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The Holland Teachers Association has a new five-year contract that includes salary increases and concessions on health insurance.

The contract, approved Thursday night at a special meeting of the Holland School Board, runs through June 2017 and is retroactive to July 1, 2012.

Superintendent Cathy Fabiotos would not give specifics on the agreement but said it features “substantial” salary increases that are largely offset by the elimination of three different levels of health insurance. The district’s 80 faculty members, she said, will now participate in one less costly plan.

The district’s administrators union is close to finalizing an agreement for its contract, which expires June 30.