While defined-benefit plans were prominent in the . 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. 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. 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. 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. Grayson Rodriguez Parents, ), while Delta Airlines pension program faces a $5 billion Airline pilots used to get a sweet deal. NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse. No Reproduction Without Prior Authorizations. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. shortfall. 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. 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. contribution program in March in order to cut costs (See, United Airlines and US Airways have already handed Commission says that participants benefits accruals were The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. We are an independent firm and are not in the investment advisory or trust business. documents in the last year, 534 5. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. Retirement Benefits | Alight The changes incorporated into the Omnibus Agreement were requested and approved by Fiduciary Counselors. Northwest Airlines Corporation (NWA Corp.) will guarantee Northwest's obligations under the Omnibus Agreement, including the Put Option. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. 1. Delta Death and Survivors Checklist - RNPA 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. Former Northwest Airlines Workers Sue Delta Over Pensions 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. 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 staff there has always been very responsive to our requests. Total cost is only $ 299.00. The exemption affects participants and beneficiaries of, and fiduciaries with respect to, the Plans. Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. We have the experience to know what works. See Omnibus Agreement at sections 5.1 and 5.2. 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 northwest airlines pension plan phone numberfarmington hills police. 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. Northwest Airlines Pension Plan for Contract Employees (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. (d) A statement of the stock's value, the methodologies used in determining the value, the reasons for the valuation in light of the methodologies, and the reasons that the appraiser chose to apply particular valuation methods rather than others. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. The Contract Employees share of the Master Trust assets are $1,665,979,000. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. 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 Company profile page for Northwest Airlines Pension Plan For Contract Employees including stock price, company news, press releases, executives, board members, and contact information Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. An Initial Contribution was made in the amount of $41,149,911. As with the Term Sheet, the final Omnibus Agreement provides that the Deferral shall be shortened if Pinnacle Stock is publicly traded. to DC Move Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Please specify which news release when placing your request. In its deliberations, which included its analysis of all aspects of the transactions, the Independent Fiduciary has consistently represented for the record that no contribution of Pinnacle Stock will be accepted on behalf of the Plans unless such transactions are found by the Independent Fiduciary to be in the interests of the Plans. This additional contribution was agreed upon as a result of a technical concern raised by Fiduciary Counselors regarding covenants in Northwest's $1.125 billion Credit and Guarantee Agreement dated October 24, 2000, as amended under which Northwest is the borrower (the Credit Agreement), with Northwest's bank lenders. From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas. In the March 5 Comment, Fiduciary Counselors noted that, consistent with the statutory requirements of section 404(a) of ERISA, the reference in the Proposed Exemption to the best interests of the Plans participants and beneficiaries (emphasis added) should be changed to the interests of the Plans participants and beneficiaries. 4. Additionally, by letter dated July 15, 2003, Fiduciary Counselors represents that in preparing the valuation for subsequent contributions, Eclat will reexamine the assumptions used in preparing the initial valuation and will continue to stress test the assumptions in its valuation model to reflect the credit-worthiness of Northwest and changing conditions in the regional jet market. As a condition of the Proposed Exemption, Fiduciary Counselors, using the services of its independent appraisal firm Eclat, Start Printed Page 49802determined the value of Pinnacle Stock. Pinnacle itself had revenues of approximately $345.2 million for 2002. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. 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. 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). At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. Document page views are updated periodically throughout the day and are cumulative counts for this document. 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 Request Profile Update Download Data 12 Recorded Transactions 1 Opportunities & RFPs $20,046,000,000 Assets 7 Contacts Home Profiles Corporate Pension North America For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. The amount of the Initial Contribution is equal to the amount that was required to meet the quarterly funding requirements under ERISA section 302 and Code section 412(l) for the Contract Plan due on January 15, 2003. 5. Southwest has a small operation in Detroit with only 2 gates. NWA is Mobile. 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 addition, section 404(a)(1)(C) requires that fiduciaries diversify plan investments so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. This past week, NASA unveiled images from the James Webb Space Telescope. In addition, Delaware law would not restrict NWA Corp., a Delaware corporation, from repurchasing the Pinnacle Stock as the guarantor of the Put Option. I look forward to a long, fruitful relations with NWPS. Signoff Northwest may not terminate Fiduciary Counselors as the Independent Fiduciary without the consent of ALPA and may not appoint a new Independent Fiduciary without the consent of ALPA. 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. DELTA US CORPORATION RETIREMENT PLAN FOR EMPLOYEES | Pension Benefit Similar considerations will be taken into account by Fiduciary Counselors in determining whether to accept any future contribution of Pinnacle Stock. 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. Encourage saving throughout their career and help them figure out how buying a home, paying for education and . A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. (i) The Plans incur no fees, costs or other charges as a result of their participation in any of the transactions described herein. 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. Retirement Plan Recordkeeping & Accounting | NWPS In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. over pension plans to the Pension Benefit Guaranty 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 value was then increased to reflect the value of the put. 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. benefit plans and moving employees to a defined It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. Concentrix The Rocket Newcastle Address, Contact - NORTHWEST ADMINISTRATORS, INC. Schwarzenegger Shoots Down Same-Sex Marriage Northwest sought the exemption to permit the Pinnacle Stock contribution as part of its overall strategy of managing the current economic uncertainty. northwest airlines pension plan phone number on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. DRC Newsletter. For former or current employees with pensions not yet started: Tel: 1-800-677-5678 Mon - Fri 8am - 6pm EST. Page 53 of 61. For the reasons set forth below, the Independent Fiduciary has concluded that it is prudent for the Plans to accept the Contribution and that the Contribution is in the interest of the Plans and their participants and beneficiaries: Transfer restrictions on Pinnacle Stock held by the Plans are reasonable in light of the Put Option. At MetLife, protecting your information is a top priority. 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. Defined Benefit Master Trust : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-18: Delta Pilots Disability and Survivorship Plan : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-04: Northwest Airlines Pension Plan for Salaried Employees 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.comAMR Under Pressure to Preserve Pensions . frozen as of August 31. Contact - NORTHWEST ADMINISTRATORS, INC. 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. Fax the Fund office at 202-463-8098 or 202-457-8653 (please use this form when faxing a request). 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. The valuation prepared by Eclat took into consideration current industry conditions. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. 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. 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. 612-726-3774. This document has been published in the Federal Register. QDRO Preparation for NORTHWEST AIRLINES PENSION PLAN FOR - Qdro Desk northwest airlines pension plan phone number Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. SEC.gov | HOME 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. northwest airlines pension plan phone number - afroeuro.pl 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. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. Northwest represents that it will make any such contributions in cash. Old Friends Locator Program. Rebecca Moore. 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). Monthly Article. The Omnibus Agreement provided for two contributions to be made to the Contract Plan on January 15, 2003. 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. 1. Northwest Airlines Retirees . :OE> :R"5h i{. Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. 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. Federal Register :: Northwest Airlines Pension Plan for Salaried Signoff, House Votes to Overturn Rule Allowing ESG Investing in Retirement Plans, SS&C Hires Nelson From Tata Consultancy as Retirement Business COO, Senate Follows House in Rejecting DOL ESG Rule, Transportation, Sheet Metal, Service and Manufacturer Pensions Receive PBGC Assistance, 1 New York, 2 Michigan Pension Plans Receive PBGC Assistance, Ironworker and Plasterer Pension Funds Receive SFA Assistance From PBGC, Schwarzenegger Shoots Down Same-Sex Marriage 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. 5. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19

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