PEABODY – Peabody teachers ratified their new contract last week. All that stands in their way is the signature of Mayor Michael Bonfanti and the approval of the School Committee.Two contracts were negotiated, one of which was retroactive for the 2007-2008 school year. Under the first contract, teachers will receive a 2 percent salary increase for working the past year under an expired contract. According to Bruce Nelson, President of the Peabody Federation of Teachers, once the contract is made official, teachers will receive payment in the form of a single check for the salary difference.The second contract addressed salary increases over three years from 2008-2011. Teachers will receive a 4 percent increase the first year followed by 3 percent increases each remaining year.”Clearly, in the economic landscape which we find ourselves, I believe that the negotiating team did a tremendous job in securing the salary increases?and getting into the contract a number of things,” said Nelson. “The major part of the pact was the change in health care costs.”Starting Jan. 1, teachers will pay an extra 5 percent toward their health care coverage, bringing the split from 90-10 to 85-15. Nelson credits the recent police negotiations for “setting the bar.”As of July 1, co-payments will also increase from $5-$10 and from $25-$50 for emergency room visits.Rewards for longevity and loyalty were also bumped up. Those employed for 5 and 10 years will receive an extra $100, increasing their bonuses from $200-$300 and $300-$400, respectively. At 15, 20, and 25 years in the district, teachers will earn an extra $200, and those at 30 years will see an extra $500 tacked on to their bonus.Tuition and primary re-certification reimbursement were also added to the contract.”It is now a budget line item after many years of having it as a proposal,” said Nelson. “The city has finally realized how important this is to the retention of the younger teachers.”Offering tuition reimbursement first became policy last year on a per-credit basis. A total of $10,000 was made available to be dispersed equally among eligible teachers pursuing a Master’s degree. On average, $95 per credit, or approximately $285 per course, was given to each teacher. This year, however, the pot has been thickened to $20,000.Re-certification will remain at $100 per member.Not everything agreed to revolved around money, said Nelson, noting the much needed clarification of transfer language. If a teacher wishes to transfer schools, the process is now “clearly spelled out,” said Nelson, in effort to minimize any potential problems.”There were a number of issues proposed that were not responded to in a sense that we were not able to be successful in getting them,” Nelson said of the process overall. “But, the same thing goes on the other side?Neither side walks away from the table completely happy.”The new agreement will go into effect immediately barring the School Committee’s approval.