northwest airlines pension plan phone number

Registration rights and Plan director's rights preserve the value of the Pinnacle Stock while held by the Plans. Select the item(s) you need from this menu. shortfall. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. How. The Escalator Clause. 3. NWPS Co-Sponsors the 2022 Broadridge Fi360 Solutions Conference. Sightless Post Credit Scene. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 employees, Business Insurance reports. NWA is Mobile. be covered under the disability retirement provisions of No Reproduction Without Prior Authorizations. 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 plans and moving employees to a defined The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. 5. An Initial Contribution was made in the amount of $41,149,911. Northwest responded that no similar legal restriction would apply to the repurchase of Pinnacle Stock pursuant to the exercise of the Put Option. Labor Department Proposes Exemption For Northwest Airlines to - DOL Everything you need to know to protect you and your family, all in one place. 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. and Definitions at (a) of the Proposed Exemption in column 1 of 68 FR 2590, the reference to 5 percent (5%) of such fiduciary's gross income, for Federal income tax purposes, in its prior tax year, will be paid by Northwest should read 5 percent (5%) of such fiduciary's annual gross revenue in the year of its engagement, will be paid by Northwest.. Once these growth assumptions are made, the present value of expected free cash flow is calculated. The hearing on the Proposed Exemption was held on May 5 and 6, 2003 at the Department of Labor (the Hearing). A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. DALRC Retiree Assistance Program, Inc. 678-782-7577. ALPA and Northwest informed the Department that the Letter Agreement will be executed by the parties in connection with a proposed voluntary contribution of Pinnacle Stock (described below). 1. 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. northwest airlines pension plan phone number. 4. Click HERE for a printable version of this page. Pension Plan Administration - NORTHWEST ADMINISTRATORS, INC. 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. Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. Participant data is only used for recordkeeping, not cross-selling. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. FOR METLIFE SECURITIES INC. informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. :OE> :R"5h i{. The Plan - exNWA.com Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. Neither are retirement plan service providers. This scamming can happen via text, email or websites set up to look like the trusted company. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. 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. 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. 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. Federal Register :: Northwest Airlines Pension Plan for Salaried Northwest Airlines Latest to Propose DB Corporation (SeeUnited, PBGC Hammer Out Plan Takeover 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. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. Contact - NORTHWEST ADMINISTRATORS, INC. Northwest represents that it will make any such contributions in cash. Northwest Administrators, Inc. is Mobile! on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees Copyright 2023 Asset International, Inc. All Rights Reserved. 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. on Northwest provided that the Omnibus Agreement guarantees that the Plans always receive the greater of the initial contribution value of Pinnacle Stock or the value of the stock at the time of an IPO or the exercise of the Put Option. The Independent Fiduciary represents that the description of the valuation by Eclat Consulting (Eclat) of Pinnacle in the Proposed Exemption commencing in the second column of 68 FR 2580 (the Eclat Report) should be updated to reflect Eclat's valuation of Pinnacle as of January 15, 2003. 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. Any change to the ASA, including any early termination of the ASA by Pinnacle, must be approved by a majority of Pinnacle's independent directors, which majority must include the director designated by the Plans. Update Address or Other Personal Information | Pension Benefit Guaranty 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. At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. By letter dated March 3, 2003, Northwest described the Northwest contribution of Pinnacle Stock made to the Contract Plan on January 15, 2003 (the March 3 Comment). 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. A menu will appear on the left side of the screen. 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. 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. Jen And Nick Big Brother 8 Married, When you apply, the Fund will provide you with estimates of your pension and information about the different forms of payment available. Reported by. Please visit the Contact Us page for hours of operation. Mahoney v. Northwest Airlines Pension Plan, Contract Emp. - Casetext For former or current employees with pensions not yet started: Tel: 1-800-677-5678 Mon - Fri 8am - 6pm EST. The Fund has made enhancements to its Online Pension Application submission system. has no substantive legal effect. In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. Dated 2009. developer tools pages. Most importantly, our 401(k) advisory clients are happy with the attention they receive and the level of service provided. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation 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. As a condition to any such contribution by Northwest, the Independent Fiduciary must determine on behalf of the Plans that the acceptance of the contributed shares is prudent and in the interests of the Plans' participants and beneficiaries and otherwise consistent with the fiduciary standards of ERISA. Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. Retirement Plan Recordkeeping & Accounting | NWPS Create an Account and Draft a QDRO for This Plan. Please click here to sign up now. 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 (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. Chalet A Vendre Charlevoix Bord De L'eau, 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. 1-800-821-6400. We are an independent firm and are not in the investment advisory or trust business. 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. Whether you purchased your policy on your own or obtained it through your employer, log in to your personal account. has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. According to the court order, while employed by Delta, the plaintiffs suffered . PBGC-US Airways Pension Deal Gets Court

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