The exemption affects participants and beneficiaries of, and fiduciaries with respect to, the Plans. Dated 2009. developer tools pages. Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. Enter the 'pass eligibility date' as six digits (in most cases this is the same as the original hire date) and press #. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. At the end of 2004,. Definitions at (a) of the Proposed Exemption in column 1 of 68 FR 2590, the reference to 5 percent (5%) of such fiduciary's gross income, for Federal income tax purposes, in its prior tax year, will be paid by Northwest should read 5 percent (5%) of such fiduciary's annual gross revenue in the year of its engagement, will be paid by Northwest.. Once these growth assumptions are made, the present value of expected free cash flow is calculated. While defined-benefit plans were prominent in the . DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. The following items are found found on the DeltaNet for Alumni home page: To access paycheck receipts (stubs), W-2s, and 1099s go to the DeltaNet for Alumni home page and click Self Service on the white menu bar, then click My Money. The Independent Fiduciary negotiated voting and governance rights to be accorded to the Plans that protect the interests of the Plans (. 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. struggling airline industry. Quick and easy access to MetLife customer support services and resources. Glassdoor is your resource for information about the Pension Plan benefits at Northwest Airlines. 5. 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. 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.
PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees has no substantive legal effect. Jen And Nick Big Brother 8 Married, 404-714-1489. In addition, Delaware law would not restrict NWA Corp., a Delaware corporation, from repurchasing the Pinnacle Stock as the guarantor of the Put Option. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. You can apply online for your pension benefits and upload supporting documents by logging into PSS. Multiemployer pension plans from Baltimore, New York, Puerto Rico and Ohio received a total of $26.7 million of additional assistance.
Homepage - DALRC, Inc. dba Delta Retiree Connection 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. Call 202.693.7773 or TTY 202.693.7755. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. 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. For information on how to complete an application, please refer to the Information Guide. On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . 1. Read Our Story Our Approach Airline pilots used to get a sweet deal. The Escalator Clause. 3. Schwarzenegger Shoots Down Same-Sex Marriage
Northwest Administrators, Inc. 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). The technology is here, but politics may stand in the way. Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. frozen as of August 31. Accordingly, Northwest notes that, consistent with the Omnibus Agreement's terms, the Additional Initial Contribution will be treated as a credit balance and be applied toward future contributions to the Contract Plan. 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.
Survivors Checklist - RNPA Document page views are updated periodically throughout the day and are cumulative counts for this document. northwest airlines pension plan phone number. 2. journey aaron becker planning; quorum of the twelve apostles ages. Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. 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. REPRESENTATIVES, Sorry, we couldn't find any results matching. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. , TRIREME PENSION SERVICES (GUERNSEY) LIMITED AS TRUSTEES OF THE AGILITY PENSION PLAN BR0285, Master Trust -- U.S. Bank Pension and Union Pension Plan, Retirement Plan for Employees of Muscular Dystrophy Association, Inc, Northwest Airlines Pension Plan for Contract Employees, C/O JPMorgan Chase Bank, National Association, no registration authority available for this legal entity, C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US, C/O Stonecutter Capital Advisors LLC, 621 North Ave, Suite C110, Hapeville, US-GA, 30354, US, 1030 Delta Blvd, Atlanta, US-GA, 30354, US, 3720 Zip Industrial Boulevard, Atlanta, US-GA, 30354, US, 3675 Zip Industrial Blvd SE, Atlanta, US-GA, 30354, US, 3720 Zip Industrial Blvd SE, Atlanta, US-GA, 30354, US, 1 Porsche Drive, Atlanta, US-GA, 30354, US, One Porsche Drive, Atlanta, US-GA, 30354, US, 85 Mount Zion Rd, Atlanta, US-GA, 30354, US, 1030 Delta Blvd, Dept 982, Atlanta, US-GA, 30354, US, 1301 Central Street, Evanston, US-IL, 60201, US, 10622 Parkview Plaza Drive, Fort Wayne, US-IN, 46845, US, 711 High Street, Des Moines, US-IA, 50392, US, One Westmount Road North, Waterloo, CA-ON, N2J4C7, CA, P O BOX 191 SARNIS HOUSE, Le Truchot, St Peter Port, GY1 4HW, GG, C/O TRIDENT TRUST COMPANY (HK) LIMITED, 14/F GOLDEN CENTRE, 188 DES VOEUX ROAD CENTRAL, Hong Kong, HK, BDO CORPORATE CENTER , 16F SOUTH TOWER, 7899 MAKATI AVENUE, Makati Citi, PH-MDR, 0726, PH, C/O TRIREME PENSION SERVICES (GUERNSEY) LIMITED, SARNIA HOUSE, LE TRUCHOT, St Peter Port, GY1 1GR, GG, 4000 West Broadway Avenue, Robbinsdale, US-MN, 55422, US, 161 N Clark Street, Suite 3550, Chicago, US-IL, 60601, US, Global Legal Entity Identifier Foundation (GLEIF). 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. 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. The result was a net value of $339,178,820.00 for the purposes of determining the value of the stock contributed on January 15, 2003. Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. We provide consulting, design, actuarial, recordkeeping, communication and administration services. 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. NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse.
