Thread regarding ITT Educational Services Inc. layoffs

ESI Pension

Any old timers get any word on your ESI Pension fund? I was able to get voice to voice on September 7th and the Benefits lady said she was putting the papers in the mail, should have got them by now. Not sure how we can access our funds At JP Morgan with out the document

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Post ID: @OP+Jpk4RhF

24 replies (most recent on top)

If you left ITT after the age of 55, but took your pension payout before 591/2, you do NOT owe the early distribution penalty tax. I

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Post ID: @38zod+Jpk4RhF

Names not allowed here, site admins will nuke it.

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Post ID: @31rpi+Jpk4RhF

To those who received a lump sum, are you 55 or older yet? I am not, however like others have a substantial amount in there. I filed a claim on the web site but I have no idea if that is correct or enough.

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Post ID: @Gsop+Jpk4RhF

Received my lump sum payment two weeks ago. Paperwork had to be received before September 25, 2016 to receive a distribution. Pension plan is fully funded but the bankruptcy court has to appoint a new trustee.

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Post ID: @Fpmx+Jpk4RhF

here is a whole bunch of ITT pension info (though old)...might be of some use to someone

https://www.brightscope.com/form-5500/basic-info/164958/Itt-Educational-Services-Inc/13916074/Esi-Pension-Plan/2014/

https://www.brightscope.com/401k-rating/164958/Itt-Educational-Services-Inc/13916074/Esi-Pension-Plan/

you can pass some time reading a few "Dear Kevin " letters & other ITT letters here:

https://www.lawinsider.com/company/922475/itt-educational-services-inc?cursor=Cl0KGAoLZmlsaW5nX2RhdGUSCQiAwJPI1oyDAhI9ahVzfmxhd2luc2lkZXJjb250cmFjdHNyJAsSCENvbnRyYWN0IhY1cVMxRmVqYVVaVE42Y0JSTmxadDNyDBgAIAE=

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Post ID: @Emnu+Jpk4RhF

The best info on the pension that I have been able to find is in this court filing. Pension appears to be tied up in legal requirements to be terminated. If I read this correctly, as long as sufficient funds are in the plan then we will receive our benefits. They may be recalculated after an audit, or turned over to the PBGC if funds are insufficient.

http://omnimgt.com/cmsvol2/pub_47137/593049_298.pdf

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Post ID: @zhhb+Jpk4RhF

I am so upset. I have been with ITT Tech since 1997 and have not received any information about my pension. I am not age 55 but I would hope that I could still collect it when I get there. The problem is I dont know who to contact about it. I called JP Morgan early on with no luck.

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Post ID: @sbth+Jpk4RhF

Received my lump sum pension check on Friday. The check came from J.P. Morgan.

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Post ID: @ocud+Jpk4RhF

ITT Tech’s parent, ITT Educational Services, is liquidating in a chapter 7 bankruptcy. But don’t look for fire sale prices, he said.

“We’re being given the time to market these in an appropriate fashion. We’re not giving them away; we’re selling them,” he said.

ITT designed and built smart, adaptable buildings, useful to schools, offices or industrial businesses, according to the broker. It also has some surprising sources of cash to fund a prolonged sale process, lawyers said at a bankruptcy court hearing. ITT Tech’s pension plans were over-funded by millions, for example.

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Post ID: @mcid+Jpk4RhF

I applied for a rollover from the pension plan to a 401(k) in August (before the company announced any problems). It was supposed to be processed at the beginning of September. I spoke to CH on August 30 and was told there would not be any issues to my rollover related to the school's problems. Since then I have heard nothing. I called The U.S. Trustee, The Chapter 7 Trustee, and The firm representing ITT. All of them referred me to the website www.ittchapter7.com . I've left messages on the website five times and gotten no response to my queries. If any on has any information on what is going on I would love to know.

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Post ID: @ljtf+Jpk4RhF

For those of you who have received paperwork from ESI- are you at the age where you can take a distribution (age 55)? I have not received any paperwork in the mail, but I am not at the age yet. I would still like a current print out and updated information to track for the future. I have other former co-workers in the same boat..not age 55 but ESI pension plan participants. Thanks in advance for any info I can pass along.

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Post ID: @ccpg+Jpk4RhF

Carolyn H. the Benefits Specialist said that the plan was not being turned over to the PBGC. She indicated that all pension plan participants were sent paperwork. I received mine earlier this week.

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Post ID: @8del+Jpk4RhF

So I contacted PBGC and this was their reply...

"Thank you for contacting the Pension Benefit Guaranty Corporation, (PBGC).

PBGC is unable to provide detailed, plan-specific information on defined benefit pension plans that we have not assumed responsibility for. The plan remains ongoing under the sponsorship of your company so we advise that you consult with the current plan administrator for any pension-related questions.

We apologize for any inconvenience this may have caused you."

Okay, so ITT has ceased to exist. Who managed the ITT pension plan?

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Post ID: @7luw+Jpk4RhF

I got my paperwork on Monday. A lot of forms and one self-addressed envelope. Instructions are to make sure paperwork is received by September 28th to insure a distribution for October 1st. Any paperwork not received by the 28th will be processed as to defer the distribution until a later time. This is all from CH and dated September 15th. The instructions are to send everything back to the ESI address with attn: CH. So it appears that some provision has been made to collect and process the forms. There was no indication in the paperwork who the new plan administrator is but apparently there is one.

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Post ID: @7gzw+Jpk4RhF

Who is administrating the pension? I have received nothing via mail or otherwise even though I spoke to CH on the 7th.

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Post ID: @7puq+Jpk4RhF

Apparently there is no need to email the PBGC. Our plan is still be administered. I'm sending the paperwork off for my lump sum today by next day mail.

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Post ID: @6nmr+Jpk4RhF

More specifically, you can email the PBGC here:

mypension@pbgc.gov

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Post ID: @5tgt+Jpk4RhF

Got my packet in the military on Saturday and mailing back on Monday, next day mail... the date of required return stated 25 Sep, that way the funds can be distributed by 1 Oct...

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Post ID: @2jpo+Jpk4RhF

I received another email from CH the benefits specialist today. She said the ESI Pension forms were mailed out today. I asked her if we would have to go through PBGC to get our pensions. She said no, that the plan is fully funded and being turned over to another plan administrator and we are being provided with the administrator's information. She said the Cerberus take over of the accounts nor the pending bankruptcy will affect those of us who are vested in the ESI Pension. Sounds like she was one of the last people to leave the building today.

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Post ID: @1uvt+Jpk4RhF

Thanks for the info, JP Morgan told me ESI would have to send us the paperwork, hope Kevin didn't tUn off with it.

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Post ID: @izv+Jpk4RhF

I was in contact with CH the benefits specialist last week also by email. She said she was sending me the forms. My guess is they were never mailed. It appears we will have to go through the Government Pension Insurer, PBGC. Here is the link:

https://www.dol.gov/sites/default/files/ebsa/about-ebsa/our-activities/resource-center/fact-sheets/bankruptcy.pdf

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Post ID: @vut+Jpk4RhF

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