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CFTC Comp Agreement 

Annual Pay Increase

Section 1

  1. The CFTC will increase the pay of each bargaining unit employee by 2.0% no later than the second full pay period of each of the following Calendar Years: 2021, 2022, and 2023.

  2.  This Compensation Agreement is subject to appropriated funding for the Agency and budget limitations. If the Agency determines that it cannot meet its financial obligations set forth in this Agreement due to a reduction in appropriations from FY 2020 levels, the imposition of new congressional mandates on spending, or significant unanticipated events impacting the Agency budget, the Agency will notify the Union immediately and the Union can reopen the terms of this Agreement. If the Union reopens bargaining over compensation, such bargaining will commence within one week and will proceed on an expedited basis.

Merit Pay Increase

  1. The CFTC will provide funding for merit pay at 4.15 percent for performance cycle 2020-2021 and 3 percent for performance cycle 2021-2022. Payouts will be scheduled during the month of December. Merit pay will not be retroactive beyond the scheduled effective date.

Section 2

Pay Bands

Section 3

  1. CFTC pay band maximums will be increased at 2% for each annual pay increase in Section 1 above, and these increases shall be effective no later than the second full pay period of each calendar year.

  2. However, the adjusted basic pay (i.e., total annual salary) of CFTC employees will be capped at the U.S. Vice-President's annual pay rate. Therefore, if an employee's annual increase would cause his or her adjusted basic pay, not including bonuses, lump sum payments (see section C immediately below) or similar in excess of that basic pay, to exceed the U.S. Vice-President's annual pay rate, the employee will not receive any compensation in excess of that rate.

  3. lf an employee's merit increase would cause his or her adjusted basic pay to exceed the pay band maximum of the employee's grade, or the U.S. Vice-President's annual pay rate, the Employer will set the employee's adjusted basic pay at the pay band maximum and will give the employee a lump sum payment equal to I 00% of any merit increase remaining above the band maximum.

Locality Pay

Section 4

  1. CFTC shall increase the locality pay rate for each location by an amount equal to and effective at such time as any increase in the GS locality pay rate for that location.

Extension of Interim 2-Level Performance Rating System to include Performance Cycle 2021-2022

Section 5

  1. The current interim 2-level performance rating system will be extended for one additional year to include the performance cycle beginning October 1, 2021 and ending September 30, 2022. There will be no advisory period.

Student Loan Repayment Program

Section 6

The CFTC will provide no less than $800,000 (eight hundred thousand dollars) in funding as the Agency-wide cap for the Student Loan Repayment Program ("SLRP") for each of the fiscal years 2021 and 2022. The program shall be administered in accordance with CFTC policy and government-wide regulation:

The Agency agrees to change the SLRP policy such that:

  1. An employee who fails to complete the period of employment established under a service agreement because he or she leaves the Employer voluntarily will, absent waiver, be required to reimburse the Employer for the amount of any student loan repayment benefits he/she received;

  2. An employee who fails to complete the period of employment because he/she is involuntarily separated for reasons other than misconduct, suitability, or performance will not be required to reimburse the Employer;

  3. An employee who fails to complete the period of employment established under a service agreement because he or she leaves the Employer voluntarily to enter into the service of another federal agency will not be required to reimburse the Employer for the amount of any student loan repayment benefits he or she received consistent with 5 C.F.R. § 537.109(b)(2).

  4. An employee who resigns or voluntarily retires after completing at least one year of the term of the service agreement will be eligible for consideration of a partial or whole waiver of debt.

  5. A right of recovery of an employee's debt may be waived, in whole or in part, by the Employer if the Employer determines, in its sole discretion, that recovery would be against equity and good conscience or against the public interest.

Commuter Transit Subsidies

Section 7

  1. The CFTC will continue to subsidize transit costs incurred by CFTC employees. Employees will be reimbursed for their actual costs each month up to $270 per month or the IRS tax-free limit, whichever is higher. Any amount over the IRS limit will be taxable.

  2. The CFTC will provide a pre-tax parking benefit program to offer an income tax benefit to all eligible employees by allowing them to pay for their qualified parking expenses, not to exceed the maximum amount allowed by the IRS, from pre-tax wages. Employees may voluntarily participate in this benefit as well as the public transportation program to the extent allowed by law.

  3. Section 7 will remain in effect until such time that a new agreement is negotiated by the parties.

Duration

Section 8

  1. Except as provided herein, where no date or timeframe is specified in a particular provision, the provision will end only upon negotiation of a new agreement that changes the terms of that provision.

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