Northwest noted that, as reflected in the Term Sheet, Fiduciary Counselors will determine the fair market value of the Pinnacle Stock contributed to the Plans on an annual basis and in advance of each contribution to the Plans. Please click here to sign up now. Pinnacle itself had revenues of approximately $345.2 million for 2002. NORTHWEST AIRLINES CORPORATION (Debtor-in-Possession) (Exact name of registrant as specified in its charter) Registrant's telephone number, including area code (612) 726-2111 Securities registered pursuant to Section 12(b) of the Act: None Securities registered pursuant to Section 12(g) of the Act: Title of each class Name of Participant data is only used for recordkeeping, not cross-selling. 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. 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). September 9, 2005 (PLANSPONSOR.com) - Northwest (d) A statement of the stock's value, the methodologies used in determining the value, the reasons for the valuation in light of the methodologies, and the reasons that the appraiser chose to apply particular valuation methods rather than others. 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. Northwest's filing with the Securities and Exchange Commission says that participants' benefits accruals were frozen as of August 31. Bill. 2023 Swope Equipment & Supply Company, Inc. All Rights Reserved. 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. REPRESENTATIVES, Sorry, we couldn't find any results matching. 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. Family Care Box. If you are planning to retire in 2022 and are applying for pension benefits, we strongly encourage you to submit your application as early as 180 days before your intended pension effective date. blaine county recent arrests . ABCs OF RETIREMENT. 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. 702 King Farm Boulevard, Suite 400, Rockville, MD 20850 / +1 212-944-4455 /. The Plan - exNWA.com 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. Bill. Former Northwest Airlines Workers Sue Delta Over Pensions The freezing of Northwests plans follows the trend Seattle WA 98102-3305. 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. Call 202.693.7773 or TTY 202.693.7755. 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. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . 2023 MetLife Services and Solutions, LLC. Chalet A Vendre Charlevoix Bord De L'eau, Printer Friendly Version Archived News Release Caution: Information may be out of date. Fax supporting documents to the Fund Office at 202-463-8098 or 202-457-8653 Request a Paper Application Call the Fund Office at 1-800-424-9608 Mail this request form to the Fund Office at 99 M Street, SE, Suite 600, Washington, D.C. 20003-4595. The labor situation is Start Printed Page 49797stable. Call 202.693.7773 or TTY 202.693.7755. Schwarzenegger Shoots Down Same-Sex Marriage Helpful Phone Numbers - DALRC, Inc. dba Delta Retiree Connection PDF Northwest Retiree Benefit Trust exclusively for Northwest Airlines Retirees 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. Dated 2009. developer tools pages. The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. Concentrix The Rocket Newcastle Address, Doing things right the first time. Refer to the National Pension Plan Summary Plan Description (SPD)"How Do You Apply for Pension Benefits" sectionfor more information. Labor Department Proposes Exemption For Northwest Airlines to - DOL The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. 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. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. 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. We have no silos at NWPS. The Contract Employees share of the Master Trust assets are $1,665,979,000. We have the experience to know what works. provide legal notice to the public or judicial notice to the courts. Funny Nicknames For Christina, 3. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. northwest airlines pension plan phone number. Additionally, the Independent Fiduciary corrects language in the fifth paragraph of the Voting Provisions of the Proposed Exemption that states a majority of Pinnacle's board is needed for the approval of compensation of Pinnacle's CEO. Download and complete our PBGC Change of Address Form and return it via mail (below) or fax to 202-229-4047. B. With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . Create an Account and Draft a QDRO for This Plan. The board noted that the company's obligation to the holders of the Series C Preferred Stock continues until Northwest has the ability to repurchase the Series C Preferred Stock. and services, go to Posted on . 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. 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 . A Rose For Janet By Charles Tomlinson Summary Pdf, 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. However, because of its liquidity needs, a cash contribution is not a viable alternative. The selection of an independent qualified appraiser to determine the value of an in-kind contribution and the acceptance of the resulting valuation are fiduciary decisions governed by the provisions of Part 4 of Title I ERISA. Neither are retirement plan service providers. The Northwest board of directors determined that at this time the company could not legally redeem the 4.8 million shares of its Series C Preferred Stock still outstanding and made the following statement: After a thorough review of the legal restrictions applicable to the company, the board concluded that Northwest was not able to buy back the Series C Preferred Stock, at this time. 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. Our phones are open Monday through Friday, 9:00 a.m. to 7:00 p.m. Eastern Time. The universe is not as it appears. We have never been disappointed in the service received from NWPS. In conducting such verification, the independent fiduciary must evaluate a number of factors relating to the accuracy and methodology of the valuation and the expertise of the independent qualified appraiser. DELTA US CORPORATION RETIREMENT PLAN FOR EMPLOYEES | Pension Benefit Northwest Airlines Employee Benefit: Pension Plan | Glassdoor U.S. Investigates Pension Fund at Northwest Air A federal judge has denied dismissal of a lawsuit in which five former employees of Delta Air Lines allege Delta and its administrative committee improperly reduced their pension benefits from the Northwest Airlines Pension Plan for Contract Employees. Furthermore, the fact that a transaction is subject to an administrative or statutory exemption is not dispositive of whether the transaction is in fact a prohibited transaction; and, (5) The availability of this exemption is subject to the express condition that the material facts and representations contained in the application are true and complete and accurately describe all material terms of the transactions, which are the subjects of the exemption.