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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, subdivision 1 (10). <br />B. The parties agree that the agreed upon amount that would otherwise be paid in salary or wages <br />will be contributed instead to the CPF as pre-tax employer contributions. Contributions from the <br />City will not be funded from any source other than this wage reduction. <br />C. The Employer shall pay this contribution directly to the I.U.O.E. Central Pension Fund at 4115 <br />Chesapeake Street NW, Washington, D.C. 20016. <br />D. A contribution of $0.96 per straight time hour worked prevents any employee's annual CPF <br />contributions form exceeding $2,000.00 in a year and therefore complies with limitations set forth <br />under Minnesota Statue § 356.24, subd, 1 (10) as amended in 2002. <br />E. The parties agree that the Public Employees Retirement Association interprets employer <br />contributions to the CPF as being included in determining "salary" for the purposes of the public <br />pension. <br />F. The CPF Plan of Benefits and the Agreement and Declaration of Trust will serve as the governing <br />documents. <br />G. Effective 1-1-11 the contribution rate equals $1.44 per straight time hour worked. <br />H. Members, by majority vote, may change the contribution rate at any time during the life of this <br />agreement. The Union and the employer will work together to implement member approved <br />changes as soon as is practicable. <br />FOR THE CITY OF ST. ANTHONY: <br />Mark Casey, City Manager <br />Dated: <br />FOR I.U.O.E., LOCAL No. 49 <br />Todd Doncavage, ABR <br />Dated: <br />21 <br />