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Federal bankruptcy judge approves Philadelphia Orchestra, musicians 4-year labor agreement
PHILADELPHIA (AP) ' A federal bankruptcy judge has approved a new collective bargaining agreement between the financially troubled Philadelphia Orchestra and its musicians union.
The four-year contract, ratified about two weeks ago by players and the Philadelphia Orchestra Association board, takes effect Nov. 1.
At a hearing Wednesday, U.S. Bankruptcy Judge Eric Frank said he would approve the deal. Lawrence G. McMichael, the orchestra's attorney, said the written order was issued Thursday.
Terms of the new contract call for shrinking the number of players from 105 to 95 through retirements and attrition and for cutting salaries about 15 percent. The minimum salary for Philadelphia Orchestra musicians is currently about $125,000 a year.
The agreement also calls for moving musicians' pensions to a defined contribution plan from the current defined benefit plan.