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 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. If previous valuations or analyses do not comport with these conditions, the Independent Fiduciary must perform any additional work necessary to make the valuations and analyses consistent with the conditions of this exemption. Employee Benefits Security Administration, Department of Labor. Press "1" to indicate that the employee number is all numeric. Eagan, MN 55121-1534. 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. 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). Representatives are available to assist you 2. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. Survivors Checklist - RNPA The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. The Master Trust, all pension assets are, $4,146,038,000. 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. 8. Delta Life Insurance - MetLife (Basic/Optional/Spouse) 1-866-939-7409. PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees 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. Quick and easy access to MetLife customer support services and resources. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. If you have not logged into the PSS website, you are considered a New User. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. The labor situation is Start Printed Page 49797stable. We are an independent firm and are not in the investment advisory or trust business. Free will preparation service through MetLife. 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. provide legal notice to the public or judicial notice to the courts. Our clients wont have it any other way. 5. Enter the 'pass eligibility date' as six digits (in most cases this is the same as the original hire date) and press #. Northwest Airlines Corporation (NWA Corp.) will guarantee Northwest's obligations under the Omnibus Agreement, including the Put Option. The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. 4. In this environment, it is necessary to maintain high liquidity reserves to ensure the viability of the airline and protect the long-term interests of the pension plans and plan participants. While all of the Big 6 network airlines are losing money, Northwest has suffered the smallest loss of any carrier. Northwest Airlines Pension Plan For Contract Employees The Delaware law does not apply to the repurchase of Pinnacle Stock, which is not treated as NWA Corp.'s own stock. However, because of its liquidity needs, a cash contribution is not a viable alternative. The Independent Fiduciary and its advisors reviewed various documents relevant to the Contribution, including without limitation, Northwest's certificate of incorporation; Northwest's corporate bylaws; the certificate of incorporation of Pinnacle; the Master Trust agreement pursuant to which the Plan assets are currently held and managed; audited financial statements of the Plans for 2000 and 2001; the current Plan documents; the Plans' annual reports on Forms 5500 for 2000 and 2001; other information provided by Northwest regarding the Plans' assets (including the Plans' investment guidelines and portfolio composition); a statement prepared by the Plans' actuaries of the Plans' liquidity needs to pay benefits and administrative expenses in the near future and the sources of funds (other than the Pinnacle Stock) available to satisfy such liquidity needs; and certain of Pinnacle's collective bargaining agreements. Northwest Airlines Retirees . 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. 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. 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). NWPS Co-Sponsors the 2022 Broadridge Fi360 Solutions Conference. Bill. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. Commission says that participants benefits accruals were In no circumstance, however, may the parties treat Pinnacle Stock previously contributed to the Plans as if it had a higher value than was attributed to it at the time of the original contribution. frozen as of August 31. 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. Driving Directions. (i) The Plans incur no fees, costs or other charges as a result of their participation in any of the transactions described herein. Published by DRC March 2022. Pension Benefits Resource Page | IAM NPF 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. 1-800-821-6400. frozen as of August 31. The value was then increased to reflect the value of the put. Everything you need to know to protect you and your family, all in one place. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. Please specify which news release when placing your request. In order to determine survivorship eligibility, the ESC must first be notified as indicated below. NWAI then transferred the Pinnacle Shares and the Series A Preferred Share to Northwest as a contribution to the capital of Northwest. Northwest will provide at least quarterly notice to the Independent Fiduciary of its cash liquidity. 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. Labor Department Proposes Exemption For Northwest Airlines to - DOL The changes incorporated into the Omnibus Agreement were requested and approved by Fiduciary Counselors. has no substantive legal effect. Homepage | IAM NPF Call 202.693.7773 or TTY 202.693.7755. Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. ). 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 proposed the freezing of its defined Preview; Edit & Save; Related Documents; 50 of the Top 250 law firms use our Products every day. This scamming can happen via text, email or websites set up to look like the trusted company. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. Please click here to sign up now. The result was a net value of $339,178,820.00 for the purposes of determining the value of the stock contributed on January 15, 2003. Encourage saving throughout their career and help them figure out how buying a home, paying for education and . Copyright 2023 Asset International, Inc. All Rights Reserved. You can apply online for your pension benefits and upload supporting documents by logging into PSS. Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. qdon[.qycqLS 57^,hl(iN[8f?ic $kd8fzPyc5Nt19 The Independent Fiduciary negotiated a comprehensive set of governance rights accorded to the Plans as a condition of acceptance of Pinnacle Stock. 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. The Fund has made enhancements to its Online Pension Application submission system. Alternatively, Northwest may arrange for the stock to be purchased by a third party. 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. northwest airlines pension plan phone number. Each Plan's percentage ownership reflects the relative size of each Plan to each other. You can call 1-800-400-7242, Monday-Friday, 8:00 a.m.-7:00 p.m. Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. Delta Air Lines Pension Plan (Delta Air Lines Pension Plan) - Corporate
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