northwest airlines pension plan phone number

Reported by. The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. The Pinnacle Stock contributed to the Pilot Plan will be held in a separate, segregated subaccount of the Master Trust and held for the exclusive benefit of the Pilot Plan. Delta Care and Scholarship Fund. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. 5. Legislative Alerts. When your people are stressed about life, they have trouble focusing on work. struggling airline industry. (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. You can lighten the load by taking the uncertainty out of their financial future. Northwest represents that it will make any such contributions in cash. Information about this document as published in the Federal Register. DELTA US CORPORATION RETIREMENT PLAN FOR EMPLOYEES | Pension Benefit Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. For international access: 1-404-677-8000. benefit plans and moving employees to a defined A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). Retirement Benefits | Alight 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. Bill. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. Fax the Fund office at 202-463-8098 or 202-457-8653 (please use this form when faxing a request). For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. The Escalator Clause. DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. The two construction pension plans will receive more than $70 million in combined funds. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. Helpful Phone Numbers and Resources. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. Airline pilots used to get a sweet deal. In addition, Delaware law would not restrict NWA Corp., a Delaware corporation, from repurchasing the Pinnacle Stock as the guarantor of the Put Option. Every account is balanced to the trust each and every night, to the exact penny. 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. 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). 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. If the Pinnacle Stock is publicly traded, the Plans will receive the greater of (i) the Floor Price, or (ii) the average closing price for the stock on the public market for the 10 trading days preceding the exercise date or, if greater, the closing price on the day before the Put Option closing date. In a business that often moves glacially and at other times, very swiftly, we are constantly taking stock, adjusting the sails, fine tuning our course NWPS recently sponsored the Advisor2x Wealth@wor(k) conference in Las Vegas, NV. Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. Official Publications from the U.S. Government Publishing Office. Join or Renew Your Membership - Annual dues $35. 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. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Contact Us | NWPS ). 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. You can apply online for your pension benefits and upload supporting documents by logging into PSS. In determining the fair market value of the stock, the Independent Fiduciary must obtain an appraisal by a qualified independent appraiser, and must ensure that the appraisal is consistent with sound principles of valuation. Northwest Airlines Retirees . The attention of interested person is directed to the following: (1) The fact that a transaction is the subject of an exemption under section 408(a) of the Act and section 4975(c)(2) of the Code does not relieve a fiduciary or other party in interest or disqualified person from certain other provisions of the Act and the Code, including any prohibited transaction provisions to which the exemption does not apply and the general fiduciary responsibility provisions of section 404 of the Act, which require, among other things, a fiduciary to discharge his or her duties respecting the plan solely in the interest of the participants and beneficiaries of the plan and in a prudent fashion in accordance with section 404(a)(1)(B) of the Act; nor does it affect the requirements of section 401(a) of the Code that the plan operate for the exclusive benefit of the employees of the employer maintaining the plan and their beneficiaries; (2) The exemption will not extend to transactions prohibited under section 406(b)(3) of the Act and section 4975(c)(1)(F) of the Code; (3) In accordance with section 408(a) of the Act and section 4975(c)(2) of the Code and the procedures set forth in 29 CFR Part 2570, Subpart B (55 FR 32836, 32847, August 10, 1990) and based upon the entire record, the Department finds that the exemption is administratively feasible, in the interests of the plans and their participants and beneficiaries and protective of the rights of the participants and beneficiaries of the plans; (4) This exemption is supplemental to, and not in derogation of, any other provisions of the Act and/or the Code, including statutory or administrative exemptions and transitional rules. Contact - NORTHWEST ADMINISTRATORS, INC. 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. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse. over pension plans to the Pension Benefit Guaranty Date: This exemption is effective as of January 15, 2003. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. to DC Move PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees Concentrix The Rocket Newcastle Address, We have the experience to know what works. Page 53 of 61. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. Commission says that participants benefits accruals were and Publi . documents in the last year, 534 5. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. 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. documents in the last year, 84 In this regard, the Independent Fiduciary represented that it negotiated terms that it determined were no less favorable to the Plans than terms negotiated at arm's length with an unrelated third party under similar circumstances. Please specify which news release when placing your request. Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. 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. As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. northwest airlines pension plan phone number SEC.gov | HOME 2023 MetLife Services and Solutions, LLC. Please visit the Contact Us page for hours of operation. The Plan - exNWA.com The Delaware law does not apply to the repurchase of Pinnacle Stock, which is not treated as NWA Corp.'s own stock. However, because of its liquidity needs, a cash contribution is not a viable alternative. Retirement Plan Recordkeeping & Accounting | NWPS 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. Labor Department Proposes Exemption For Northwest Airlines to - DOL PBGC-US Airways Pension Deal Gets Court 3. Eagan, MN 55121-1534. Fiduciary Counselors and Eclat represent that Eclat was originally retained by PBGC to value Pinnacle and to evaluate the financial viability of Northwest. 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. NWPS helps organizations efficiently and effectively run retirement and benefit plans so their employees are protected and able to retire with dignity. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. For general support including COBRA and eligibility requests: Tel: 1-877-843-4772 Mon - Fri 8am - 6pm EST Although the Plan's option is exercisable at anytime, unlike a normal option, Northwest does not have to immediately settle. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 Northwest Airlines Retirees . 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. In the business of 401k record keeping things are either right or they are wrong. We have never been disappointed in the service received from NWPS. 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). An Initial Contribution was made in the amount of $41,149,911. Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. participants who become disabled after August 31 will not 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. Family Care Box. Northwest Administrators, Inc. 612-726-3774. Northwest sought the exemption to permit the Pinnacle Stock contribution as part of its overall strategy of managing the current economic uncertainty. 