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20 <br />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 />The City of St.Anthony agrees to participate in the Central Pension Fund of the International Union of <br />Operating Engineers,and Participating Employers (Central Pension Fund)in accordance with the terms of <br />the Restated Agreement and Declaration Trust of the Central Pension,the Plan of Benefits,and this <br />Memorandum of Understanding. <br />A.Minnesota Statue §356.24, subd. 1 (10) expressly authorizes the Employer to contribute public <br />funds to the Central Pension Fund as a supplemental pension plan for the employees of a <br />governmental subdivision who are covered by a collective bargaining agreement that provides for <br />such coverage. <br />B.Sections 4.1 of the Restated Agreement and Declaration of Trust to the Central Pension Fund <br />and 13.01 of the Plan of Benefits only permits Employer Contributions to the Fund. <br />C.The parties agree that the agreed upon Employer contribution amount that would otherwise be <br />paid in salary or wages will be contributed instead to the CPF as pre-tax employer contributions. <br />Contributions from the Employer will not be funded from any source unless agreed upon by the <br />parties. <br />D.The hourly contribution rate will be applied to every hour compensated (i.e. hours worked, <br />vacation, holiday and sick time) except for overtime hours worked. The Employer shall remit this <br />contribution directly to the I.U.O.E. Central Pension Fund at 4115 Chesapeake Street NW, <br />Washington, D.C. 20016 <br />E.A contribution of $2.00 per straight time hour worked prevents annual Central Pension Fund <br />contributions on behalf of eligible employees from exceeding $5,000.00 in a year and therefore, <br />complies with the limitations set forth under Minnesota Statute § 356.24, Subd. 1 (10) as <br />amended. <br />F.For purposes of determining future wage rates the employer shall first restore the amount of the <br />Employer contribution rate of $2.00 per hour, then apply the applicable 1.5 wage multiplier then <br />reduce the revised wage by the CPF contribution rate. <br />G.For purposes of calculating overtime compensation the employer shall first restore the amount of <br />the Employer contribution rate of $2.00 per hour, then apply the applicable 1.5 wage multiplier <br />then reduce the revised wage by the CPF contribution rate, required under the Fair Labor <br />Standards Act and the collective bargaining agreement, then pay the resulting amount for <br />overtime worked. <br />H.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.