Compensation and pension at Federal Reserve

[Anonymous]

Anonymous wrote:

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.

DP. With several years of experience? Non-management economists at the top technical grade with bonus make $300k. Not sure that’s a couple years of experience.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

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.

DP. With several years of experience? Non-management economists at the top technical grade with bonus make $300k. Not sure that’s a couple years of experience.

This. Couple years = two decades. Not sure why folks insist on lying and exaggerating.

[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.

What percentage or amount is the variable pay typically for economists and attorneys? Does the year-end bonus include variable pay?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:FYI FRB is great place to work, but they fire much more readily than SEC. You get a bump on pay, high pension %, but take on less stability.

NP but what is the FRB's pension formula? How much is the contribution?

Employees have a contribution of......$0. It's 100% employer-funded by the FRB.

The output calculations are also more generous than the FERS pension given to GS-scale employees and those at the FDIC or OCC. The pension is about 30% higher than than same salary on the FERS pension system.

Lol

What’s it invested in or by whom?

[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.

What percentage or amount is the variable pay typically for economists and attorneys? Does the year-end bonus include variable pay?

Do you have an offer? Ask HR. If you work for the Fed, you already know.

[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.

What percentage or amount is the variable pay typically for economists and attorneys? Does the year-end bonus include variable pay?

Do you have an offer? Ask HR. If you work for the Fed, you already know.

Not PP, but seems pretty obvious that poster does not currently work for the Fed and is seeking information to help inform a decision about potential employment. Why would you respond that way?

PP the year end bonus is the variable pay. Same thing.

[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.

What percentage or amount is the variable pay typically for economists and attorneys? Does the year-end bonus include variable pay?

Do you have an offer? Ask HR. If you work for the Fed, you already know.

Not PP, but seems pretty obvious that poster does not currently work for the Fed and is seeking information to help inform a decision about potential employment. Why would you respond that way?

PP the year end bonus is the variable pay. Same thing.

They likely work at the FRB. The employees are rude and it’s a miserable place to work.

[Anonymous]

Variable pay for economists and attorneys is typically 20%.

[Anonymous]

Top technical grade economist or attorney makes $250-260 and $40-$50 bonus, so about $300 total. Many earn it, but some really don’t. There’s at least one division where half these folks are dialing it in.

[Anonymous]

As for the Fed’s small merit increases, you have to look at the whole compensation package. Each agency has their salary or benefit advantages and disadvantages; none have them all. The Fed has a great pension and bonus. BUT, the very best of the Fed goes to officers, economists, and attorneys. If you’re not one of those, the good pension still applies, but the bonus is 10% or less. Offsetting the bonus is ridiculously low wage increases.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:FYI FRB is great place to work, but they fire much more readily than SEC. You get a bump on pay, high pension %, but take on less stability.

NP but what is the FRB's pension formula? How much is the contribution?

Employees have a contribution of......$0. It's 100% employer-funded by the FRB.

The output calculations are also more generous than the FERS pension given to GS-scale employees and those at the FDIC or OCC. The pension is about 30% higher than than same salary on the FERS pension system.

Lol

What’s it invested in or by whom?

It's probably part of the Trillion $ account the USA gov't gifted to British Barclays to manage, with a Growth, Value, and Fixed Income 401k like option at a low fee load.

Unclear when, how or why they picked that or Barclays.

We sure as heck don't have a SWF team managing it with alts, etc.

[Anonymous]

What’s the easiest offices at fed for lawyers

[Anonymous]

Anonymous wrote:What’s the easiest offices at fed for lawyers

If you want to be classed as a lawyer, you pretty much need to be in the legal division. The supervision and regulation division will hire lawyers, but does not class them as lawyers. Plus right now it is a dysfunctional snake pit. Avoid.

[Anonymous]

Anonymous wrote:What’s the easiest offices at fed for lawyers

DCCA

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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.

DP. With several years of experience? Non-management economists at the top technical grade with bonus make $300k. Not sure that’s a couple years of experience.

This. Couple years = two decades. Not sure why folks insist on lying and exaggerating.

"Several" is more than "a couple". But yes, is probably closer to 15ish years to get to the top salary / grade level for economists/lawyers.