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. Corporation (SeeUnited, PBGC Hammer Out Plan Takeover See Omnibus Agreement, Definition of Early Termination Event at section 1.1. 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. 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. 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. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation The Contract Employees share of the Master Trust assets are $1,665,979,000. 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. Commission says that participants benefits accruals were A federal judge has denied dismissal of a lawsuit in which five former employees of Delta Air Lines allege Delta and its administrative committee improperly reduced their pension benefits from the Northwest Airlines Pension Plan for Contract Employees. With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . 2. Helpful Phone Numbers - DALRC, Inc. dba Delta Retiree Connection We are an independent firm and are not in the investment advisory or trust business. 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. Equally important, Fiduciary Counselors negotiated for special rights associated with the Plans' acquisition of Pinnacle Stock that limit the risks associated with Pinnacle Stock. 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. northwest airlines pension plan phone number. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. 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. 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. Retiree Death Checklist. 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. This is because a cash contribution is not a viable alternative given the company's liquidity needs. Schwarzenegger Shoots Down Same-Sex Marriage NWA is the plan administrator and the employer plan sponsor of the Plan. However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. 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 A Rose For Janet By Charles Tomlinson Summary Pdf, Reporters from Bloomberg's Washington, D.C. bureau are prominently featured as they offer analysis of policy and legal issues. Northwest Airlines Latest to Propose DB 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 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. NWAI then transferred the Pinnacle Shares and the Series A Preferred Share to Northwest as a contribution to the capital of Northwest. (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. 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. 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. The Contract Employees share of the Master Trust assets are $1,665,979,000. This past week, NASA unveiled images from the James Webb Space Telescope. 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). The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. Northwest Airlines Pension Plan for Contract Employees QDRO Preparation for NORTHWEST AIRLINES PENSION PLAN FOR - Qdro Desk Follow our blog for insights and news about our company, the industry and changes in laws. 4. Former Northwest Airlines Workers Sue Delta Over Pensions qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 Survivors Checklist - RNPA 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 will obtain an amendment of the Omnibus Agreement so that the Independent Fiduciary will have first priority to sell Pinnacle Stock in an initial public offering, if certain conditions exist. The addition of the regional jets has more than doubled the size of the airline. ABCs OF RETIREMENT. About the Federal Register Pinnacle Stock in that amount was transferred to State Street Bank, the trustee for the Northwest Master Trust for Defined Benefit Plans that holds the assets of all of the Northwest Plans (the Master Trust). 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. 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. Northwest Airlines Freezes Pension Plans | PLANSPONSOR Seattle WA 98102-3305. Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. The notice set forth a summary of the facts and representations contained in Northwest's November 6, 2002 application for exemptive relief (Application) and referred interested persons to the Application for a complete statement of the facts and representations. 4. Northwest appointed Fiduciary Counselors investment manager of the Investment Fund and Fiduciary Counselors has accepted this appointment. When you apply, the Fund will provide you with estimates of your pension and information about the different forms of payment available. More contact information for workers and retirees Participants in PBGC-trusteed plans can use PBGC's fast, free, and secure online service tool to apply for pension benefits, update contact information, adjust federal income tax withholding, and more. 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. Airline Pensions All But Gone? That's a Good Thing The Special Conversion Option expired on February 9, 1994. 5. 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. Leaf Home Water Solutions Vs Culligan, Delta Air Lines Inc. defeated a proposed class action by Northwest Airlines retirees claiming their pensions were wrongly cut to account for workers' compensation settlements, when a Minnesota federal judge said the airline reasonably interpreted its pension plan. The Fund will officially receive your online Application the same day it is submitted online. # A1430. In no circumstance, however, may the parties treat Pinnacle Stock previously contributed to the Plans as if it had a higher value than was attributed to it at the time of the original contribution. 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. NWPS Co-Sponsors the 2022 Broadridge Fi360 Solutions Conference. Neither are retirement plan service providers. 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. U.S. Investigates Pension Fund at Northwest Air 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 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. While every effort has been made to ensure that Under the Omnibus Agreement, Northwest controls the timing of the IPO until the earlier of July 1, 2006 or the occurrence of an early termination event. 3. The board noted that the company's obligation to the holders of the Series C Preferred Stock continues until Northwest has the ability to repurchase the Series C Preferred Stock. Pact, PBGC-US Airways Pension Deal Gets Court contribution program in March in order to cut costs (See, United Airlines and US Airways have already handed 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. The staff there has always been very responsive to our requests. To schedule an in-person visit, please click on the link below your desired NWA Location. 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. documents in the last year, 16 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. For former or current employees with pensions not yet started: Tel: 1-800-677-5678 Mon - Fri 8am - 6pm EST. and services, go to Posted on . of terminating pension plans for the financially For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. Benefit resources and contact information for former MetLife employees. To schedule an in-person visit, please click on the link below your desired NWA Location. The labor situation is Start Printed Page 49797stable. 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). While defined-benefit plans were prominent in the . ), while Delta Airlines pension program faces a $5 billion Can I just say how happy and relieved I am that we have moved the plan to NWPS? The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. Northwests filing with the Securities and Exchange Printer Friendly Version Archived News Release Caution: Information may be out of date. 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. employees, Business Insurance reports. 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.

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