The pact was put together last week after 14 hours at the bargaining table.
City worker Dave Grandel, who has worked with the city for 25 years, says he's happy council and the union are both endorsing the proposal.
Grandel says this proposal works really well especially for recruitment of workers, as many workers are expected to retire within the next five to six years.
Mayor Michael Fougere says the deal will honour the work done by the people who built the city while minimizing the exposure for taxpayers.
He says the pact will deal with deficits and surpluses in a rational way.
The package must also be reviewed by the province's superintendent of pensions, who said earlier this year that if a deal wasn't reached by the end of this month, the plan could be terminated.