MA City Teachers' Agreement Includes 403(b) Match Cut

June 1, 2009 ( - Georgetown (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.

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.