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 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 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). 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 two dollars ($2.00) 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, 2025 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 after the pension 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. The total wage package (before the pension reallocation) will be shown in the appendix moving forward.

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 use a portion of 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 reallocated 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). Pre-tax employer contributions 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, commencing December 31, 2023 a pension contribution of two dollars one dollar ($2.001.00) per hour for all paid hours of work and pay for time off takenpaid, including hours “detailed” to other classifications titles will be paid to the International Union of Operating Engineers Central Pension Fund. Commencing commence effective January 1, 2025 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 Fund2008. For the purpose of determining “detail” wages, the IUOE wage after the reduced for pension contribution 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. The total For purposes of determining future wage package rates, the Employer shall first restore the amount of the wage reduction (before $1.00), then apply the pension reallocation) will be shown in applicable wage multiplier, and then reduce the appendix moving forwardrevised wage by $1.00.