Broadway musicians have succeeded in earning their largest wage increase in over two decades.

Announced on Wednesday, the Associated Musicians of Greater New York, Local 802 AFM said in a statement that after over four months of deliberations, they have secured a three-year collective bargaining agreement with the Broadway League and Coordinated Bargaining Partners to increase healthcare contributions by 23%, implement a new 401(k) plan, and bolster wages by 3.5% in each year of the contract. The agreement will stand until March 2, 2022.

“The Broadway League knows that a big part of their success is the ability to attract and retain the best musicians in the world,” said Adam Krauthamer, president of Local 802, in a press release. “With this contract, they have solidified that bond.”

The increase in health care will rise by 15% in year one and by 3.5% over years two and three, following a decade-long inflation in health costs of over 70% that would have forced cuts and restrictions to musicians had it not been for the latest agreement. The 401(k) plan offers musicians the opportunity to buttress their retirement security, allowing members to set aside $19,000 or $25,000 at age 50 or older for their 401(k) per year. Members of Local 802 AFM voted to approve the contract by a large margin of 93%.

The Associated Musicians of Greater New York, Local 802 American Federation of Musicians comprises over 7,500 New York City musicians. The members perform at Carnegie Hall, on Broadway, at Lincoln Center, and Radio City.

“We are proud of the improvements we were able to secure in this contract,” Krauthamer said. “This is a big step in the right direction for the musicians of Broadway.”