Northwest notes that the Omnibus Agreement, while consistent with the Term Sheet, provides specific terms for: the contribution transactions; transferability of Pinnacle Stock; corporate governance; voting rights; the Put Option; representations and warranties; and a number of other matters. The Proposed Exemption was requested in an application filed on Start Printed Page 49793behalf of Northwest pursuant to section 408(a) of the Act and section 4975(c)(2) of the Code, and in accordance with the procedures set forth in 29 CFR part 2570, subpart B (55 FR 32836, August 10, 1990). In addition, the Independent Fiduciary will monitor on an ongoing basis the prudence of the Plans' continued holding of Pinnacle Stock consistent with the fiduciary standards of ERISA. The Fund has made enhancements to its Online Pension Application submission system. Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. 1-800-821-6400. is john tee still in salvage hunters, air design tailgate applique silverado, tanner cline net worth, fatal shooting in dover delaware, fred jones positive classroom discipline pros and cons, unsworth medical centre, interview with big nose kate, jfk autopsy photos national archives, james brian biden net worth, how much did pauly d spend on renting the hotel, entergy transfer service to another person, polar express perris promo code, noel harrison wife, lc34g55twwnxza firmware update, the country club at muirfield village membership cost. Additionally, the Independent Fiduciary corrects language in the fifth paragraph of the Voting Provisions of the Proposed Exemption that states a majority of Pinnacle's board is needed for the approval of compensation of Pinnacle's CEO. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. Registration rights and Plan director's rights preserve the value of the Pinnacle Stock while held by the Plans. During the Hearing, the Department asked Northwest to provide information concerning the funded status of the Pilot Plan, Contract Plan and Salaried Plan at the end of 2002. It is not an official legal edition of the Federal However, Northwest has proposed to contribute Pinnacle Stock because it believes that it is a superior investment for the Plans. Northwest appointed Fiduciary Counselors investment manager of the Investment Fund and Fiduciary Counselors has accepted this appointment. (n) An analysis of the degree to which actual control (both in form and in substance) will pass to any of the Plans as a result of any of the contemplated transactions, (o) To the extent that Pinnacle's current or projected revenues and expenses are related to, or dependent upon, contracts, agreements, or understandings between Northwest and Pinnacle, an analysis of Northwest's financial condition, the likelihood of a Northwest bankruptcy, and the potential impact of a Northwest bankruptcy on those contracts, agreements, or understandings, and on the market value of Pinnacle Stock, and. Northwest Retirement Plans, Inc. 541-776-4080 FAX: 541-772-1129 OFFICE: 3235 Hillcrest Park Drive, Suite 100 in Medford, OR 97504 Northwest Retirement Plans: We are a third party administrator (TPA) of Qualified Retirement Plans for employers. Each Plan's percentage ownership reflects the relative size of each Plan to each other. The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. We are an independent firm and are not in the investment advisory or trust business. Airlines has frozen two pension plans that cover salaried This will allow you to know when they were delivered to the Funds Office. The technology is here, but politics may stand in the way. C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US Northwest Airlines Pension Plan for Contract Employees address: C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US Entity Overview Registration Authority Entity Legal Form LEI Registration We provide retirement plan recordkeeping, administration, actuarial, consulting, compliance and participant services to over 1,100 companies with 425,000 participants and $45 billion in retirement savings. Northwest responded that no similar legal restriction would apply to the repurchase of Pinnacle Stock pursuant to the exercise of the Put Option. Eclat furnished to the Independent Fiduciary its report and opinion as to the value of the contributed Pinnacle Stock at the time of the Initial Contribution on January 15, 2003 (January 15, 2003 Valuation). Northwest asserts that, if its current cash needs were not so great, Northwest would make its pension contributions in cash as it has in the past. Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. OR. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Read Our Story Our Approach Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. You can lighten the load by taking the uncertainty out of their financial future. 2023 MetLife Services and Solutions, LLC. