northwest airlines pension plan phone number

Copyright 2023 Asset International, Inc. All Rights Reserved. 3. We have no silos at NWPS. Pact 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. February 27, 2023 . 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. 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. For international access: 1-404-677-8000. on Northwest provided that the Omnibus Agreement guarantees that the Plans always receive the greater of the initial contribution value of Pinnacle Stock or the value of the stock at the time of an IPO or the exercise of the Put Option. Northwest appointed Fiduciary Counselors investment manager of the Investment Fund and Fiduciary Counselors has accepted this appointment. 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. 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. Refer to the National Pension Plan Summary Plan Description (SPD)"How Do You Apply for Pension Benefits" sectionfor more information. 3. Monthly Article. Preview; Edit & Save; Related Documents; 50 of the Top 250 law firms use our Products every day. shortfall. Fromage En 5 Lettres, Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. Southwest has a small operation in Detroit with only 2 gates. We provide consulting, design, actuarial, recordkeeping, communication and administration services. Alternatively, Northwest may arrange for the stock to be purchased by a third party. If you have not logged into the PSS website, you are considered a New User. frozen as of August 31. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. of terminating pension plans for the financially Their pension was 60 percent of final average earnings (FAE). The Special Conversion Option expired on February 9, 1994. We are an independent firm and are not in the investment advisory or trust business. and services, go to Posted on . Neither are retirement plan service providers. 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). Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. 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. NWAI then transferred the Pinnacle Shares and the Series A Preferred Share to Northwest as a contribution to the capital of Northwest. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. over pension plans to the Pension Benefit Guaranty 4. 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. The freezing of Northwests plans follows the trend PBGC-US Airways Pension Deal Gets Court Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. 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. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. 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. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil benefit plans and moving employees to a defined contribution program in March in order to cut costs (See 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. With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . 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. 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. In addition, section 404(a)(1)(C) requires that fiduciaries diversify plan investments so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. Defined Benefit Master Trust : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-18: Delta Pilots Disability and Survivorship Plan : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-04: Northwest Airlines Pension Plan for Salaried Employees 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.comAMR Under Pressure to Preserve Pensions . Seattle WA 98102-3305. Furthermore, the fact that a transaction is subject to an administrative or statutory exemption is not dispositive of whether the transaction is in fact a prohibited transaction; and, (5) The availability of this exemption is subject to the express condition that the material facts and representations contained in the application are true and complete and accurately describe all material terms of the transactions, which are the subjects of the exemption. Use our online service, My Pension Benefit Access (MyPBA) and chose the option to update your personal information. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. 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. This document has been published in the Federal Register. 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. Commission says that participants benefits accruals were Northwest proposed the freezing of its defined This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. A Rose For Janet By Charles Tomlinson Summary Pdf, 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. Each Plan's percentage ownership reflects the relative size of each Plan to each other. 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. Fiduciary Counselors assumed that since Northwest could take up to 180 days to settle the option that it would. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. Enter the nine-digit employee number and press #. ), while Delta Airlines pension program faces a $5 billion 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. A combination of plan design, web/mobile tools, live call support, financial wellness tools and personalized outreach to help participants achieve their personal financial goals. The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 2. Request Profile Update Download Data 12 Recorded Transactions 1 Opportunities & RFPs $20,046,000,000 Assets 7 Contacts Home Profiles Corporate Pension North America Northwest represents that it will make any such contributions in cash. 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. The hearing on the Proposed Exemption was held on May 5 and 6, 2003 at the Department of Labor (the Hearing). Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. 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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. northwest airlines pension plan phone number. Can I just say how happy and relieved I am that we have moved the plan to NWPS? Made In Mexico Dyckman Shooting, NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse. to DC Move, United, PBGC Hammer Out Plan Takeover The value was then increased to reflect the value of the put. 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. 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. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. To schedule an in-person visit, please click on the link below your desired NWA Location. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. Open for Comment, Rules of Practice and Procedure; Adjusting Civil Money Penalties for Inflation, Economic Sanctions & Foreign Assets Control, Revised Definition of Waters of the United States, Certain Preserved Mushrooms From France Determination, Energy Conservation Program: Test Procedure for Dishwashers, Prior Label Approval System: Expansion of Generic Label Approval, Rate Adjustments for Indian Irrigation Projects, Establishing the President's Advisory Council on African Diaspora Engagement in the United States, Employee Benefits Security Administration, Valuation in Connection With the Right of First Refusal, Fiduciary Counselors March 5, 2003 Comment, Fiduciary Counselors and Eclat April 25, 2003 Submissions, The Eclat Report and the January 15, 2003 Valuation, Negotiation of the Term Sheet and Omnibus Agreement, The Independent Fiduciary's Determinations, Airline Industry and Northwest Financial Condition, Collateral for Pinnacle Stock Contribution, Northwest May 20 and June 10, 2003 Comment Letters, Fiduciary Counselors' July 11, 2003 Submission, Change of Affiliation of Fiduciary Counselors, Termination of the Independent Fiduciary Agreement, Northwest and ALPA Agreement Regarding Pinnacle Stock, August 6, 2003 Northwest and Independent Fiduciary Response, Enhanced Communication with Plan Participants, https://www.federalregister.gov/d/03-21162, MODS: Government Publishing Office metadata, Current Liability using 6.65% interest rate (IRC 412(l)), Market Value of Assets (with PY02 accrued contributions), Actuarial Value of Assets (with PY02 accrued contributions). 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. 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. In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. Northwest Airlines Latest to Propose DB 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. This is the foundation for long term success. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. Retiree Death Checklist. Fax supporting documents to the Fund Office at 202-463-8098 or 202-457-8653 Request a Paper Application Call the Fund Office at 1-800-424-9608 Mail this request form to the Fund Office at 99 M Street, SE, Suite 600, Washington, D.C. 20003-4595. While all of the Big 6 network airlines are losing money, Northwest has suffered the smallest loss of any carrier. 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. provide legal notice to the public or judicial notice to the courts. NWA works closely with plan sponsors and their professional advisors to establish and/or maintain customized retirement programs for both defined benefit and defined contribution plans. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. 1. NWA is the plan administrator and the employer plan sponsor of the Plan. This scamming can happen via text, email or websites set up to look like the trusted company. 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. 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. [7] Northwest's presence in international markets has helped offset the losses in the U.S. domestic market. Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. Eclat determined that Pinnacle and Northwest are healthy companies, even in light of current economic conditions in the airline industry. :OE> :R"5h i{. (h) A description of the economic outlook in general, and of the condition and outlook of Pinnacle's industry in particular. documents in the last year, 534 5. 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. As described in the Fiduciary Counselors letter to the Department on January 6, 2003, Northwest has agreed to pay Fiduciary Counselors an annual fee that covers both the independent fiduciary and investment management services provided by Fiduciary Counselors and the investment advisory services provided by AIC. Commission says that participants benefits accruals were 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. Reporters from Bloomberg's Washington, D.C. bureau are prominently featured as they offer analysis of policy and legal issues. 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. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. 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.

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