northwest airlines pension plan phone number

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northwest airlines pension plan phone number

has provided valuable retirement benefits for members of the International Association of Machinists and Aerospace Workers and their families since 1960. In addition, Northwest will provide the Independent Fiduciary with the information required to be provided to its lenders under its credit agreement. 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. Every account is balanced to the trust each and every night, to the exact penny. SEC.gov | HOME 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. 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. Information about this document as published in the Federal Register. Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. 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. 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. 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. Each client has a dedicated and integrated team. Airlines has frozen two pension plans that cover salaried 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. At MetLife, protecting your information is a top priority. Legislative Alerts. over pension plans to the Pension Benefit Guaranty 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. The valuation prepared by Eclat took into consideration current industry conditions. Contact - NORTHWEST ADMINISTRATORS, INC. Pursuant to its engagement letter with Northwest, the scope of Fiduciary Counselors' engagement includes determining whether to accept the Contribution on behalf of the Plans, and if so, to value the Pinnacle Stock for Plan funding purposes. 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. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. 5. Pension Plan Administration - NORTHWEST ADMINISTRATORS, INC. We have never been disappointed in the service received from NWPS. Corporation (See, Northwest Airlines Latest to Propose DB Accordingly, the reference in the first column at 68 FR 2585 to quarterly valuations is no longer correct. For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. As described in the Fiduciary Counselors letter to the Department on January 6, 2003, Northwest has agreed to pay Fiduciary Counselors an annual fee that covers both the independent fiduciary and investment management services provided by Fiduciary Counselors and the investment advisory services provided by AIC. 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. A combination of plan design, web/mobile tools, live call support, financial wellness tools and personalized outreach to help participants achieve their personal financial goals. 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. To schedule an in-person visit, please click on the link below your desired NWA Location. 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. Helpful Phone Numbers and Resources. 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). Use our online service, My Pension Benefit Access (MyPBA) and chose the option to update your personal information. # A1430. documents in the last year, by the Food Safety and Inspection Service As of December 31, 2002, the carrier had taken possession of 51 regional jets. Page 49 of 61. How. 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. Printer Friendly Version Archived News Release Caution: Information may be out of date. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. 404-714-1489. Document page views are updated periodically throughout the day and are cumulative counts for this document. DALRC 2023. 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. In view of the comments requesting a hearing, on March 11, 2003, the Department published in the Federal Register (68 FR 11589) a notice of hearing on the Proposed Exemption. The Fund will officially receive your online Application the same day it is submitted online. Neither are retirement plan service providers. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. The IAM National Pension Fund provides participants with a defined-benefit pension plan for their retirement. For information on how to complete an application, please refer to the Information Guide. 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. 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 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. You can lighten the load by taking the uncertainty out of their financial future. Quick and easy access to MetLife customer support services and resources. We have no silos at NWPS. 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. In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. Northwest explained that the Omnibus Agreement granted the Plans additional rights in order to protect their interest in the Pinnacle Stock. 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. As with the Term Sheet, the final Omnibus Agreement provides that the Deferral shall be shortened if Pinnacle Stock is publicly traded. Enter the nine-digit employee number and press #. Rebecca Moore. With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . Alternatively, Northwest may arrange for the stock to be purchased by a third party. Director, Office of Exemption Determinations, Employee Benefits Security Administration, Department of Labor. 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. shortfall. 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 Retiree Benefit Trust Vision Plan Pages y Plan . See Omnibus Agreement, Definition of Early Termination Event at section 1.1. The Omnibus Agreement also provided for an Additional Initial Contribution to the Contract Plan in the amount of $2,671,983 (118,167 shares valued at $22.61 per share). During the Hearing, the Department asked Northwest to provide information concerning the funded status of the Pilot Plan, Contract Plan and Salaried Plan at the end of 2002. Eclat determined that Pinnacle and Northwest are healthy companies, even in light of current economic conditions in the airline industry. 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. At the time the voluntary contribution is made to the Pilot Plan, Northwest also will contribute Pinnacle Stock to the Salaried Plan in an amount such that the amount of the Pinnacle Stock held by the Salaried Plan equals the required minimum funding contribution due under ERISA and the Code on September 15, 2003. headings within the legal text of Federal Register documents. 5. Defined Benefit Master Trust : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-18: Delta Pilots Disability and Survivorship Plan : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-04: Northwest Airlines Pension Plan for Salaried Employees 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 / issgovernance.comAMR Under Pressure to Preserve Pensions . The National IAM Benefit Trust Fund reaches over 200 contributing employers. Enter the nine-digit employee number and press #. Pension Benefits Resource Page | IAM NPF 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. Download NWA's mobile app for both the iOS and Android platforms and access your information securely, anytime, anywhere. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. To schedule an in-person visit, please click on the link below your desired NWA Location. Doing things right the first time. 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. The Contract Employees share of the Master Trust assets are $1,665,979,000. 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. 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. 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. We are an independent firm and are not in the investment advisory or trust business. Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. Northwest Airlines Retirees . See Omnibus Agreement at section 6.3. 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. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. NWA works closely with plan sponsors and their professional advisors to establish and/or maintain customized retirement programs for both defined benefit and defined contribution plans. ), while Delta Airlines pension program faces a $5 billion They start with the implementation and stay in place to guarantee high quality service and continuity. ABCs OF RETIREMENT. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. The hearing on the Proposed Exemption was held on May 5 and 6, 2003 at the Department of Labor (the Hearing). The Escalator Clause. A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . 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. Commission says that participants benefits accruals were Former Employees and Retirees | MetLife Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. 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 technology is here, but politics may stand in the way. 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.

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