Compensation and pension at Federal Reserve

[Anonymous]

Anonymous wrote:From our benefits handbook:

The Social Security Integration Level is the average
of the Social Security wage bases (the maximum
amount on which you pay Social Security taxes) for
the 35 years before the year of your separation
from service. For example, if an employee
terminates employment in 2020, the Social Security
Integration Level amount is $ 86,052 (which is the
average of the Social Security wage bases for the
years 1984 through 2020).

So if Bernie gets his way and removes the cap, it will (help) destroy everyone's pension?

[Anonymous]

Anonymous wrote:

Anonymous wrote:From our benefits handbook:

The Social Security Integration Level is the average
of the Social Security wage bases (the maximum
amount on which you pay Social Security taxes) for
the 35 years before the year of your separation
from service. For example, if an employee
terminates employment in 2020, the Social Security
Integration Level amount is $ 86,052 (which is the
average of the Social Security wage bases for the
years 1984 through 2020).

So if Bernie gets his way and removes the cap, it will (help) destroy everyone's pension?

My reading is that it would definitely have an effect, but employers possibly could redesign their pension formulas to sidestep using the Social Security Integration Level.

[Anonymous]

Anonymous wrote:Bumping to ask about SEC 7.5% pay raise. Is that a done deal at this point?

Hot damn. 7.5%? Congrats nteu and sec!!!

[Anonymous]

Anonymous wrote:Bumping to ask about SEC 7.5% pay raise. Is that a done deal at this point?

Also curious. Is this only a 1 year deal? Or part of a multi year deal?

[Anonymous]

Is the Fed really offering 2.5% increase a year? Will they get the 4.6% like the rest of the fed gov?Any bonus potential?

[Anonymous]

Anonymous wrote:Is the Fed really offering 2.5% increase a year? Will they get the 4.6% like the rest of the fed gov?Any bonus potential?

Merit and variable pay were approved weeks ago, and the base merit increase was included in that announcement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Is the Fed really offering 2.5% increase a year? Will they get the 4.6% like the rest of the fed gov?Any bonus potential?

Merit and variable pay were approved weeks ago, and the base merit increase was included in that announcement.

What were they on average? Considering a lateral move to the board from a fin reg and wondering if it is worth it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is the Fed really offering 2.5% increase a year? Will they get the 4.6% like the rest of the fed gov?Any bonus potential?

Merit and variable pay were approved weeks ago, and the base merit increase was included in that announcement.

What were they on average? Considering a lateral move to the board from a fin reg and wondering if it is worth it.

Neither merit increases nor variable pay applies to those hired after July 1st of each year. Variable pay is set by each division based on an individual's performance rating (and, fyi, variable pay is not included in salaries that are disclosed to FOIA requests).

Variable pay is quite substantial for attorneys, economists, and officers. For these categories, Board pay will be higher than other financial regulators. It's is less significant for all others.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is the Fed really offering 2.5% increase a year? Will they get the 4.6% like the rest of the fed gov?Any bonus potential?

Merit and variable pay were approved weeks ago, and the base merit increase was included in that announcement.

What were they on average? Considering a lateral move to the board from a fin reg and wondering if it is worth it.

Neither merit increases nor variable pay applies to those hired after July 1st of each year. Variable pay is set by each division based on an individual's performance rating (and, fyi, variable pay is not included in salaries that are disclosed to FOIA requests).

Variable pay is quite substantial for attorneys, economists, and officers. For these categories, Board pay will be higher than other financial regulators. It's is less significant for all others.

So I guess that means that the OP of this thread would need to apply to the FRB in ... basically April, in order to use their 7.5% salary bump for FRB salary setting purposes. (SEC doesn't give out raises until April.)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is the Fed really offering 2.5% increase a year? Will they get the 4.6% like the rest of the fed gov?Any bonus potential?

Merit and variable pay were approved weeks ago, and the base merit increase was included in that announcement.

What were they on average? Considering a lateral move to the board from a fin reg and wondering if it is worth it.

