northwest airlines pension plan phone number

Reporters from Bloomberg's Washington, D.C. bureau are prominently featured as they offer analysis of policy and legal issues. The Fund has made enhancements to its Online Pension Application submission system. NWA Corp. has the option to repurchase such shares in cash, by the issuance of additional Common Stock, or by the use of cash and stock. The result was a net value of $339,178,820.00 for the purposes of determining the value of the stock contributed on January 15, 2003. 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. Northwest noted that, as reflected in the Term Sheet, Fiduciary Counselors will determine the fair market value of the Pinnacle Stock contributed to the Plans on an annual basis and in advance of each contribution to the Plans. Request Profile Update Download Data 12 Recorded Transactions 1 Opportunities & RFPs $20,046,000,000 Assets 7 Contacts Home Profiles Corporate Pension North America Rebecca Moore. In this environment, it is necessary to maintain high liquidity reserves to ensure the viability of the airline and protect the long-term interests of the pension plans and plan participants. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. See Omnibus Agreement at section 7.2. At the end of 2004,. 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. Pact 4. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. The Omnibus Agreement also provided for an Additional Initial Contribution to the Contract Plan in the amount of $2,671,983 (118,167 shares valued at $22.61 per share). Copyright 2023 Asset International, Inc. All Rights Reserved. ). blaine county recent arrests . The Escalator Clause. Read Our Story Our Approach After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. The Omnibus Agreement provided for two contributions to be made to the Contract Plan on January 15, 2003. B. Old Friends Locator Program. Designed and Developed by Eyesore, Inc. Change of bank accounts for direct deposit, Retiree Death Checklist and Survivor Benefits Process. 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. At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. The IF Report summarizes that, in order to determine the value of Pinnacle, Eclat created a model based on the Three-Stage Free Cash Flow to Equity valuation technique. The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. The exemption affects participants and beneficiaries of, and fiduciaries with respect to, the Plans. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. publication in the future. informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. documents in the last year, 973 # A1430. This document has been published in the Federal Register. While every effort has been made to ensure that Under the Omnibus Agreement, Northwest controls the timing of the IPO until the earlier of July 1, 2006 or the occurrence of an early termination event. The show examines all aspects of the legal profession, from intellectual property to criminal law, from bankruptcy to securities law, drawing on the deep research tools of BloombergLaw.com and BloombergBNA.com. A menu will appear on the left side of the screen. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. struggling airline industry. Their pension was 60 percent of final average earnings (FAE). Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. how long to keep medicare statements after death; documents in the last year, 876 At the time a participant exercises conversion rights, the Series C Preferred Stock is converted to Common Stock, the Common Stock is sold and cash is allocated to participant accounts. Press "1" to indicate that the employee number is all numeric. The Application pertaining to the exemption, the Proposed Exemption, the comments submitted to the Department and the responses to the comments, the transcript of the Hearing, and all other documents submitted to the Department concerning this exemption have been included as part of the public record of the Application. 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. Fiduciary Counselors and Eclat represent that Eclat was originally retained by PBGC to value Pinnacle and to evaluate the financial viability of Northwest. Retiree Death Checklist. The requirement that the director nominated by the Plans approve any changes in the ASA will ensure that any modification of those terms is done only if the changes, taken as a whole, are favorable to Pinnacle and its shareholders, including the Plans. Rebecca Moore. For international access: 1-404-677-8000. Defined Benefit Master Trust : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-18: Delta Pilots Disability and Survivorship Plan : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-04: Northwest Airlines Pension Plan for Salaried Employees 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.comAMR Under Pressure to Preserve Pensions . AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 We provide consulting, design, actuarial, recordkeeping, communication and administration services. 5. At MetLife, protecting your information is a top priority. 