As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. The Pinnacle Stock contributed to the Pilot Plan will be held in a separate, segregated subaccount of the Master Trust and held for the exclusive benefit of the Pilot Plan. The staff there has always been very responsive to our requests. Company profile page for Northwest Airlines Pension Plan For Contract Employees including stock price, company news, press releases, executives, board members, and contact information NWA is Mobile. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. Northwest's pension fund consists of three individual plans, for about 8,000 pilots, 9,000 salaried employees and 52,000 unionized workers, including mechanics and agents. 3. 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. documents in the last year, 973 # A1430. 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. 01/18/2023, 249 2. Delta Death and Survivors Checklist - RNPA Labor Department Proposes Exemption For Northwest Airlines to - DOL However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. 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. PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. QDRO Preparation for NORTHWEST AIRLINES PENSION PLAN FOR - Qdro Desk 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. 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. 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. For international access: 1-404-677-8000. Page 53 of 61. 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 February 27, 2023 . The three supplemental SFA packages provide a total of more than $200 million. B. 3. ABCs OF RETIREMENT. 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. 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. Court Advances Suit Regarding Delta Air Lines' Offset of Pension NWAI then transferred the Pinnacle Shares and the Series A Preferred Share to Northwest as a contribution to the capital of Northwest. 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. In the business of 401k record keeping things are either right or they are wrong. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. The labor situation is Start Printed Page 49797stable. Survivors Checklist - RNPA 1. The freezing of Northwests plans follows the trend Federal Register :: Northwest Airlines Pension Plan for Salaried 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. Bill. Delta Air Lines Pension Plan (Delta Air Lines Pension Plan) - Corporate In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . 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. The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. We provide consulting, design, actuarial, recordkeeping, communication and administration services. Accordingly, Northwest notes that, consistent with the Omnibus Agreement's terms, the Additional Initial Contribution will be treated as a credit balance and be applied toward future contributions to the Contract Plan. contribution program in March in order to cut costs (See employees, Business Insurance reports. 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 IAM National Pension Fund. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. The requirement that the director nominated by the Plans approve any changes in the ASA will ensure that any modification of those terms is done only if the changes, taken as a whole, are favorable to Pinnacle and its shareholders, including the Plans. United Airlines and US Airways have already handed Click HERE for a printable version of this page. benefit plans and moving employees to a defined If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. The Escalator Clause. The Independent Fiduciary negotiated voting and governance rights to be accorded to the Plans that protect the interests of the Plans (. publication in the future. Sightless Post Credit Scene. contribution program in March in order to cut costs (See, United Airlines and US Airways have already handed See Omnibus Agreement at section 6.3. According to the court order, while employed by Delta, the plaintiffs suffered . 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. 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 pension plan phone numberfarmington hills police. You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. Northwest Airlines Freezes Pension Plans | PLANSPONSOR Fromage En 5 Lettres, Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. 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 Thus, almost all of the Series C Preferred Stock that remains in the Employee Stock Plan is allocated to the accounts of employees represented by the IAM and IBT. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. Ellen A. Hennessy will continue to be the primary person at Fiduciary Counselors handling its responsibilities as independent fiduciary to the Northwest Airlines defined benefit plans. The hearing on the Proposed Exemption was held on May 5 and 6, 2003 at the Department of Labor (the Hearing). Each of Northwest's three main unions at the time of the Agreements also was granted the right to appoint one director to the Northwest board of directors. Delta Air Lines Inc. defeated a proposed class action by Northwest Airlines retirees claiming their pensions were wrongly cut to account for workers' compensation settlements, when a Minnesota federal judge said the airline reasonably interpreted its pension plan. Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. Grayson Rodriguez Parents, 2. Eclat provided additional information in support of its view that the discount rates, and other factors used in determining the fair market value of the Pinnacle Stock were reasonable and theoretically sound. Rob has been nothing short of amazing and Im very grateful how closely he was worked us to ensure a smooth conversion. NORTHWEST AIRLINES INC. 2700 Lone Oak Pkwy. 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. Registration rights and Plan director's rights preserve the value of the Pinnacle Stock while held by the Plans. While defined-benefit plans were prominent in the . Our clients wont have it any other way. Northwest also noted that it assumes the investment risk associated with any investment by the Plans, including the investment in Pinnacle Stock, and must make up any investment losses through future contributions to the Plans. Northwest explained that the Omnibus Agreement granted the Plans additional rights in order to protect their interest in the Pinnacle Stock. (i) The Plans incur no fees, costs or other charges as a result of their participation in any of the transactions described herein. NWA is the plan administrator and the employer plan sponsor of the Plan. Document Drafting Handbook Moreover, the Plans will receive all of any investment gains attributable to their shares of Pinnacle Stock at the time of an IPO. 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. Northwest asserts that, if its current cash needs were not so great, Northwest would make its pension contributions in cash as it has in the past. Every account is balanced to the trust each and every night, to the exact penny. 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. Maintaining liquidity is key to Northwest's strategy for avoiding bankruptcy. The Special Conversion Option expired on February 9, 1994. 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. Northwest Airlines Corporation (NWA Corp.) will guarantee Northwest's obligations under the Omnibus Agreement, including the Put Option.