Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. Eagan, MN 55121-1534. 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. 3. 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. While defined-benefit plans were prominent in the . Commission says that participants benefits accruals were For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. NWA is the plan administrator and the employer plan sponsor of the Plan. Page 49 of 61. Registration rights and Plan director's rights preserve the value of the Pinnacle Stock while held by the Plans. Northwest stated that it would not. We have never been disappointed in the service received from NWPS. Alternatively, Northwest may arrange for the stock to be purchased by a third party. Delta Care and Scholarship Fund. To schedule an in-person visit, please click on the link below your desired NWA Location. 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. 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. REPRESENTATIVES, Sorry, we couldn't find any results matching. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. The Omnibus Agreement provided for two contributions to be made to the Contract Plan on January 15, 2003. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 Travel. 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). NWA is now open for in-person visits by Appointment Only. For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. (h) A description of the economic outlook in general, and of the condition and outlook of Pinnacle's industry in particular. Corporation (See, Northwest Airlines Latest to Propose DB 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. The labor situation is Start Printed Page 49797stable. northwest airlines pension plan phone number. For the reasons set forth below, the Independent Fiduciary has concluded that it is prudent for the Plans to accept the Contribution and that the Contribution is in the interest of the Plans and their participants and beneficiaries: Transfer restrictions on Pinnacle Stock held by the Plans are reasonable in light of the Put Option. [7] Northwest's presence in international markets has helped offset the losses in the U.S. domestic market. This exemption is conditioned upon adherence to the material facts and representations described herein and upon satisfaction of the following requirements: (a) The Plans acquire the Pinnacle Stock through one or more contributions by Northwest during the calendar years 2003 and 2004; (b) An independent qualified fiduciary (the Independent Fiduciary), acting on behalf of the Plans, represents the Plans' interests for all purposes with respect to the Pinnacle Stock, and determines, prior to entering into any of the transactions described herein, that each such transaction, including the contribution of the Pinnacle Stock, is in the interests of the Plans; (c) The Independent Fiduciary negotiates and approves the terms of any of the transactions between the Plans and Northwest that relate to the Pinnacle Stock; (d) The Independent Fiduciary manages the holding and disposition of the Pinnacle Stock and takes whatever actions it deems necessary to protect the rights of the Plans with respect to the Pinnacle Stock; (e) The terms of any transactions between the Plans and Northwest are no less favorable to the Plans than terms negotiated at arm's-length under similar circumstances between unrelated third parties; (f) The Independent Fiduciary determines the fair market value of the Pinnacle Stock contributed to each plan as of the date of each such contribution. 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. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). 2. journey aaron becker planning; quorum of the twelve apostles ages. The Independent Fiduciary negotiated a comprehensive set of governance rights accorded to the Plans as a condition of acceptance of Pinnacle Stock. Pension 225 South Lake Ave Ste 1200 Pasadena CA 91101-3000 Phone: (626) 463-6100 Health and Welfare 225 South Lake Ave Ste 1200 Pasadena CA 91101-3019 Phone: (626) 463-6097 Hours of Operation: 8:30 a.m. - 5:00 p.m. PST Driving Directions Schedule Appointment: Las Vegas Office 7674 West Lake Mead Blvd Ste 100 Las Vegas NV 89128 Phone: (702) 562-7450 Doing things right the first time. FOR METLIFE SECURITIES INC. 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). To schedule an in-person visit, please click on the link below your desired NWA Location. 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. Follow our blog for insights and news about our company, the industry and changes in laws. View All Posts. 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). Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. Enter the nine-digit employee number and press #. Call 202.693.7773 or TTY 202.693.7755. Legislative Alerts. 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). documents in the last year, by the Food Safety and Inspection Service As of December 31, 2002, the carrier had taken possession of 51 regional jets. shortfall. How. With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . Bill. Chalet A Vendre Charlevoix Bord De L'eau, In addition, the Independent Fiduciary negotiated that Northwest Airlines Corporation (NWA Corp), Northwest's ultimate parent company, will guarantee Northwest's obligations under the Omnibus Agreement, including the consummation of the Put Option. 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. They start with the implementation and stay in place to guarantee high quality service and continuity. The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. 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. 