The Lake Forest teachers union and board both approved a four-year teachers contract on Tuesday, Oct. 9. Here’s a video of the District 115 Board of Education meeting, courtesy of Ed Johnson at Lake Forest TV:

For charts on the terms of the agreement, click here.

The following is an announcement from the administration:

October 9, 2012

Members of the Lake Forest Education Association (LFEA) ratified a new four-year contract late Tuesday afternoon.

Tuesday evening at its regular meeting, the Lake Forest Board of Education also approved the agreement.

“We are pleased to have a new 4-year contract in place,” states Board of Education President Sharon Golan. “This newly endorsed contract keeps our district fiscally responsible to the community we serve, and allows our teachers’ compensation to remain competitive in today’s marketplace. We thank our parents, students, staff, and community for their patience throughout these difficult negotiations and strike.”

Highlights of the contract include a 2.7% percent average increase in its first year and a 3.8% average increase in year two. Increases for the third and fourth year are based on a funding formula tied to the CPI. “The Board was able to add a fourth year to the agreement and also keep salary increases within our target range and budget,” comments Mrs. Golan.

Additionally, a committee will be formed with members appointed equally by the Board of Education and the LFEA, with the goal of recommending a new salary schedule consistent with recent pension reform legislation. “This is an important aspect of the contract as it will move our district forward in addressing pension reform parameters,” comments Mrs. Golan.

This agreement is retroactive to July 1, 2012. Teachers will, however, not be paid for the five days they were on strike. Teachers will work five extra instructional days during the school year and the calendar has been adjusted to reflect this change.