That’s one outcome of this weekend’s deal that settled the Chicago Symphony strike:
Annual salary increases each year of 2%, 2%, 2.5%, 3.25%, 3.5% reaching an annual minimum base salary of $181,272 in the final year of the contract. This represents a 14% increase from the base salary for the 2017/18 season.
The other is that the musicians have given up their resistance to a less favorable pension settlement. New players will not receive the same benefits as old:
A phased transition of the retirement benefit from a Defined Benefit (DB) to a Defined Contribution (DC) plan beginning July 1, 2020, with an annual employer contribution valued at 7.5% of the base salary plus additional payments by the CSOA into each current musician’s account for the first three years of the plan based on the musician’s age and years of service. All new hires as of July 1, 2020 will go directly into the DC plan.
Concerts will resume next week.