4. NWPS Co-Sponsors the 2022 Broadridge Fi360 Solutions Conference. Northwest stated that the language at section 5.1(b) of the Omnibus Agreement contains a representation that Northwest has the corporate and legal authority to meet its obligations under the agreement, including the Put Option. be covered under the disability retirement provisions of Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. 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). Press "1" to indicate that the employee number is all numeric. These pictures have delighted, awed, and amazed us with images of deep space Several hundred retirement plan industry professionals gathered in Austin, Texas last week to discuss the latest trends and important topics impacting We can depend on NWPS for accuracy and responsiveness for our clients administration services. As with all domestic U.S. carriers, Northwest has been hit by the drop in revenue due to lower overall yields and depressed passenger levels. We want to do so as soon as possible. Similar considerations will be taken into account by Fiduciary Counselors in determining whether to accept any future contribution of Pinnacle Stock. 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 three supplemental SFA packages provide a total of more than $200 million. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . We provide consulting, design, actuarial, recordkeeping, communication and administration services. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. 1. 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. 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. 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. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. Copyright 2023 Asset International, Inc. All Rights Reserved. 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. 1. Ellen A. Hennessy will continue to be the primary person at Fiduciary Counselors handling its responsibilities as independent fiduciary to the Northwest Airlines defined benefit plans. DRC Newsletter. Press "1" to indicate that the employee number is all numeric. Representatives are available to assist you The Northwest board of directors determined that at this time the company could not legally redeem the 4.8 million shares of its Series C Preferred Stock still outstanding and made the following statement: After a thorough review of the legal restrictions applicable to the company, the board concluded that Northwest was not able to buy back the Series C Preferred Stock, at this time. northwest airlines pension plan phone number. Schwarzenegger Shoots Down Same-Sex Marriage 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. Equally important, Fiduciary Counselors negotiated for special rights associated with the Plans' acquisition of Pinnacle Stock that limit the risks associated with Pinnacle Stock. Hours of Operation: 8:00 a.m. - 5:00 p.m. PST. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 Commission says that participants benefits accruals were In order to determine survivorship eligibility, the ESC must first be notified as indicated below. Northwest Airlines Retirees . # A1430. Airline pilots used to get a sweet deal. At the end of 2004,. 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. Create an Account and Draft a QDRO for This Plan. In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. 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. Concentrix The Rocket Newcastle Address, Although the Plan's option is exercisable at anytime, unlike a normal option, Northwest does not have to immediately settle. on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. Multiemployer pension plans from Baltimore, New York, Puerto Rico and Ohio received a total of $26.7 million of additional assistance. 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 Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation February 27, 2023 . Fiduciary Counselors assumed that since Northwest could take up to 180 days to settle the option that it would. 2023 MetLife Services and Solutions, LLC. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. The two construction pension plans will receive more than $70 million in combined funds. each plan. This scamming can happen via text, email or websites set up to look like the trusted company. over pension plans to the Pension Benefit Guaranty The value of the transaction was also adjusted for the period between the exercise of the put and the Plan's receipt of the funds. In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. See Omnibus Agreement at section 7.2. An Initial Contribution was made in the amount of $41,149,911. This document has been published in the Federal Register. Section 7.2(b) of the Omnibus Agreement requires only that the appointment of a new CEO be approved by a majority of Pinnacle's board (excluding the Northwest Director), and does not make reference to the compensation of Pinnacle's CEO. Funny Nicknames For Christina, 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. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. 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Please visit the Contact Us page for hours of operation. ABCs OF RETIREMENT. 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. 5. 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. 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. Register documents. 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 the business of 401k record keeping things are either right or they are wrong. However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. Reporters from Bloomberg's Washington, D.C. bureau are prominently featured as they offer analysis of policy and legal issues.
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