The Markets June 1, 2009

Mass. City Teachers’ Agreement Includes 403(b) Match Cut

Newburyport (Massachusetts) School Committee member George Moker said teachers have agreed to give back on several items in order to achieve an agreement in tough economic times.
Reported by

In the three-year contract that will take effect September 1, teachers agreed to give up matching contributions to their 403(b) retirement accounts, according to The Daily News of Newburyport. Teacher steps, a program which enables teachers to earn more in salary for completing graduate coursework and advanced degrees, has also been reduced by 75% the first year and 50% the second year.

The contract provides that teachers will receive a 2% raise the first year and 2.75% raises the last two years, according to committee Chairman Anne Donahue, the news report said.

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