SMITHFIELD — With schools in session since Aug. 27, the School Committee last night approved a three-year labor contract with NEA/Smithfield, the union that represents town teachers.

Under the terms of the pact, already approved by the union, members in steps 1-9 in the first year would get a raise of 1.5 percent. Those on the tenth step, the most experienced, would receive 2.8 percent.

In the second year, teachers in steps 1-9 would receive a hike of 1.75 percent, with a raise of 2.7 percent for the top step.

In the third year, all would get a 2.6-percent raise.

The teachers would pay more each year for their share of health insurance, rising to an 18-percent contribution in the final year.

The committee accepted the pact unanimously. The sole comment came from member Richard B. Iannittelli, who said he was “a little concerned” that the third year would leave the committee with little room to maneuver if a financial crisis erupted.

“It’s pleasant to have a contract,” Michael J. Twohey, president of NEA/Smithfield, said after the vote. He said he would have liked to see a better financial deal for the union members, but added, “We have an agreement and we have to live with it.”

Twohey said the new contract is only the second such document with a span of three years. He said previous contracts ran for only two years.

“We are looking out three years and trying to project the amount of money coming in from the state and the burden placed on the town,” he said. “Both sides were very conscious of that. They’ve put in a lot of effort.”

Robert M. O’Brien, superintendent of schools, said the health-insurance agreement was a better deal for the town than the health-insurance pact negotiated for state workers.

“If we got on the state plan, it would cost us more money,” the superintendent said.

The union represents 270 teachers. The school system has 2,597 students.

In another area, O’Brien reported before the committee meeting that a new school bus pattern had caused “some glitches” in the first few days of school, with some buses ending up overcrowded.

“We are making adjustments so the buses aren’t as packed,” he said.

tmorgan@projo.com