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The freezing of Northwests plans follows the trend Copyright 2023 Asset International, Inc. All Rights Reserved. Enter the nine-digit employee number and press #. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. 3. 5. documents in the last year, 480 In this Issue, Documents The Independent Fiduciary negotiated the terms of the Put Option which provide downside protection by permitting the Plans to sell the Pinnacle Stock back to Northwest for the greater of the original value at which it was credited to the funding standard account or its fair market value at the time it is sold back to Northwest. The IAM National Pension Fund. Northwest Airlines Retirees . blaine county recent arrests . 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. 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. Travel. Register documents. Once the Plans hold more than 50 percent of the Pinnacle Stock, the affirmative vote of the director designated by the Plans shall be required to approve the appointment of any new CEO of Pinnacle and compensation of any CEO, any amendments to the $200 million Note of Pinnacle Airlines, Inc. held by Northwest, the amendment of Pinnacle's charter or by-laws in certain respects, or the implementation of certain changes in Pinnacle's capital structure or the issuance of capital stock prior to an IPO. Northwest stated that it would not. This model is designed to value firms, like Pinnacle, that are expected to go through three phases of growthan initial phase of high growth, a transitional period where the growth rate declines, and a steady-state period where growth is stable. and of terminating pension plans for the financially employees, Business Insurance reports. This additional contribution was agreed upon as a result of a technical concern raised by Fiduciary Counselors regarding covenants in Northwest's $1.125 billion Credit and Guarantee Agreement dated October 24, 2000, as amended under which Northwest is the borrower (the Credit Agreement), with Northwest's bank lenders. Create an Account and Draft a QDRO for This Plan. These pictures have delighted, awed, and amazed us with images of deep space Several hundred retirement plan industry professionals gathered in Austin, Texas last week to discuss the latest trends and important topics impacting We can depend on NWPS for accuracy and responsiveness for our clients administration services. 2. journey aaron becker planning; quorum of the twelve apostles ages. 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. Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. Upon consideration of all of the comments received and testimony offered at the Hearing, the Department has determined to grant the proposed exemption subject to certain modifications. Dated 2009. developer tools pages. Total cost is only $ 299.00. Each Plan's percentage ownership reflects the relative size of each Plan to each other. 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. Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. We have the experience to know what works. 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. 1. (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. 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. Funny Nicknames For Christina, In connection with the Exemption Transactions, Northwest does not determine the value of Pinnacle Stock. Bill. 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. The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. Call 202.693.7773 or TTY 202.693.7755. Document page views are updated periodically throughout the day and are cumulative counts for this document. Select the item(s) you need from this menu. participants who become disabled after August 31 will not (b) A statement that the appraiser is independent of Pinnacle and Northwest, and that the appraiser has no interest in the securities issued by Pinnacle or Northwest. ). Please specify which news release when placing your request. 1-800-821-6400. 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. On August 1, 2003, in response to the Department's questions concerning the legal restrictions that prevented Northwest from repurchasing the Series C Preferred Stock and whether these legal restrictions were tied to Northwest's financial condition, Northwest explained that in making the Series C stock repurchase decision, the board of NWA Corp. was subject to a Delaware law that applies only to NWA Corp.'s repurchase of its own stock. has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. At the present time, the Board was unable to make this finding. 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. 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. 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 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. struggling airline industry. Made In Mexico Dyckman Shooting, They start with the implementation and stay in place to guarantee high quality service and continuity. In its deliberations, which included its analysis of all aspects of the transactions, the Independent Fiduciary has consistently represented for the record that no contribution of Pinnacle Stock will be accepted on behalf of the Plans unless such transactions are found by the Independent Fiduciary to be in the interests of the Plans. What Does Reversible Perfusion Defect Mean, Please click here to sign up now. Call PBGC's Customer Contact Center at 1-800-400-7242. You can lighten the load by taking the uncertainty out of their financial future. Fiduciary Counselors assumed that since Northwest could take up to 180 days to settle the option that it would. 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). 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. The show examines all aspects of the legal profession, from intellectual property to criminal law, from bankruptcy to securities law, drawing on the deep research tools of BloombergLaw.com and BloombergBNA.com. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. Northwest represents that the amount of shares necessary to satisfy the required contribution was based upon a final valuation of Pinnacle by Fiduciary Counselors, relying on a valuation report prepared by Eclat Consulting. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. 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). frozen as of August 31. September 9, 2005 (PLANSPONSOR.com) - Northwest Airlines has frozen two pension plans that cover salaried employees, Business Insurance reports. Doing things right the first time. 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. PBGC-US Airways Pension Deal Gets Court Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. , 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). 1. Create an Account and Draft a QDRO for This Plan. Publi . Read Our Story Our Approach 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. 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. Download NWA's mobile app for both the iOS and Android platforms and access your information securely, anytime, anywhere. 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. Please specify which news release when placing your request. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 This will allow you to know when they were delivered to the Funds Office. An Initial Contribution was made in the amount of $41,149,911. The Special Conversion Option expired on February 9, 1994. Seattle WA 98102-3305. 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 We are an independent firm and are not in the investment advisory or trust business. The Independent Fiduciary negotiated voting and governance rights to be accorded to the Plans that protect the interests of the Plans (. 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. Press "1" to indicate that the employee number is all numeric. We have never been disappointed in the service received from NWPS. 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. If you have not logged into the PSS website, you are considered a New User. 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. 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. For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation Enter the nine-digit employee number and press #. Fax supporting documents to the Fund Office at 202-463-8098 or 202-457-8653, Fax the Fund office at 202-463-8098 or 202-457-8653(please. Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. 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). Delta Care and Scholarship Fund. Northwest Administrators, Inc. is Mobile! 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. ABCs OF RETIREMENT. 5. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. The IF Report summarizes that, in order to determine the value of Pinnacle, Eclat created a model based on the Three-Stage Free Cash Flow to Equity valuation technique. 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. [7] Northwest's presence in international markets has helped offset the losses in the U.S. domestic market. However, because of its liquidity needs, a cash contribution is not a viable alternative. 404-714-1489. Old Friends Locator Program. Make sure they know their retirement benefits go beyond just retirement. Helpful Phone Numbers and Resources. The technology is here, but politics may stand in the way. 4. shortfall. Since September 10, 2001, regional airlines have lost 48% of their value while the major airlines have lost 78% (excluding U.S. Airways and United that have filed for Chapter 11 bankruptcy protection). Northwest explained that the Omnibus Agreement granted the Plans additional rights in order to protect their interest in the Pinnacle Stock. 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. over pension plans to the Pension Benefit Guaranty The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. We are an independent firm and are not in the investment advisory or trust business. 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. The Escalator Clause. The three supplemental SFA packages provide a total of more than $200 million. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. See Omnibus Agreement at sections 5.1 and 5.2. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. The requirement (detailed in the last bullet point in the second column of the Proposed Exemption at 68 FR 2585) that Plan shares of Pinnacle Stock be voted in favor of certain corporate actions is now set to expire upon the occurrence of an Early Termination Event. The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. Fax the Fund office at 202-463-8098 or 202-457-8653 (please use this form when faxing a request). over pension plans to the Pension Benefit Guaranty Call 202.693.7773 or TTY 202.693.7755. Pinnacle itself had revenues of approximately $345.2 million for 2002. 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. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. benefit plans and moving employees to a defined 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. All Rights Reserved. However, Northwest notes that it has received the consent of the Air Line Pilots Association (ALPA), the union representing Northwest pilots, to permit the Pilot Plan to hold Pinnacle Stock (see below for discussion of the Northwest and ALPA Letter Agreement).

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