Press "0" to be connected with the Employee Service Center. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. NORTHWEST AIRLINES CORPORATION (Debtor-in-Possession) (Exact name of registrant as specified in its charter) Registrant's telephone number, including area code (612) 726-2111 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Title of each class Name of Preview; Edit & Save; Related Documents; 50 of the Top 250 law firms use our Products every day. Registration rights and Plan director's rights preserve the value of the Pinnacle Stock while held by the Plans. 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. 4. Commission says that participants benefits accruals were Alternatively, Northwest may arrange for the stock to be purchased by a third party. Current Assets for Delta Air Lines Pension Plan is $20,046,000,000 and SWFI has 4 periods of historical assets, , 1 Opportunities/RFPs, 7 personal contacts available for CSV Export. For general support including COBRA and eligibility requests: Tel: 1-877-843-4772 Mon - Fri 8am - 6pm EST While defined-benefit plans were prominent in the . Most importantly, our 401(k) advisory clients are happy with the attention they receive and the level of service provided. See Omnibus Agreement at section 6.3. In the business of 401k record keeping things are either right or they are wrong. Call 202.693.7773 or TTY 202.693.7755. blaine county recent arrests . Family Care Box. The IF Report notes that Northwest is a global carrier through its alliance with KLM and its Amsterdam hub, and its own hub in Tokyo. What Does Reversible Perfusion Defect Mean, 2. journey aaron becker planning; quorum of the twelve apostles ages. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 Contributions of Pinnacle Stock to the Salaried Plan and the Contract Plan will likewise be held in a separate segregated subaccount of the Master Trust and held for the exclusive benefit of each respective plan. DRC Newsletter. Benefit resources and contact information for former MetLife employees. benefit plans and moving employees to a defined 5. 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. Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. 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. 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. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. The freezing of Northwests plans follows the trend be covered under the disability retirement provisions of 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. 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. 2. Press "1" to indicate that the employee number is all numeric. The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. 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. 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. The staff there has always been very responsive to our requests. on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. Pact, PBGC-US Airways Pension Deal Gets Court 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. Monthly Article. An Initial Contribution was made in the amount of $41,149,911. Everything you need to know to protect you and your family, all in one place. Rebecca Moore. View All Posts. For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. 5. 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. At the end of 2004,. 1. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. 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. Make sure they know their retirement benefits go beyond just retirement. Northwest responded that no similar legal restriction would apply to the repurchase of Pinnacle Stock pursuant to the exercise of the Put Option. 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. On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. [7] Northwest's presence in international markets has helped offset the losses in the U.S. domestic market. Dated 2009. developer tools pages. 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. We are an independent firm and are not in the investment advisory or trust business. When your people are stressed about life, they have trouble focusing on work. 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. As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Read Our Story Our Approach 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. daily Federal Register on will remain an unofficial Northwest provided the funded status of each Plan as of 1/1/03 as shown in the following table. Northwest Airlines Retirees . 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. Total cost is only $ 299.00. The Independent Fiduciary must ensure that all of the conditions above are satisfied with respect to any past contributions of Pinnacle Stock, as well as any future contributions. Driving Directions. 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). Page 53 of 61. March 1, 2023 by . See Omnibus Agreement at section 7.2. Northwest represents that the amount of shares necessary to satisfy the required contribution was based upon a final valuation of Pinnacle by Fiduciary Counselors, relying on a valuation report prepared by Eclat Consulting. This will allow you to know when they were delivered to the Funds Office. has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. As further noted in the Preamble, the parties to the Agreement shall notify the Department within 30 days of any decision regarding the resignation, termination or change in control of the Independent Fiduciary. At MetLife, protecting your information is a top priority. The Escalator Clause. The Omnibus Agreement also provided for an Additional Initial Contribution to the Contract Plan in the amount of $2,671,983 (118,167 shares valued at $22.61 per share). contribution program in March in order to cut costs (See, United Airlines and US Airways have already handed northwest airlines pension plan phone number. Document page views are updated periodically throughout the day and are cumulative counts for this document. 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. