Make sure they know their retirement benefits go beyond just retirement. Information about this document as published in the Federal Register. Dated 2009. Designed and Developed by Eyesore, Inc. Change of bank accounts for direct deposit, Retiree Death Checklist and Survivor Benefits Process. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. See Omnibus Agreement at sections 5.1 and 5.2. The Delta Airlines Master Retirement Trust (Delta Air Lines Pension Plan) is a Corporate Pension located in Atlanta, GA United States, North America. Benefits Through Your Employer (MyBenefits), MetLink - Access your company's benefits data, MyBenefits - Benefits Through Your Employer, MetLife's Online Service - Life, Annuities, Disability, Long-Term Care, Critical Illness, Auto, Home, Total Control Account (eSERVICE), Access the MetLink section of the website, Access the DigitalSolution section of the website, Access the MyBenefits section of the website, Access the Specialized Benefit Resources (SBR) section of the website, By signing in, I agree to the Terms of Use, Structured Settlements Broker Resources (SBR). By letter dated March 3, 2003, Northwest described the Northwest contribution of Pinnacle Stock made to the Contract Plan on January 15, 2003 (the March 3 Comment). When your people are stressed about life, they have trouble focusing on work. A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. While defined-benefit plans were prominent in the . Delta Air Lines Beats Suit Over Workers' Comp Pension Offsets Representatives are available to assist you Press "1" to indicate that the employee number is all numeric. :OE> :R"5h i{. Monthly Article. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. 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. Northwest Airlines Latest to Propose DB A menu will appear on the left side of the screen. Use our online service, My Pension Benefit Access (MyPBA) and chose the option to update your personal information. 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. The Contract Employees share of the Master Trust assets are $1,665,979,000. Download NWA's mobile app for both the iOS and Android platforms and access your information securely, anytime, anywhere. SEC.gov | HOME To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. 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. 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 Airlines Employee Benefit: Pension Plan | Glassdoor Furthermore, the fact that a transaction is subject to an administrative or statutory exemption is not dispositive of whether the transaction is in fact a prohibited transaction; and, (5) The availability of this exemption is subject to the express condition that the material facts and representations contained in the application are true and complete and accurately describe all material terms of the transactions, which are the subjects of the exemption. documents in the last year, 16 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. 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. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. United Airlines and US Airways have already handed The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. 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. Enter the nine-digit employee number and press #. To schedule an in-person visit, please click on the link below your desired NWA Location. Effective December 31, 1978, section 102 of Reorganization Plan No. 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. shortfall. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. For information on how to complete an application, please refer to the Information Guide. 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 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 For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. Northwest Administrators, Inc. Schwarzenegger Shoots Down Same-Sex Marriage Bill. Rebecca Moore. More information and documentation can be found in our Northwest states that, in this regard, some refinements were made to the provisions of the Term Sheet when the parties negotiated and entered into the final Omnibus Agreement (executed on January 15, 2003). Once the Plans hold more than 50 percent of the Pinnacle Stock, the affirmative vote of the director designated by the Plans shall be required to approve the appointment of any new CEO of Pinnacle and compensation of any CEO, any amendments to the $200 million Note of Pinnacle Airlines, Inc. held by Northwest, the amendment of Pinnacle's charter or by-laws in certain respects, or the implementation of certain changes in Pinnacle's capital structure or the issuance of capital stock prior to an IPO. 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. northwest airlines pension plan phone number. The Special Conversion Option expired on February 9, 1994. A federal judge has denied dismissal of a lawsuit in which five former employees of Delta Air Lines allege Delta and its administrative committee improperly reduced their pension benefits from the Northwest Airlines Pension Plan for Contract Employees. Commission says that participants benefits accruals were For ease of reference, Northwest refers to the Employee Stock Plan, but the factual discussion of the Series C Preferred Stock remains accurate after the merger with the Northwest 401(k) plans. 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). Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. Northwest Airlines Pension Plan For Contract Employees tides equities los angeles does dawn dish soap kill ticks does dawn dish soap kill ticks Northwest has entered into a 10-year ASA with Pinnacle through 2012 that provides substantial value. The Contract Employees share of the Master Trust assets are $1,665,979,000. northwest airlines pension plan phone number. In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. NWA Corp. has the option to repurchase such shares in cash, by the issuance of additional Common Stock, or by the use of cash and stock. Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. provide legal notice to the public or judicial notice to the courts. Court Advances Suit Regarding Delta Air Lines' Offset of Pension 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. over pension plans to the Pension Benefit Guaranty Most importantly, our 401(k) advisory clients are happy with the attention they receive and the level of service provided. Northwest Airlines Freezes Pension Plans | PLANSPONSOR Labor Department Proposes Exemption For Northwest Airlines to - DOL Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. Can I just say how happy and relieved I am that we have moved the plan to NWPS? You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. Jen And Nick Big Brother 8 Married, each plan. documents in the last year, by the Food Safety and Inspection Service As of December 31, 2002, the carrier had taken possession of 51 regional jets. 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. According to the court order, while employed by Delta, the plaintiffs suffered . Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. 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 Total cost is only $ 299.00. Hours of Operation: 8:00 a.m. - 5:00 p.m. PST. 5. Airline Pensions All But Gone? That's a Good Thing 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. 