12/21/12:  NTEU and the SEC this week reached agreement on a pay increase. All bargaining unit employees who receive an "acceptable" rating will receive a 2% merit increase in the second pay period in January, beginning on January 13, 2013. Furthermore, once the SEC learns its final funding level for FY 2013, NTEU and management have agreed to continue further discussions regarding possibly increasing this amount by up to an additional 1.5%. We will automatically receive an additional 1.5% if the SEC receives the full funding that it requested for FY 2013.

Importantly, the SEC has agreed to continue to honor its agreement to raise the caps at the tops of grades, so employees who are "maxed out" at the top of their grade will receive a raise, rather than just a one-time lump sum payment.

In addition, the agency will begin to fund the retirement match at an additional 1% beyond what it currently provides as a TSP match. This will be done in a new retirement account that will be created by July 2013. However, the agency will retroactively fund the match back to January 2013 when the accounts are created.

"In an era of continuing budget difficulties, we are pleased to have been able to negotiate this agreement for SEC employees," NTEU Chapter 293 President noted this afternoon. "We have been able to negotiate raises totalling approximately 7% over the past fifteen months, which is a record to be proud of given the fiscal constraints and other obstacles we have faced during this period. I hope that, with the agency under new leadership, we will see a positive shift on the part of the SEC to address human capital challenges at the agency."