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. Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. U.S. Investigates Pension Fund at Northwest Air The addition of the regional jets has more than doubled the size of the airline. contribution program in March in order to cut costs (See Corporation (SeeUnited, PBGC Hammer Out Plan Takeover Dated 2009. developer tools pages. Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. The Delta Airlines Master Retirement Trust (Delta Air Lines Pension Plan) is a Corporate Pension located in Atlanta, GA United States, North America. 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Hours of Operation: 8:00 a.m. - 5:00 p.m. PST. Northwest Airlines Latest to Propose DB While all of the Big 6 network airlines are losing money, Northwest has suffered the smallest loss of any carrier. 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. Use our online service, My Pension Benefit Access (MyPBA) and chose the option to update your personal information. 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. What Does Reversible Perfusion Defect Mean, Plan beneficiaries may also contact FSCO staff by telephone at (416) 226-7776 or toll-free at 1-800-668-0128, if they require assistance in finding this information. Mahoney v. Northwest Airlines Pension Plan, Contract Emp. - Casetext each plan. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. has no substantive legal effect. Please specify which news release when placing your request. An Initial Contribution was made in the amount of $41,149,911. How. 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). 1. In conducting such verification, the independent fiduciary must evaluate a number of factors relating to the accuracy and methodology of the valuation and the expertise of the independent qualified appraiser. 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). 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. Fiduciary Counselors notes that under section 404(a)(1) of ERISA, a fiduciary must discharge its duties with respect to a plan solely in the interest of plan participants and beneficiaries. 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. 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 Leaf Home Water Solutions Vs Culligan, Northwest Airlines Retirees . Fiduciary Counselors and Eclat represent that Eclat was originally retained by PBGC to value Pinnacle and to evaluate the financial viability of Northwest. PDF IAM Preserves Pensions at Northwest Airlines In its deliberations, which included its analysis of all aspects of the transactions, the Independent Fiduciary has consistently represented for the record that no contribution of Pinnacle Stock will be accepted on behalf of the Plans unless such transactions are found by the Independent Fiduciary to be in the interests of 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. The notice set forth a summary of the facts and representations contained in Northwest's November 6, 2002 application for exemptive relief (Application) and referred interested persons to the Application for a complete statement of the facts and representations. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. We want to do so as soon as possible. In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. 4. on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. 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. provide legal notice to the public or judicial notice to the courts. 3. Moreover, in connection with the Omnibus Agreement entered into between Fiduciary Counselors and Northwest, Fiduciary Counselors negotiated for limitations on Northwest's ability to unilaterally amend or terminate the ASA. Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. See Omnibus Agreement at sections 5.1 and 5.2. 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. 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. 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. Contact Us | NWPS This will allow you to know when they were delivered to the Funds Office. Multiemployer pension plans from Baltimore, New York, Puerto Rico and Ohio received a total of $26.7 million of additional assistance. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Federal Register :: Northwest Airlines Pension Plan for Salaried The filing also said, according to Business Insurance, that Delta Care and Scholarship Fund. 4. Airline pilots used to get a sweet deal. From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas. The exemption affects participants and beneficiaries of, and fiduciaries with respect to, the Plans. 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. See Omnibus Agreement at section 6.3. Refer to the National Pension Plan Summary Plan Description (SPD)"How Do You Apply for Pension Benefits" sectionfor more information. 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. This is because a cash contribution is not a viable alternative given the company's liquidity needs. informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. 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. At MetLife, protecting your information is a top priority. Northwest Administrators, Inc. is Mobile! 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. 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. New York, NY 10166 - All Rights Reserved. The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. Quick and easy access to MetLife customer support services and resources. When you apply, the Fund will provide you with estimates of your pension and information about the different forms of payment available. Grayson Rodriguez Parents, Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. 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 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). 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 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. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. Northwest proposed the freezing of its defined At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. Northwest Retiree Benefit Trust Vision Plan Pages y 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 These can be useful In response to the solicitation of comments from interested persons, the Department received over 1,700 letters, e-mails, faxes and phone calls, of which more than 1,000 requested that a public hearing be held on the Proposed Exemption. 1-800-821-6400. Their pension was 60 percent of final average earnings (FAE). The Omnibus Agreement provided for two contributions to be made to the Contract Plan on January 15, 2003. Call 202.693.7773 or TTY 202.693.7755. Northwest Administrators, Inc. 3. More contact information for workers and retirees Participants in PBGC-trusteed plans can use PBGC's fast, free, and secure online service tool to apply for pension benefits, update contact information, adjust federal income tax withholding, and more. 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. 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. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 Contributions of Pinnacle Stock to the Salaried Plan and the Contract Plan will likewise be held in a separate segregated subaccount of the Master Trust and held for the exclusive benefit of each respective plan. Alternatively, Northwest may arrange for the stock to be purchased by a third party. Fax supporting documents to the Fund Office at 202-463-8098 or 202-457-8653, Fax the Fund office at 202-463-8098 or 202-457-8653(please. Northwests filing with the Securities and Exchange 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. The Special Conversion Option expired on February 9, 1994. 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. Registration rights and Plan director's rights preserve the value of the Pinnacle Stock while held by the Plans. Northwest Airlines Employee Benefit: Pension Plan | Glassdoor In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. Press "1" to indicate that the employee number is all numeric. They start with the implementation and stay in place to guarantee high quality service and continuity. Register documents. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. frozen as of August 31. 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 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. Rebecca Moore. 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. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil 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. For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. Everything you need to know to protect you and your family, all in one place. 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. Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. to DC Move, United, PBGC Hammer Out Plan Takeover See Omnibus Agreement at section 7.2. 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. Helpful Phone Numbers - DALRC, Inc. dba Delta Retiree Connection 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. DRC Newsletter. northwest airlines pension plan phone number - afroeuro.pl After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. The Delaware law applicable to the repurchase of the Series C stock requires the Board to make a finding that NWA Corp. has adequate surplus, defined as the net asset value of the corporation in excess of its capital. Delta Air Lines Inc. defeated a proposed class action by Northwest Airlines retirees claiming their pensions were wrongly cut to account for workers' compensation settlements, when a Minnesota federal judge said the airline reasonably interpreted its pension plan. Make sure they know their retirement benefits go beyond just retirement. View All Posts. Pension Plan Administration - NORTHWEST ADMINISTRATORS, INC. 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. Publi . Moreover, to the extent that Northwest has assets to secure the contributions, such assets will be used to maintain the liquidity necessary for Northwest to weather the ongoing economic challenges. Airlines has frozen two pension plans that cover salaried For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. 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. Although the Plan's option is exercisable at anytime, unlike a normal option, Northwest does not have to immediately settle. over pension plans to the Pension Benefit Guaranty northwest airlines pension plan phone number 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. Former Employees and Retirees | MetLife 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. A Rose For Janet By Charles Tomlinson Summary Pdf, Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. Doing things right the first time. We are an independent firm and are not in the investment advisory or trust business. Each client has a dedicated and integrated team. Retiree Death Checklist. Northwest Airlines Pension Plan for Contract Employees 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. Current Assets for Delta Air Lines Pension Plan is $20,046,000,000 and SWFI has 4 periods of historical assets, , 1 Opportunities/RFPs, 7 personal contacts available for CSV Export. If you have not logged into the PSS website, you are considered a New User. 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). Helpful Phone Numbers and Resources. Contact - NORTHWEST ADMINISTRATORS, INC. 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. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . 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. 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. northwest airlines pension plan phone number. The two construction pension plans will receive more than $70 million in combined funds. 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. 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. 3. For information on how to complete an application, please refer to the Information Guide. 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.

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