The NCUA's 950 unionized NCUA employees will not get a pay raisenext year but will get a more generous retirement package, theagency said Tuesday.
|Employees will be able to participate in a 401(k) program thatthe agency will fund at 3% of their salaries. Thus would be inaddition to the existing Thrift Savings Plan, agency spokesmanDavid Small said.
|The contract with the National Treasury Employees Union was ratified earlier thismonth and scheduled to be signed on Nov. 1.
|The pay freeze coincides with the one that President Obamaordered for all federal employees not covered by the unioncontract, which runs through 2012. Under the new NTEU agreement,the agency's pay will increase by the same percentage as theoverall pay of government employees.
|That means if the pay freeze is extended beyond 2012 then NCUAemployees won't get a higher salary. The approximately 200 NCUAemployees not covered by the union contract had their pay frozenthis year like most federal employees. However, those covered bythe union contract received a 6.1% increase because that had been negotiatedbefore Obama ordered the pay freeze last November, Small said.
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