This new layer is still a defined benefit pension, as classified by the IRS and ERISA, and is based on a yearly accrual rate. Pension: A hybrid pension plan architecture called the “Sustainable Income Plan” or “SIP” will be layered on top of existing benefits that musicians have accrued in the current Defined Benefit plan. In the event that cost increases are below 5%, musicians will split the savings with the Employer: 40% of the savings will go into the Employer’s pocket while the other 60% will be deposited into the Segregated Account, which serves exclusively to enhance Pension benefits, rather than banking the savings for the next plan year as is dictated in the previous CBA language. If the cost increase exceeds 10%, the Employer will pay the first 2% over 10% then musicians would pay the next 2% going back and forth as needed. In the event that costs need to exceed 5% as determined by the Insured Plans Committee, the musicians will pay the next 5%. Health care: New health care language has the intent of keeping health care cost increases at 5% per year. Work dues were likely to be lowered from 2% so it will seem like a greater increase. ![]() ![]() Wages: 4 years of front-loaded salary increases adding up to a total of about 12%. 2018-2023 Contracts for Seattle Symphony and Seattle Opera Musiciansīy the end of June 2018, the members of the Seattle Symphony Orchestra had ratified new 4-year contracts with both the Symphony and Seattle Opera.
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