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. Concentrix The Rocket Newcastle Address, In order to determine survivorship eligibility, the ESC must first be notified as indicated below. be covered under the disability retirement provisions of You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. The Independent Fiduciary negotiated voting and governance rights to be accorded to the Plans that protect the interests of the Plans (. We have no silos at NWPS. The addition of the regional jets has more than doubled the size of the airline. United Airlines and US Airways have already handed Whether you purchased your policy on your own or obtained it through your employer, log in to your personal account. Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. The labor situation is Start Printed Page 49797stable. Each of Northwest's three main unions at the time of the Agreements also was granted the right to appoint one director to the Northwest board of directors. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. The Independent Fiduciary negotiated a comprehensive set of governance rights accorded to the Plans as a condition of acceptance of Pinnacle Stock. The January 15, 2003 Eclat valuation report (January 15, 2003 Valuation) was attached to the Independent Fiduciary's report submitted to the Department on April 25, 2003 (see below for a discussion of these documents). Eagan, MN 55121-1534. The Independent Fiduciary also engaged the law firm of Jones Day as legal counsel to advise it in connection with its negotiations with Northwest regarding its engagement and Eclat, to provide financial expertise and to value the Pinnacle Stock. This additional contribution was agreed upon as a result of a technical concern raised by Fiduciary Counselors regarding covenants in Northwest's $1.125 billion Credit and Guarantee Agreement dated October 24, 2000, as amended under which Northwest is the borrower (the Credit Agreement), with Northwest's bank lenders. Northwest believes that the final terms for the Put Option, which are more favorable to the Plans, are more completely and accurately stated in the description of the Put Option contained in the description of the Term Sheet as set forth at 68 FR 2587. We are an independent firm and are not in the investment advisory or trust business. Northwest appointed Fiduciary Counselors investment manager of the Investment Fund and Fiduciary Counselors has accepted this appointment. Press "0" to be connected with the Employee Service Center. The board noted that the company's obligation to the holders of the Series C Preferred Stock continues until Northwest has the ability to repurchase the Series C Preferred Stock. In addition, section 404(a)(1)(C) requires that fiduciaries diversify plan investments so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. The Special Conversion Option expired on February 9, 1994. Company profile page for Northwest Airlines Pension Plan For Contract Employees including stock price, company news, press releases, executives, board members, and contact information NWA is the plan administrator and the employer plan sponsor of the Plan. benefit plans and moving employees to a defined (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. 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. 2. journey aaron becker planning; quorum of the twelve apostles ages. Date: This exemption is effective as of January 15, 2003. Fax the Fund office at 202-463-8098 or 202-457-8653 (please use this form when faxing a request). Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. The Northwest board of directors determined that at this time the company could not legally redeem the 4.8 million shares of its Series C Preferred Stock still outstanding and made the following statement: After a thorough review of the legal restrictions applicable to the company, the board concluded that Northwest was not able to buy back the Series C Preferred Stock, at this time. Please advise the Fund Office of any address and/or email changes via, Files may consist of scanned photographs of documents, Allowed File Types: pdf, doc, docx, png, jpeg, Request for Ruling on Post-Retirement Employment, Retroactive Annuity Starting Date (RASD) Form, Mail supporting documents to the Fund Office at 99 M Street, SE, Suite 600, Washington, D.C. 20003-4595. 5. This scamming can happen via text, email or websites set up to look like the trusted company. Leaf Home Water Solutions Vs Culligan, This is because a cash contribution is not a viable alternative given the company's liquidity needs. participants who become disabled after August 31 will not DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. (b) A statement that the appraiser is independent of Pinnacle and Northwest, and that the appraiser has no interest in the securities issued by Pinnacle or Northwest. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. 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 Sightless Post Credit Scene. Official Publications from the U.S. Government Publishing Office. According to the court order, while employed by Delta, the plaintiffs suffered . ET TTY/ASCII users may call 711. Upon consideration of all of the comments received and testimony offered at the Hearing, the Department has determined to grant the proposed exemption subject to certain modifications. employees, Business Insurance reports. 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. