Teachers in Alberta have tentatively approved a deal with the province where the government will assume responsibility for the $2.1 billion liability in the Alberta Teachers’ Association’s pension fund.
The province agreed to assume two-thirds of the $6.4 billion liability 15 years ago, leaving the rest to the ATA. Now it will assume the other third.
And the 3.1% salary deduction from teachers’ paycheques to assist in paying off the liability will also be eliminated if the agreement is ratified.
Teachers will also get a 3% salary increase and a one-time lump sum payment of $1,500 for the 2007/08 school year, plus annual salary increases tied to the Alberta average weekly earnings index for school years 2008/09 to 2011/12.
In return, the ATA has agreed not to hold any strikes for the next five years.
Each of the province’s 62 local bargaining units will take it to their members for a ratification vote. All 62 collective agreements must be ratified and in place by Jan. 31, 2008.
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