WASHINGTON – NCUA has negotiated a new contract with its union that will freeze pay for examiners and other members of the bargaining unit of the National Treasury Employees Union in exchange for increases in benefits.
Pay for the agency’s 950 union workers raised the ire of many in the credit union movement last year because union members were scheduled to receive average pay hikes of 6.1% in the final year of a three-year contract, while the rest of government workers had their pay frozen for two years under a Presidential directive.
Under the new contract, beginning in 2012, NCUA salaries and median locality payments will increase by the same percentage the Government Services pay scales increase. If the governmentwide pay freeze is extended beyond 2012, NCUA's freeze will also continue.
The new contract will create a new 401(k) program, in addition to the standard Thrift Savings Plan NCUA employees already participate in, which the agency will fund at 3%. The agency will also provide some reimbursement to help employees pay their medical, dental and vision premiums.
The three-year pact was ratified by union members earlier this month.
