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. 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. PDF IAM Preserves Pensions at Northwest Airlines Helpful Phone Numbers and Resources. Fiduciary Counselors and Eclat represent that Eclat was originally retained by PBGC to value Pinnacle and to evaluate the financial viability of Northwest. 4. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. Information about this document as published in the Federal Register. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. Made In Mexico Dyckman Shooting, The Master Trust, all pension assets are, $4,146,038,000. September 9, 2005 (PLANSPONSOR.com) - Northwest 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. Fromage En 5 Lettres, 3. NWA is now open for in-person visits by Appointment Only. In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. How. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. QDRO Preparation for NORTHWEST AIRLINES PENSION PLAN FOR - Qdro Desk Please specify which news release when placing your request. Pinnacle itself had revenues of approximately $345.2 million for 2002. This is because a cash contribution is not a viable alternative given the company's liquidity needs. to DC Move Northwest represents that the amount of shares necessary to satisfy the required contribution was based upon a final valuation of Pinnacle by Fiduciary Counselors, relying on a valuation report prepared by Eclat Consulting. 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). Pension Plan Administration - NORTHWEST ADMINISTRATORS, INC. The changes incorporated into the Omnibus Agreement were requested and approved by Fiduciary Counselors. Participant data is only used for recordkeeping, not cross-selling. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 Please visit the Contact Us page for hours of operation. Northwest represents that it will make any such contributions in cash. Document page views are updated periodically throughout the day and are cumulative counts for this document. northwest airlines pension plan phone number. The IF Report notes that Northwest is a global carrier through its alliance with KLM and its Amsterdam hub, and its own hub in Tokyo. Bill. NWA is the plan administrator and the employer plan sponsor of the Plan. 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. Create an Account and Draft a QDRO for This Plan. For international access: 1-404-677-8000. 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. 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. We want to do so as soon as possible. Contact Us | NWPS Corporation (SeeUnited, PBGC Hammer Out Plan Takeover Northwest also noted that it assumes the investment risk associated with any investment by the Plans, including the investment in Pinnacle Stock, and must make up any investment losses through future contributions to the Plans. The Contract Employees share of the Master Trust assets are $1,665,979,000. northwest airlines pension plan phone number. employees, Business Insurance reports. The labor situation is Start Printed Page 49797stable. The exemption affects participants and beneficiaries of, and fiduciaries with respect to, the Plans. As further noted in the Preamble, the parties to the Agreement shall notify the Department within 30 days of any decision regarding the resignation, termination or change in control of the Independent Fiduciary. Copyright 2023 Asset International, Inc. All Rights Reserved. Reported by. Fiduciary Counselors assumed that since Northwest could take up to 180 days to settle the option that it would. 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. The technology is here, but politics may stand in the way. Create an Account and Draft a QDRO for This Plan. 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 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. Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. Preview; Edit & Save; Related Documents; 50 of the Top 250 law firms use our Products every day. Page 53 of 61. 1. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. (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. Publi . Reporters from Bloomberg's Washington, D.C. bureau are prominently featured as they offer analysis of policy and legal issues. Equally important, Fiduciary Counselors negotiated for special rights associated with the Plans' acquisition of Pinnacle Stock that limit the risks associated with Pinnacle Stock. This is the foundation for long term success. 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. PBGC-US Airways Pension Deal Gets Court northwest airlines pension plan phone number ET TTY/ASCII users may call 711. You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. 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. I look forward to a long, fruitful relations with NWPS. Representatives are available to assist you 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. 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. To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. 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 The Contract Employees share of the Master Trust assets are $1,665,979,000. 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. ABCs OF RETIREMENT. Signoff Old Friends Locator Program. The Pinnacle Stock contributed to the Pilot Plan will be held in a separate, segregated subaccount of the Master Trust and held for the exclusive benefit of the Pilot Plan. (i) The Plans incur no fees, costs or other charges as a result of their participation in any of the transactions described herein. Retirement Plan Recordkeeping & Accounting | NWPS FOR METLIFE SECURITIES INC. Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. over pension plans to the Pension Benefit Guaranty 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. NWA is the plan administrator and the employer plan sponsor of the Plan. 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. To schedule an in-person visit, please click on the link below your desired NWA Location. A surviving family member (or someone on the retiree's behalf or behalf of the retiree's estate) should contact the ESC at 1-800 MY DELTA (1-800-693-3582) to report the death. Family Care Box. frozen as of August 31. Update Address or Other Personal Information | Pension Benefit Guaranty The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. At the end of 2004,. The Escalator Clause. documents in the last year, 973 # A1430. 