Details of Agreement
Term: January 1,2003 through December 31, 2006
Wage increases: Pro rated lump sum payment of $1000 for all members who performed service in 2003.
January 1, 2004 3%
January 1, 2005 3%
January 1, 2006 3%
New pension plan for members hired after January 1, 1998
Effective January1, 2004, all members hired after January 1, 1998 will be placed in the MTA defined benefir pension plan. This is a defined benefit plan in which you are provided with a specific dollar amount upon retirement. It is based on length of service and final average compensation.
The plan is designed as follows:
1) age 62 with at least 5 years of credited service.
2) age 55 with at least 30 years of service.
This plan also has an early retirement provision on a reduced basis if you are age 55 and have at least 10 years of credited service.
Sick leave changes and enhancements
EffectiveJanuary 1, 2004, members who call off sic will be paid from the first day.
Members will not be required to submit sick leave forms unless their absence under the contract requires a doctor's note.
In the event of a catastrophic illness there will be no cap on the amount of available days you can use in a calendar year.
Second chance sick leave buy out.
The first three days for an on the job injury will be charged to your sick bank.
Stabilization of forces
Job stabilization is increased by 48 months to January 1, 1995.