Common use of Central Pension Fund Clause in Contracts

Central Pension Fund. The Employer and the Union explored the feasibility and processes necessary for implementation of the language and contributions required for employee participation in the International Union of Operating Engineers Central Pension Fund. The Employer and the Union determined that it was in the best interests of the employees to reduce their wages in order to allow Union members to participate in the International Union of Operating Engineers Central Pension Fund. The parties agree that the amount, which would otherwise be paid in salary or wages will be contributed instead to the International Union of Operating Engineers Central Pension Fund as pre-tax employer contributions. The International Union of Operating Engineers Central Pension Fund is a supplemental pension fund authorized by Minnesota Statutes, Section 356.24, Subdivision 1(10). Employee wage reductions are the sole source of contributions to the International Union of Operating Engineers Central Pension Fund. The Union, in its sole discretion, may no more than one time each year decide, based on the final negotiated wage settlement, to increase the CPF hourly contribution rate. At the request of the Union, a pension contribution of one dollar ($1.00) per hour for all hours paid, including hours “detailed” to other classifications titles will commence effective January 1, 2008. For the purpose of determining “detail” wages, the IUOE wage reduced for pension purposes shall form the base, exclusive of premiums, differentials, and/or longevity. The Employer in its sole discretion shall determine the most efficient manner to reconcile “detail” related contributions. The Employer shall pay this contribution directly to the International Union of Operating Engineers Central Pension Fund. The Union agrees to indemnify, defend, and hold the Employer, its officers, agents and employees harmless against any and all claims, suits, orders and judgments brought or issued against the Employer, its officers, agents and employees as a result of any malfeasance, misfeasance or nonfeasance by the CPF, its trustees, agents or authorized representatives in their fiduciary role or arising from any City employee’s legal challenge to the right to make such pension contributions on his or her behalf. Neither party will seek to cease the CPF pension participation without written agreement from the other party. This hold harmless clause does not hold the employer harmless for failing to electronically transfer the agreed upon contributions in the absence of the failure of the systems involved in the receipt or disbursement of the electronic transfers. For purposes of determining future wage rates, the Employer shall first restore the amount of the wage reduction ($1.00), then apply the applicable wage multiplier, and then reduce the revised wage by $1.00.

Central Pension Fund. The Employer and the Union explored the feasibility and processes necessary for implementation of the language and contributions required for employee participation in the International Union of Operating Engineers Central Pension Fund. The Employer and the Union determined that it was in the best interests of the employees to reduce use a portion of their wages in order to allow Union members to participate in the International Union of Operating Engineers Central Pension Fund. The parties agree that the amount, which would otherwise be paid in salary or wages will be contributed instead reallocated to the International Union of Operating Engineers Central Pension Fund as pre-tax employer contributions. The International Union of Operating Engineers Central Pension Fund is a supplemental pension fund authorized by Minnesota Statutes, Section 356.24, Subdivision 1(10). Employee wage reductions Pre-tax employer contributions are the sole source of contributions to the International Union of Operating Engineers Central Pension Fund. The Union, in its sole discretion, may no more than one time each year decide, based on the final negotiated wage settlement, to increase the CPF hourly contribution rate. At the request of the Union, commencing December 31, 2023 a pension contribution of one dollar two dollars ($1.002.00) per hour for all paid hours paidof work and pay for time off taken, including hours “detailed” to other classifications titles will commence effective be paid to the International Union of Operating Engineers Central Pension Fund. Commencing January 1, 20082025 a pension contribution of two dollars and twenty five cents ($2.25) per hour for all paid hours of work and pay for time off taken, including hours “detailed” to other classifications titles will be paid to the International Union of Operating Engineers Central Pension Fund. Commencing January 1, 2026 a pension contribution of two dollars and fifty cents ($2.50) per hour for all paid hours of work and pay for time off taken, including hours “detailed” to other classifications titles will be paid to the International Union of Operating Engineers Central Pension Fund. For the purpose of determining “detail” wages, the IUOE wage reduced for after the pension purposes contribution shall form the base, exclusive of premiums, differentials, and/or longevity. The Employer in its sole discretion shall determine the most efficient manner to reconcile “detail” related contributions. The Employer shall pay this contribution directly to the International Union of Operating Engineers Central Pension Fund. The Union agrees to indemnify, defend, and hold the Employer, its officers, agents and employees harmless against any and all claims, suits, orders and judgments brought or issued against the Employer, its officers, agents and employees as a result of any malfeasance, misfeasance or nonfeasance by the CPF, its trustees, agents or authorized representatives in their fiduciary role or arising from any City employee’s legal challenge to the right to make such pension contributions on his or her behalf. Neither party will seek to cease the CPF pension participation without written agreement from the other party. This hold harmless clause does not hold the employer harmless for failing to electronically transfer the agreed upon contributions in the absence of the failure of the systems involved in the receipt or disbursement of the electronic transfers. For purposes of determining future The total wage rates, package (before the Employer shall first restore pension reallocation) will be shown in the amount of the wage reduction ($1.00), then apply the applicable wage multiplier, and then reduce the revised wage by $1.00appendix moving forward.