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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). Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. The Fund has made enhancements to its Online Pension Application submission system. With annual pay above $600,000 per year (in today's numbers), a 60 percent FAE pension . Equally important, Fiduciary Counselors negotiated for special rights associated with the Plans' acquisition of Pinnacle Stock that limit the risks associated with Pinnacle Stock. 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. informational resource until the Administrative Committee of the Federal better and aid in comparing the online edition to the print edition. Call 202.693.7773 or TTY 202.693.7755. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. 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. Fromage En 5 Lettres, 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. 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. NWA is Mobile. 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. on On February 14, 2003, Northwest obtained formal written confirmation from the bank lenders that none of the rights afforded to the Plans in the Omnibus Agreement nor the exercise of such rights would violate the Credit Agreement. Participant data is only used for recordkeeping, not cross-selling. Refer to the National Pension Plan Summary Plan Description (SPD)"How Do You Apply for Pension Benefits" sectionfor more information. Pinnacle itself had revenues of approximately $345.2 million for 2002. Although the Plan's option is exercisable at anytime, unlike a normal option, Northwest does not have to immediately settle. Since Northwest was prohibited from investing the Pilot Plan's assets in employer stock, the Pilot Plan at that time, did not participate in the investment fund. Join or Renew Your Membership - Annual dues $35. We have never been disappointed in the service received from NWPS. Retiree Death Checklist. 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. In doing so, Fiduciary Counselors' legal obligations run exclusively to the Plans, not to Northwest. (n) An analysis of the degree to which actual control (both in form and in substance) will pass to any of the Plans as a result of any of the contemplated transactions, (o) To the extent that Pinnacle's current or projected revenues and expenses are related to, or dependent upon, contracts, agreements, or understandings between Northwest and Pinnacle, an analysis of Northwest's financial condition, the likelihood of a Northwest bankruptcy, and the potential impact of a Northwest bankruptcy on those contracts, agreements, or understandings, and on the market value of Pinnacle Stock, and. Our services include: Electronic employer reporting Participant account maintenance Benefit calculations Payment disbursements Annual report preparation NWAI then transferred the Pinnacle Shares and the Series A Preferred Share to Northwest as a contribution to the capital of Northwest. From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas. 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. and services, go to Posted on . We are an independent firm and are not in the investment advisory or trust business. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. We provide consulting, design, actuarial, recordkeeping, communication and administration services. As noted in the June 27, 2003 letter from Northwest and ALPA to the Department, Northwest states that the Letter Agreement will be executed in connection with the voluntary contribution. Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. Glassdoor is your resource for information about the Pension Plan benefits at Northwest Airlines. documents in the last year, 973 # A1430. Northwest Administrators, Inc. is Mobile! Page 49 of 61. The Contract Employees share of the Master Trust assets are $1,665,979,000. Rebecca Moore. 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). However, at any time you cancalculatean estimate of your pension benefit on PSS (loginrequired)orrequest an estimate using this form. See Omnibus Agreement at section 7.2. Northwest observed that the comments submitted to the Department raised several concerns regarding the contribution of Pinnacle Stock to the Plans, as contemplated by the Proposed Exemption. REPRESENTATIVES, Sorry, we couldn't find any results matching. Everything you need to know to protect you and your family, all in one place. 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. 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. Southwest has a small operation in Detroit with only 2 gates. 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. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Corporation (SeeUnited, PBGC Hammer Out Plan Takeover 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. Fiduciary Counselors assumed that since Northwest could take up to 180 days to settle the option that it would. 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. When your people are stressed about life, they have trouble focusing on work. documents in the last year, 534 5. ). 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. The Fund will officially receive your online Application the same day it is submitted online. Northwest appointed Fiduciary Counselors investment manager of the Investment Fund and Fiduciary Counselors has accepted this appointment. A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). contribution program in March in order to cut costs (See Helpful Phone Numbers and Resources. fred jones positive classroom discipline pros and cons, how much did pauly d spend on renting the hotel, entergy transfer service to another person, the country club at muirfield village membership cost, A Rose For Janet By Charles Tomlinson Summary Pdf, What Does Reversible Perfusion Defect Mean, tucson brush and bulky pickup schedule 2022, send data from jsp to servlet without form, automatic headlight conversion kit dodge caravan. Representatives are available to assist you 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. frozen as of August 31. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. 4. Date: This exemption is effective as of January 15, 2003. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. B. The exemption affects participants and beneficiaries of, and fiduciaries with respect to, the Plans. and Bill. manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. Quick and easy access to MetLife customer support services and resources. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. New York, NY 10166 - All Rights Reserved. The filing also said, according to Business Insurance, that 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. The National IAM Benefit Trust Fund reaches over 200 contributing employers. :OE> :R"5h i{. Northwest proposed the freezing of its defined Funny Nicknames For Christina, If, on August 1, 2003, NWA Corp. decides not to repurchase the Series C Preferred Stock, beginning on August 1, 2003 and on each succeeding quarter end date, NWA Corp. must use all Available Cash (a defined term in the Agreements) to effect partial repurchases of the Series C Preferred Stock, but only if and to the extent NWA Corp. is not prohibited from making such repurchases under applicable Delaware corporate law or any loan agreement to which NWA Corp. is a party. The freezing of Northwests plans follows the trend Chalet A Vendre Charlevoix Bord De L'eau, To schedule an in-person visit, please click on the link below your desired NWA Location. Neither are retirement plan service providers. If you have not logged into the PSS website, you are considered a New User. 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). DRC Newsletter. documents in the last year, 16 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. Eagan, MN 55121-1534. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. 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. Continuous, significant, measurable improvement in cost, quality, speed and service is what we specialize in. The valuation prepared by Eclat took into consideration current industry conditions. 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. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. 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. 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). As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. We are an independent firm and are not in the investment advisory or trust business. A decision to issue only additional Common Stock must be approved by a majority of the three directors elected by the holders of the Series C Preferred Stock. 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. The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. Create an Account and Draft a QDRO for This Plan. ET TTY/ASCII users may call 711. 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. Preview; Edit & Save; Related Documents; 50 of the Top 250 law firms use our Products every day. We want to do so as soon as possible. In negotiating the rights and restrictions set forth in the transfer and registration rights provisions of the Omnibus Agreement, Fiduciary Counselors balanced the need of the Plans to achieve greater diversification in light of the anticipated holdings of shares of Pinnacle Stock with the need to maximize the value of the investment in such stock. Driving Directions. 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. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. 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.

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