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MEMORANDUM OF UNDERSTANDING <br />Between <br />CITY OF ST. ANTHONY <br />And <br />INTERNATIONAL UNION OF OPERATING <br />ENGINEERS, LOCAL 49 <br />Central Pension Fund <br />A. The Central Pension Fund (CPF) is a supplemental Pension Fund authorized by Minnesota <br />Statue §356.24, subd. 1 (10). The parties agree that the agreed upon amount that would <br />otherwise be paid in salary or wages will be contributed instead to the CPF as pre -tax employer <br />contributions. Contributions from the City will not be funded from any source other than this wage <br />reduction. <br />B. Effective 1 -1 -19 the contribution rate equals $2.00 per straight time hour worked (including sick, <br />vacation and compensatory time). The Employer shall pay this contribution directly to the I.U.O.E. <br />Central Pension Fund at 4115 Chesapeake Street NW, Washington, D.C. 20016 <br />C. It is agreed that for purposes of determining future wage rates, the Employer shall first restore the <br />amount of the wage reduction, which is currently the CPF contribution rate of $2.00 per hour, <br />(effective January 1, 2019) then apply the applicable wage multiplier, then reduce the revised <br />wage by the CPF contribution rate. Maximum annual contributions limit set forth under Minnesota <br />Statue § 356.24, subd, 1 (10) as amended, is $5,000.00 <br />D. For purposes of calculating overtime compensation the employer shall first restore the amount of <br />the wage reduction ($2.00 /hr.) then apply the applicable wage multiplier required under the Fair <br />Labor Standards Act and the collective bargaining agreement, then pay the resulting amount for <br />overtime worked. <br />E. The parties agree that the Public Employees Retirement Association interprets employer contributions <br />to the CPF as being included in determining "salary" for the purposes of the public pension. <br />F. The union agrees to indemnify and hold the employer, its officers, agents, and employees <br />harmless against any claims, suits, orders, or judgments, brought against the employer as a <br />result of any action taken or not taken by the employer on the specific provisions of this article. <br />This "hold harmless" clause does not hold the employer harmless for failing to transfer the agreed <br />contributions to the I.U.O.E Central Pension Fund. <br />G. Authorization to change the contribution rate shall be subject to approval of a majority vote of all <br />employees and cannot be changed more than once per calendar year. <br />H. The CPF Plan of Benefits and the Agreement and Declaration of Trust will serve as the governing <br />documents. <br />FOR THE CITY OF ST. ANTHONY: <br />Mark Casey, City Manager <br />Dated: 1 i - I '-) - / Y <br />FOR I.U.O.E., LOCAL No. 49 <br />d 1� - <br />Cory erg rson ABR <br />Dated: <br />19 <br />