northwest airlines pension plan phone number

Information about this document as published in the Federal Register. (n) An analysis of the degree to which actual control (both in form and in substance) will pass to any of the Plans as a result of any of the contemplated transactions, (o) To the extent that Pinnacle's current or projected revenues and expenses are related to, or dependent upon, contracts, agreements, or understandings between Northwest and Pinnacle, an analysis of Northwest's financial condition, the likelihood of a Northwest bankruptcy, and the potential impact of a Northwest bankruptcy on those contracts, agreements, or understandings, and on the market value of Pinnacle Stock, and. AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 The two construction pension plans will receive more than $70 million in combined funds. Commission says that participants benefits accruals were Bill. 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. to DC Move, United, PBGC Hammer Out Plan Takeover Benefit resources and contact information for former MetLife employees. 3. Pact, PBGC-US Airways Pension Deal Gets Court In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. 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. Bill. Reporters from Bloomberg's Washington, D.C. bureau are prominently featured as they offer analysis of policy and legal issues. Since Northwest was prohibited from investing the Pilot Plan's assets in employer stock, the Pilot Plan at that time, did not participate in the investment fund. Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. (h) A description of the economic outlook in general, and of the condition and outlook of Pinnacle's industry in particular. Published by DRC March 2022. More information and documentation can be found in our Northwest states that, in this regard, some refinements were made to the provisions of the Term Sheet when the parties negotiated and entered into the final Omnibus Agreement (executed on January 15, 2003). Northwest Airlines Corporation (NWA Corp.) will guarantee Northwest's obligations under the Omnibus Agreement, including the Put Option. ABCs OF RETIREMENT. The Proposed Exemption was requested in an application filed on Start Printed Page 49793behalf of Northwest pursuant to section 408(a) of the Act and section 4975(c)(2) of the Code, and in accordance with the procedures set forth in 29 CFR part 2570, subpart B (55 FR 32836, August 10, 1990). 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. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. Former Northwest Airlines Workers Sue Delta Over Pensions By Emily Brill Law360 (December 14, 2021, 4:18 PM EST) -- Delta Air Lines Inc. has been hit with a proposed class action in Nevada. Northwest Retirement Plans, Inc. 541-776-4080 FAX: 541-772-1129 OFFICE: 3235 Hillcrest Park Drive, Suite 100 in Medford, OR 97504 Northwest Retirement Plans: We are a third party administrator (TPA) of Qualified Retirement Plans for employers. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil In the business of 401k record keeping things are either right or they are wrong. 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. 1-800-821-6400. Airline pilots used to get a sweet deal. 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. of terminating pension plans for the financially The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. 1. The value was then increased to reflect the value of the put. ET TTY/ASCII users may call 711. NWPS helps organizations efficiently and effectively run retirement and benefit plans so their employees are protected and able to retire with dignity. be covered under the disability retirement provisions of This document contains a final exemption issued by the Department of Labor (the Department) from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) and from certain taxes imposed by the Internal Revenue Code of 1986 (the Code). 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. 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. We have no silos at NWPS. 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). Eagan, MN 55121-1534. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Fromage En 5 Lettres, For general support including COBRA and eligibility requests: Tel: 1-877-843-4772 Mon - Fri 8am - 6pm EST 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. During the Hearing, the Department asked Northwest to provide information concerning the funded status of the Pilot Plan, Contract Plan and Salaried Plan at the end of 2002. Northwest stated that it would not. Dated 2009. developer tools pages. 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 frozen as of August 31. How. 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. Make sure they know their retirement benefits go beyond just retirement. Download NWA's mobile app for both the iOS and Android platforms and access your information securely, anytime, anywhere. The Delaware law does not apply to the repurchase of Pinnacle Stock, which is not treated as NWA Corp.'s own stock. 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. 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. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. Create an Account and Draft a QDRO for This Plan. Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. Multiemployer pension plans from Baltimore, New York, Puerto Rico and Ohio received a total of $26.7 million of additional assistance. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse. Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. Their pension was 60 percent of final average earnings (FAE). Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Refer to the National Pension Plan Summary Plan Description (SPD)"How Do You Apply for Pension Benefits" sectionfor more information. 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). Corporation (See, Northwest Airlines Latest to Propose DB For international access: 1-404-677-8000. February 27, 2023 . 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. The three supplemental SFA packages provide a total of more than $200 million. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. In this regard, section 404(a)(1)(A) and (B) of ERISA requires that fiduciaries discharge their duties to a plan solely in the interests of the participants and beneficiaries, for the exclusive purpose of providing benefits to participants and beneficiaries and defraying reasonable administrative expenses, and with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. 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. Enter the nine-digit employee number and press #. Copyright 2023 Asset International, Inc. All Rights Reserved. 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. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. NWPS is head and shoulders above their competitors! Delta Life Insurance - MetLife (Basic/Optional/Spouse) 1-866-939-7409. 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. 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. The IF Report notes that Northwest is a global carrier through its alliance with KLM and its Amsterdam hub, and its own hub in Tokyo. benefit plans and moving employees to a defined Join or Renew Your Membership - Annual dues $35. Northwest Airlines Retirees . 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. [7] Northwest's presence in international markets has helped offset the losses in the U.S. domestic market. The valuation prepared by Eclat took into consideration current industry conditions. 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. All Rights Reserved. September 9, 2005 (PLANSPONSOR.com) - Northwest Airlines has frozen two pension plans that cover salaried employees, Business Insurance reports. Registration rights and Plan director's rights preserve the value of the Pinnacle Stock while held by the Plans. Printer Friendly Version Archived News Release Caution: Information may be out of date. documents in the last year, 973 # A1430. I look forward to a long, fruitful relations with NWPS. 2. 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). NWA is now open for in-person visits by Appointment Only. An Initial Contribution was made in the amount of $41,149,911. Signoff 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. 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. The terms of the transaction negotiated between the Independent Fiduciary and Northwest were embodied in a Term Sheet, which was provided to the Department on January 10, 2003. 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. The National IAM Benefit Trust Fund reaches over 200 contributing employers. 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. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. Because the value of the Pinnacle Stock is based on the financial performance of Pinnacle, the Independent Fiduciary reviewed and considered the business of Pinnacle, and the contractual relationship between Pinnacle and Northwest. United Airlines and US Airways have already handed The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. In addition, Delaware law would not restrict NWA Corp., a Delaware corporation, from repurchasing the Pinnacle Stock as the guarantor of the Put Option. Fiduciary Counselors notes that under section 404(a)(1) of ERISA, a fiduciary must discharge its duties with respect to a plan solely in the interest of plan participants and beneficiaries. When your people are stressed about life, they have trouble focusing on work. 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Official Publications from the U.S. Government Publishing Office. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. 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. 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. Monthly Article. participants who become disabled after August 31 will not 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.

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northwest airlines pension plan phone number

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