Mutual Consent Acknowledgment Clause Samples

Mutual Consent Acknowledgment. 1. The City and Local 3570 mutually consent, in accordance to Chapter 175, Florida Statutes, to the following use of Chapter 175 Premium Tax Distributions. a. Future Chapter 175 Premium Tax Distributions in an amount up to and including the 2012 amount (received in 2013) shall be used to reduce the City’s annual pension contribution. b. One Hundred percent (100%) of the total currently unallocated accumulation of Chapter 175 Premium Tax Distributions shall be used as a one-time payment to reduce the Unfunded Actuarial Accrued Liability (UAAL) of the Retirement System. c. One Hundred percent (100%) of any future Chapter 175 Premium Tax Distributions that exceed the 2012 amount (received in 2013) shall be used annually to reduce the UAAL of the Retirement System. 2. The parties’ mutual consent acknowledgement shall remain in full force and effect until and unless modified or revoked through the collective bargaining process.