Common use of Central Pension Fund Clause in Contracts

Central Pension Fund. The EMPLOYER and the UNION agree that an amount designated herein that would otherwise be paid in salary or wages will be contributed instead to the Central Pension Fund (CPF) as pretax employer contributions. A pension contribution of ninety-six cents ($0.96) per hour will be made for each employee, for a maximum of two thousand eighty hours (2080) per calendar year. The hourly contribution rate will be applied to every hour compensated (i.e. Hours worked, PTO, and holidays) except for overtime hours worked. The EMPLOYER shall deduct seventy-six dollars and eighty cents ($76.80) every eight (80) hour pay period. The EMPLOYER shall pay this contribution directly to the IUOE Central Pension Fund. The UNION agrees to indemnify and hold the EMPLOYER, its Officers, Agents, and employees harmless against any claims, suits, orders or judgments, brought against the EMPLOYER as a result of any action taken or not taken by the EMPLOYER on the specific provisions of this Article. This "hold harmless" clause does not hold the EMPLOYER harmless for failing to transfer the agreed contributions to the IUOE Central Pension Fund. It is agreed that for purposes of determining future wage rates, the EMPLOYER shall first restore the amount of the wage reduction, which is currently the CPF contribution rate of $0.96 per hour, then apply the applicable wage multiplier, then reduce the revised wage by the CPF contribution rate. It is further agreed that for purposes of calculating overtime compensation the EMPLOYER shall first restore the amount of the wage reduction ($0.96/ hr.) then apply the applicable 1.5 or

Central Pension Fund. The EMPLOYER and the UNION agree that an amount designated herein that would otherwise be paid in salary or wages will be contributed instead to the Central Pension Fund (CPF) as pretax pre- tax employer contributions. A pension contribution of ninety-six cents ($0.96) per hour will be made for each employee, for a maximum of two thousand eighty hours (2080) per calendar year. The hourly contribution rate will be applied to every hour compensated (i.e. ie. Hours worked, PTO, and holidays) except for overtime hours worked. The EMPLOYER shall deduct seventy-seventy- six dollars and eighty cents ($76.80) every eight (80) hour pay period. The EMPLOYER shall pay this contribution directly to the IUOE Central Pension Fund. The UNION agrees to indemnify and hold the EMPLOYER, its Officers, Agents, and employees harmless against any claims, suits, orders or judgments, brought against the EMPLOYER as a result of any action taken or not taken by the EMPLOYER on the specific provisions of this Article. This "“hold harmless" ” clause does not hold the EMPLOYER harmless for failing to transfer the agreed contributions to the IUOE Central Pension Fund. It is agreed that for purposes of determining future wage rates, the EMPLOYER shall first restore the amount of the wage reduction, which is currently the CPF contribution rate of $0.96 per hour, then apply the applicable wage multiplier, then reduce the revised wage by the CPF contribution rate. It is further agreed that for purposes of calculating overtime compensation the EMPLOYER shall first restore the amount of the wage reduction ($0.96/ hr.) then apply the applicable 1.5 oror 2.0 wage multiplier required under the Fair Labor Standards Act and the collective bargaining agreement, then pay the resulting amount for overtime worked. The contribution of $0.96 per hour prevents an employee’s annual CPF contributions from exceeding $2,000.00 in a year and therefore complies with limitations set forth under Minnesota Statute § 356.24, sub. 1(9) as amended in 2002. The CPF Plan of Benefits and the Agreement and Declaration of Trust will serve as the governing documents. The CPF is a supplemental Pension Fund authorized by Minnesota Statutes, 356.24, subdivision 1(9).

Central Pension Fund. The EMPLOYER and the UNION agree that an amount designated herein that would otherwise be paid in salary or wages will be contributed instead to the Central Pension Fund (CPF) as pretax employer contributions. A pension contribution of ninety-six cents ($0.96) per hour will be made for each employee, for a maximum of two thousand eighty hours (2080) per calendar year. The hourly contribution rate will be applied to every hour compensated (i.e. ie. Hours worked, PTO, and holidays) except for overtime hours worked. The EMPLOYER shall deduct seventy-seventy- six dollars and eighty cents ($76.80) every eight (80) hour pay period. The EMPLOYER shall pay this contribution directly to the IUOE Central Pension Fund. The UNION agrees to indemnify and hold the EMPLOYER, its Officers, Agents, and employees harmless against any claims, suits, orders or judgments, brought against the EMPLOYER as a result of any action taken or not taken by the EMPLOYER on the specific provisions of this Article. This "hold harmless" clause does not hold the EMPLOYER harmless for failing to transfer the agreed contributions to the IUOE Central Pension Fund. It is agreed that for purposes of determining future wage rates, the EMPLOYER shall first restore the amount of the wage reduction, which is currently the CPF contribution rate of $0.96 per hour, then apply the applicable wage multiplier, then reduce the revised wage by the CPF contribution rate. It is further agreed that for purposes of calculating overtime compensation the EMPLOYER shall first restore the amount of the wage reduction ($0.96/ hr.) then apply the applicable 1.5 oror 2.0 wage multiplier required under the Fair Labor Standards Act and the collective bargaining agreement, then pay the resulting amount for overtime worked. The contribution of $0.96 per hour prevents an employee's annual CPF contributions from exceeding $2,000.00 in a year and therefore complies with limitations set forth under Minnesota Statute § 356.24, sub. 1(9) as amended in 2002. The CPF Plan of Benefits and the Agreement and Declaration of Trust will serve as the governing documents. The CPF is a supplemental Pension Fund authorized by Minnesota Statutes, 356.24, subdivision 1(9).