The new agreement removed the pay freeze language completely.

The new agreement signed Tuesday also included pay range increases to 1% annually in the first two years and 1.25% each year thereafter, and removed the stipulation that employees were subject to the GS range. The bottom of each pay range was increased and current employees were scheduled to be raised to the new minimum of their grade as early as Tuesday.

The lump sum paid to employees who exceed their base pay cap or total pay cap was changed to a percentage amount not to exceed a sum of $12,500. Non-competitive promotion minimum was increased from 8% to 9%, and competitive promotions went from 9% to 10%.

The new agreement also included language that reimburses employees for expedited screening services for either TSA Pre-Check or Global Entry up to $85. Employees can now also be reimbursed for non-refundable airfare when cancelling travel due to personal emergencies.

“NCUA's new collective bargaining agreement strikes a balance between fiscal responsibility and attracting and retaining high quality employees, which are essential for NCUA to fulfill its mission,” NCUA Communication Specialist Ben Hardaway said. “The savings and costs were projected for every change in the new agreement's language. When all of the changes are factored in, the new collective bargaining agreement is projected to reduce future cost growth by over $17 million, compared to the prior agreement.”

In response, NAFCU cautioned prudence.

“NAFCU expects NCUA, which serves as a steward of credit union dollars, to take the utmost care in all elements of its budgeting, including negotiating staff salaries and benefits as part of the collective bargaining agreement,” said Carrie Hunt, senior vice president of Government Affairs and general counsel. “As credit unions have no ability to comment or have input on any part of NCUA's budget process, they are in effect captured by the decisions of the NCUA. NAFCU believes that the NCUA budget requires a line by line scrutiny at all levels, especially since employee salary and benefits makes up such a large portion of its overall expenditures.”

The agreement was also historically significant in that past agreements were negotiated for three years at a time. This five-year agreement will still be in place long after the current Chairman Debbie Matz – who is nearing the end of her term – has left. In 2020, her successor will also be close to ending his or her six-year term.