Pay Compression Relief Act of 2004 - (Sec. 2) Increases the maximum rates of basic pay for administrative law judges (ALJs), contract appeals board (CAB) members, and certain senior-level positions by linking those rates to level III of the Executive Schedule (currently level IV).
Establishes a minimum rate of pay for CAB members of not less than 94 percent of the rate of basic pay for level IV of the Executive Schedule. Requires rates of basic pay for CAB members to be adjusted annually by an amount determined by the President after the initial adjustment required by this Act.
(Sec. 3) Increases the maximum rate of locality pay for ALJs and certain senior-level and Senior Executive Service positions to level II of the Executive Schedule (currently level III).
Increases the maximum rate of locality pay for CAB members to level III of the Executive Schedule (currently level IV).
Specifies that administrative appeals judges (AAJs) are eligible for locality pay.
(Sec. 5) Sets forth effective dates for purposes of computing increases in pay under this Act.
(Sec. 6) Requires the Office of Personnel Management to submit a report to the House Government Reform Committee and the Senate Governmental Affairs Committee within six months of enactment of this Act that contains: (1) a list of Executive Schedule positions and the rates of basic pay for and total number of individuals occupying those positions; (2) a comparison of the rates of basic pay for ALJs, AAJs, and CAB members with those applicable to Executive Schedule positions and specified Federal judges; (3) a determination of whether rates of basic pay for ALJs, AAJs, and CAB members are incongruous with the compared positions; (4) a recommendation on the extent to which rates of basic pay for Executive Schedule positions should be adjusted; and (5) any other information or recommendations pertinent to Executive Schedule positions.