northwest airlines pension plan phone number

2. journey aaron becker planning; quorum of the twelve apostles ages. 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. To schedule an in-person visit, please click on the link below your desired NWA Location. See Omnibus Agreement at section 6.3. Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. 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. The Independent Fiduciary must ensure that all of the conditions above are satisfied with respect to any past contributions of Pinnacle Stock, as well as any future contributions. We have no silos at NWPS. :OE> :R"5h i{. For general support including COBRA and eligibility requests: Tel: 1-877-843-4772 Mon - Fri 8am - 6pm EST Additionally, Northwest notes that the Letter Agreement between Northwest and ALPA relating to a voluntary contribution of Pinnacle Stock would provide ALPA with a role in reviewing and approving the termination, and any replacement, of the independent fiduciary. The following chart can help you determine when to make your Pension Application request: *You may not return your application more than 180 days prior to your desired pension effective date. If the retiree has a balance in their 401(k) account (Delta Family- Care Savings Plan, Delta Pilots Savings Plan or the Delta Savings Plan - Puerto Rico) contact the Delta Service Center at Fidelity by calling 1-800-554-0262. DALRC Retiree Assistance Program, Inc. 678-782-7577. While every effort has been made to ensure that Under the Omnibus Agreement, Northwest controls the timing of the IPO until the earlier of July 1, 2006 or the occurrence of an early termination event. All Rights Reserved. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. Select the item(s) you need from this menu. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. In the March 5 Comment, Fiduciary Counselors noted that, consistent with the statutory requirements of section 404(a) of ERISA, the reference in the Proposed Exemption to the best interests of the Plans participants and beneficiaries (emphasis added) should be changed to the interests of the Plans participants and beneficiaries. 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. The length of the Deferral varies based upon a function of (1) the liquidity of Northwest (as defined in the Omnibus Agreement) and (2) the value of Pinnacle Stock contributed to the Plans. Copyright 2023 Asset International, Inc. All Rights Reserved. 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. The two construction pension plans will receive more than $70 million in combined funds. Bill. Made In Mexico Dyckman Shooting, The IAM National Pension Fund provides participants with a defined-benefit pension plan for their retirement. 5. Reported by. of terminating pension plans for the financially Representatives are available to assist you Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. NWA is now open for in-person visits by Appointment Only. 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. Corporation (See, Northwest Airlines Latest to Propose DB Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. 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. Participant data is only used for recordkeeping, not cross-selling. 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. 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. Glassdoor is your resource for information about the Pension Plan benefits at Northwest Airlines. 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. When your people are stressed about life, they have trouble focusing on work. March 1, 2023 by . Funny Nicknames For Christina, The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. NORTHWEST AIRLINES CORPORATION (Debtor-in-Possession) (Exact name of registrant as specified in its charter) Registrant's telephone number, including area code (612) 726-2111 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Title of each class Name of on On February 14, 2003, Northwest obtained formal written confirmation from the bank lenders that none of the rights afforded to the Plans in the Omnibus Agreement nor the exercise of such rights would violate the Credit Agreement. 3. 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. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. Pinnacle itself had revenues of approximately $345.2 million for 2002. Their pension was 60 percent of final average earnings (FAE). Please specify which news release when placing your request. on Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. publication in the future. These can be useful In response to the solicitation of comments from interested persons, the Department received over 1,700 letters, e-mails, faxes and phone calls, of which more than 1,000 requested that a public hearing be held on the Proposed Exemption. On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. Date: This exemption is effective as of January 15, 2003. See Omnibus Agreement at sections 5.1 and 5.2. 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). The Proposed Exemption was requested in an application filed on Start Printed Page 49793behalf of Northwest pursuant to section 408(a) of the Act and section 4975(c)(2) of the Code, and in accordance with the procedures set forth in 29 CFR part 2570, subpart B (55 FR 32836, August 10, 1990). 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). You can lighten the load by taking the uncertainty out of their financial future. and services, go to Posted on . In a business that often moves glacially and at other times, very swiftly, we are constantly taking stock, adjusting the sails, fine tuning our course NWPS recently sponsored the Advisor2x Wealth@wor(k) conference in Las Vegas, NV. Total cost is only $ 299.00. 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 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. 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. The Omnibus Agreement provided for two contributions to be made to the Contract Plan on January 15, 2003. Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. 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. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. While all of the Big 6 network airlines are losing money, Northwest has suffered the smallest loss of any carrier. Follow our blog for insights and news about our company, the industry and changes in laws. The freezing of Northwests plans follows the trend The National IAM Benefit Trust Fund reaches over 200 contributing employers. We have never been disappointed in the service received from NWPS. Corporation (SeeUnited, PBGC Hammer Out Plan Takeover participants who become disabled after August 31 will not 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. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. 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. 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. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. Grayson Rodriguez Parents, Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. Page 49 of 61. 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. Fiduciary Counselors notes that under section 404(a)(1) of ERISA, a fiduciary must discharge its duties with respect to a plan solely in the interest of plan participants and beneficiaries. over pension plans to the Pension Benefit Guaranty If the Pinnacle Stock is publicly traded, the Plans will receive the greater of (i) the Floor Price, or (ii) the average closing price for the stock on the public market for the 10 trading days preceding the exercise date or, if greater, the closing price on the day before the Put Option closing date. Press "0" to be connected with the Employee Service Center. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. 404-714-1489. 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).

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