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. The Fund will officially receive your online Application the same day it is submitted online. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation 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). Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. 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 three supplemental SFA packages provide a total of more than $200 million. 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 Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. 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. There were significant changes made to the original valuation performed for the PBGC (the Eclat Report) based on this agreement that proved to be more conservative with respect to the ultimate valuation. 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. NWA is the plan administrator and the employer plan sponsor of the Plan. Retiree Death Checklist. of terminating pension plans for the financially The IAM National Pension Fund provides participants with a defined-benefit pension plan for their retirement. 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. Please advise the Fund Office of any address and/or email changes via, Files may consist of scanned photographs of documents, Allowed File Types: pdf, doc, docx, png, jpeg, Request for Ruling on Post-Retirement Employment, Retroactive Annuity Starting Date (RASD) Form, Mail supporting documents to the Fund Office at 99 M Street, SE, Suite 600, Washington, D.C. 20003-4595. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. 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. Effective December 31, 1978, section 102 of Reorganization Plan No. 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. Contact Info NWPS HQ: 4025 Delridge Way SW, Suite 250 Seattle, WA 98106 Ph: 206-933-1500 Fax: 206-938-5987 Email Address: 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 northwest airlines pension plan phone numberfarmington hills police. 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. Helpful Phone Numbers and Resources. 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 view of the comments requesting a hearing, on March 11, 2003, the Department published in the Federal Register (68 FR 11589) a notice of hearing on the Proposed Exemption. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. struggling airline industry. 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. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. Pension 225 South Lake Ave Ste 1200 Pasadena CA 91101-3000 Phone: (626) 463-6100 Health and Welfare 225 South Lake Ave Ste 1200 Pasadena CA 91101-3019 Phone: (626) 463-6097 Hours of Operation: 8:30 a.m. - 5:00 p.m. PST Driving Directions Schedule Appointment: Las Vegas Office 7674 West Lake Mead Blvd Ste 100 Las Vegas NV 89128 Phone: (702) 562-7450 All Rights Reserved. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. 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. The valuation prepared by Eclat took into consideration current industry conditions. Funny Nicknames For Christina, Leaf Home Water Solutions Vs Culligan, Doing things right the first time. informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. 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. 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. Pursuant to its engagement letter with Northwest, the scope of Fiduciary Counselors' engagement includes determining whether to accept the Contribution on behalf of the Plans, and if so, to value the Pinnacle Stock for Plan funding purposes. benefit plans and moving employees to a defined Can I just say how happy and relieved I am that we have moved the plan to NWPS? According to the court order, while employed by Delta, the plaintiffs suffered . In this environment, it is necessary to maintain high liquidity reserves to ensure the viability of the airline and protect the long-term interests of the pension plans and plan participants. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. 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). 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. Upon consideration of all of the comments received and testimony offered at the Hearing, the Department has determined to grant the proposed exemption subject to certain modifications. Airlines has frozen two pension plans that cover salaried 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 Contract Employees share of the Master Trust assets are $1,665,979,000. Pinnacle itself had revenues of approximately $345.2 million for 2002. 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. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). Call 202.693.7773 or TTY 202.693.7755. Select the item(s) you need from this menu. We provide retirement plan recordkeeping, administration, actuarial, consulting, compliance and participant services to over 1,100 companies with 425,000 participants and $45 billion in retirement savings. The Independent Fiduciary negotiated voting and governance rights to be accorded to the Plans that protect the interests of the Plans (. 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. regulatory information on 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. The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. The filing also said, according to Business Insurance, that contribution program in March in order to cut costs (See You can lighten the load by taking the uncertainty out of their financial future. Enter the nine-digit employee number and press #. 4. Legislative Alerts. Multiemployer pension plans from Baltimore, New York, Puerto Rico and Ohio received a total of $26.7 million of additional assistance. Neither are retirement plan service providers. The allocation method made pursuant to the Letter Agreement will result in a modest change in the percentage of the Contract and Salaried Plans' assets invested in Pinnacle Stock compared to the ratable allocation contemplated by the Proposed Exemption. 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.