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. As with the Term Sheet, the final Omnibus Agreement provides that the Deferral shall be shortened if Pinnacle Stock is publicly traded. This scamming can happen via text, email or websites set up to look like the trusted company. NWA is the plan administrator and the employer plan sponsor of the Plan. NORTHWEST AIRLINES CORPORATION (Debtor-in-Possession) (Exact name of registrant as specified in its charter) Registrant's telephone number, including area code (612) 726-2111 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Title of each class Name of participants who become disabled after August 31 will not Fromage En 5 Lettres, The changes incorporated into the Omnibus Agreement were requested and approved by Fiduciary Counselors. In the March 5 Comment, Fiduciary Counselors noted that, consistent with the statutory requirements of section 404(a) of ERISA, the reference in the Proposed Exemption to the best interests of the Plans participants and beneficiaries (emphasis added) should be changed to the interests of the Plans participants and beneficiaries. 404-714-1489. Select the item(s) you need from this menu. Northwest Airlines Retirees . This is because a regional airline derives its value from the value of its ASA with the major carrier and the major carrier is unlikely to terminate the ASA in bankruptcy because it would severely disrupt the flow of high yield passengers. We want to do so as soon as possible. at Northwest Airlines IAM members at Northwest Airlines were the only employee group at the carrier with a defined benefit pension plan after the carrier emerged from bankruptcy. A decision to issue only additional Common Stock must be approved by a majority of the three directors elected by the holders of the Series C Preferred Stock. employees, Business Insurance reports. Chalet A Vendre Charlevoix Bord De L'eau, ALPA and Northwest informed the Department that the Letter Agreement will be executed by the parties in connection with a proposed voluntary contribution of Pinnacle Stock (described below). 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. While defined-benefit plans were prominent in the . After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. Northwest sought the exemption to permit the Pinnacle Stock contribution as part of its overall strategy of managing the current economic uncertainty. DALRC 2023. We have no silos at NWPS. The IAM National Pension Fund provides participants with a defined-benefit pension plan for their retirement. February 27, 2023 . The freezing of Northwests plans follows the trend This model is designed to value firms, like Pinnacle, that are expected to go through three phases of growthan initial phase of high growth, a transitional period where the growth rate declines, and a steady-state period where growth is stable. No Reproduction Without Prior Authorizations. and services, go to Posted on . At MetLife, protecting your information is a top priority. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. As noted in the June 27, 2003 letter from Northwest and ALPA to the Department, Northwest states that the Letter Agreement will be executed in connection with the voluntary contribution. Northwest stated that it would not. regulatory information on FederalRegister.gov with the objective of In the Proposed Exemption, it was noted that the length of the Deferral would be shortened if Pinnacle Stock was publicly traded at the time that the Put Option is exercised. The Special Conversion Option expired on February 9, 1994. Monthly Article. Old Friends Locator Program. northwest airlines pension plan phone number. 5. Copyright 2023 Asset International, Inc. All Rights Reserved. informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. Fax the Fund office at 202-463-8098 or 202-457-8653 (please use this form when faxing a request). Doing things right the first time. The Independent Fiduciary and its advisors reviewed various documents relevant to the Contribution, including without limitation, Northwest's certificate of incorporation; Northwest's corporate bylaws; the certificate of incorporation of Pinnacle; the Master Trust agreement pursuant to which the Plan assets are currently held and managed; audited financial statements of the Plans for 2000 and 2001; the current Plan documents; the Plans' annual reports on Forms 5500 for 2000 and 2001; other information provided by Northwest regarding the Plans' assets (including the Plans' investment guidelines and portfolio composition); a statement prepared by the Plans' actuaries of the Plans' liquidity needs to pay benefits and administrative expenses in the near future and the sources of funds (other than the Pinnacle Stock) available to satisfy such liquidity needs; and certain of Pinnacle's collective bargaining agreements. All Rights Reserved. There were significant changes made to the original valuation performed for the PBGC (the Eclat Report) based on this agreement that proved to be more conservative with respect to the ultimate valuation. Delta Life Insurance - MetLife (Basic/Optional/Spouse) 1-866-939-7409. Since Northwest was prohibited from investing the Pilot Plan's assets in employer stock, the Pilot Plan at that time, did not participate in the investment fund. The Delaware law does not apply to the repurchase of Pinnacle Stock, which is not treated as NWA Corp.'s own stock. NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse. A Rose For Janet By Charles Tomlinson Summary Pdf, Section 7.2(b) of the Omnibus Agreement requires only that the appointment of a new CEO be approved by a majority of Pinnacle's