Seventh Amendment to ESI Pension Plan by ITT Educational Services, Inc.
ITT Educational Services, Inc. amends its ESI Pension Plan to authorize a lump sum payment to Nancy Lohr after her normal retirement date. This amendment, effective January 1, 2003, formally approves the distribution of the present value of her Cash Balance Account as a single cash payment. The amendment was executed on October 19, 2004, and is signed by company representatives.
Exhibit 10.46
SEVENTH AMENDMENT
OF ESI PENSION PLAN
This Seventh Amendment of ESI Pension Plan (the “Plan”) is adopted by ITT Educational Services, Inc. (the “Employer”).
Background
A. The Employer originally established the Plan effective June 9, 1998.
B. The Plan has been amended by a First, Second, Third, Fourth, Fifth and Sixth Amendment.
C. The Employer now wishes to amend the Plan further.
Amendment
1. Effective January 1, 2003, a new Section 7.01(d) is added to read as follows:
(d) In 2003, after reaching her Normal Retirement Date, the Member Nancy Lohr received a single lump sum cash payment of the present value of her Cash Balance Account. This Subsection (d) provides for and authorizes that distribution to her.
This Seventh Amendment of ESI Pension Plan is executed this 19th day of October, 2004.
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| ITT EDUCATIONAL SERVICES, INC. | ||||
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| By: | /s/ Nina F. Esbin |
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| Nina F. Esbin |
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| Senior Vice President, Human Resources |
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| /s/ Jenny Yonce |
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| Jenny Yonce |
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| Mgr, Benefits & HRIS |
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