Under the deal, the musicians would get no salary increase for the 2011-2012 fiscal year, and a 2 percent hike this September.
The Wall Street Journal reports that the pact was reached Saturday and would end in September 2013.
It is subject to ratification by the union members.
The musicians had been working without a contract since September.
The Journal says the Philharmonic agreed to extend the musicians current pension plan. But both sides agreed to hire a consultant to study "the advisability of moving to a defined contribution pension plan" for the next contract.
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