board (excluding the Northwest Director), and does not make reference to the compensation of Pinnacle's CEO. The Independent Fiduciary represents that the description of the valuation by Eclat Consulting (Eclat) of Pinnacle in the Proposed Exemption commencing in the second column of 68 FR 2580 (the Eclat Report) should be updated to reflect Eclat's valuation of Pinnacle as of January 15, 2003. Click HERE for a printable version of this page. Learn about Northwest Airlines Pension Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Northwest Airlines employees. Northwest Airlines Retirees . This document has been published in the Federal Register. Glassdoor is your resource for information about the Pension Plan benefits at Northwest Airlines. Northwest strongly believes that Pinnacle Stock has significant value and that the value of Pinnacle Stock will increase when the IPO market improves for regional airlines. Corporation (See, Northwest Airlines Latest to Propose DB 01/18/2023, 249 2. The three supplemental SFA packages provide a total of more than $200 million. REPRESENTATIVES, Sorry, we couldn't find any results matching. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. The amount of the Initial Contribution is equal to the amount that was required to meet the quarterly funding requirements under ERISA section 302 and Code section 412(l) for the Contract Plan due on January 15, 2003. View All Posts. Publi . documents in the last year, 973 # A1430. Travel. on Northwest provided that the Omnibus Agreement guarantees that the Plans always receive the greater of the initial contribution value of Pinnacle Stock or the value of the stock at the time of an IPO or the exercise of the Put Option. Northwest Airlines Latest to Propose DB Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. NWPS Co-Sponsors the 2022 Broadridge Fi360 Solutions Conference. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. Southwest has a small operation in Detroit with only 2 gates. The two construction pension plans will receive more than $70 million in combined funds. Document page views are updated periodically throughout the day and are cumulative counts for this document. shortfall. Definitions at (a) of the Proposed Exemption in column 1 of 68 FR 2590, the reference to 5 percent (5%) of such fiduciary's gross income, for Federal income tax purposes, in its prior tax year, will be paid by Northwest should read 5 percent (5%) of such fiduciary's annual gross revenue in the year of its engagement, will be paid by Northwest.. Once these growth assumptions are made, the present value of expected free cash flow is calculated. The Omnibus Agreement provided for two contributions to be made to the Contract Plan on January 15, 2003. northwest airlines pension plan phone number. Call PBGC's Customer Contact Center at 1-800-400-7242. Any change to the ASA, including any early termination of the ASA by Pinnacle, must be approved by a majority of Pinnacle's independent directors, which majority must include the director designated by the Plans. Rebecca Moore. Dated 2009. A combination of plan design, web/mobile tools, live call support, financial wellness tools and personalized outreach to help participants achieve their personal financial goals. NWA is the plan administrator and the employer plan sponsor of the Plan. A federal judge has denied dismissal of a lawsuit in which five former employees of Delta Air Lines allege Delta and its administrative committee improperly reduced their pension benefits from the Northwest Airlines Pension Plan for Contract Employees. benefit plans and moving employees to a defined legal research should verify their results against an official edition of The concerns expressed generally related to the proposed contribution of Pinnacle Stock instead of a cash contribution to the Plans; the value and method of valuation of the Pinnacle Stock; the effects of the proposed transactions on the Plans; and the adequacy of the proposed safeguards that are intended to protect the Plans' interests. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. NWA is now open for in-person visits by Appointment Only. PBGC-US Airways Pension Deal Gets Court However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. NWPS helps organizations efficiently and effectively run retirement and benefit plans so their employees are protected and able to retire with dignity. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . contribution program in March in order to cut costs (See Seattle WA 98102-3305. frozen as of August 31. Representatives are available to assist you The terms of the transaction negotiated between the Independent Fiduciary and Northwest were embodied in a Term Sheet, which was provided to the Department on January 10, 2003. Participant data is only used for recordkeeping, not cross-selling. The Department notes that the appointment of an independent fiduciary to represent the interests of the Plans with respect to the transactions that are the subject of the exemption request was a material factor in its determination to propose exemptive relief. In this regard, section 404(a)(1)(A) and (B) of ERISA requires that fiduciaries discharge their duties to a plan solely in the interests of the