The agreement also calls for adding seven musicians to the orchestra over three years, increasing the orchestra's size from its current 77 members to 84.
Under the agreement, the Minnesota Orchestra would continue to rank among the "Top 10" orchestras in the nation according to pay scale — a key priority for the musicians' union.
"Keeping our salaries in the top ten was a critical issue for us, as it allows us to attract and retain the finest musicians in the country, and continue building the tradition of excellence that has been cultivated by the community over the past 110 years," cellist and musician negotiator Marcia Peck said in the statement.
Orchestra board of directors Chair Jon Campbell agreed that keeping the ranking was important.
"Meeting the 'Top 10' metric means the organization will need to seek bridge funding to help address financial issues in future years. Now more than ever, we will need members of our community who voiced strong support for world-class orchestral music in our state to help us achieve long-term fiscal health through increased concert attendance," Campbell said.
The orchestra's board asked at its December annual meeting that Campbell continue to lead as chair until the dispute was resolved. With a new contract settled, the board will elect a new chair in the coming weeks.
Details of the orchestra's "homecoming concerts" and the 2014 subscription will be announced soon.