Old Friends Locator Program. Press "0" to be connected with the Employee Service Center. Corporation (SeeUnited, PBGC Hammer Out Plan Takeover Dated 2009. to DC Move Pact Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. documents in the last year, 84 In this regard, the Independent Fiduciary represented that it negotiated terms that it determined were no less favorable to the Plans than terms negotiated at arm's length with an unrelated third party under similar circumstances. Most importantly, our 401(k) advisory clients are happy with the attention they receive and the level of service provided. On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. Hours of Operation: 8:00 a.m. - 5:00 p.m. PST. 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. On May 20 and June 10, 2003, Northwest responded to certain issues raised during the Hearing that were not responded to in the April 26 Comment. On January 11, 2003, the Independent Fiduciary and its advisors conducted a telephone interview with Pinnacle's chief executive officer and chief financial officer as part of its due diligence. 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. 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. Neither are retirement plan service providers. Driving Directions. 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. When you apply, the Fund will provide you with estimates of your pension and information about the different forms of payment available. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. 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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. 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. :OE> :R"5h i{. The IF Report notes that Northwest is a global carrier through its alliance with KLM and its Amsterdam hub, and its own hub in Tokyo. Effective December 31, 1978, section 102 of Reorganization Plan No. Dated 2009. developer tools pages. Fax supporting documents to the Fund Office at 202-463-8098 or 202-457-8653 Request a Paper Application Call the Fund Office at 1-800-424-9608 Mail this request form to the Fund Office at 99 M Street, SE, Suite 600, Washington, D.C. 20003-4595. Northwest Administrators, Inc. is Mobile! Please click here to sign up now. Pact, PBGC-US Airways Pension Deal Gets Court Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation Plan beneficiaries may also contact FSCO staff by telephone at (416) 226-7776 or toll-free at 1-800-668-0128, if they require assistance in finding this information. About the Federal Register Pinnacle Stock in that amount was transferred to State Street Bank, the trustee for the Northwest Master Trust for Defined Benefit Plans that holds the assets of all of the Northwest Plans (the Master Trust). NWA is the plan administrator and the employer plan sponsor of the Plan. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. The following items are found found on the DeltaNet for Alumni home page: To access paycheck receipts (stubs), W-2s, and 1099s go to the DeltaNet for Alumni home page and click Self Service on the white menu bar, then click My Money. Alternatively, Northwest may arrange for the stock to be purchased by a third party. 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. For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. documents in the last year, 973 # A1430. This is the foundation for long term success. This document has been published in the Federal Register. 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. 1-800-821-6400. In view of the comments requesting a hearing, on March 11, 2003, the Department published in the Federal Register (68 FR 11589) a notice of hearing on the Proposed Exemption. The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. frozen as of August 31. In addition, section 404(a)(1)(C) requires that fiduciaries diversify plan investments so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. 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. The two construction pension plans will receive more than $70 million in combined funds. 3. 1. See Omnibus Agreement at section 6.3. After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. 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). Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. Reporters from Bloomberg's Washington, D.C. bureau are prominently featured as they offer analysis of policy and legal issues. In addition, the Independent Fiduciary negotiated that Northwest Airlines Corporation (NWA Corp), Northwest's ultimate parent company, will guarantee Northwest's obligations under the Omnibus Agreement, including the consummation of the Put Option. Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. Glassdoor is your resource for information about the Pension Plan benefits at Northwest Airlines. We have no silos at NWPS. 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. 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. Northwest represents that it will make any such contributions in cash. contribution program in March in order to cut costs (See 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. documents in the last year, 16 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. struggling airline industry. You may have seen recent news coverage of customers of financial services companies falling victim to social engineering scams. 2023 MetLife Services and Solutions, LLC. 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.