Summary of Economic Agreement - (July 1, 2005 to March 2, 2008)*
Provisions for Current Employees:

1. Term of Contract - 32 months, 2 days

2. Wage Increases
3.15% - 1st day of 1st month (7/1/05)
2% - 1st day of 14th month (8/1/06) compounded.
4% - 1st day of 20th month (2/1/07) compounded.
(All additions to gross increased by across the board increases)

3. Welfare Fund Increases
$100 per active/retiree annual rate increase to the welfare fund effective the 1st day of the 13th month (7/1/06).
$166.67 per active/retiree cash payment on 1st day of the 17th month (11/1/06).
(Prorated for part-timers)

4. Residency
Agreement to support legislation to ease residency restriction to allow employees to live in Nassau, Suffolk, Westchester, Orange, Rockland and Putnam Counties.

5. Transit Check Program
The City’s current Transit Check Program shall be extended to cover LIRR, LI MTA Buses and MetroNorth transportation carriers. The parties agree to discuss further expansion of the Transit Check Program to include other regional carriers.

6. Additional Compensation Fund of .34% to be determined by each Bargaining Unit's Negotiating Committee
Available on the last day of the contract (3/2/08).
(To be used for items such as recurring increments, longevity, annuity, uniform allowance and assignment differentials)

7. Salary Review Panel
A Salary Review Panel shall be established to review selected titles and occupational groups to determine salary adjustments or other compensation modifications.

8. Joint Labor Management Committee on Pension Issues

9. Continuation of All Other Terms of the Previous Economic Agreement