northwest airlines pension plan phone number

Eclat determined that Pinnacle and Northwest are healthy companies, even in light of current economic conditions in the airline industry. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. Press "0" to be connected with the Employee Service Center. The Special Conversion Option expired on February 9, 1994. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. northwest airlines pension plan phone number. September 9, 2005 (PLANSPONSOR.com) - Northwest Airlines has frozen two pension plans that cover salaried employees, Business Insurance reports. 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. to DC Move, United, PBGC Hammer Out Plan Takeover Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. An Initial Contribution was made in the amount of $41,149,911. 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 Enter the nine-digit employee number and press #. Southwest has a small operation in Detroit with only 2 gates. Leaf Home Water Solutions Vs Culligan, 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). 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. After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. 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. Schwarzenegger Shoots Down Same-Sex Marriage 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 Grayson Rodriguez Parents, While defined-benefit plans were prominent in the . Published by DRC March 2022. 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. Fiduciary Counselors and Eclat represent that Eclat was originally retained by PBGC to value Pinnacle and to evaluate the financial viability of Northwest. This past week, NASA unveiled images from the James Webb Space Telescope. Sightless Post Credit Scene. to DC Move To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. 1. This table of contents is a navigational tool, processed from the The stock has long term upside potential because of the planned IPO. Seattle WA 98102-3305. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. Northwests filing with the Securities and Exchange 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. 01/18/2023, 249 2. Airlines has frozen two pension plans that cover salaried FOR METLIFE SECURITIES INC. The two construction pension plans will receive more than $70 million in combined funds. 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. The universe is not as it appears. When your people are stressed about life, they have trouble focusing on work. Printer Friendly Version Archived News Release Caution: Information may be out of date. 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. Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. Participant data is only used for recordkeeping, not cross-selling. 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. 7. 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). Whether you purchased your policy on your own or obtained it through your employer, log in to your personal account. When you apply, the Fund will provide you with estimates of your pension and information about the different forms of payment available. publication in the future. Request Profile Update Download Data 12 Recorded Transactions 1 Opportunities & RFPs $20,046,000,000 Assets 7 Contacts Home Profiles Corporate Pension North America Corporation (SeeUnited, PBGC Hammer Out Plan Takeover 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). legal research should verify their results against an official edition of The concerns expressed generally related to the proposed contribution of Pinnacle Stock instead of a cash contribution to the Plans; the value and method of valuation of the Pinnacle Stock; the effects of the proposed transactions on the Plans; and the adequacy of the proposed safeguards that are intended to protect the Plans' interests. 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). See Omnibus Agreement, Definition of Early Termination Event at section 1.1. In the business of 401k record keeping things are either right or they are wrong. 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. Rebecca Moore. 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. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. 4. The Contract Employees share of the Master Trust assets are $1,665,979,000. Make sure they know their retirement benefits go beyond just retirement. Enter the 'pass eligibility date' as six digits (in most cases this is the same as the original hire date) and press #. Northwest explained that the Omnibus Agreement granted the Plans additional rights in order to protect their interest in the Pinnacle Stock. Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. Pinnacle itself had revenues of approximately $345.2 million for 2002. We have the experience to know what works. Official Publications from the U.S. Government Publishing Office. At the present time, the Board was unable to make this finding. With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. 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. The Plan is a defined benefit pension plan for the benefit of certain union-represented 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. Although the Plan's option is exercisable at anytime, unlike a normal option, Northwest does not have to immediately settle. Legislative Alerts. Chalet A Vendre Charlevoix Bord De L'eau, The three supplemental SFA packages provide a total of more than $200 million. Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. ). The Fund has made enhancements to its Online Pension Application submission system. Northwest asserts that, if its current cash needs were not so great, Northwest would make its pension contributions in cash as it has in the past. 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. Each Plan's percentage ownership reflects the relative size of each Plan to each other. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation Representatives are available to assist you 5. 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. 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. of terminating pension plans for the financially 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. 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 4. Northwest Airlines Retirees . 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. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. In the March 5 Comment, Fiduciary Counselors noted that, consistent with the statutory requirements of section 404(a) of ERISA, the reference in the Proposed Exemption to the best interests of the Plans participants and beneficiaries (emphasis added) should be changed to the interests of the Plans participants and beneficiaries. Can I just say how happy and relieved I am that we have moved the plan to NWPS? Dated 2009. 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. NWAI then transferred the Pinnacle Shares and the Series A Preferred Share to Northwest as a contribution to the capital of Northwest. ABCs OF RETIREMENT. Date: This exemption is effective as of January 15, 2003. has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. A Rose For Janet By Charles Tomlinson Summary Pdf, Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. This is because a regional airline derives its value from the value of its ASA with the major carrier and the major carrier is unlikely to terminate the ASA in bankruptcy because it would severely disrupt the flow of high yield passengers. The Independent Fiduciary notes that the Proposed Exemption, in the first column of 68 FR 2580 (first full paragraph), makes reference to voting restrictions and limits on the ability of the Plans to dispose of the Pinnacle Stock, except pursuant to an initial public offering (IPO) initiated by Northwest or by exercise of the Put Option. 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. Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. The Public Inspection page may also Thus, the Put Option serves to protect the Plans from declines in the value of Pinnacle Stock and the liquidity notice feature ensures that the Independent Fiduciary has sufficient notice so that it may exercise the Put Option at a time when Northwest has sufficient financial resources to meet its obligation under the Put Option. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. 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. northwest airlines pension plan phone number. 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. 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. Information about this document as published in the Federal Register. This scamming can happen via text, email or websites set up to look like the trusted company. Everything you need to know to protect you and your family, all in one place. Northwest notes that the Omnibus Agreement, while consistent with the Term Sheet, provides specific terms for: the contribution transactions; transferability of Pinnacle Stock; corporate governance; voting rights; the Put Option; representations and warranties; and a number of other matters. 1-800-821-6400. You can apply online for your pension benefits and upload supporting documents by logging into PSS. While all of the Big 6 network airlines are losing money, Northwest has suffered the smallest loss of any carrier. DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. Download NWA's mobile app for both the iOS and Android platforms and access your information securely, anytime, anywhere. 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. Call 202.693.7773 or TTY 202.693.7755. Their pension was 60 percent of final average earnings (FAE). NWA is the plan administrator and the employer plan sponsor of the Plan. Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. In no circumstance, however, may the parties treat Pinnacle Stock previously contributed to the Plans as if it had a higher value than was attributed to it at the time of the original contribution. contribution program in March in order to cut costs (See, United Airlines and US Airways have already handed The hearing on the Proposed Exemption was held on May 5 and 6, 2003 at the Department of Labor (the Hearing). Delta Life Insurance - MetLife (Basic/Optional/Spouse) 1-866-939-7409. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. Fromage En 5 Lettres, Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. I look forward to a long, fruitful relations with NWPS. each plan. 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. 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. Old Friends Locator Program. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. The Independent Fiduciary negotiated voting and governance rights to be accorded to the Plans that protect the interests of the Plans (. 3. 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. 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. 5. Northwest appointed Fiduciary Counselors investment manager of the Investment Fund and Fiduciary Counselors has accepted this appointment. 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. 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. benefit plans and moving employees to a defined 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. (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. The Escalator Clause. As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Northwest proposed the freezing of its defined From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas.

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