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16 ARTICLE XXXI CENTRAL PENSION FUND 31.1 The City of St. Anthony agrees to participate in the Central Pension Fund of the International Union of Operating Engineers, and Participating Employers (Central Pension Fund) in accordance with the terms of the Restated Agreement and Declaration Trust of the Central Pension, the Plan of Benefits, and this Memorandum of Understanding. A. Minnesota Statue §356.24, subd. 1 (10) expressly authorizes the Employer to contribute public funds to the Central Pension Fund as a supplemental pension plan for the employees of a governmental subdivision who are covered by a collective bargaining agreement that provides for such coverage. B. Sections 4.1 of the Restated Agreement and Declaration of Trust to the Central Pension Fund and 13.01 of the Plan of Benefits only permits Employer Contributions to the Fund. C. The parties agree that the agreed upon Employer contribution amount that would otherwise be paid in salary or wages will be contributed instead to the CPF as pre-tax employer contributions. Contributions from the Employer will not be funded from any source unless agreed upon by the parties. D. The hourly contribution rate will be applied to every hour compensated (i.e. hours worked, vacation, holiday and sick time) except for overtime hours worked. The Employer shall remit this contribution directly to the I.U.O.E. Central Pension Fund at 4115 Chesapeake Street NW, Washington, D.C. 20016 E. A contribution of $2.00 per straight time hour worked prevents annual Central Pension Fund contributions on behalf of eligible employees from exceeding $10,000.00 in a year and therefore, complies with the limitations set forth under Minnesota Statute § 356.24, Subd. 1 (10) as amended. F. For purposes of determining future wage rates the employer shall first restore the amount of the Employer contribution rate of $2.00 per hour, then apply the applicable 1.5 wage multiplier then reduce the revised wage by the CPF contribution rate. G. For purposes of calculating overtime compensation the employer shall first restore the amount of the Employer contribution rate of $2.00 per hour, then apply the applicable 1.5 wage multiplier then reduce the revised wage by the CPF contribution rate, required under the Fair Labor Standards Act and the collective bargaining agreement, then pay the resulting amount for overtime worked. H. The parties agree that the Public Employees Retirement Association interprets employer contributions to the CPF as being included in determining "salary" for the purposes of the public pension. I. The parties agree to abide by the terms and conditions of the Restated Agreement and Declaration of Trust and the Plan of Benefits of the Central Pension Fund. J. Effective January 1, 2019, the contribution rate equals ($2.00) per straight time hour worked/ straight time hour paid/ all hours compensated. K. Members by majority vote, may change the contribution rate at any time during the life of the Collective Bargaining Agreement. The Union and the Employer will work together to implement member approved changes as soon as practicable. Authorization to change the contribution rate shall be subject to approval of a majority vote of all employees and cannot be changed more than once per calendar year.