northwest airlines pension plan phone number

The Department notes that the appointment of an independent fiduciary to represent the interests of the Plans with respect to the transactions that are the subject of the exemption request was a material factor in its determination to propose exemptive relief. They start with the implementation and stay in place to guarantee high quality service and continuity. The Delaware law applicable to the repurchase of the Series C stock requires the Board to make a finding that NWA Corp. has adequate surplus, defined as the net asset value of the corporation in excess of its capital. An Initial Contribution was made in the amount of $41,149,911. Eagan, MN 55121-1534. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. 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. 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. northwest airlines pension plan phone number - afroeuro.pl The Public Inspection page may also Thus, the Put Option serves to protect the Plans from declines in the value of Pinnacle Stock and the liquidity notice feature ensures that the Independent Fiduciary has sufficient notice so that it may exercise the Put Option at a time when Northwest has sufficient financial resources to meet its obligation under the Put Option. NWPS helps organizations efficiently and effectively run retirement and benefit plans so their employees are protected and able to retire with dignity. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. Northwest Retirement Plans, Inc. 541-776-4080 FAX: 541-772-1129 OFFICE: 3235 Hillcrest Park Drive, Suite 100 in Medford, OR 97504 Northwest Retirement Plans: We are a third party administrator (TPA) of Qualified Retirement Plans for employers. A decision to issue only additional Common Stock must be approved by a majority of the three directors elected by the holders of the Series C Preferred Stock. 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. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Accordingly, the fiduciaries of a plan must act prudently, solely in the interest of the plan's participants and beneficiaries, and with a view to the need to diversify plan assets when deciding whether to accept an in-kind contribution. To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. The IAM National Pension Fund. From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas. The National IAM Benefit Trust Fund reaches over 200 contributing employers. Northwest Administrators, Inc. For former or current employees with pensions not yet started: Tel: 1-800-677-5678 Mon - Fri 8am - 6pm EST. 8. Copyright 2023 Asset International, Inc. All Rights Reserved. Northwest responded that no similar legal restriction would apply to the repurchase of Pinnacle Stock pursuant to the exercise of the Put Option. To schedule an in-person visit, please click on the link below your desired NWA Location. In addition, Delaware law would not restrict NWA Corp., a Delaware corporation, from repurchasing the Pinnacle Stock as the guarantor of the Put Option. Contact - NORTHWEST ADMINISTRATORS, INC. Homepage - DALRC, Inc. dba Delta Retiree Connection Delta Death and Survivors Checklist - RNPA Each Plan's percentage ownership reflects the relative size of each Plan to each other. 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. 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. 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 . Homepage | IAM NPF There were significant changes made to the original valuation performed for the PBGC (the Eclat Report) based on this agreement that proved to be more conservative with respect to the ultimate valuation. Bill. 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. PBGC-US Airways Pension Deal Gets Court Call PBGC's Customer Contact Center at 1-800-400-7242. 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. PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees 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. 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. 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. 5. Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. Reported by. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 Contributions of Pinnacle Stock to the Salaried Plan and the Contract Plan will likewise be held in a separate segregated subaccount of the Master Trust and held for the exclusive benefit of each respective plan. Benefit resources and contact information for former MetLife employees. In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. Enter the nine-digit employee number and press #. 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. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. Chalet A Vendre Charlevoix Bord De L'eau, The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. 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). Company profile page for Northwest Airlines Pension Plan For Contract Employees including stock price, company news, press releases, executives, board members, and contact information In addition, the Independent Fiduciary will monitor on an ongoing basis the prudence of the Plans' continued holding of Pinnacle Stock consistent with the fiduciary standards of ERISA. A Start Printed Page 49795breach of the Omnibus Agreement by Pinnacle constitutes an Early Termination Event if such breach continues because Northwest fails to exercise its rights as a stockholder to cause the Pinnacle directors to cure the breach or to replace such directors. View All Posts. 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. 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. This will allow you to know when they were delivered to the Funds Office. [7] Northwest's presence in international markets has helped offset the losses in the U.S. domestic market. Delta Care and Scholarship Fund. Funny Nicknames For Christina, 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. Create an Account and Draft a QDRO for This Plan. Rebecca Moore. Date: This exemption is effective as of January 15, 2003. 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. For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. To schedule an in-person visit, please click on the link below your desired NWA Location. 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 addition of the regional jets has more than doubled the size of the airline. For purposes of the funding standard account of each Plan, the value of the shares of Pinnacle Stock contributed to each Plan will be determined by the Independent Fiduciary. 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 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 struggling airline industry. Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. 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. 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. 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).

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