Labor Department Proposes Exemption For Northwest Airlines to - DOL Please visit the Contact Us page for hours of operation. September 9, 2005 (PLANSPONSOR.com) - Northwest 7. 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. 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. Northwests filing with the Securities and Exchange 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. northwest airlines pension plan phone number. 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. frozen as of August 31. 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 third expert then determines which of the two assessed values should be assigned to such non-cash consideration. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. 3. 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. 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. March 1, 2023 by . AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 We are an independent firm and are not in the investment advisory or trust business. This table of contents is a navigational tool, processed from the The stock has long term upside potential because of the planned IPO. 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). Most importantly, our 401(k) advisory clients are happy with the attention they receive and the level of service provided. Published by DRC March 2022. 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). Press "1" to indicate that the employee number is all numeric. See Omnibus Agreement at section 7.2. See Omnibus Agreement at section 6.3. Commission says that participants benefits accruals were Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. 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. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 Contributions of Pinnacle Stock to the Salaried Plan and the Contract Plan will likewise be held in a separate segregated subaccount of the Master Trust and held for the exclusive benefit of each respective plan. Select the item(s) you need from this menu. Please specify which news release when placing your request. 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. 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. NORTHWEST AIRLINES CORPORATION (Debtor-in-Possession) (Exact name of registrant as specified in its charter) Registrant's telephone number, including area code (612) 726-2111 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Title of each class Name of However, because of its liquidity needs, a cash contribution is not a viable alternative. 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. 2.
Retirement Plan Recordkeeping & Accounting | NWPS The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. 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). 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). 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).
northwest airlines pension plan phone number PDF IAM Preserves Pensions at Northwest Airlines each plan. 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. (h) A description of the economic outlook in general, and of the condition and outlook of Pinnacle's industry in particular. 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). Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. This will allow you to know when they were delivered to the Funds Office. Northwest proposed the freezing of its defined 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. Make sure they know their retirement benefits go beyond just retirement. 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. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. Please specify which news release when placing your request. Create an Account and Draft a QDRO for This Plan. Effective December 31, 1978, section 102 of Reorganization Plan No. Although the Plan's option is exercisable at anytime, unlike a normal option, Northwest does not have to immediately settle.
Pension Benefits Resource Page | IAM NPF 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). 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. NWPS is head and shoulders above their competitors! on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation Eagan, MN 55121-1534. The freezing of Northwests plans follows the trend Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. Each Plan's percentage ownership reflects the relative size of each Plan to each other. 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. 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. For international access: 1-404-677-8000. Learn about Northwest Airlines Pension Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Northwest Airlines employees. # A1430. employees, Business Insurance reports. (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. Northwests filing with the Securities and Exchange 4. [7] Northwest's presence in international markets has helped offset the losses in the U.S. domestic market. ), while Delta Airlines pension program faces a $5 billion Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. 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. We are an independent firm and are not in the investment advisory or trust business. For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. Official Publications from the U.S. Government Publishing Office. 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. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. NWPS helps organizations efficiently and effectively run retirement and benefit plans so their employees are protected and able to retire with dignity. Signoff
Federal Register :: Northwest Airlines Pension Plan for Salaried This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. Commission says that participants benefits accruals were Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. Preview; Edit & Save; Related Documents; 50 of the Top 250 law firms use our Products every day. Learn about Northwest Airlines Pension Plan, including a description from the employer, and comments and ratings provided anonymously by current and former Northwest Airlines employees. Information about this document as published in the Federal Register. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. 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. Several commenters asked whether the Plan trustees should decide when to initiate a public offering since the Plans will own a majority of Pinnacle Stock. contribution program in March in order to cut costs (See Helpful Phone Numbers and Resources. The Application pertaining to the exemption, the Proposed Exemption, the comments submitted to the Department and the responses to the comments, the transcript of the Hearing, and all other documents submitted to the Department concerning this exemption have been included as part of the public record of the Application. Driving Directions. Representatives are available to assist you However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. 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. participants who become disabled after August 31 will not Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). 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. Register documents.
Court Advances Suit Regarding Delta Air Lines' Offset of Pension What Does Reversible Perfusion Defect Mean, Eclat determined that Pinnacle and Northwest are healthy companies, even in light of current economic conditions in the airline industry.