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November 2, 2016

NTEU, FDIC Reach Agreement on New Compensation Agreement

Following two days of mediation, NTEU and FDIC representatives have agreed on the terms of a new three-year compensation agreement covering pay, benefits and travel. Highlights include:

Pay

  • Keeping funding for PMR pay increases at 3.4 percent
  • Keeping funding for locality pay increases at 0.6 percent
  • Raising the maximum rate of the pay bands by 1.75 percent in 2017, and by a minimum of 1 percent (or the rate of the federal General Schedule increase, whichever is higher) in subsequent years, which would protect you in the event of another federal pay freeze

Benefits

  • Provides an automatic 1 percent employer contribution to employee accounts in the FDIC Savings Plan, with no employee match requirement
  • Continued negotiations over a short-term disability plan

Travel

  • Removed restrictions preventing some examiners from participating in the Frequent Travel Lodging Stipend Program (FTLS), making all employees eligible for the program
  • New guidelines on use of rental cars
  • New guidelines on comparative cost travel
  • New provisions on relocations, including $3,000 limit on the Miscellaneous Expense Reimbursement (MEA)
  • Re-establishing the Travel Committee to address issues and consider need for changes

Through this agreement, NTEU was able to maintain the great pay and benefits that help make the FDIC one of the Best Places to Work in the federal government, while also addressing the need for some improvements. NTEU Chapter Presidents on the bargaining team showed great persistence and commitment in bringing these important but difficult negotiations to a successful conclusion. They are Martha Solt (207, Headquarters), John Peer (241, Boston), Dawn Sleva (242, Chicago), Sean Bartholomew (244, New York), Jeff Talley (274, Kansas City) and Robert Packard (276, Atlanta), as well as alternate Larry Goodman (Executive Vice President 207, Headquarters).

NTEU members will now have the opportunity to participate in a vote to ratify this new agreement. Details will be provided separately by each chapter to its members. If you have any questions about these negotiations, or want to know how you can support NTEUís efforts, please contact one of the members of the bargaining team or your local chapter president
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