participants and beneficiaries, for the exclusive purpose of providing benefits to participants and beneficiaries and defraying reasonable administrative expenses, and with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. Northwest asserts that it couldn't make this representation if there were restrictions that limited its ability to honor the Put Option or other aspects of the Omnibus Agreement and this representation was the product of the negotiations between the Independent Fiduciary and Northwest (as noted above). Northwest will obtain an amendment of the Omnibus Agreement so that the Independent Fiduciary will have first priority to sell Pinnacle Stock in an initial public offering, if certain conditions exist. The Escalator Clause. Bill. A menu will appear on the left side of the screen. Create an Account and Draft a QDRO for This Plan. For purposes of the funding standard account of each Plan, the value of the shares of Pinnacle Stock contributed to each Plan will be determined by the Independent Fiduciary. Signoff, House Votes to Overturn Rule Allowing ESG Investing in Retirement Plans, SS&C Hires Nelson From Tata Consultancy as Retirement Business COO, Senate Follows House in Rejecting DOL ESG Rule, Transportation, Sheet Metal, Service and Manufacturer Pensions Receive PBGC Assistance, 1 New York, 2 Michigan Pension Plans Receive PBGC Assistance, Ironworker and Plasterer Pension Funds Receive SFA Assistance From PBGC, Schwarzenegger Shoots Down Same-Sex Marriage DALRC Retiree Assistance Program, Inc. 678-782-7577. Official Publications from the U.S. Government Publishing Office. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). Open for Comment, Rules of Practice and Procedure; Adjusting Civil Money Penalties for Inflation, Economic Sanctions & Foreign Assets Control, Revised Definition of Waters of the United States, Certain Preserved Mushrooms From France Determination, Energy Conservation Program: Test Procedure for Dishwashers, Prior Label Approval System: Expansion of Generic Label Approval, Rate Adjustments for Indian Irrigation Projects, Establishing the President's Advisory Council on African Diaspora Engagement in the United States, Employee Benefits Security Administration, Valuation in Connection With the Right of First Refusal, Fiduciary Counselors March 5, 2003 Comment, Fiduciary Counselors and Eclat April 25, 2003 Submissions, The Eclat Report and the January 15, 2003 Valuation, Negotiation of the Term Sheet and Omnibus Agreement, The Independent Fiduciary's Determinations, Airline Industry and Northwest Financial Condition, Collateral for Pinnacle Stock Contribution, Northwest May 20 and June 10, 2003 Comment Letters, Fiduciary Counselors' July 11, 2003 Submission, Change of Affiliation of Fiduciary Counselors, Termination of the Independent Fiduciary Agreement, Northwest and ALPA Agreement Regarding Pinnacle Stock, August 6, 2003 Northwest and Independent Fiduciary Response, Enhanced Communication with Plan Participants, https://www.federalregister.gov/d/03-21162, MODS: Government Publishing Office metadata, Current Liability using 6.65% interest rate (IRC 412(l)), Market Value of Assets (with PY02 accrued contributions), Actuarial Value of Assets (with PY02 accrued contributions). On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. Pension 225 South Lake Ave Ste 1200 Pasadena CA 91101-3000 Phone: (626) 463-6100 Health and Welfare 225 South Lake Ave Ste 1200 Pasadena CA 91101-3019 Phone: (626) 463-6097 Hours of Operation: 8:30 a.m. - 5:00 p.m. PST Driving Directions Schedule Appointment: Las Vegas Office 7674 West Lake Mead Blvd Ste 100 Las Vegas NV 89128 Phone: (702) 562-7450 Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. Fax supporting documents to the Fund Office at 202-463-8098 or 202-457-8653 Request a Paper Application Call the Fund Office at 1-800-424-9608 Mail this request form to the Fund Office at 99 M Street, SE, Suite 600, Washington, D.C. 20003-4595. Pinnacle itself had revenues of approximately $345.2 million for 2002. See Omnibus Agreement at section 7.2. To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. Former Northwest Airlines Workers Sue Delta Over Pensions By Emily Brill Law360 (December 14, 2021, 4:18 PM EST) -- Delta Air Lines Inc. has been hit with a proposed class action in Nevada. Northwest observed that the Term Sheet, as reflected in the Proposed Exemption, allows Northwest to defer the closing date with respect to Pinnacle Stock repurchased pursuant to the Put Option (such delay, a Deferral). Commission says that participants benefits accruals were AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 Contact Info NWPS HQ: 4025 Delridge Way SW, Suite 250 Seattle, WA 98106 Ph: 206-933-1500 Fax: 206-938-5987 Email Address: info@nwpsbenefits.com Driving Directions From I-5 North or South Take the W SEATTLE BR exit EXIT 163A toward SPOKANE ST Merge onto WEST SEATTLE BRIDGE Exit onto Delridge Way SW Continue on Delridge Way SW northwest airlines pension plan phone numberfarmington hills police. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. 3. Northwest's pension fund consists of three individual plans, for about 8,000 pilots, 9,000 salaried employees and 52,000 unionized workers, including mechanics and agents.