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MEMORANDUM OF UNDERSTANDING
Between the City of Miami, Florida and the Fraternal Order of Police,
Walter E. Headley, Jr., Miami Lodge 20
Pertaining to Article 44 — Pension Stabilization
Collective Bargaining Agreement (2007-2010)
emo andum of Understanding is entered into this day of
, 2008.between the City of Miami, Florida ("City") and the Fraternal
Order +f Police, Miami Lodge 20 ("FOP") (jointly "the parties") to amend the 2007-2010
Collective -Bargaining -Agreement ("CBA") as follows:
ARTICLE 44 - Pension Stabilization
WHEREAS, Article 44 (Pension Stabilization), states:
The City of Miami and the Fraternal Order of Police, Lodge No. 20 (F.O.P.) agree
to pursue changes to the provisions of the FIPO COLA Fund and to develop and
implement with the FIPO Pension Board Trustees a contribution stabilization fund
so that total City contributions to the pension fund do not exceed 37% of
pensionable payroll for a long-term sustainable period of not less than 10 years no
later than the fiscal year ending September 30, 2008. In the event that the changes
made to the FIPO COLA Fund and establishment of a contribution stabilization
fund do not accomplish this agreed objective, or if such changes are not timely
implemented, then this article will be reopened for bargaining changes to any
pension items not enumerated in Article 39 of this Agreement, until the not-to-
exceed-37%-of-payroll, long-term funding objective is met.
NOWTHEREFORE, the Parties agree to amend Section 44 of the CBA by
extendin: the deadline of September 30, 2008 for 180 days (March 29, 2009), upon
ratific ion . ,1 e Parties.
Pedro G. Hernandez
City Manager!Chief Administrator
City of Miami
‘71117-3:24/ "Ze/
•
Date
#5170
.0Y-C
Armando Aguilarz esident Date
FOP, Lodge 420
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