Fourth Amendment to ESI Pension Plan by ITT Educational Services, Inc.

Summary

ITT Educational Services, Inc. adopts this Fourth Amendment to the ESI Pension Plan, originally established in 1998. The amendment, effective December 31, 2002, updates the definition of "Actuarial Equivalent" in the plan, specifying the use of a particular mortality table and interest rate for calculating pension benefits. This change ensures compliance with updated IRS regulations and affects how benefits are determined for plan participants. The amendment is executed by company officers and becomes part of the official pension plan documentation.

EX-10.33 3 a2104281zex-10_33.txt EXHIBIT 10.33 EXHIBIT 10.33 FOURTH AMENDMENT OF ESI PENSION PLAN This Fourth 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, and Third Amendment. C. The Employer now wishes to amend the Plan further. AMENDMENT 1. Effective December 31, 2002, the definition of "Actuarial Equivalent" at Section 2.01 is amended to read as follows: "Actuarial Equivalent" means, with respect to a benefit, another benefit that has the same actuarially-determined valued. The determination of an Actuarial Equivalent will be computed using the mortality table as prescribed from time-to-time by the Secretary pursuant to Code subclause 417(e)(3)(A)(ii)(I), and an interest rate equal to an Applicable Percentage for that Plan Year. For purposes of distributions with Annuity Starting Dates on or after December 31, 2002, and, notwithstanding any other Plan provisions to the contrary, the applicable mortality table used for purposes of adjusting any benefit or limitation under Code subparagraphs 415(b)(2)(B), (C) or (D) as set forth in Section 11.02 of the Plan and the applicable mortality table used for purposes of satisfying the requirements of Code subsection 417(e) as set forth in Section 7.05 of the Plan is the table prescribed in Revenue Ruling 2001-62. -1- This Fourth Amendment of ESI Pension Plan is executed this 13 day of December, 2002. ITT EDUCATIONAL SERVICES, INC. By: /s/ Joseph B. Rainier --------------------------------------- (Signature) Joseph B. Rainier --------------------------------------- (Printed) VP Dir. HR --------------------------------------- (Title) ATTEST: /s/ Jenny Yonce - --------------------------- (Signature) Jenny Yonce - --------------------------- (Printed) MGR, Benefits & HRIS - --------------------------- (Title) -2-