Amendment to Fannie Mae Executive Pension Plan (December 2009)

Contract Categories: Human Resources › Retirement Agreements
Summary

This amendment to the Fannie Mae Executive Pension Plan, approved by the Board of Directors and directed by the Federal Housing Finance Agency, states that no participant will earn additional pension benefits under the plan after December 31, 2009. It also clarifies that the final payment of the 2008 retention bonus, paid in February 2010, will count as 2009 compensation for pension purposes. The amendment affects all participants in the plan and takes effect at the end of 2009.

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EX-10.23 6 w77413exv10w23.htm EX-10.23 exv10w23
         
Exhibit 10.23
FANNIE MAE
EXECUTIVE PENSION PLAN
     Pursuant to Section 20 of the Fannie Mae Executive Pension Plan (the “Plan”) and as directed by the Federal Housing Finance Agency and approved by the Board of Directors on December 16, 2009, the Plan is amended as follows:
     1. A new Section 27 is added to the end of the Plan to read as follows:
     “Notwithstanding any provision of the Plan to the contrary, no Participant shall accrue further benefits under the Plan after December 31, 2009. For the avoidance of doubt, the final installment payment of the 2008 retention bonus award, payable in February 2010, shall be allocated to Total Compensation earned for 2009 in accordance with the definition of Total Compensation in Section 2 of the Plan as amended by the amendment dated December 22, 2008.”