Northwest Airlines Retirees . A Rose For Janet By Charles Tomlinson Summary Pdf, 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. Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. PBGC-US Airways Pension Deal Gets Court NWA works closely with plan sponsors and their professional advisors to establish and/or maintain customized retirement programs for both defined benefit and defined contribution plans. Delta Death and Survivors Checklist - RNPA 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). to DC Move September 9, 2005 (PLANSPONSOR.com) - Northwest Airlines has frozen two pension plans that cover salaried employees, Business Insurance reports. 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. The labor situation is Start Printed Page 49797stable. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. Monthly Article. Family Care Box. In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. (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. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. Each Plan's percentage ownership reflects the relative size of each Plan to each other. Publi . 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. At MetLife, protecting your information is a top priority. 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. Call 202.693.7773 or TTY 202.693.7755. 2. OR. Delta Air Lines Beats Suit Over Workers' Comp Pension Offsets This model is designed to value firms, like Pinnacle, that are expected to go through three phases of growthan initial phase of high growth, a transitional period where the growth rate declines, and a steady-state period where growth is stable. 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. A combination of plan design, web/mobile tools, live call support, financial wellness tools and personalized outreach to help participants achieve their personal financial goals. 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. Former Employees and Retirees | MetLife Accordingly, Northwest notes that, consistent with the Omnibus Agreement's terms, the Additional Initial Contribution will be treated as a credit balance and be applied toward future contributions to the Contract Plan. Corporation (See, Northwest Airlines Latest to Propose DB 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. 404-714-1489. Please click here to sign up now. In order to determine survivorship eligibility, the ESC must first be notified as indicated 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. The freezing of Northwests plans follows the trend 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. 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. A menu will appear on the left side of the screen. As with the Term Sheet, the final Omnibus Agreement provides that the Deferral shall be shortened if Pinnacle Stock is publicly traded. Please specify which news release when placing your request. shortfall. According to the court order, while employed by Delta, the plaintiffs suffered . Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. Please specify which news release when placing your request. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. Jen And Nick Big Brother 8 Married, Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Most importantly, our 401(k) advisory clients are happy with the attention they receive and the level of service provided. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. 2023 MetLife Services and Solutions, LLC. northwest airlines pension plan phone number. 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 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. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. 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. ABCs OF RETIREMENT. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. 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. Retirement Plan Recordkeeping & Accounting | NWPS We are an independent firm and are not in the investment advisory or trust business. documents in the last year, 16 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. Northwest Administrators, Inc. is Mobile! Commission says that participants benefits accruals were PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees Pinnacle itself had revenues of approximately $345.2 million for 2002. Enter the nine-digit employee number and press #. For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. 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. employees, Business Insurance reports. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. This voluntary contribution will eliminate the funding requirements under the Code and ERISA for the 2003 Plan Year that would otherwise be payable with respect to the Pilot Plan. Similar considerations will be taken into account by Fiduciary Counselors in determining whether to accept any future contribution of Pinnacle Stock. The Master Trust, all pension assets are, $4,146,038,000. From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas. Use our online service, My Pension Benefit Access (MyPBA) and chose the option to update your personal information.
