Police would receive an average yearly increase of 4.25 percent in wages and benefits over the term of a three-year contract agreement between the union and the village.
However, the pact also includes increased deductibles and out-of-pocket employee contributions under the village’s medical plan, according to village officials.
Village manager Michael Janonis said the pact would help the village rein in burgeoning medical insurance costs, which have increased nearly 19 percent during the first 10 months of the current fiscal year.
The agreement, announced Wednesday, covers all 54 of the village’s sworn patrol officers. It was worked out between the village and the Mt. Prospect chapter of the Metropolitan Alliance of Police.
“The real significance of this settlement for the village is the change to medical insurance benefit levels currently in place,” Janonis said in a release announcing the agreement. “The change . . . will result in significant long-term cost savings to the village.”