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. 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). The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. 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 1. Pact, PBGC-US Airways Pension Deal Gets Court The Special Conversion Option expired on February 9, 1994. The Fund has made enhancements to its Online Pension Application submission system. 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. Information about this document as published in the Federal Register. 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. Benefit resources and contact information for former MetLife employees. This past week, NASA unveiled images from the James Webb Space Telescope. Northwest Administrators, Inc. is Mobile! 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 asked whether the Plan trustees should decide when to initiate a public offering since the Plans will own a majority of Pinnacle Stock. (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. Enter the 'pass eligibility date' as six digits (in most cases this is the same as the original hire date) and press #. If, on August 1, 2003, NWA Corp. decides not to repurchase the Series C Preferred Stock, beginning on August 1, 2003 and on each succeeding quarter end date, NWA Corp. must use all Available Cash (a defined term in the Agreements) to effect partial repurchases of the Series C Preferred Stock, but only if and to the extent NWA Corp. is not prohibited from making such repurchases under applicable Delaware corporate law or any loan agreement to which NWA Corp. is a party. 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 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. In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. Concentrix The Rocket Newcastle Address, We have no silos at NWPS. The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. 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. , TRIREME PENSION SERVICES (GUERNSEY) LIMITED AS TRUSTEES OF THE AGILITY PENSION PLAN BR0285, Master Trust -- U.S. Bank Pension and Union Pension Plan, Retirement Plan for Employees of Muscular Dystrophy Association, Inc, Northwest Airlines Pension Plan for Contract Employees, C/O JPMorgan Chase Bank, National Association, no registration authority available for this legal entity, C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US, C/O Stonecutter Capital Advisors LLC, 621 North Ave, Suite C110, Hapeville, US-GA, 30354, US, 1030 Delta Blvd, Atlanta, US-GA, 30354, US, 3720 Zip Industrial Boulevard, Atlanta, US-GA, 30354, US, 3675 Zip Industrial Blvd SE, Atlanta, US-GA, 30354, US, 3720 Zip Industrial Blvd SE, Atlanta, US-GA, 30354, US, 1 Porsche Drive, Atlanta, US-GA, 30354, US, One Porsche Drive, Atlanta, US-GA, 30354, US, 85 Mount Zion Rd, Atlanta, US-GA, 30354, US, 1030 Delta Blvd, Dept 982, Atlanta, US-GA, 30354, US, 1301 Central Street, Evanston, US-IL, 60201, US, 10622 Parkview Plaza Drive, Fort Wayne, US-IN, 46845, US, 711 High Street, Des Moines, US-IA, 50392, US, One Westmount Road North, Waterloo, CA-ON, N2J4C7, CA, P O BOX 191 SARNIS HOUSE, Le Truchot, St Peter Port, GY1 4HW, GG, C/O TRIDENT TRUST COMPANY (HK) LIMITED, 14/F GOLDEN CENTRE, 188 DES VOEUX ROAD CENTRAL, Hong Kong, HK, BDO CORPORATE CENTER , 16F SOUTH TOWER, 7899 MAKATI AVENUE, Makati Citi, PH-MDR, 0726, PH, C/O TRIREME PENSION SERVICES (GUERNSEY) LIMITED, SARNIA HOUSE, LE TRUCHOT, St Peter Port, GY1 1GR, GG, 4000 West Broadway Avenue, Robbinsdale, US-MN, 55422, US, 161 N Clark Street, Suite 3550, Chicago, US-IL, 60601, US, Global Legal Entity Identifier Foundation (GLEIF). NWA is the plan administrator and the employer plan sponsor of the Plan. In order to determine survivorship eligibility, the ESC must first be notified as indicated below. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. A Rose For Janet By Charles Tomlinson Summary Pdf, 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. The three supplemental SFA packages provide a total of more than $200 million. 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. 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). It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. When your people are stressed about life, they have trouble focusing on work. You may have seen recent news coverage of customers of financial services companies falling victim to social engineering scams. 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. 404-714-1489. Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. Fiduciary Counselors assumed that since Northwest could take up to 180 days to settle the option that it would. Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. fred jones positive classroom discipline pros and cons, how much did pauly d spend on renting the hotel, entergy transfer service to another person, the country club at muirfield village membership cost, A Rose For Janet By Charles Tomlinson Summary Pdf, What Does Reversible Perfusion Defect Mean, tucson brush and bulky pickup schedule 2022, send data from jsp to servlet without form, automatic headlight conversion kit dodge caravan. 5. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. benefit plans and moving employees to a defined (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. Publi . Northwest Airlines Retirees . The addition of the regional jets has more than doubled the size of the airline. At the present time, the Board was unable to make this finding. AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 FOR METLIFE SECURITIES INC. A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. March 1, 2023 by . Glassdoor is your resource for information about the Pension Plan benefits at Northwest Airlines. However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 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. 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). No Reproduction Without Prior Authorizations. 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. Date: This exemption is effective as of January 15, 2003. 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. to DC Move According to the court order, while employed by Delta, the plaintiffs suffered . on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. 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. 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. 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 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. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. Printer Friendly Version Archived News Release Caution: Information may be out of date. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. 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. Bill. