northwest airlines pension plan phone number

northwest airlines pension plan phone numbernorthwest airlines pension plan phone number

Participant data is only used for recordkeeping, not cross-selling. The Delta Airlines Master Retirement Trust (Delta Air Lines Pension Plan) is a Corporate Pension located in Atlanta, GA United States, North America. DRC Newsletter. Company profile page for Northwest Airlines Pension Plan For Contract Employees including stock price, company news, press releases, executives, board members, and contact information The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. Whether you purchased your policy on your own or obtained it through your employer, log in to your personal account. Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas. Northwest Airlines Employee Benefit: Pension Plan | Glassdoor northwest airlines pension plan phone number. Airline pilots used to get a sweet deal. 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. 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. 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. # A1430. We are an independent firm and are not in the investment advisory or trust business. Court Advances Suit Regarding Delta Air Lines' Offset of Pension to DC Move, United, PBGC Hammer Out Plan Takeover 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. The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. 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. For international access: 1-404-677-8000. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. 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 Encourage saving throughout their career and help them figure out how buying a home, paying for education and . Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. Northwest Airlines Pension Plan For Contract Employees publication in the future. The two construction pension plans will receive more than $70 million in combined funds. 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 . The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. Legislative Alerts. 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. 4. 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. northwest airlines pension plan phone number - afroeuro.pl Northwest stated that the language at section 5.1(b) of the Omnibus Agreement contains a representation that Northwest has the corporate and legal authority to meet its obligations under the agreement, including the Put Option. 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). 01/18/2023, 249 2. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. Open for Comment, Rules of Practice and Procedure; Adjusting Civil Money Penalties for Inflation, Economic Sanctions & Foreign Assets Control, Revised Definition of Waters of the United States, Certain Preserved Mushrooms From France Determination, Energy Conservation Program: Test Procedure for Dishwashers, Prior Label Approval System: Expansion of Generic Label Approval, Rate Adjustments for Indian Irrigation Projects, Establishing the President's Advisory Council on African Diaspora Engagement in the United States, Employee Benefits Security Administration, Valuation in Connection With the Right of First Refusal, Fiduciary Counselors March 5, 2003 Comment, Fiduciary Counselors and Eclat April 25, 2003 Submissions, The Eclat Report and the January 15, 2003 Valuation, Negotiation of the Term Sheet and Omnibus Agreement, The Independent Fiduciary's Determinations, Airline Industry and Northwest Financial Condition, Collateral for Pinnacle Stock Contribution, Northwest May 20 and June 10, 2003 Comment Letters, Fiduciary Counselors' July 11, 2003 Submission, Change of Affiliation of Fiduciary Counselors, Termination of the Independent Fiduciary Agreement, Northwest and ALPA Agreement Regarding Pinnacle Stock, August 6, 2003 Northwest and Independent Fiduciary Response, Enhanced Communication with Plan Participants, https://www.federalregister.gov/d/03-21162, MODS: Government Publishing Office metadata, Current Liability using 6.65% interest rate (IRC 412(l)), Market Value of Assets (with PY02 accrued contributions), Actuarial Value of Assets (with PY02 accrued contributions). 4. 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. Call 202.693.7773 or TTY 202.693.7755. This table of contents is a navigational tool, processed from the The stock has long term upside potential because of the planned IPO. struggling airline industry. The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. In this regard, section 404(a)(1)(A) and (B) of ERISA requires that fiduciaries discharge their duties to a plan solely in the interests of the participants and beneficiaries, for the exclusive purpose of providing benefits to participants and beneficiaries and defraying reasonable administrative expenses, and with the care, skill, prudence, and diligence under the circumstances then prevailing that a prudent person acting in a like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims. 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. Chalet A Vendre Charlevoix Bord De L'eau, :OE> :R"5h i{. Eagan, MN 55121-1534. and While all of the Big 6 network airlines are losing money, Northwest has suffered the smallest loss of any carrier. For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. Northwest Airlines Corporation (NWA Corp.) will guarantee Northwest's obligations under the Omnibus Agreement, including the Put Option. At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. 