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). Northwest Airlines Retirees . By letter dated March 3, 2003, Northwest described the Northwest contribution of Pinnacle Stock made to the Contract Plan on January 15, 2003 (the March 3 Comment). In addition, the Independent Fiduciary negotiated that Northwest Airlines Corporation (NWA Corp), Northwest's ultimate parent company, will guarantee Northwest's obligations under the Omnibus Agreement, including the consummation of the Put Option. This exemption is conditioned upon adherence to the material facts and representations described herein and upon satisfaction of the following requirements: (a) The Plans acquire the Pinnacle Stock through one or more contributions by Northwest during the calendar years 2003 and 2004; (b) An independent qualified fiduciary (the Independent Fiduciary), acting on behalf of the Plans, represents the Plans' interests for all purposes with respect to the Pinnacle Stock, and determines, prior to entering into any of the transactions described herein, that each such transaction, including the contribution of the Pinnacle Stock, is in the interests of the Plans; (c) The Independent Fiduciary negotiates and approves the terms of any of the transactions between the Plans and Northwest that relate to the Pinnacle Stock; (d) The Independent Fiduciary manages the holding and disposition of the Pinnacle Stock and takes whatever actions it deems necessary to protect the rights of the Plans with respect to the Pinnacle Stock; (e) The terms of any transactions between the Plans and Northwest are no less favorable to the Plans than terms negotiated at arm's-length under similar circumstances between unrelated third parties; (f) The Independent Fiduciary determines the fair market value of the Pinnacle Stock contributed to each plan as of the date of each such contribution. 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. Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. 404-714-1489. Once the Plans hold more than 50 percent of the Pinnacle Stock, the affirmative vote of the director designated by the Plans shall be required to approve the appointment of any new CEO of Pinnacle and compensation of any CEO, any amendments to the $200 million Note of Pinnacle Airlines, Inc. held by Northwest, the amendment of Pinnacle's charter or by-laws in certain respects, or the implementation of certain changes in Pinnacle's capital structure or the issuance of capital stock prior to an IPO. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. In a business that often moves glacially and at other times, very swiftly, we are constantly taking stock, adjusting the sails, fine tuning our course NWPS recently sponsored the Advisor2x Wealth@wor(k) conference in Las Vegas, NV. Call PBGC's Customer Contact Center at 1-800-400-7242. September 9, 2005 (PLANSPONSOR.com) - Northwest Eclat provided additional information in support of its view that the discount rates, and other factors used in determining the fair market value of the Pinnacle Stock were reasonable and theoretically sound. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. The changes incorporated into the Omnibus Agreement were requested and approved by Fiduciary Counselors. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. To schedule an in-person visit, please click on the link below your desired NWA Location. Northwest Airlines Corporation (NWA Corp.) will guarantee Northwest's obligations under the Omnibus Agreement, including the Put Option. We want to do so as soon as possible. On August 1, 2003, in response to the Department's questions concerning the legal restrictions that prevented Northwest from repurchasing the Series C Preferred Stock and whether these legal restrictions were tied to Northwest's financial condition, Northwest explained that in making the Series C stock repurchase decision, the board of NWA Corp. was subject to a Delaware law that applies only to NWA Corp.'s repurchase of its own stock. Legislative Alerts. 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). The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. The freezing of Northwests plans follows the trend Benefits Through Your Employer (MyBenefits), MetLink - Access your company's benefits data, MyBenefits - Benefits Through Your Employer, MetLife's Online Service - Life, Annuities, Disability, Long-Term Care, Critical Illness, Auto, Home, Total Control Account (eSERVICE), Access the MetLink section of the website, Access the DigitalSolution section of the website, Access the MyBenefits section of the website, Access the Specialized Benefit Resources (SBR) section of the website, By signing in, I agree to the Terms of Use, Structured Settlements Broker Resources (SBR). Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. Total cost is only $ 299.00. The length of the Deferral varies based upon a function of (1) the liquidity of Northwest (as defined in the Omnibus Agreement) and (2) the value of Pinnacle Stock contributed to the Plans. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. 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. Northwest Airlines Latest to Propose DB Additionally, Northwest notes that the Letter Agreement between Northwest and ALPA relating to a voluntary contribution of Pinnacle Stock would provide ALPA with a role in reviewing and approving the termination, and any replacement, of the independent fiduciary. has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. Create an Account and Draft a QDRO for This Plan. Download NWA's mobile app for both the iOS and Android platforms and access your information securely, anytime, anywhere. Pinnacle's compensation formula within the ASA contractually provides for a target operating margin of 14 percent from 2003 through 2007, with a guaranteed floor of 12 to 13 percent during this period. 