The hearing on the Proposed Exemption was held on May 5 and 6, 2003 at the Department of Labor (the Hearing). Call 202.693.7773 or TTY 202.693.7755. Register documents. We are an independent firm and are not in the investment advisory or trust business. 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. The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Press "0" to be connected with the Employee Service Center. When you apply, the Fund will provide you with estimates of your pension and information about the different forms of payment available. According to the court order, while employed by Delta, the plaintiffs suffered . Fiduciary Counselors and Eclat represent that Eclat was originally retained by PBGC to value Pinnacle and to evaluate the financial viability of Northwest. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. The Independent Fiduciary must ensure that all of the conditions above are satisfied with respect to any past contributions of Pinnacle Stock, as well as any future contributions. 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. 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). The details of the Pinnacle Stock contribution were provided in the March 3, 2003 letter. ABCs OF RETIREMENT. Accordingly, Northwest notes that, consistent with the Omnibus Agreement's terms, the Additional Initial Contribution will be treated as a credit balance and be applied toward future contributions to the Contract Plan. Create an Account and Draft a QDRO for This Plan. 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. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 Note: To comply with federal regulations, you cannot apply for your pension earlier than 180 days before your intended pension effective date. 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. Can I just say how happy and relieved I am that we have moved the plan to NWPS? Northwest strongly believes that Pinnacle Stock has significant value and that the value of Pinnacle Stock will increase when the IPO market improves for regional airlines. The Public Inspection page may also Thus, the Put Option serves to protect the Plans from declines in the value of Pinnacle Stock and the liquidity notice feature ensures that the Independent Fiduciary has sufficient notice so that it may exercise the Put Option at a time when Northwest has sufficient financial resources to meet its obligation under the Put Option. 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. 01/18/2023, 249 2. Eclat furnished to the Independent Fiduciary its report and opinion as to the value of the contributed Pinnacle Stock at the time of the Initial Contribution on January 15, 2003 (January 15, 2003 Valuation). The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. Moreover, to the extent that Northwest has assets to secure the contributions, such assets will be used to maintain the liquidity necessary for Northwest to weather the ongoing economic challenges. Our clients wont have it any other way. 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). A participant must submit a formal Pension Benefit Applicationbefore their pension effective date to receive benefits from the IAM National Pension Fund (the "Fund"). and services, go to Posted on . For MetLife retirees & survivors currently receiving pension payments: Tel: 1-800-553-3803 Mon - Fri 8am - 5pm EST. 5. documents in the last year, 480 In this Issue, Documents The Independent Fiduciary negotiated the terms of the Put Option which provide downside protection by permitting the Plans to sell the Pinnacle Stock back to Northwest for the greater of the original value at which it was credited to the funding standard account or its fair market value at the time it is sold back to Northwest. 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. Benefit resources and contact information for former MetLife employees. If a green pivot is to happen, power grids must become supergrids, continent-spanning networks that can move green energy thousands of miles. Fiduciary Counselors assumed that since Northwest could take up to 180 days to settle the option that it would. Read Our Story Our Approach 1. DRC Newsletter. The freezing of Northwests plans follows the trend 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). offers a preview of documents scheduled to appear in the next day's The complete Application file, including all supplemental submissions received by the Department, is available for public inspection in the Public Disclosure Room of the Employee Benefits Security Administration, U.S. Department of Labor, Room N-1513, 200 Constitution Avenue, NW., Washington, DC 20210. The length of the Deferral varies based upon a function of (1) the liquidity of Northwest (as defined in the Omnibus Agreement) and (2) the value of Pinnacle Stock contributed to the Plans. 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. 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. 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. When your people are stressed about life, they have trouble focusing on work. Make sure they know their retirement benefits go beyond just retirement. The amount of the Initial Contribution is equal to the amount that was required to meet the quarterly funding requirements under ERISA section 302 and Code section 412(l) for the Contract Plan due on January 15, 2003. Please specify which news release when placing your request. 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. 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. Retiree Death Checklist. 