good) in-house Thrift plan that Congress won't constantly screw with like they do with TSP.

Does the option exist for FRB that FERS has with its "FERS Disability Retirement"? I honestly don't think I can make it another 15 years of work given my health but would hate to transfer in to the Fed for a few years and lose the ability to retire on disability.

[Anonymous]

Fed pension is good mostly if you put in many years and retire late-50s or later. Take an early pension and there is a massive discount and NO COLA until 62. Cannot take Fed vision or dental into retirement. As others have said, annual raises have been paltry for years (2.68% for 80%+ of staff).