northwest airlines pension plan phone number

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. We have never been disappointed in the service received from NWPS. Northwest represents that it will make any such contributions in cash. 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. Several commenters asked whether the Plan trustees should decide when to initiate a public offering since the Plans will own a majority of Pinnacle Stock. documents in the last year, 534 5. No Reproduction Without Prior Authorizations. Total cost is only $ 299.00. At the end of 2004,. NWPS is head and shoulders above their competitors! United Airlines and US Airways have already handed The Contract Employees share of the Master Trust assets are $1,665,979,000. As a condition of the Proposed Exemption, Fiduciary Counselors, using the services of its independent appraisal firm Eclat, Start Printed Page 49802determined the value of Pinnacle Stock. Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. Pinnacle itself had revenues of approximately $345.2 million for 2002. For purposes of the funding standard account of each Plan, the value of the shares of Pinnacle Stock contributed to each Plan will be determined by the Independent Fiduciary. 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. The Master Trust, all pension assets are, $4,146,038,000. The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. 5. The technology is here, but politics may stand in the way. frozen as of August 31. Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. 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. (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. Delta Air Lines Beats Suit Over Workers' Comp Pension Offsets 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. 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. More information and documentation can be found in our Northwest states that, in this regard, some refinements were made to the provisions of the Term Sheet when the parties negotiated and entered into the final Omnibus Agreement (executed on January 15, 2003). employees, Business Insurance reports. Hours of Operation: 8:00 a.m. - 5:00 p.m. PST. 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. 4. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . 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. 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. 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). U.S. Investigates Pension Fund at Northwest Air The IAM National Pension Fund. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 February 27, 2023 . 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. Grayson Rodriguez Parents, The Independent Fiduciary also engaged the law firm of Jones Day as legal counsel to advise it in connection with its negotiations with Northwest regarding its engagement and Eclat, to provide financial expertise and to value the Pinnacle Stock. The Application pertaining to the exemption, the Proposed Exemption, the comments submitted to the Department and the responses to the comments, the transcript of the Hearing, and all other documents submitted to the Department concerning this exemption have been included as part of the public record of the Application. What Does Reversible Perfusion Defect Mean, 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). In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. offers a preview of documents scheduled to appear in the next day's The complete Application file, including all supplemental submissions received by the Department, is available for public inspection in the Public Disclosure Room of the Employee Benefits Security Administration, U.S. Department of Labor, Room N-1513, 200 Constitution Avenue, NW., Washington, DC 20210. Designed and Developed by Eyesore, Inc. Change of bank accounts for direct deposit, Retiree Death Checklist and Survivor Benefits Process. You can lighten the load by taking the uncertainty out of their financial future. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. over pension plans to the Pension Benefit Guaranty As further noted in the Preamble, the parties to the Agreement shall notify the Department within 30 days of any decision regarding the resignation, termination or change in control of the Independent Fiduciary. documents in the last year, 973 # A1430. Eagan, MN 55121-1534. The January 15, 2003 Eclat valuation report (January 15, 2003 Valuation) was attached to the Independent Fiduciary's report submitted to the Department on April 25, 2003 (see below for a discussion of these documents). See Omnibus Agreement at section 6.3. You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. Delta Care and Scholarship Fund. Southwest has a small operation in Detroit with only 2 gates. 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. 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. Enter the 'pass eligibility date' as six digits (in most cases this is the same as the original hire date) and press #. Retirement Benefits | Alight Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. , 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). The valuation prepared by Eclat took into consideration current industry conditions. Made In Mexico Dyckman Shooting, We provide consulting, design, actuarial, recordkeeping, communication and administration services. 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. 2023 MetLife Services and Solutions, LLC. Northwest Airlines Pension Plan for Salaried Employees (Salaried Plan), the Northwest Airlines Pension Plan for Pilot Employees (Pilot Plan), and the Northwest Airlines Pension Plan for Contract Employees (Contract Plan) (Collectively, the Plans), Located in Eagan, MN A Notice by the Employee Benefits Security Administration on 08/19/2003 (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. 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. All Rights Reserved. 