Notice on "Securities Industry" Designation


4/27/07: In last October's SEC compensation decision from the Federal Service Impasses Panel, the Panel imposed a new rule that would cap all SEC pay increases at 6 percent, or to the minimum salary for the next grade, when an employee is promoted to the next grade.

However, for employees whose minimum pay in grade has been set as a Step 14 (those who were previously identified as “Securities Industry” or “SI”), NTEU negotiated a "grandfather" clause requiring the SEC to continue its past practice regarding career ladder promotions for all such employees who were hired by the SEC prior to the date of the FSIP decision -- i.e., these employees will continue to be placed at Step 14 when they move up in grade. SEC management has previously assured NTEU that this provision applies regardless of whether an employee has a formal "Securities Industry" or “SI” designation. NTEU is working to ensure that this clause is properly implemented and applied.

If you are an employee whose minimum pay in grade has previously been set at a Step 14, but you do not have the old "Securities Industry" or "SI" designation, please let us know by sending an email to NTEU Chapter 293 President Greg Gilman, so that we may take necessary steps to ensure that you continue to receive a Step 14 upon any career ladder promotion to the next grade. You can determine whether you have "Securities Industry" or "SI" designation by reviewing your position description on any Notification of Personnel Action that you have received from the agency (such as when your salary has increased or you have been moved to a different branch).

Thank you.