Neither merit increases nor variable pay applies to those hired after July 1st of each year. Variable pay is set by each division based on an individual's performance rating (and, fyi, variable pay is not included in salaries that are disclosed to FOIA requests).

Variable pay is quite substantial for attorneys, economists, and officers. For these categories, Board pay will be higher than other financial regulators. It's is less significant for all others.

So I guess that means that the OP of this thread would need to apply to the FRB in ... basically April, in order to use their 7.5% salary bump for FRB salary setting purposes. (SEC doesn't give out raises until April.)

The Board pays similar employees the same, and they're not going to negotiate on pay. Plus, the Board already looks to the other financial regulators when setting pay, so any SEC raise is already accounted for.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is the Fed really offering 2.5% increase a year? Will they get the 4.6% like the rest of the fed gov?Any bonus potential?

Merit and variable pay were approved weeks ago, and the base merit increase was included in that announcement.

What were they on average? Considering a lateral move to the board from a fin reg and wondering if it is worth it.

Neither merit increases nor variable pay applies to those hired after July 1st of each year. Variable pay is set by each division based on an individual's performance rating (and, fyi, variable pay is not included in salaries that are disclosed to FOIA requests).

Variable pay is quite substantial for attorneys, economists, and officers. For these categories, Board pay will be higher than other financial regulators. It's is less significant for all others.

So I guess that means that the OP of this thread would need to apply to the FRB in ... basically April, in order to use their 7.5% salary bump for FRB salary setting purposes. (SEC doesn't give out raises until April.)

The Board pays similar employees the same, and they're not going to negotiate on pay. Plus, the Board already looks to the other financial regulators when setting pay, so any SEC raise is already accounted for.

i've yet to see an agency incorporate a raise that someone knows about but is not yet reflected in their sf-50. And as you pointed out, they aren't going to negotiate on pay. So the only way to be sure you aren't leaving that raise on the table is to not apply until after the SF-50 has been updated with the new pay.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Is the Fed really offering 2.5% increase a year? Will they get the 4.6% like the rest of the fed gov?Any bonus potential?

Merit and variable pay were approved weeks ago, and the base merit increase was included in that announcement.

What were they on average? Considering a lateral move to the board from a fin reg and wondering if it is worth it.

Neither merit increases nor variable pay applies to those hired after July 1st of each year. Variable pay is set by each division based on an individual's performance rating (and, fyi, variable pay is not included in salaries that are disclosed to FOIA requests).

Variable pay is quite substantial for attorneys, economists, and officers. For these categories, Board pay will be higher than other financial regulators. It's is less significant for all others.

So I guess that means that the OP of this thread would need to apply to the FRB in ... basically April, in order to use their 7.5% salary bump for FRB salary setting purposes. (SEC doesn't give out raises until April.)

The Board pays similar employees the same, and they're not going to negotiate on pay. Plus, the Board already looks to the other financial regulators when setting pay, so any SEC raise is already accounted for.

i've yet to see an agency incorporate a raise that someone knows about but is not yet reflected in their sf-50. And as you pointed out, they aren't going to negotiate on pay. So the only way to be sure you aren't leaving that raise on the table is to not apply until after the SF-50 has been updated with the new pay.

No, you don't understand what PP is saying. The Board doesn't negotiate on pay. In setting pay for job categories / experience levels, the Board looks to the other financial regulators, the reserve banks, and private industry. So, any across the board SEC raise is accounted for in the Board's salary offer for the position.

[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

Unless you are a fairly preeminent scholar, I wouldn't count on making that at the Fed. Also, where on earth are you making 300k in academia???

[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

Unless you are a fairly preeminent scholar, I wouldn't count on making that at the Fed. Also, where on earth are you making 300k in academia???

I know several university full professors making in excess of $300K (friends from grad school). It’s the higher end, sure, but not all that uncommon.

[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

Unless you are a fairly preeminent scholar, I wouldn't count on making that at the Fed. Also, where on earth are you making 300k in academia???

If we are talking about an economist with several years of experience, 300K including variable pay is common at the Fed.