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Washington, DC - The leader of the union representing some 1,800 employees of the Securities & Exchange Commission (SEC) today said action by the Office of Personnel Management (OPM) to approve special rate pay for certain SEC employees "is a good first step, but it doesn't go nearly far enough." She called again for prompt passage of legislation that would provide pay parity for SEC employees.

NTEU President Colleen M. Kelley said the approval by OPM of an SEC request for special rate authority for certain categories of attorneys, accountants and compliance examiners "is recognition that the turnover problem at this critical agency must be addressed in a meaningful way."

She reemphasized NTEU's support for the pay parity provisions of S. 143, legislation approved earlier this week by the Senate Banking Committee, that could lead to pay for all SEC employees on a par with other federal employees with similar financial regulation responsibilities.

The special rate authority approved by OPM would cover attorneys in grades 13 to 15, accountants in grades 12 to 15 and examiners in grades 11 to 15. It is reserved for employees with at least two years of work experience in the securities industry, OPM said.

NTEU, the largest independent federal union, represents some 1,200 SEC employees in two locations in and around Washington, including agency headquarters and another 600 in offices around the country. High turnover among professionals is a particular problem at SEC, Kelley noted.