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. Eclat determined that Pinnacle and Northwest are healthy companies, even in light of current economic conditions in the airline industry. 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. 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.
PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees Please specify which news release when placing your request. In addition, Delaware law would not restrict NWA Corp., a Delaware corporation, from repurchasing the Pinnacle Stock as the guarantor of the Put Option. This is the foundation for long term success. No Reproduction Without Prior Authorizations. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. Northwest stated that it would not. each plan. 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. United Airlines and US Airways have already handed The Contract Employees share of the Master Trust assets are $1,665,979,000. We want to do so as soon as possible. Company profile page for Northwest Airlines Pension Plan For Contract Employees including stock price, company news, press releases, executives, board members, and contact information Page 53 of 61. Similar considerations will be taken into account by Fiduciary Counselors in determining whether to accept any future contribution of Pinnacle Stock. Chalet A Vendre Charlevoix Bord De L'eau,
Northwest Administrators, Inc. 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. FOR METLIFE SECURITIES INC. Pinnacle itself had revenues of approximately $345.2 million for 2002. At the present time, the Board was unable to make this finding. Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. Southwest has a small operation in Detroit with only 2 gates. 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). The two construction pension plans will receive more than $70 million in combined funds. (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. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. For information on how to complete an application, please refer to the Information Guide. and services, go to Posted on . Fax the Fund office at 202-463-8098 or 202-457-8653 (please use this form when faxing a request). This table of contents is a navigational tool, processed from the The stock has long term upside potential because of the planned IPO. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). 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. How. 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. Use our online service, My Pension Benefit Access (MyPBA) and chose the option to update your personal information. In conducting such verification, the independent fiduciary must evaluate a number of factors relating to the accuracy and methodology of the valuation and the expertise of the independent qualified appraiser. We are an independent firm and are not in the investment advisory or trust business. Rebecca Moore. Corporation (SeeUnited, PBGC Hammer Out Plan Takeover Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. Driving Directions. 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. Northwest Airlines Latest to Propose DB 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. We are an independent firm and are not in the investment advisory or trust business. 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. Eclat provided additional information in support of its view that the discount rates, and other factors used in determining the fair market value of the Pinnacle Stock were reasonable and theoretically sound. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. ET TTY/ASCII users may call 711. 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. After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. Call 202.693.7773 or TTY 202.693.7755.
Northwest responded that no similar legal restriction would apply to the repurchase of Pinnacle Stock pursuant to the exercise of the Put Option. Call PBGC's Customer Contact Center at 1-800-400-7242. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. The exemption affects participants and beneficiaries of, and fiduciaries with respect to, the Plans. regulatory information on FederalRegister.gov 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. Registration rights and Plan director's rights preserve the value of the Pinnacle Stock while held by the Plans. Northwest Airlines Retirees . March 1, 2023 by . NWAI then transferred the Pinnacle Shares and the Series A Preferred Share to Northwest as a contribution to the capital of Northwest. Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. 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. Monthly Article. to DC Move, United, PBGC Hammer Out Plan Takeover on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse. 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. and Leaf Home Water Solutions Vs Culligan, 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. At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4].
Contact Us | NWPS 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. You may have seen recent news coverage of customers of financial services companies falling victim to social engineering scams. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. The Independent Fiduciary negotiated a comprehensive set of governance rights accorded to the Plans as a condition of acceptance of Pinnacle Stock. The Independent Fiduciary and its advisors reviewed various documents relevant to the Contribution, including without limitation, Northwest's certificate of incorporation; Northwest's corporate bylaws; the certificate of incorporation of Pinnacle; the Master Trust agreement pursuant to which the Plan assets are currently held and managed; audited financial statements of the Plans for 2000 and 2001; the current Plan documents; the Plans' annual reports on Forms 5500 for 2000 and 2001; other information provided by Northwest regarding the Plans' assets (including the Plans' investment guidelines and portfolio composition); a statement prepared by the Plans' actuaries of the Plans' liquidity needs to pay benefits and administrative expenses in the near future and the sources of funds (other than the Pinnacle Stock) available to satisfy such liquidity needs; and certain of Pinnacle's collective bargaining agreements. 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. 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. Representatives are available to assist you 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. This is because a regional airline derives its value from the value of its ASA with the major carrier and the major carrier is unlikely to terminate the ASA in bankruptcy because it would severely disrupt the flow of high yield passengers. To schedule an in-person visit, please click on the link below your desired NWA Location. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. This past week, NASA unveiled images from the James Webb Space Telescope. Register documents. 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. For general support including COBRA and eligibility requests: Tel: 1-877-843-4772 Mon - Fri 8am - 6pm EST Family Care Box. Printer Friendly Version Archived News Release Caution: Information may be out of date. 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). Northwest Retiree Benefit Trust Vision Plan Pages y Plan . The valuation prepared by Eclat took into consideration current industry conditions. Eagan, MN 55121-1534. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. NWA is the plan administrator and the employer plan sponsor of the Plan. If you have not logged into the PSS website, you are considered a New User. Pact For former or current employees with pensions not yet started: Tel: 1-800-677-5678 Mon - Fri 8am - 6pm EST. 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. Press "1" to indicate that the employee number is all numeric. 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. A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. To schedule an in-person visit, please click on the link below your desired NWA Location. 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. A Rose For Janet By Charles Tomlinson Summary Pdf, benefit plans and moving employees to a defined
U.S. Investigates Pension Fund at Northwest Air When your people are stressed about life, they have trouble focusing on work. :OE> :R"5h
i{. Northwests filing with the Securities and Exchange of terminating pension plans for the financially
Homepage | IAM NPF Commission says that participants benefits accruals were Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. Please click here to sign up now. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. The Independent Fiduciary negotiated voting and governance rights to be accorded to the Plans that protect the interests of the Plans (. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. See Omnibus Agreement at section 6.3.
Northwest Airlines Freezes Pension Plans | PLANSPONSOR 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. The Proposed Exemption was requested in an application filed on Start Printed Page 49793behalf of Northwest pursuant to section 408(a) of the Act and section 4975(c)(2) of the Code, and in accordance with the procedures set forth in 29 CFR part 2570, subpart B (55 FR 32836, August 10, 1990). northwest airlines pension plan phone number. (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. Northwests filing with the Securities and Exchange 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). Click HERE for a printable version of this page. 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.
Delta Air Lines Pension Plan (Delta Air Lines Pension Plan) - Corporate blaine county recent arrests . 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. Northwest Airlines Retirees . The notice set forth a summary of the facts and representations contained in Northwest's November 6, 2002 application for exemptive relief (Application) and referred interested persons to the Application for a complete statement of the facts and representations. Page 49 of 61. New York, NY 10166 - All Rights Reserved. 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. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation In the business of 401k record keeping things are either right or they are wrong. 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.