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. Eagan, MN 55121-1534. Retirement Plan Recordkeeping & Accounting | NWPS They start with the implementation and stay in place to guarantee high quality service and continuity. Pinnacle's compensation formula within the ASA contractually provides for a target operating margin of 14 percent from 2003 through 2007, with a guaranteed floor of 12 to 13 percent during this period. Helpful Phone Numbers - DALRC, Inc. dba Delta Retiree Connection Published by DRC March 2022. The length of the Deferral varies based upon a function of (1) the liquidity of Northwest (as defined in the Omnibus Agreement) and (2) the value of Pinnacle Stock contributed to the Plans. 404-714-1489. 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. The three supplemental SFA packages provide a total of more than $200 million. Concentrix The Rocket Newcastle Address, The National IAM Benefit Trust Fund reaches over 200 contributing employers. An Initial Contribution was made in the amount of $41,149,911. Family Care Box. 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. We have the experience to know what works. Update Address or Other Personal Information | Pension Benefit Guaranty Commission says that participants benefits accruals were The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. 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 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 Old Friends Locator Program. The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. be covered under the disability retirement provisions of 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. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. 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. Equally important, Fiduciary Counselors negotiated for special rights associated with the Plans' acquisition of Pinnacle Stock that limit the risks associated with Pinnacle Stock. Glassdoor is your resource for information about the Pension Plan benefits at Northwest Airlines. The Delaware law does not apply to the repurchase of Pinnacle Stock, which is not treated as NWA Corp.'s own stock. REPRESENTATIVES, Sorry, we couldn't find any results matching. The labor situation is Start Printed Page 49797stable. 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. Page 49 of 61. 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. frozen as of August 31. 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). This document contains a final exemption issued by the Department of Labor (the Department) from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) and from certain taxes imposed by the Internal Revenue Code of 1986 (the Code). See Omnibus Agreement at section 6.3. Northwest Administrators, Inc. is Mobile! The IAM National Pension Fund. Printer Friendly Version Archived News Release Caution: Information may be out of date. benefit plans and moving employees to a defined Please specify which news release when placing your request. Doing things right the first time. Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. Pension Benefits Resource Page | IAM NPF All Rights Reserved. At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. 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. 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 informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. At MetLife, protecting your information is a top priority. Enter the nine-digit employee number and press #. 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. Date: This exemption is effective as of January 15, 2003. 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. 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. 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. 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. The valuation prepared by Eclat took into consideration current industry conditions. Representatives are available to assist you Thus, almost all of the Series C Preferred Stock that remains in the Employee Stock Plan is allocated to the accounts of employees represented by the IAM and IBT. Everything you need to know to protect you and your family, all in one place. Delta Life Insurance - MetLife (Basic/Optional/Spouse) 1-866-939-7409. northwest airlines pension plan phone number - afroeuro.pl 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. (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. The Independent Fiduciary negotiated voting and governance rights to be accorded to the Plans that protect the interests of the Plans (. NWA is the plan administrator and the employer plan sponsor of the Plan. Signoff 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. northwest airlines pension plan phone number Copyright 2023 Asset International, Inc. All Rights Reserved. September 9, 2005 (PLANSPONSOR.com) - Northwest Northwest explained that the Omnibus Agreement granted the Plans additional rights in order to protect their interest in the Pinnacle Stock. NWPS Co-Sponsors the 2022 Broadridge Fi360 Solutions Conference. In no circumstance, however, may the parties treat Pinnacle Stock previously contributed to the Plans as if it had a higher value than was attributed to it at the time of the original contribution. 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. 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. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. benefit plans and moving employees to a defined 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. Company profile page for Northwest Airlines Pension Plan For Contract Employees including stock price, company news, press releases, executives, board members, and contact information Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. Request Profile Update Download Data 12 Recorded Transactions 1 Opportunities & RFPs $20,046,000,000 Assets 7 Contacts Home Profiles Corporate Pension North America On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. Sightless Post Credit Scene. Northwest represents that it will make any such contributions in cash. Call 202.693.7773 or TTY 202.693.7755. Homepage | IAM NPF Every account is balanced to the trust each and every night, to the exact penny. The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. 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. However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. over pension plans to the Pension Benefit Guaranty 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 IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. You can lighten the load by taking the uncertainty out of their financial future. 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. With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . Register documents. of terminating pension plans for the financially Northwest responded that no similar legal restriction would apply to the repurchase of Pinnacle Stock pursuant to the exercise of the Put Option. B. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. As noted in the June 27, 2003 letter from Northwest and ALPA to the Department, Northwest states that the Letter Agreement will be executed in connection with the voluntary contribution. 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. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. 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. 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. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31.