COLLECTIVE BARGAINING AGREEMENT Between NEW YORK UNIVERSITY And LOCAL ONE SECURITY OFFICERS UNION
July 1, 2001 - June 20, 2006

ARTICLE 26 - PENSION

Effective Monday, July 2, 2001, the Employer shall contribute 6.25% of the base rate or $42.62 per week (whichever is greater) for employees working 20 hours or more and hired on or before December 21, 2001, to the Local One Security Officers Union Money Purchase Pension Plan. For employees hired after December 21, 2001, the contribution is 6.25% of the base rate. For employees hired on or before December 21, 2001, contributions begin immediately but do not vest until two years after the date of hire. For employees hired after December 21, 2001, contributions begin after one year and vest immediately. Effective Monday, July 5, 2004, the contribution is increased to 6.5% of the base rate. The Employer's payment to the Pension Fund will be on a monthly basis.