(a) No agreement shall provide for general wage or salary increases or increases in costs of fringe benefits.

(b) No agreement shall provide for increases or adjustments to salaries or wages, including those based upon increases in the cost of living, unless such increases or adjustments are funded by independently measured savings realized, without reduction in services, through gains in productivity, reductions of costs of fringe benefits or through other savings or other revenues approved by the board, all of which savings shall be in addition to those provided for in the financial plan.

(c) Each agreement shall provide for a mechanism to permit savings in pension costs or other costs of fringe benefits during the term of agreement.