4. FOR METLIFE SECURITIES INC. Comment: A number of comments expressed concerns that Pinnacle Stock is a risky and illiquid investment and hard to value because there is no established market for the security. 01/18/2023, 249 2. The Contract Employees share of the Master Trust assets are $1,665,979,000. frozen as of August 31. 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. The allocation method made pursuant to the Letter Agreement will result in a modest change in the percentage of the Contract and Salaried Plans' assets invested in Pinnacle Stock compared to the ratable allocation contemplated by the Proposed Exemption. DALRC 2023. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. 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You may have seen recent news coverage of customers of financial services companies falling victim to social engineering scams. Please specify which news release when placing your request. (h) A description of the economic outlook in general, and of the condition and outlook of Pinnacle's industry in particular. NWPS Co-Sponsors the 2022 Broadridge Fi360 Solutions Conference. and services, go to Posted on . Pinnacle itself had revenues of approximately $345.2 million for 2002. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. The technology is here, but politics may stand in the way. Eclat determined that Pinnacle and Northwest are healthy companies, even in light of current economic conditions in the airline industry. :OE> :R"5h i{. Our clients wont have it any other way. In view of the comments requesting a hearing, on March 11, 2003, the Department published in the Federal Register (68 FR 11589) a notice of hearing on the Proposed Exemption. A Rose For Janet By Charles Tomlinson Summary Pdf, Enter the nine-digit employee number and press #. documents in the last year, 16 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. See Omnibus Agreement at section 6.3. 3. Airlines has frozen two pension plans that cover salaried 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. Travel. Northwest Airlines Retirees . The selection of an independent qualified appraiser to determine the value of an in-kind contribution and the acceptance of the resulting valuation are fiduciary decisions governed by the provisions of Part 4 of Title I ERISA. The hearing on the Proposed Exemption was held on May 5 and 6, 2003 at the Department of Labor (the Hearing). Northwest proposed the freezing of its defined Commission says that participants benefits accruals were As a condition to any such contribution by Northwest, the Independent Fiduciary must determine on behalf of the Plans that the acceptance of the contributed shares is prudent and in the interests of the Plans' participants and beneficiaries and otherwise consistent with the fiduciary standards of ERISA. The universe is not as it appears. 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. The IAM National Pension Fund. February 27, 2023 . of terminating pension plans for the financially For general support including COBRA and eligibility requests: Tel: 1-877-843-4772 Mon - Fri 8am - 6pm EST Effective December 31, 1978, section 102 of Reorganization Plan No. In the business of 401k record keeping things are either right or they are wrong. Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. The valuation prepared by Eclat took into consideration current industry conditions. 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. Employee Benefits Security Administration, Department of Labor. Register documents. 5. Publi . Southwest has a small operation in Detroit with only 2 gates. 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. Additionally, by letter dated July 15, 2003, Fiduciary Counselors represents that in preparing the valuation for subsequent contributions, Eclat will reexamine the assumptions used in preparing the initial valuation and will continue to stress test the assumptions in its valuation model to reflect the credit-worthiness of Northwest and changing conditions in the regional jet market. On May 20 and June 10, 2003, Northwest responded to certain issues raised during the Hearing that were not responded to in the April 26 Comment. Corporation (See, Northwest Airlines Latest to Propose DB All Rights Reserved. Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. 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. Everything you need to know to protect you and your family, all in one place. 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. If, on August 1, 2003, NWA Corp. decides not to repurchase the Series C Preferred Stock, beginning on August 1, 2003 and on each succeeding quarter end date, NWA Corp. must use all Available Cash (a defined term in the Agreements) to effect partial repurchases of the Series C Preferred Stock, but only if and to the extent NWA Corp. is not prohibited from making such repurchases under applicable Delaware corporate law or any loan agreement to which NWA Corp. is a party.

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