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14 <br /> <br /> <br /> <br /> <br /> <br />remit this contribution directly to the Central Pension Fund at 4115 Chesapeake Street <br />N.W., Washington D.C. 20016. <br />5. A contribution of $2.40 per straight time hour worked prevents annual Central Pension <br />Fund contributions on behalf of eligible Employees from exceeding $5,000.00 in a year <br />and therefore complies with the limitations set forth under Minnesota Statute, §356.24, <br />Subd. 1(10) as amended. <br />6. For purposes of determining future wage rates, the Employer shall first restore the amount <br />of the Employer Contribution, which is currently the CPF contribution rate of ($2.40) per <br />hour, then apply the applicable wage multiplier, then reduce the revised wage by the <br />Central Pension Fund contribution rate. <br />7. For purposes of calculating overtime compensation, the Employer shall first restore the <br />amount of the Employer Contribution ($2.40) then apply the applicable 1.5 wage multiplier <br />required under the Fair Labor Standards Act (FLSA) and the Collective Bargaining <br />Agreement, then pay the resulting amount for overtime worked. <br />8. The Parties agree that the Public Employees Retirement Association (PERA) interprets <br />Employer contributions to the Central Pension Fund as being included in determining <br />“salary” for the purposes of the public pension. <br />9. The parties agree to abide by the terms and conditions of the Restated Agreement and <br />Declaration of Trust and the Plan of Benefits of the Central Pension Fund. <br />10. Effective January 1, 2022 the contribution rate equals ($2.40) per (straight time hour <br />worked/straight time hour paid/all hours compensated).