The filing also said, according to Business Insurance, that (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. Quick and easy access to MetLife customer support services and resources. 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. Retiree Death Checklist. Benefit resources and contact information for former MetLife employees. A Rose For Janet By Charles Tomlinson Summary Pdf, Eagan, MN 55121-1534. Swope Equipment & Supply Company, Inc. is a member of the Better Business Bureau. NWA is the plan administrator and the employer plan sponsor of the Plan. Fiduciary Counselors and Eclat represent that Eclat was originally retained by PBGC to value Pinnacle and to evaluate the financial viability of Northwest. Dated 2009. Northwest Airlines Retirees . Jen And Nick Big Brother 8 Married, Several commenters requested that Northwest provide for enhanced communication with the Plan participants concerning the Exemption Transactions. Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. (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. The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. 2. journey aaron becker planning; quorum of the twelve apostles ages. legal research should verify their results against an official edition of The concerns expressed generally related to the proposed contribution of Pinnacle Stock instead of a cash contribution to the Plans; the value and method of valuation of the Pinnacle Stock; the effects of the proposed transactions on the Plans; and the adequacy of the proposed safeguards that are intended to protect the Plans' interests. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. 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. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. However, because of its liquidity needs, a cash contribution is not a viable alternative. 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. documents in the last year, 84 In this regard, the Independent Fiduciary represented that it negotiated terms that it determined were no less favorable to the Plans than terms negotiated at arm's length with an unrelated third party under similar circumstances. 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. NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse. provide legal notice to the public or judicial notice to the courts. NWPS helps organizations efficiently and effectively run retirement and benefit plans so their employees are protected and able to retire with dignity. Northwest observed that the Term Sheet, as reflected in the Proposed Exemption, allows Northwest to defer the closing date with respect to Pinnacle Stock repurchased pursuant to the Put Option (such delay, a Deferral). 4. Make sure they know their retirement benefits go beyond just retirement. This is the foundation for long term success. 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. 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. Northwests filing with the Securities and Exchange The addition of the regional jets has more than doubled the size of the airline. Corporation (See, Northwest Airlines Latest to Propose DB 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. Copyright 2023 Asset International, Inc. All Rights Reserved. Northwest will obtain an amendment of the Omnibus Agreement so that the Independent Fiduciary will have first priority to sell Pinnacle Stock in an initial public offering, if certain conditions exist. 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. It is the view of the Department that acceptance of an in-kind contribution is a fiduciary act subject to section 404 of ERISA. FOR METLIFE SECURITIES INC. The Plan is a defined benefit pension plan for the benefit of certain union-represented employees. September 9, 2005 (PLANSPONSOR.com) - Northwest Airlines has frozen two pension plans that cover salaried employees, Business Insurance reports. United Airlines and US Airways have already handed See Omnibus Agreement at sections 5.1 and 5.2. Old Friends Locator Program. 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. 612-726-3774. By letter dated March 3, 2003, Northwest described the Northwest contribution of Pinnacle Stock made to the Contract Plan on January 15, 2003 (the March 3 Comment). Read Our Story Our Approach Enter the nine-digit employee number and press #. Northwest stated that it would not. You may have seen recent news coverage of customers of financial services companies falling victim to social engineering scams. You can lighten the load by taking the uncertainty out of their financial future. How. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. About the Federal Register Pinnacle Stock in that amount was transferred to State Street Bank, the trustee for the Northwest Master Trust for Defined Benefit Plans that holds the assets of all of the Northwest Plans (the Master Trust). Alternatively, Northwest may arrange for the stock to be purchased by a third party. They start with the implementation and stay in place to guarantee high quality service and continuity. The allocation method made pursuant to the Letter Agreement will result in a modest change in the percentage of the Contract and Salaried Plans' assets invested in Pinnacle Stock compared to the ratable allocation contemplated by the Proposed Exemption. The value was then increased to reflect the value of the put. 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. Every account is balanced to the trust each and every night, to the exact penny. Open for Comment, Rules of Practice and Procedure; Adjusting Civil Money Penalties for Inflation, Economic Sanctions & Foreign Assets Control, Revised Definition of Waters of the United States, Certain Preserved Mushrooms From France Determination, Energy Conservation Program: Test Procedure for Dishwashers, Prior Label Approval System: Expansion of Generic Label Approval, Rate Adjustments for Indian Irrigation Projects, Establishing the President's Advisory Council on African Diaspora Engagement in the United States, Employee Benefits Security Administration, Valuation in Connection With the Right of First Refusal, Fiduciary Counselors March 5, 2003 Comment, Fiduciary Counselors and Eclat April 25, 2003 Submissions, The Eclat Report and the January 15, 2003 Valuation, Negotiation of the Term Sheet and Omnibus Agreement, The Independent Fiduciary's Determinations, Airline Industry and Northwest Financial Condition, Collateral for Pinnacle Stock Contribution, Northwest May 20 and June 10, 2003 Comment Letters, Fiduciary Counselors' July 11, 2003 Submission, Change of Affiliation of Fiduciary Counselors, Termination of the Independent Fiduciary Agreement, Northwest and ALPA Agreement Regarding Pinnacle Stock, August 6, 2003 Northwest and Independent Fiduciary Response, Enhanced Communication with Plan Participants, https://www.federalregister.gov/d/03-21162, MODS: Government Publishing Office metadata, Current Liability using 6.65% interest rate (IRC 412(l)), Market Value of Assets (with PY02 accrued contributions), Actuarial Value of Assets (with PY02 accrued contributions). For general support including COBRA and eligibility requests: Tel: 1-877-843-4772 Mon - Fri 8am - 6pm EST Free will preparation service through MetLife. September 9, 2005 (PLANSPONSOR.com) - Northwest From the Desk of the President: A Time of Reflection, NWPS Sponsors Wealth@wor(k) Conference in Las Vegas. to DC Move Fiduciary Counselors notes that under section 404(a)(1) of ERISA, a fiduciary must discharge its duties with respect to a plan solely in the interest of plan participants and beneficiaries. 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. According to the court order, while employed by Delta, the plaintiffs suffered . web design and development by new target, inc. Checklist of Required Supporting Documents, How to Submit Required Supporting Documents to the Fund Office, calculatean estimate of your pension benefit on, view this formto see the information that should be included in your emailrequest, Participants may print a copy of the completed Application for your records if an email is provided in the online Pension Application, It is important to keep the Fund Office up to date with your current information in order to provide you with premier service. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles.
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