The National Treasury Employees Union has signed a
new compensation package with the Federal Deposit
Insurance Corporation that promises a 4.2 percent
raise each year through 2009 for about 3,300
employees.
The union said the agreement retains current
benefits that were being renegotiated, and its
president, Colleen M. Kelly said the package was
“among the best, if not the best, in the federal
government.”
The agreement also preserves a five percent
employer matching contribution to the FDIC savings
plan and retains the agency’s 83 percent
contribution to employee health care costs. The
government-wide average contribution is 72 percent.
Individual pay increases under the new agreement
are tied to employee performance, including analysis
that uses criteria for both employee job-based
performance and contribution to corporate goals,
NTEU said.
“We have made some fundamental changes” Kelley
said, “to require that all employees are systematically
evaluated, that evaluations include scores based
on job-specific performance criteria, and that
placement in a pay group is based on an assessment
of an employee’s total performance in comparison to
similar employees.”
The union and agency put off deciding what to do about
locality pay and agreed to meet at a later date to
develop a new system, deciding to freeze FDIC locality
pay for most areas at 2005 levels.
