northwest airlines pension plan phone number

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. 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. Northwest Airlines Corporation (NWA Corp.) will guarantee Northwest's obligations under the Omnibus Agreement, including the Put Option. When your people are stressed about life, they have trouble focusing on work. and The Delta Airlines Master Retirement Trust (Delta Air Lines Pension Plan) is a Corporate Pension located in Atlanta, GA United States, North America. Most importantly, our 401(k) advisory clients are happy with the attention they receive and the level of service provided. 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. Delta Life Insurance - MetLife (Basic/Optional/Spouse) 1-866-939-7409. Alternatively, Northwest may arrange for the stock to be purchased by a third party. Family Care Box. United Airlines and US Airways have already handed Bill. 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). Rebecca Moore. Benefit resources and contact information for former MetLife employees. 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. 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. 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. 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. Representatives are available to assist you Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. For information on how to complete an application, please refer to the Information Guide. Reported by. For general support including COBRA and eligibility requests: Tel: 1-877-843-4772 Mon - Fri 8am - 6pm EST Pinnacle itself had revenues of approximately $345.2 million for 2002. 1. 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. Every account is balanced to the trust each and every night, to the exact penny. On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. of terminating pension plans for the financially Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation The two construction pension plans will receive more than $70 million in combined funds. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. 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 (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. OR. 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. Pact, PBGC-US Airways Pension Deal Gets Court 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. 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. This is because a cash contribution is not a viable alternative given the company's liquidity needs. All Rights Reserved. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. Click HERE for a printable version of this page. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. Create an Account and Draft a QDRO for This Plan. Labor Department Proposes Exemption For Northwest Airlines to - DOL 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. 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. 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. DALRC 2023. 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. Contact Us | NWPS Employee Benefits Security Administration, Department of Labor. Our clients wont have it any other way. This exemption is conditioned upon adherence to the material facts and representations described herein and upon satisfaction of the following requirements: (a) The Plans acquire the Pinnacle Stock through one or more contributions by Northwest during the calendar years 2003 and 2004; (b) An independent qualified fiduciary (the Independent Fiduciary), acting on behalf of the Plans, represents the Plans' interests for all purposes with respect to the Pinnacle Stock, and determines, prior to entering into any of the transactions described herein, that each such transaction, including the contribution of the Pinnacle Stock, is in the interests of the Plans; (c) The Independent Fiduciary negotiates and approves the terms of any of the transactions between the Plans and Northwest that relate to the Pinnacle Stock; (d) The Independent Fiduciary manages the holding and disposition of the Pinnacle Stock and takes whatever actions it deems necessary to protect the rights of the Plans with respect to the Pinnacle Stock; (e) The terms of any transactions between the Plans and Northwest are no less favorable to the Plans than terms negotiated at arm's-length under similar circumstances between unrelated third parties; (f) The Independent Fiduciary determines the fair market value of the Pinnacle Stock contributed to each plan as of the date of each such contribution. Northwest Administrators, Inc. is Mobile! 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. The technology is here, but politics may stand in the way. Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil 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 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. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. 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. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Accordingly, the fiduciaries of a plan must act prudently, solely in the interest of the plan's participants and beneficiaries, and with a view to the need to diversify plan assets when deciding whether to accept an in-kind contribution. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. NWPS is head and shoulders above their competitors! Effective December 31, 1978, section 102 of Reorganization Plan No. Equally important, Fiduciary Counselors negotiated for special rights associated with the Plans' acquisition of Pinnacle Stock that limit the risks associated with Pinnacle Stock. northwest airlines pension plan phone number. Use our online service, My Pension Benefit Access (MyPBA) and chose the option to update your personal information. Printer Friendly Version Archived News Release Caution: Information may be out of date. frozen as of August 31. 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. 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. Document Drafting Handbook Moreover, the Plans will receive all of any investment gains attributable to their shares of Pinnacle Stock at the time of an IPO. Fax supporting documents to the Fund Office at 202-463-8098 or 202-457-8653, Fax the Fund office at 202-463-8098 or 202-457-8653(please. northwest airlines pension plan phone number. Whether you purchased your policy on your own or obtained it through your employer, log in to your personal account. 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. 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. The Special Conversion Option expired on February 9, 1994. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. northwest airlines pension plan phone number 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). Request Profile Update Download Data 12 Recorded Transactions 1 Opportunities & RFPs $20,046,000,000 Assets 7 Contacts Home Profiles Corporate Pension North America Call 202.693.7773 or TTY 202.693.7755. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. 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. Register documents. The IAM National Pension Fund provides participants with a defined-benefit pension plan for their retirement. Pension Benefits Resource Page | IAM NPF However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. 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. Pension Plan Administration - NORTHWEST ADMINISTRATORS, INC. Multiemployer pension plans from Baltimore, New York, Puerto Rico and Ohio received a total of $26.7 million of additional assistance. Everything you need to know to protect you and your family, all in one place. Delta Air Lines Pension Plan (Delta Air Lines Pension Plan) - Corporate According to the court order, while employed by Delta, the plaintiffs suffered . SEC.gov | HOME However, because of its liquidity needs, a cash contribution is not a viable alternative. Delta Death and Survivors Checklist - RNPA :OE> :R"5h i{. northwest airlines pension plan phone number be covered under the disability retirement provisions of Join or Renew Your Membership - Annual dues $35. Northwest Airlines Latest to Propose DB Contact - NORTHWEST ADMINISTRATORS, INC. 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. 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. Northwest responded that no similar legal restriction would apply to the repurchase of Pinnacle Stock pursuant to the exercise of the Put Option. Retiree Death Checklist. 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. Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. 404-714-1489. Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. 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. 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. Northwest Airlines Pension Plan For Contract Employees We are an independent firm and are not in the investment advisory or trust business. In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. Call 202.693.7773 or TTY 202.693.7755. The changes incorporated into the Omnibus Agreement were requested and approved by Fiduciary Counselors. 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. NWPS helps organizations efficiently and effectively run retirement and benefit plans so their employees are protected and able to retire with dignity. 7. Press "1" to indicate that the employee number is all numeric. Retirement Benefits | Alight Press "1" to indicate that the employee number is all numeric. Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. struggling airline industry. We want to do so as soon as possible. participants who become disabled after August 31 will not Old Friends Locator Program. Please specify which news release when placing your request. 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. 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. The Plan - exNWA.com over pension plans to the Pension Benefit Guaranty Representatives are available to assist you 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. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). At the present time, the Board was unable to make this finding. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. documents in the last year, 973 # A1430. 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. Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau.

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