On January 11, 2003, the Independent Fiduciary and its advisors conducted a telephone interview with Pinnacle's chief executive officer and chief financial officer as part of its due diligence. 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. benefit plans and moving employees to a defined In order to determine survivorship eligibility, the ESC must first be notified as indicated below. Northwest appointed Fiduciary Counselors investment manager of the Investment Fund and Fiduciary Counselors has accepted this appointment. 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. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation Travel. Chalet A Vendre Charlevoix Bord De L'eau, Follow our blog for insights and news about our company, the industry and changes in laws. New York, NY 10166 - All Rights Reserved. These pictures have delighted, awed, and amazed us with images of deep space Several hundred retirement plan industry professionals gathered in Austin, Texas last week to discuss the latest trends and important topics impacting We can depend on NWPS for accuracy and responsiveness for our clients administration services. struggling airline industry. 3. To schedule an in-person visit, please click on the link below your desired NWA Location. United Airlines and US Airways have already handed You can apply online for your pension benefits and upload supporting documents by logging into PSS. and Please specify which news release when placing your request. Press "1" to indicate that the employee number is all numeric. This change generally reduces the length of the available Deferral when the Plans hold more than $325 million in Pinnacle Stock (measured as of the date of each contribution). The Contract Employees share of the Master Trust assets are $1,665,979,000. 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 In addition, Delaware law would not restrict NWA Corp., a Delaware corporation, from repurchasing the Pinnacle Stock as the guarantor of the Put Option. The Independent Fiduciary must ensure that all of the conditions above are satisfied with respect to any past contributions of Pinnacle Stock, as well as any future contributions. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. Northwest Airlines Pension Plan for Salaried Employees (Salaried Plan), the Northwest Airlines Pension Plan for Pilot Employees (Pilot Plan), and the Northwest Airlines Pension Plan for Contract Employees (Contract Plan) (Collectively, the Plans), Located in Eagan, MN A Notice by the Employee Benefits Security Administration on 08/19/2003 Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. 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. web design and development by new target, inc. Checklist of Required Supporting Documents, How to Submit Required Supporting Documents to the Fund Office, calculatean estimate of your pension benefit on, view this formto see the information that should be included in your emailrequest, Participants may print a copy of the completed Application for your records if an email is provided in the online Pension Application, It is important to keep the Fund Office up to date with your current information in order to provide you with premier service. Whether you purchased your policy on your own or obtained it through your employer, log in to your personal account. A menu will appear on the left side of the screen. For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. Total cost is only $ 299.00. ABCs OF RETIREMENT. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. We have never been disappointed in the service received from NWPS. The labor situation is Start Printed Page 49797stable. Delta Life Insurance - MetLife (Basic/Optional/Spouse) 1-866-939-7409. To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. 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. 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. 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. Select the item(s) you need from this menu. Create an Account and Draft a QDRO for This Plan. [7] Northwest's presence in international markets has helped offset the losses in the U.S. domestic market. The National IAM Benefit Trust Fund reaches over 200 contributing employers. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. A Start Printed Page 49795breach of the Omnibus Agreement by Pinnacle constitutes an Early Termination Event if such breach continues because Northwest fails to exercise its rights as a stockholder to cause the Pinnacle directors to cure the breach or to replace such directors. The following items are found found on the DeltaNet for Alumni home page: To access paycheck receipts (stubs), W-2s, and 1099s go to the DeltaNet for Alumni home page and click Self Service on the white menu bar, then click My Money. We provide consulting, design, actuarial, recordkeeping, communication and administration services. 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. Enter the nine-digit employee number and press #. 8. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. Jen And Nick Big Brother 8 Married, Page 49 of 61. 1-800-821-6400. Retiree Death Checklist. However, Northwest notes that it has received the consent of the Air Line Pilots Association (ALPA), the union representing Northwest pilots, to permit the Pilot Plan to hold Pinnacle Stock (see below for discussion of the Northwest and ALPA Letter Agreement). Northwest explained that the Omnibus Agreement granted the Plans additional rights in order to protect their interest in the Pinnacle Stock. 5. The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. 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 two construction pension plans will receive more than $70 million in combined funds. Legislative Alerts. This voluntary contribution will eliminate the funding requirements under the Code and ERISA for the 2003 Plan Year that would otherwise be payable with respect to the Pilot Plan. Schwarzenegger Shoots Down Same-Sex Marriage Thus, almost all of the Series C Preferred Stock that remains in the Employee Stock Plan is allocated to the accounts of employees represented by the IAM and IBT. 5. Dated 2009. Page 53 of 61. (i) The Plans incur no fees, costs or other charges as a result of their participation in any of the transactions described herein. The addition of the regional jets has more than doubled the size of the airline. Corporation (SeeUnited, PBGC Hammer Out Plan Takeover Northwest stated that the language at section 5.1(b) of the Omnibus Agreement contains a representation that Northwest has the corporate and legal authority to meet its obligations under the agreement, including the Put Option. You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. No Reproduction Without Prior Authorizations. Company profile page for Northwest Airlines Pension Plan For Contract Employees including stock price, company news, press releases, executives, board members, and contact information The following chart can help you determine when to make your Pension Application request: *You may not return your application more than 180 days prior to your desired pension effective date. 