Sec. 4. Compensation rate of employees of Fannie Mae and Freddie Mac
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/bill/114/hr/2243/ih/section-4A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
During any period that an enterprise is federally chartered under the Federal National Mortgage Association Charter Act ( 12 U.S.C. 1716 et seq. ) or the Federal Home Loan Mortgage Corporation Act ( 12 U.S.C. 1451 et seq. ), the compensation of the positions held by employees shall be in accordance with this section. Except for as provided in section 3, effective for pay periods beginning after the date of the enactment of this Act, the Director shall fix the rate of basic compensation of positions held by employees performing services for an enterprise as of the date of the enactment of this Act in accordance with the General Schedule set forth in section 5332 of title 5, United States Code.
In fixing such rate— if the employee is receiving a rate of basic compensation that is less than the minimum rate of basic compensation of the appropriate grade of the General Schedule in which his or her position is placed, such employee’s rate of basic compensation shall be increased to such minimum rate; if the employee is receiving a rate of basic compensation that is equal to a rate of basic compensation of the appropriate grade of the General Schedule in which his or her position is placed, such employee’s rate of basic compensation shall be equal to that rate of basic compensation of the appropriate grade of the General Schedule; if the employee is receiving a rate of basic compensation that is between 2 rates of basic compensation of the appropriate grade of the General Schedule in which his or her position is placed, such employee’s rate of basic compensation shall be at the higher of those 2 rates under the General Schedule; and if the employee is receiving a rate of basic compensation that is in excess of the maximum rate of basic compensation of the appropriate grade of the General Schedule in which his or her position is placed, such employee’s rate of basic compensation shall be reduced to such maximum rate.
The conversion of positions and employees to the appropriate grades of the General Schedule and the initial adjustment of rates of basic compensation of those positions and employees provided for by this subsection, shall not be considered to be transfers or promotions within the meaning of section 5334(b) of title 5, United States Code, and the regulations issued thereunder. Each employee performing services for an enterprise on the date of the enactment of this Act whose position is converted under this subsection to the General Schedule and who prior to the initial adjustment of his or her rate of basic compensation under paragraph
(1)has earned, but has not been credited with, an increase in that rate, shall be granted credit for such increase before his or her rate of basic compensation is initially adjusted under such paragraph. Each employee performing services for an enterprise on the date of the enactment of this Act whose position is converted under this subsection to the General Schedule shall be granted credit, for purposes of his or her first step increase under the General Schedule, for all satisfactory service performed since his or her last increase in compensation prior to the initial adjustment of his or her rate of basic compensation under paragraph (1). An increase in the rate of basic compensation by reason of the enactment of paragraph
(1)shall not be considered to be an equivalent increase with respect to step increases for employees whose positions are converted to the General Schedule under authority of this subsection. Except for as provided in section 3, the grade and rate of basic pay of any individual beginning employment with an enterprise after the date of enactment of this Act shall be fixed in accordance with the General Schedule set forth in section 5332 of title 5, United States Code.
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