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. A surviving family member (or someone on the retiree's behalf or behalf of the retiree's estate) should contact the ESC at 1-800 MY DELTA (1-800-693-3582) to report the death. How. Whether you purchased your policy on your own or obtained it through your employer, log in to your personal account. Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. be covered under the disability retirement provisions of Northwest stated that it would not. Helpful Phone Numbers and Resources. Commission says that participants benefits accruals were All Rights Reserved. We are an independent firm and are not in the investment advisory or trust business. 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). Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. This table of contents is a navigational tool, processed from the The stock has long term upside potential because of the planned IPO. Official Publications from the U.S. Government Publishing Office. daily Federal Register on FederalRegister.gov will remain an unofficial Northwest provided the funded status of each Plan as of 1/1/03 as shown in the following table. 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 . 8. Legislative Alerts. The requirement (detailed in the last bullet point in the second column of the Proposed Exemption at 68 FR 2585) that Plan shares of Pinnacle Stock be voted in favor of certain corporate actions is now set to expire upon the occurrence of an Early Termination Event. PBGC-US Airways Pension Deal Gets Court 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. The IAM National Pension Fund provides participants with a defined-benefit pension plan for their retirement. For international access: 1-404-677-8000. Effective December 31, 1978, section 102 of Reorganization Plan No. Free will preparation service through MetLife. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. 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 it couldn't make this representation if there were restrictions that limited its ability to honor the Put Option or other aspects of the Omnibus Agreement and this representation was the product of the negotiations between the Independent Fiduciary and Northwest (as noted above). Corporation (See, Northwest Airlines Latest to Propose DB What Does Reversible Perfusion Defect Mean, Northwest proposed the freezing of its defined I look forward to a long, fruitful relations with NWPS. 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. Request Profile Update Download Data 12 Recorded Transactions 1 Opportunities & RFPs $20,046,000,000 Assets 7 Contacts Home Profiles Corporate Pension North America Pinnacle itself had revenues of approximately $345.2 million for 2002. February 27, 2023 . 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. 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. Call 202.693.7773 or TTY 202.693.7755. how long to keep medicare statements after death; documents in the last year, 876 At the time a participant exercises conversion rights, the Series C Preferred Stock is converted to Common Stock, the Common Stock is sold and cash is allocated to participant accounts. The two construction pension plans will receive more than $70 million in combined funds. 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. participants who become disabled after August 31 will not This change generally reduces the length of the available Deferral when the Plans hold more than $325 million in Pinnacle Stock (measured as of the date of each contribution). 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). Published by DRC March 2022. 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. benefit plans and moving employees to a defined Please specify which news release when placing your request. Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. For information on how to complete an application, please refer to the Information Guide. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . For questions related to applying for pension benefits, please contact the Funds Customer Service Department at 1-800-424-9608. 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. Grayson Rodriguez Parents, Enter the nine-digit employee number and press #. 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. Northwests filing with the Securities and Exchange New York, NY 10166 - All Rights Reserved. Retiree Death Checklist. DALRC 2023. They start with the implementation and stay in place to guarantee high quality service and continuity. 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. Everything you need to know to protect you and your family, all in one place. Sightless Post Credit Scene. 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. View All Posts. According to Northwest, the Omnibus Agreement provides the Plans substantial investment risk protection, protection that would not be available to the Plans when investing in securities with similar risk and return characteristics. 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. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. Because the value of the Pinnacle Stock is based on the financial performance of Pinnacle, the Independent Fiduciary reviewed and considered the business of Pinnacle, and the contractual relationship between Pinnacle and Northwest. 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. and 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. Monthly Article. Please specify which news release when placing your request. The Contract Employees share of the Master Trust assets are $1,665,979,000. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Funny Nicknames For Christina, To schedule an in-person visit, please click on the link below your desired NWA Location. 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. 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. A menu will appear on the left side of the screen. (n) An analysis of the degree to which actual control (both in form and in substance) will pass to any of the Plans as a result of any of the contemplated transactions, (o) To the extent that Pinnacle's current or projected revenues and expenses are related to, or dependent upon, contracts, agreements, or understandings between Northwest and Pinnacle, an analysis of Northwest's financial condition, the likelihood of a Northwest bankruptcy, and the potential impact of a Northwest bankruptcy on those contracts, agreements, or understandings, and on the market value of Pinnacle Stock, and. 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. each plan. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. In the business of 401k record keeping things are either right or they are wrong. Dated 2009. 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. and services, go to Posted on . For general support including COBRA and eligibility requests: Tel: 1-877-843-4772 Mon - Fri 8am - 6pm EST Please click here to sign up now.
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