Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. 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. (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. The freezing of Northwests plans follows the trend 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. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. At the present time, the Board was unable to make this finding. (h) A description of the economic outlook in general, and of the condition and outlook of Pinnacle's industry in particular. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. PBGC-US Airways Pension Deal Gets Court Signoff 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 filing also said, according to Business Insurance, that Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. Northwest stated that it would not. Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. 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. 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. See Omnibus Agreement at section 6.3. The Independent Fiduciary represents that the description of the valuation by Eclat Consulting (Eclat) of Pinnacle in the Proposed Exemption commencing in the second column of 68 FR 2580 (the Eclat Report) should be updated to reflect Eclat's valuation of Pinnacle as of January 15, 2003. Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. Rebecca Moore. 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. 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. Date: This exemption is effective as of January 15, 2003. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. 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. 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. Eagan, MN 55121-1534. The Special Conversion Option expired on February 9, 1994. 1. 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 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. 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). Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. (i) The Plans incur no fees, costs or other charges as a result of their participation in any of the transactions described herein. The staff there has always been very responsive to our requests. 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. I look forward to a long, fruitful relations with NWPS. Pact The two construction pension plans will receive more than $70 million in combined funds. Participant data is only used for recordkeeping, not cross-selling. They start with the implementation and stay in place to guarantee high quality service and continuity. The National IAM Benefit Trust Fund reaches over 200 contributing employers. 5. When your people are stressed about life, they have trouble focusing on work. September 9, 2005 (PLANSPONSOR.com) - Northwest Register documents. Free will preparation service through MetLife. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. 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. 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. Employee Benefits Security Administration, Department of Labor. However, because of its liquidity needs, a cash contribution is not a viable alternative. 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. 2. Select the item(s) you need from this menu. Northwest Airlines Retirees . In the business of 401k record keeping things are either right or they are wrong. The following chart can help you determine when to make your Pension Application request: *You may not return your application more than 180 days prior to your desired pension effective date. See Omnibus Agreement at section 7.2. Eclat determined that Pinnacle and Northwest are healthy companies, even in light of current economic conditions in the airline industry. 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). The labor situation is Start Printed Page 49797stable. The value was then increased to reflect the value of the put. As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. 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). manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. 1. Click HERE for a printable version of this page. NWPS is head and shoulders above their competitors! The universe is not as it appears. Family Care Box. 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. Enter the 'pass eligibility date' as six digits (in most cases this is the same as the original hire date) and press #. The Northwest board of directors determined that at this time the company could not legally redeem the 4.8 million shares of its Series C Preferred Stock still outstanding and made the following statement: After a thorough review of the legal restrictions applicable to the company, the board concluded that Northwest was not able to buy back the Series C Preferred Stock, at this time. Pinnacle itself had revenues of approximately $345.2 million for 2002. 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. This voluntary contribution will eliminate the funding requirements under the Code and ERISA for the 2003 Plan Year that would otherwise be payable with respect to the Pilot Plan. Northwest sought the exemption to permit the Pinnacle Stock contribution as part of its overall strategy of managing the current economic uncertainty. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. The selection of an independent qualified appraiser to determine the value of an in-kind contribution and the acceptance of the resulting valuation are fiduciary decisions governed by the provisions of Part 4 of Title I ERISA. Comment: A number of comments expressed concerns that Pinnacle Stock is a risky and illiquid investment and hard to value because there is no established market for the security. In addition, Delaware law would not restrict NWA Corp., a Delaware corporation, from repurchasing the Pinnacle Stock as the guarantor of the Put Option. B. Enter the nine-digit employee number and press #. 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 The IAM National Pension Fund provides participants with a defined-benefit pension plan for their retirement. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Northwest strongly believes that Pinnacle Stock has significant value and that the value of Pinnacle Stock will increase when the IPO market improves for regional airlines. 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. shortfall. NWA is Mobile. We have the experience to know what works. The Contract Employees share of the Master Trust assets are $1,665,979,000. 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. 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. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. We are an independent firm and are not in the investment advisory or trust business. 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. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. 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. The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. 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. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. 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. 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. frozen as of August 31. For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. We are an independent firm and are not in the investment advisory or trust business. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. The technology is here, but politics may stand in the way. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Delta Care and Scholarship Fund. 2023 MetLife Services and Solutions, LLC. 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 (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. 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. February 27, 2023 . 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. The Independent Fiduciary negotiated a comprehensive set of governance rights accorded to the Plans as a condition of acceptance of Pinnacle Stock. Schwarzenegger Shoots Down Same-Sex Marriage For former or current employees with pensions not yet started: Tel: 1-800-677-5678 Mon - Fri 8am - 6pm EST. We want to do so as soon as possible. 2. journey aaron becker planning; quorum of the twelve apostles ages. to DC Move, United, PBGC Hammer Out Plan Takeover 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 exemption affects participants and beneficiaries of, and fiduciaries with respect to, the Plans. 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. 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 changes incorporated into the Omnibus Agreement were requested and approved by Fiduciary Counselors. Their pension was 60 percent of final average earnings (FAE). 404-714-1489. 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. Retiree Death Checklist. On May 20 and June 10, 2003, Northwest responded to certain issues raised during the Hearing that were not responded to in the April 26 Comment. Press "1" to indicate that the employee number is all numeric. Printer Friendly Version Archived News Release Caution: Information may be out of date. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. Document page views are updated periodically throughout the day and are cumulative counts for this document. Download NWA's mobile app for both the iOS and Android platforms and access your information securely, anytime, anywhere. Monthly Article. 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. ET TTY/ASCII users may call 711. Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. 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. (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. The Delaware law applicable to the repurchase of the Series C stock requires the Board to make a finding that NWA Corp. has adequate surplus, defined as the net asset value of the corporation in excess of its capital. Enter the nine-digit employee number and press #. DALRC Retiree Assistance Program, Inc. 678-782-7577. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. 3. Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. northwest airlines pension plan phone number. Similar considerations will be taken into account by Fiduciary Counselors in determining whether to accept any future contribution of Pinnacle Stock. NWA is the plan administrator and the employer plan sponsor of the Plan. 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. 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 Administrators, Inc. is Mobile! 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). Northwest Airlines Retirees . The Independent Fiduciary also engaged the law firm of Jones Day as legal counsel to advise it in connection with its negotiations with Northwest regarding its engagement and Eclat, to provide financial expertise and to value the Pinnacle Stock. You can apply online for your pension benefits and upload supporting documents by logging into PSS. 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). Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. All Rights Reserved. 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.
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