December 28, 2005 9:15 AM, EST

New York Transit Workers Reach Tentative Contract Deal

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union board representing New York City transit workers who struck the system for three days last week reached tentative agreement on a new contract late Tuesday, news services reported.

The executive board of the Transport Workers Union approved the tentative deal 37-4, clearing the way for the union's 33,700 members to cast their votes, the Associated Press reported.

The deal, announced by union President Roger Toussaint, requires workers to contribute to their health care plans and preserve their pensions, AP reported. Pay would increase by 10.9% over three years.

The union's general membership will vote on the contract using mail-in ballots distributed this week, AP said.

New York Mayor Michael Bloomberg said last week's strike may have cost the city's economy $1 billion. (Click here for previous coverage.)