northwest airlines pension plan phone number

Pursuant to its engagement letter with Northwest, the scope of Fiduciary Counselors' engagement includes determining whether to accept the Contribution on behalf of the Plans, and if so, to value the Pinnacle Stock for Plan funding purposes. tides equities los angeles does dawn dish soap kill ticks does dawn dish soap kill ticks Northwest has entered into a 10-year ASA with Pinnacle through 2012 that provides substantial value. In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. Delta Air Lines Beats Suit Over Workers' Comp Pension Offsets SEC.gov | HOME 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. Commission says that participants benefits accruals were documents in the last year, 84 In this regard, the Independent Fiduciary represented that it negotiated terms that it determined were no less favorable to the Plans than terms negotiated at arm's length with an unrelated third party under similar circumstances. The freezing of Northwests plans follows the trend A menu will appear on the left side of the screen. Register documents. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Copyright 2023 Asset International, Inc. All Rights Reserved. The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. The two construction pension plans will receive more than $70 million in combined funds. Information about this document as published in the Federal Register. PDF IAM Preserves Pensions at Northwest Airlines NWA is now open for in-person visits by Appointment Only. Free will preparation service through MetLife. The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. 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. In determining the fair market value of the stock, the Independent Fiduciary must obtain an appraisal by a qualified independent appraiser, and must ensure that the appraisal is consistent with sound principles of valuation. Funny Nicknames For Christina, 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. This table of contents is a navigational tool, processed from the The stock has long term upside potential because of the planned IPO. This will allow you to know when they were delivered to the Funds Office. DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. frozen as of August 31. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. 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 The Fund has made enhancements to its Online Pension Application submission system. 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. has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. Pinnacle itself had revenues of approximately $345.2 million for 2002. Encourage saving throughout their career and help them figure out how buying a home, paying for education and . northwest airlines pension plan phone number. Sightless Post Credit Scene. Fromage En 5 Lettres, 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. Each client has a dedicated and integrated team. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. Total cost is only $ 299.00. Date: This exemption is effective as of January 15, 2003. Alternatively, Northwest may arrange for the stock to be purchased by a third party. While defined-benefit plans were prominent in the . Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. New York, NY 10166 - All Rights Reserved. Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. 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. Press "0" to be connected with the Employee Service Center. Equally important, Fiduciary Counselors negotiated for special rights associated with the Plans' acquisition of Pinnacle Stock that limit the risks associated with Pinnacle Stock. NWA is the plan administrator and the employer plan sponsor of the Plan. Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. Quick and easy access to MetLife customer support services and resources. benefit plans and moving employees to a defined 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. 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. Northwest Administrators, Inc. 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. Retirement Plan Recordkeeping & Accounting | NWPS and services, go to Posted on . 4. We are an independent firm and are not in the investment advisory or trust business. An Initial Contribution was made in the amount of $41,149,911. Rebecca Moore. Join or Renew Your Membership - Annual dues $35. The value was then increased to reflect the value of the put. 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. Contact Us | NWPS To schedule an in-person visit, please click on the link below your desired NWA Location. Pension Plan Administration - NORTHWEST ADMINISTRATORS, INC. Page 53 of 61. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. 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. 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. We are an independent firm and are not in the investment advisory or trust business. 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. Family Care Box. In negotiating the rights and restrictions set forth in the transfer and registration rights provisions of the Omnibus Agreement, Fiduciary Counselors balanced the need of the Plans to achieve greater diversification in light of the anticipated holdings of shares of Pinnacle Stock with the need to maximize the value of the investment in such stock. 2. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. Enter the nine-digit employee number and press #. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. Reporters from Bloomberg's Washington, D.C. bureau are prominently featured as they offer analysis of policy and legal issues. However, because of its liquidity needs, a cash contribution is not a viable alternative. 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. 3. 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). Airline Pensions All But Gone? That's a Good Thing 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. Please click here to sign up now. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. 3. 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. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. 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). From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas. 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. Representatives are available to assist you Create an Account and Draft a QDRO for This Plan. 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. Pact, PBGC-US Airways Pension Deal Gets Court publication in the future. 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. See Omnibus Agreement at section 6.3. 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. Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. Doing things right the first time. 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 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. Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. 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Official Publications from the U.S. Government Publishing Office. Dated 2009. 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. The addition of the regional jets has more than doubled the size of the airline. AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 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. Corporation (See, Northwest Airlines Latest to Propose DB Published by DRC March 2022. Northwest responded that no similar legal restriction would apply to the repurchase of Pinnacle Stock pursuant to the exercise of the Put Option. [7] Northwest's presence in international markets has helped offset the losses in the U.S. domestic market. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. Northwest proposed the freezing of its defined 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. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. 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. 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. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . 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. This is because a cash contribution is not a viable alternative given the company's liquidity needs. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 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. 1-800-821-6400. At the end of 2004,. 3. The three supplemental SFA packages provide a total of more than $200 million. 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. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. The exemption affects participants and beneficiaries of, and fiduciaries with respect to, the Plans. Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. Representatives are available to assist you Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. ABCs OF RETIREMENT. While all of the Big 6 network airlines are losing money, Northwest has suffered the smallest loss of any carrier. 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. northwest airlines pension plan phone number. 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. Helpful Phone Numbers and Resources. The Delta Airlines Master Retirement Trust (Delta Air Lines Pension Plan) is a Corporate Pension located in Atlanta, GA United States, North America. 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). and 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. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. Northwest appointed Fiduciary Counselors investment manager of the Investment Fund and Fiduciary Counselors has accepted this appointment. OR. 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.