5. Submit all supporting documents that were not uploaded into the online Pension Application at one time via United States Postal Service Certified Mail. Northwest stated that it would not. 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. Reported by. Fromage En 5 Lettres, The attention of interested person is directed to the following: (1) The fact that a transaction is the subject of an exemption under section 408(a) of the Act and section 4975(c)(2) of the Code does not relieve a fiduciary or other party in interest or disqualified person from certain other provisions of the Act and the Code, including any prohibited transaction provisions to which the exemption does not apply and the general fiduciary responsibility provisions of section 404 of the Act, which require, among other things, a fiduciary to discharge his or her duties respecting the plan solely in the interest of the participants and beneficiaries of the plan and in a prudent fashion in accordance with section 404(a)(1)(B) of the Act; nor does it affect the requirements of section 401(a) of the Code that the plan operate for the exclusive benefit of the employees of the employer maintaining the plan and their beneficiaries; (2) The exemption will not extend to transactions prohibited under section 406(b)(3) of the Act and section 4975(c)(1)(F) of the Code; (3) In accordance with section 408(a) of the Act and section 4975(c)(2) of the Code and the procedures set forth in 29 CFR Part 2570, Subpart B (55 FR 32836, 32847, August 10, 1990) and based upon the entire record, the Department finds that the exemption is administratively feasible, in the interests of the plans and their participants and beneficiaries and protective of the rights of the participants and beneficiaries of the plans; (4) This exemption is supplemental to, and not in derogation of, any other provisions of the Act and/or the Code, including statutory or administrative exemptions and transitional rules. legal research should verify their results against an official edition of The concerns expressed generally related to the proposed contribution of Pinnacle Stock instead of a cash contribution to the Plans; the value and method of valuation of the Pinnacle Stock; the effects of the proposed transactions on the Plans; and the adequacy of the proposed safeguards that are intended to protect the Plans' interests. More contact information for workers and retirees Participants in PBGC-trusteed plans can use PBGC's fast, free, and secure online service tool to apply for pension benefits, update contact information, adjust federal income tax withholding, and more. Benefit resources and contact information for former MetLife employees. Corporation (See, Northwest Airlines Latest to Propose DB Call PBGC's Customer Contact Center at 1-800-400-7242. While all of the Big 6 network airlines are losing money, Northwest has suffered the smallest loss of any carrier. The staff there has always been very responsive to our requests. Rebecca Moore. Participant data is only used for recordkeeping, not cross-selling. 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. Glassdoor is your resource for information about the Pension Plan benefits at Northwest Airlines. New York, NY 10166 - All Rights Reserved. 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. Fiduciary Counselors assumed that since Northwest could take up to 180 days to settle the option that it would. Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. Update Address or Other Personal Information | Pension Benefit Guaranty Airlines has frozen two pension plans that cover salaried 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. Published by DRC March 2022. 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. of terminating pension plans for the financially participants who become disabled after August 31 will not 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. Delta Life Insurance - MetLife (Basic/Optional/Spouse) 1-866-939-7409. The Independent Fiduciary negotiated a comprehensive set of governance rights accorded to the Plans as a condition of acceptance of Pinnacle Stock. Former Northwest Airlines Workers Sue Delta Over Pensions By Emily Brill Law360 (December 14, 2021, 4:18 PM EST) -- Delta Air Lines Inc. has been hit with a proposed class action in Nevada. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. 8. Make sure they know their retirement benefits go beyond just retirement. 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. March 1, 2023 by . Legislative Alerts. Court Advances Suit Regarding Delta Air Lines' Offset of Pension 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. 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. web design and development by new target, inc. Checklist of Required Supporting Documents, How to Submit Required Supporting Documents to the Fund Office, calculatean estimate of your pension benefit on, view this formto see the information that should be included in your emailrequest, Participants may print a copy of the completed Application for your records if an email is provided in the online Pension Application, It is important to keep the Fund Office up to date with your current information in order to provide you with premier service. Register documents. Federal Register :: Northwest Airlines Pension Plan for Salaried 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. has no substantive legal effect. 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. Section 7.2(b) of the Omnibus Agreement requires only that the appointment of a new CEO be approved by a majority of Pinnacle's board (excluding the Northwest Director), and does not make reference to the compensation of Pinnacle's CEO. 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. 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. 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).