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. Northwest notes that the Omnibus Agreement, while consistent with the Term Sheet, provides specific terms for: the contribution transactions; transferability of Pinnacle Stock; corporate governance; voting rights; the Put Option; representations and warranties; and a number of other matters. September 9, 2005 (PLANSPONSOR.com) - Northwest Airlines has frozen two pension plans that cover salaried employees, Business Insurance reports. 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. Pinnacle itself had revenues of approximately $345.2 million for 2002. The addition of the regional jets has more than doubled the size of the airline. The exemption permits: (1) The in-kind contribution(s) of the common stock of Pinnacle Airlines Corp.[1] Phone: (206) 329-4900. Commission says that participants benefits accruals were Hours of Operation: 8:00 a.m. - 5:00 p.m. PST. I look forward to a long, fruitful relations with NWPS. 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. OR. to DC Move In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. NWPS helps organizations efficiently and effectively run retirement and benefit plans so their employees are protected and able to retire with dignity. (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. Upon consideration of all of the comments received and testimony offered at the Hearing, the Department has determined to grant the proposed exemption subject to certain modifications. FOR METLIFE SECURITIES INC. (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. Fiduciary Counselors asserts that the sale of Fiduciary Counselors will, if anything, increases their independence. The technology is here, but politics may stand in the way. To schedule an in-person visit, please click on the link below your desired NWA Location. The valuation prepared by Eclat took into consideration current industry conditions. NWPS places high priority on protecting plan and participant data, accounts, and funds from fraud or misuse. Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. Northwest Airlines Latest to Propose DB We have no silos at NWPS. Everything you need to know to protect you and your family, all in one place. This is the foundation for long term success. In a business that often moves glacially and at other times, very swiftly, we are constantly taking stock, adjusting the sails, fine tuning our course NWPS recently sponsored the Advisor2x Wealth@wor(k) conference in Las Vegas, NV. Contact Contact Customer Service If you need assistance with the Registration or Login process of our Web site, please email websupport@nwadmin.com. 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. We provide consulting, design, actuarial, recordkeeping, communication and administration services. If you have not logged into the PSS website, you are considered a New User. 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. As with the Term Sheet, the final Omnibus Agreement provides that the Deferral shall be shortened if Pinnacle Stock is publicly traded. over pension plans to the Pension Benefit Guaranty participants who become disabled after August 31 will not However, because of its liquidity needs, a cash contribution is not a viable alternative. and Total cost is only $ 299.00. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil 2. employees, Business Insurance reports. 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. 4. tides equities los angeles does dawn dish soap kill ticks does dawn dish soap kill ticks Northwest has entered into a 10-year ASA with Pinnacle through 2012 that provides substantial value. On July 23, 2003, Northwest confirmed to the Department that the modifications to the ASA referred to in the Proposed Exemption have been made. In order to determine survivorship eligibility, the ESC must first be notified as indicated below. The Omnibus Agreement provided for two contributions to be made to the Contract Plan on January 15, 2003. Bloomberg Law speaks with prominent attorneys and legal scholars, analyzing major legal issues and cases in the news. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Accordingly, the fiduciaries of a plan must act prudently, solely in the interest of the plan's participants and beneficiaries, and with a view to the need to diversify plan assets when deciding whether to accept an in-kind contribution. (h) A description of the economic outlook in general, and of the condition and outlook of Pinnacle's industry in particular. 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 This exemption is conditioned upon adherence to the material facts and representations described herein and upon satisfaction of the following requirements: (a) The Plans acquire the Pinnacle Stock through one or more contributions by Northwest during the calendar years 2003 and 2004; (b) An independent qualified fiduciary (the Independent Fiduciary), acting on behalf of the Plans, represents the Plans' interests for all purposes with respect to the Pinnacle Stock, and determines, prior to entering into any of the transactions described herein, that each such transaction, including the contribution of the Pinnacle Stock, is in the interests of the Plans; (c) The Independent Fiduciary negotiates and approves the terms of any of the transactions between the Plans and Northwest that relate to the Pinnacle Stock; (d) The Independent Fiduciary manages the holding and disposition of the Pinnacle Stock and takes whatever actions it deems necessary to protect the rights of the Plans with respect to the Pinnacle Stock; (e) The terms of any transactions between the Plans and Northwest are no less favorable to the Plans than terms negotiated at arm's-length under similar circumstances between unrelated third parties; (f) The Independent Fiduciary determines the fair market value of the Pinnacle Stock contributed to each plan as of the date of each such contribution.