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. Pact, PBGC-US Airways Pension Deal Gets Court publication in the future. Northwests filing with the Securities and Exchange 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. Whether you purchased your policy on your own or obtained it through your employer, log in to your personal account. 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). 612-726-3774. (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas. Fax the Fund office at 202-463-8098 or 202-457-8653 (please use this form when faxing a request). struggling airline industry. If the retiree has a balance in their 401(k) account (Delta Family- Care Savings Plan, Delta Pilots Savings Plan or the Delta Savings Plan - Puerto Rico) contact the Delta Service Center at Fidelity by calling 1-800-554-0262. The three supplemental SFA packages provide a total of more than $200 million. Press "1" to indicate that the employee number is all numeric. Commission says that participants benefits accruals were Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The National IAM Benefit Trust Fund reaches over 200 contributing employers. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. About the Federal Register Pinnacle Stock in that amount was transferred to State Street Bank, the trustee for the Northwest Master Trust for Defined Benefit Plans that holds the assets of all of the Northwest Plans (the Master Trust). Because the value of the Pinnacle Stock is based on the financial performance of Pinnacle, the Independent Fiduciary reviewed and considered the business of Pinnacle, and the contractual relationship between Pinnacle and Northwest. 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). Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. 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 4. Page 49 of 61. A Rose For Janet By Charles Tomlinson Summary Pdf, and The requirement (detailed in the last bullet point in the second column of the Proposed Exemption at 68 FR 2585) that Plan shares of Pinnacle Stock be voted in favor of certain corporate actions is now set to expire upon the occurrence of an Early Termination Event. On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. Airline Pensions All But Gone? That's a Good Thing 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. each plan. 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 are an independent firm and are not in the investment advisory or trust business. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. Each client has a dedicated and integrated team. Northwest Administrators, Inc. is Mobile! 1. 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. If the Pinnacle Stock is publicly traded, the Plans will receive the greater of (i) the Floor Price, or (ii) the average closing price for the stock on the public market for the 10 trading days preceding the exercise date or, if greater, the closing price on the day before the Put Option closing date. 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. 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). If you have not logged into the PSS website, you are considered a New User. Homepage - DALRC, Inc. dba Delta Retiree Connection Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. 5. documents in the last year, 480 In this Issue, Documents The Independent Fiduciary negotiated the terms of the Put Option which provide downside protection by permitting the Plans to sell the Pinnacle Stock back to Northwest for the greater of the original value at which it was credited to the funding standard account or its fair market value at the time it is sold back to Northwest. Press "0" to be connected with the Employee Service Center. 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. Join or Renew Your Membership - Annual dues $35. The universe is not as it appears. They start with the implementation and stay in place to guarantee high quality service and continuity. 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. The Public Inspection page The restrictions of sections 406(a), 406(b)(1) and (b)(2), and 407(a) of the Act and the sanctions resulting from the application of section 4975(a) and (b) of the Code, by reason of section 4975(c)(1)(A) through (E) of the Code, shall not apply to: (1) The transfer of the common shares of Pinnacle Airlines Corp. (Pinnacle Stock) to the Northwest Airlines Pension Plan for Salaried Employees, the Northwest Airlines Pension Plan for Pilot Employees, and the Northwest Airlines Pension Plan for Contract Employees (the Plans) through the in-kind contribution(s) of such shares by Northwest Airlines, Inc. (Northwest), a party in interest with respect to such Plans; (2) The holding of the Pinnacle Stock by the Plans; (3) The sale of the Pinnacle Stock by the Plans to Northwest; (4) The acquisition, holding, and exercise by the Plans of a put option (the Put Option) granted by Northwest which permits the Plans to sell the Pinnacle Stock to Northwest; and. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. 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. Northwest may not terminate Fiduciary Counselors as the Independent Fiduciary without the consent of ALPA and may not appoint a new Independent Fiduciary without the consent of ALPA. Employee Benefits Security Administration, Department of Labor. In order to determine survivorship eligibility, the ESC must first be notified as indicated below. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. on On February 14, 2003, Northwest obtained formal written confirmation from the bank lenders that none of the rights afforded to the Plans in the Omnibus Agreement nor the exercise of such rights would violate the Credit Agreement. Enter the 'pass eligibility date' as six digits (in most cases this is the same as the original hire date) and press #. 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.