United Teachers Los Angeles said the contract will save about 5,000 jobs for the 2011-12 school year and also maintain class sizes at their present levels.
Under the deal, teachers will have to take four mandatory furlough days, not 12 as the district initially wanted.
Teachers took seven furlough days in 2010-11 and five furlough days in 2009-10.
More than 83 percent of the teachers taking part in the balloting voted for the deal.
The school board is slated to vote on the agreement on June 14.