northwest airlines pension plan phone number

The filing also said, according to Business Insurance, that Fiduciary Counselors and Eclat represent that Eclat was originally retained by PBGC to value Pinnacle and to evaluate the financial viability of Northwest. Equally important, Fiduciary Counselors negotiated for special rights associated with the Plans' acquisition of Pinnacle Stock that limit the risks associated with Pinnacle Stock. Leaf Home Water Solutions Vs Culligan, 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 Plan is a defined benefit pension plan for the benefit of certain union-represented employees. Refer to the National Pension Plan Summary Plan Description (SPD)"How Do You Apply for Pension Benefits" sectionfor more information. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. Driving Directions. 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). 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. We have the experience to know what works. 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. Designed and Developed by Eyesore, Inc. Change of bank accounts for direct deposit, Retiree Death Checklist and Survivor Benefits Process. Select the item(s) you need from this menu. Call 202.693.7773 or TTY 202.693.7755. 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. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 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. 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. We have never been disappointed in the service received from NWPS. 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. You may have seen recent news coverage of customers of financial services companies falling victim to social engineering scams. NWA is the plan administrator and the employer plan sponsor of the 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). Page 49 of 61. Northwest Airlines Latest to Propose DB Eagan, MN 55121-1534. regulatory information on FederalRegister.gov with the objective of In the Proposed Exemption, it was noted that the length of the Deferral would be shortened if Pinnacle Stock was publicly traded at the time that the Put Option is exercised. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. 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). 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. 3. 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. over pension plans to the Pension Benefit Guaranty The Master Trust, all pension assets are, $4,146,038,000. Multiemployer pension plans from Baltimore, New York, Puerto Rico and Ohio received a total of $26.7 million of additional assistance. Contact Info NWPS HQ: 4025 Delridge Way SW, Suite 250 Seattle, WA 98106 Ph: 206-933-1500 Fax: 206-938-5987 Email Address: info@nwpsbenefits.com Driving Directions From I-5 North or South Take the W SEATTLE BR exit EXIT 163A toward SPOKANE ST Merge onto WEST SEATTLE BRIDGE Exit onto Delridge Way SW Continue on Delridge Way SW Fromage En 5 Lettres, Northwests filing with the Securities and Exchange The value was then increased to reflect the value of the put. Corporation (See, Northwest Airlines Latest to Propose DB 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. These pictures have delighted, awed, and amazed us with images of deep space Several hundred retirement plan industry professionals gathered in Austin, Texas last week to discuss the latest trends and important topics impacting We can depend on NWPS for accuracy and responsiveness for our clients administration services. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. As described in the Fiduciary Counselors letter to the Department on January 6, 2003, Northwest has agreed to pay Fiduciary Counselors an annual fee that covers both the independent fiduciary and investment management services provided by Fiduciary Counselors and the investment advisory services provided by AIC. of terminating pension plans for the financially I look forward to a long, fruitful relations with NWPS. 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). Their pension was 60 percent of final average earnings (FAE). Each client has a dedicated and integrated team. Commission says that participants benefits accruals were 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. 5. Each of Northwest's three main unions at the time of the Agreements also was granted the right to appoint one director to the Northwest board of directors. FOR METLIFE SECURITIES INC. Enter the 'pass eligibility date' as six digits (in most cases this is the same as the original hire date) and press #. Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. 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. Encourage saving throughout their career and help them figure out how buying a home, paying for education and . northwest airlines pension plan phone number. 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. 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. 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. The Special Conversion Option expired on February 9, 1994. Please specify which news release when placing your request. 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. DALRC Retiree Assistance Program, Inc. 678-782-7577. Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. Delta Life Insurance - MetLife (Basic/Optional/Spouse) 1-866-939-7409. benefit plans and moving employees to a defined To schedule an in-person visit, please click on the link below your desired NWA Location. 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 Northwest Administrators, Inc. is Mobile! Travel. Ellen A. Hennessy will continue to be the primary person at Fiduciary Counselors handling its responsibilities as independent fiduciary to the Northwest Airlines defined benefit plans. The Contract Employees share of the Master Trust assets are $1,665,979,000. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. Pact, PBGC-US Airways Pension Deal Gets Court northwest airlines pension plan phone number. Create an Account and Draft a QDRO for This Plan. Pinnacle itself had revenues of approximately $345.2 million for 2002. Every account is balanced to the trust each and every night, to the exact penny. The Delaware law does not apply to the repurchase of Pinnacle Stock, which is not treated as NWA Corp.'s own stock. Total cost is only $ 299.00. Northwest proposed the freezing of its defined 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. provide legal notice to the public or judicial notice to the courts. Rebecca Moore. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. 2. Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. We are an independent firm and are not in the investment advisory or trust business. Monthly Article. 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. Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. This is because a cash contribution is not a viable alternative given the company's liquidity needs. Follow our blog for insights and news about our company, the industry and changes in laws. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. 1. NWPS helps organizations efficiently and effectively run retirement and benefit plans so their employees are protected and able to retire with dignity. 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. Press "1" to indicate that the employee number is all numeric. DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. 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. 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. However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. :OE> :R"5h i{. Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. 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. The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. 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. How. Seattle WA 98102-3305. Please visit the Contact Us page for hours of operation. Alternatively, Northwest may arrange for the stock to be purchased by a third party. Doing things right the first time. Moreover, in connection with the Omnibus Agreement entered into between Fiduciary Counselors and Northwest, Fiduciary Counselors negotiated for limitations on Northwest's ability to unilaterally amend or terminate the ASA. Printer Friendly Version Archived News Release Caution: Information may be out of date. 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. The staff there has always been very responsive to our requests. 612-726-3774. Bill. 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. What Does Reversible Perfusion Defect Mean, At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. Preview; Edit & Save; Related Documents; 50 of the Top 250 law firms use our Products every day. At the end of 2004,. This scamming can happen via text, email or websites set up to look like the trusted company. AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 Copyright 2023 Asset International, Inc. All Rights Reserved. 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. Delta Care and Scholarship Fund. contribution program in March in order to cut costs (See Neither are retirement plan service providers. Retiree Death Checklist. Eagan, MN 55121-1534. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. Concentrix The Rocket Newcastle Address, shortfall. over pension plans to the Pension Benefit Guaranty As a condition to any such contribution by Northwest, the Independent Fiduciary must determine on behalf of the Plans that the acceptance of the contributed shares is prudent and in the interests of the Plans' participants and beneficiaries and otherwise consistent with the fiduciary standards of ERISA. See Omnibus Agreement at sections 5.1 and 5.2. 4. Free will preparation service through MetLife. While defined-benefit plans were prominent in the . In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. 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. Pact Read Our Story Our Approach 7. 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. If you are planning to retire in 2022 and are applying for pension benefits, we strongly encourage you to submit your application as early as 180 days before your intended pension effective date. Publi . # A1430. When your people are stressed about life, they have trouble focusing on work. 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 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). This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. Join or Renew Your Membership - Annual dues $35. 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.