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. Publi . 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. While defined-benefit plans were prominent in the . This scamming can happen via text, email or websites set up to look like the trusted company. 612-726-3774. In the business of 401k record keeping things are either right or they are wrong. 4. The technology is here, but politics may stand in the way. Northwest Airlines Retirees . Since September 10, 2001, regional airlines have lost 48% of their value while the major airlines have lost 78% (excluding U.S. Airways and United that have filed for Chapter 11 bankruptcy protection). 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. Call 202.693.7773 or TTY 202.693.7755. 1. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. Northwest Administrators, Inc. is Mobile! Fromage En 5 Lettres, The Fund will officially receive your online Application the same day it is submitted online. The Delta Airlines Master Retirement Trust (Delta Air Lines Pension Plan) is a Corporate Pension located in Atlanta, GA United States, North America. has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. Eagan, MN 55121-1534. Driving Directions. of terminating pension plans for the financially See Omnibus Agreement, Definition of Early Termination Event at section 1.1. 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. Helpful Phone Numbers and Resources. Northwest Airlines Latest to Propose DB If you have questions on any of the material or the enrollment process, please contact the Northwest Retiree Service Center at 1-866-305-1042. frozen as of August 31. 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). blaine county recent arrests . NWPS Co-Sponsors the 2022 Broadridge Fi360 Solutions Conference. 1. Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. The Fund has made enhancements to its Online Pension Application submission system. 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. Seattle WA 98102-3305. Northwest observed that the comments submitted to the Department raised several concerns regarding the contribution of Pinnacle Stock to the Plans, as contemplated by the Proposed Exemption. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. Employee Benefits Security Administration, Department of Labor. daily Federal Register on FederalRegister.gov will remain an unofficial Northwest provided the funded status of each Plan as of 1/1/03 as shown in the following table. 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. 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. The freezing of Northwests plans follows the trend With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. September 9, 2005 (PLANSPONSOR.com) - Northwest Airlines has frozen two pension plans that cover salaried employees, Business Insurance reports. For ease of reference, Northwest refers to the Employee Stock Plan, but the factual discussion of the Series C Preferred Stock remains accurate after the merger with the Northwest 401(k) plans. NWA is the plan administrator and the employer plan sponsor of the Plan. Accordingly, Northwest notes that, consistent with the Omnibus Agreement's terms, the Additional Initial Contribution will be treated as a credit balance and be applied toward future contributions to the Contract Plan. At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. Most importantly, our 401(k) advisory clients are happy with the attention they receive and the level of service provided. How. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . 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. If previous valuations or analyses do not comport with these conditions, the Independent Fiduciary must perform any additional work necessary to make the valuations and analyses consistent with the conditions of this exemption. The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. This document contains a final exemption issued by the Department of Labor (the Department) from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) and from certain taxes imposed by the Internal Revenue Code of 1986 (the Code). AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 (h) A description of the economic outlook in general, and of the condition and outlook of Pinnacle's industry in particular. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 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. Alternatively, Northwest may arrange for the stock to be purchased by a third party. The IAM National Pension Fund. 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). 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. fred jones positive classroom discipline pros and cons, how much did pauly d spend on renting the hotel, entergy transfer service to another person, the country club at muirfield village membership cost, A Rose For Janet By Charles Tomlinson Summary Pdf, What Does Reversible Perfusion Defect Mean, tucson brush and bulky pickup schedule 2022, send data from jsp to servlet without form, automatic headlight conversion kit dodge caravan. Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. Rebecca Moore. The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. Made In Mexico Dyckman Shooting, contribution program in March in order to cut costs (See, United Airlines and US Airways have already handed This document has been published in the Federal Register. The three supplemental SFA packages provide a total of more than $200 million. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 5. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. Several commenters asked whether the Plan trustees should decide when to initiate a public offering since the Plans will own a majority of Pinnacle Stock. Please click here to sign up now. documents in the last year, 973 # A1430. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. Pact As a condition of the Proposed Exemption, Fiduciary Counselors, using the services of its independent appraisal firm Eclat, Start Printed Page 49802determined the value of Pinnacle Stock. 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. At the present time, the Board was unable to make this finding. Old Friends Locator Program. Document Drafting Handbook Moreover, the Plans will receive all of any investment gains attributable to their shares of Pinnacle Stock at the time of an IPO. On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. Northwest proposed the freezing of its defined As with the Term Sheet, the final Omnibus Agreement provides that the Deferral shall be shortened if Pinnacle Stock is publicly traded. Northwest represents that it will make any such contributions in cash. Equally important, Fiduciary Counselors negotiated for special rights associated with the Plans' acquisition of Pinnacle Stock that limit the risks associated with Pinnacle Stock. The Master Trust, all pension assets are, $4,146,038,000. northwest airlines pension plan phone number. Enter the 'pass eligibility date' as six digits (in most cases this is the same as the original hire date) and press #.

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