northwest airlines pension plan phone number

participants who become disabled after August 31 will not On August 1, 2003, in response to the Department's questions concerning the legal restrictions that prevented Northwest from repurchasing the Series C Preferred Stock and whether these legal restrictions were tied to Northwest's financial condition, Northwest explained that in making the Series C stock repurchase decision, the board of NWA Corp. was subject to a Delaware law that applies only to NWA Corp.'s repurchase of its own stock. offers a preview of documents scheduled to appear in the next day's The complete Application file, including all supplemental submissions received by the Department, is available for public inspection in the Public Disclosure Room of the Employee Benefits Security Administration, U.S. Department of Labor, Room N-1513, 200 Constitution Avenue, NW., Washington, DC 20210. Homepage - DALRC, Inc. dba Delta Retiree Connection Delta Care and Scholarship Fund. NWPS Co-Sponsors the 2022 Broadridge Fi360 Solutions Conference. northwest airlines pension plan phone number. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. 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 Survivors Checklist - RNPA The labor situation is Start Printed Page 49797stable. The IAM National Pension Fund. documents in the last year, 534 5. 1. :OE> :R"5h i{. 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. Rebecca Moore. 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. 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. Create an Account and Draft a QDRO for This Plan. Signoff, House Votes to Overturn Rule Allowing ESG Investing in Retirement Plans, SS&C Hires Nelson From Tata Consultancy as Retirement Business COO, Senate Follows House in Rejecting DOL ESG Rule, Transportation, Sheet Metal, Service and Manufacturer Pensions Receive PBGC Assistance, 1 New York, 2 Michigan Pension Plans Receive PBGC Assistance, Ironworker and Plasterer Pension Funds Receive SFA Assistance From PBGC, Schwarzenegger Shoots Down Same-Sex Marriage The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. Labor Department Proposes Exemption For Northwest Airlines to - DOL Southwest has a small operation in Detroit with only 2 gates. northwest airlines pension plan phone number Retirement Benefits | Alight to DC Move 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. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. 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. Representatives are available to assist you Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. 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Leaf Home Water Solutions Vs Culligan, Please visit the Contact Us page for hours of operation. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. Corporation (See, Northwest Airlines Latest to Propose DB Each client has a dedicated and integrated team. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. Northwests filing with the Securities and Exchange For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. Date: This exemption is effective as of January 15, 2003. Airline pilots used to get a sweet deal. 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. 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. 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. 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. This change generally reduces the length of the available Deferral when the Plans hold more than $325 million in Pinnacle Stock (measured as of the date of each contribution). 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. You can apply online for your pension benefits and upload supporting documents by logging into PSS. Court Advances Suit Regarding Delta Air Lines' Offset of Pension No Reproduction Without Prior Authorizations. Click HERE for a printable version of this page. Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. March 1, 2023 by . (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. The Fund has made enhancements to its Online Pension Application submission system. Use our online service, My Pension Benefit Access (MyPBA) and chose the option to update your personal information. 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. 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. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. 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. 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. 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. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. ET TTY/ASCII users may call 711. (b) A statement that the appraiser is independent of Pinnacle and Northwest, and that the appraiser has no interest in the securities issued by Pinnacle or Northwest. Northwest's pension fund consists of three individual plans, for about 8,000 pilots, 9,000 salaried employees and 52,000 unionized workers, including mechanics and agents. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. 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 Airlines Corporation (NWA Corp.) will guarantee Northwest's obligations under the Omnibus Agreement, including the Put Option. 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. DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. Contact Us | NWPS Similar considerations will be taken into account by Fiduciary Counselors in determining whether to accept any future contribution of Pinnacle Stock. 612-726-3774. 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. 5. NWA is now open for in-person visits by Appointment Only. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. 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. Create an Account and Draft a QDRO for This Plan. provide legal notice to the public or judicial notice to the courts. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. DRC Newsletter. NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse. Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. Helpful Phone Numbers and Resources. The Master Trust, all pension assets are, $4,146,038,000. The freezing of Northwests plans follows the trend For international access: 1-404-677-8000. 7. For information on how to complete an application, please refer to the Information Guide. They start with the implementation and stay in place to guarantee high quality service and continuity. Northwest Airlines Retirees . At the time the voluntary contribution is made to the Pilot Plan, Northwest also will contribute Pinnacle Stock to the Salaried Plan in an amount such that the amount of the Pinnacle Stock held by the Salaried Plan equals the required minimum funding contribution due under ERISA and the Code on September 15, 2003. headings within the legal text of Federal Register documents. 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. 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. Contact - NORTHWEST ADMINISTRATORS, INC. 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. 1-800-821-6400. 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. documents in the last year, 16 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. According to Northwest, the Omnibus Agreement provides the Plans substantial investment risk protection, protection that would not be available to the Plans when investing in securities with similar risk and return characteristics. 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. DALRC 2023. 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 National IAM Benefit Trust Fund reaches over 200 contributing employers. 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. 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. The requirement (detailed in the last bullet point in the second column of the Proposed Exemption at 68 FR 2585) that Plan shares of Pinnacle Stock be voted in favor of certain corporate actions is now set to expire upon the occurrence of an Early Termination Event. 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. 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. Corporation (SeeUnited, PBGC Hammer Out Plan Takeover In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. 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. Neither are retirement plan service providers. 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 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. 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. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. 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). 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. After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. 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. Reported by. This will allow you to know when they were delivered to the Funds Office. Information about this document as published in the Federal Register. Representatives are available to assist you 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. Sightless Post Credit Scene. 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. 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. Northwests filing with the Securities and Exchange Although the Plan's option is exercisable at anytime, unlike a normal option, Northwest does not have to immediately settle. 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The Escalator Clause. Former Employees and Retirees | MetLife Northwest proposed the freezing of its defined Northwest represents that the amount of shares necessary to satisfy the required contribution was based upon a final valuation of Pinnacle by Fiduciary Counselors, relying on a valuation report prepared by Eclat Consulting. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. February 27, 2023 . We provide consulting, design, actuarial, recordkeeping, communication and administration services. 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. The Contract Employees share of the Master Trust assets are $1,665,979,000. 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. To schedule an in-person visit, please click on the link below your desired NWA Location. The changes incorporated into the Omnibus Agreement were requested and approved by Fiduciary Counselors. Our clients wont have it any other way. The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. NWA Corp. has the option to repurchase such shares in cash, by the issuance of additional Common Stock, or by the use of cash and stock. contribution program in March in order to cut costs (See 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. Fiduciary Counselors assumed that since Northwest could take up to 180 days to settle the option that it would. 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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. Northwest observed that the Term Sheet, as reflected in the Proposed Exemption, allows Northwest to defer the closing date with respect to Pinnacle Stock repurchased pursuant to the Put Option (such delay, a Deferral). 3. Pinnacle's compensation formula within the ASA contractually provides for a target operating margin of 14 percent from 2003 through 2007, with a guaranteed floor of 12 to 13 percent during this period. Request Profile Update Download Data 12 Recorded Transactions 1 Opportunities & RFPs $20,046,000,000 Assets 7 Contacts Home Profiles Corporate Pension North America 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. 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. 1. PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees 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 The filing also said, according to Business Insurance, that has no substantive legal effect. Mahoney v. Northwest Airlines Pension Plan, Contract Emp. - Casetext 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). 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. 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