1-800-821-6400. They start with the implementation and stay in place to guarantee high quality service and continuity. Register documents. We have no silos at NWPS. DALRC, Inc. (dba Delta Retirees Connection), 155 Westridge Parkway, Suite 220 | McDonough, GA 30253. Page 49 of 61. 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. Press "0" to be connected with the Employee Service Center. , 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). We are an independent firm and are not in the investment advisory or trust business. 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. Share Your Design Ideas, New JerseysMurphy Defends $10 Billion Rainy Day Fund as States Economy Slows, What Led to Europes Deadliest Train Crash in a Decade, This Week in Crypto: Ukraine War, Marathon Digital, FTX. 2. journey aaron becker planning; quorum of the twelve apostles ages. Please specify which news release when placing your request. Northwest proposed the freezing of its defined Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. Update Address or Other Personal Information | Pension Benefit Guaranty The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. New York, NY 10166 - All Rights Reserved. You can lighten the load by taking the uncertainty out of their financial future. 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. (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. 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. 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. 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. NWA is Mobile. Pinnacle itself had revenues of approximately $345.2 million for 2002. northwest airlines pension plan phone number 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). employees, Business Insurance reports. We want to do so as soon as possible. AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. documents in the last year, 16 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. How. Pact qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 each plan. The Public Inspection page The restrictions of sections 406(a), 406(b)(1) and (b)(2), and 407(a) of the Act and the sanctions resulting from the application of section 4975(a) and (b) of the Code, by reason of section 4975(c)(1)(A) through (E) of the Code, shall not apply to: (1) The transfer of the common shares of Pinnacle Airlines Corp. (Pinnacle Stock) to the Northwest Airlines Pension Plan for Salaried Employees, the Northwest Airlines Pension Plan for Pilot Employees, and the Northwest Airlines Pension Plan for Contract Employees (the Plans) through the in-kind contribution(s) of such shares by Northwest Airlines, Inc. (Northwest), a party in interest with respect to such Plans; (2) The holding of the Pinnacle Stock by the Plans; (3) The sale of the Pinnacle Stock by the Plans to Northwest; (4) The acquisition, holding, and exercise by the Plans of a put option (the Put Option) granted by Northwest which permits the Plans to sell the Pinnacle Stock to Northwest; 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. 3. 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). 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. Each of Northwest's three main unions at the time of the Agreements also was granted the right to appoint one director to the Northwest board of directors. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. Northwest explained that the Omnibus Agreement granted the Plans additional rights in order to protect their interest in the Pinnacle Stock. 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. Delta Air Lines Beats Suit Over Workers' Comp Pension Offsets Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. 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. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. 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 Pension Fund provides participants with a defined-benefit pension plan for their retirement. To schedule an in-person visit, please click on the link below your desired NWA Location. For former or current employees with pensions not yet started: Tel: 1-800-677-5678 Mon - Fri 8am - 6pm EST. Copyright 2023 Asset International, Inc. All Rights Reserved. PDF IAM Preserves Pensions at Northwest Airlines 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, 973 # A1430. and services, go to Posted on . Northwest Airlines Freezes Pension Plans | PLANSPONSOR Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. Northwest Administrators, Inc. Multiemployer pension plans from Baltimore, New York, Puerto Rico and Ohio received a total of $26.7 million of additional assistance. 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. The IAM National Pension Fund. The three supplemental SFA packages provide a total of more than $200 million. 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. 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. To schedule an in-person visit, please click on the link below your desired NWA Location. You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. Northwest may not terminate Fiduciary Counselors as the Independent Fiduciary without the consent of ALPA and may not appoint a new Independent Fiduciary without the consent of ALPA. 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 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. Alternatively, Northwest may arrange for the stock to be purchased by a third party. 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. ET TTY/ASCII users may call 711. Grayson Rodriguez Parents, ). 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. 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).

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