# A1430. Eagan, MN 55121-1534. 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. Retiree Death Checklist. 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. 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While defined-benefit plans were prominent in the . frozen as of August 31. 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. In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. Agency Employee Benefits Security Administration Date January 16, 2003 Release Number 03-3 Contributions of Pinnacle Stock to the Salaried Plan and the Contract Plan will likewise be held in a separate segregated subaccount of the Master Trust and held for the exclusive benefit of each respective plan. The Delaware law applicable to the repurchase of the Series C stock requires the Board to make a finding that NWA Corp. has adequate surplus, defined as the net asset value of the corporation in excess of its capital. This will allow you to know when they were delivered to the Funds Office. 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. The Omnibus Agreement provided for two contributions to be made to the Contract Plan on January 15, 2003. C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US Northwest Airlines Pension Plan for Contract Employees address: C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US Entity Overview Registration Authority Entity Legal Form LEI Registration Northwest proposed the freezing of its defined We are an independent firm and are not in the investment advisory or trust business. Pact They start with the implementation and stay in place to guarantee high quality service and continuity. Northwest Retiree Benefit Trust Vision Plan Pages y Plan . Using the Black-Scholes American option pricing model, Eclat determined the value of the Put Option to be $20,680,684. Scammers impersonate a trusted company to convince their targets into revealing or handing over sensitive information such as insurance, banking or login credentials. (5) The guaranty to the Plans by Northwest Airlines Corporation of Northwest's obligation to honor the Put Option. No Reproduction Without Prior Authorizations. The Northwest Airlines Pension Plan for Contract Employees is approximately forty percent of the Master Trust. Chalet A Vendre Charlevoix Bord De L'eau, Enter the nine-digit employee number and press #. benefit plans and moving employees to a defined This is the foundation for long term success. Grayson Rodriguez Parents, 1. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. Download NWA's mobile app for both the iOS and Android platforms and access your information securely, anytime, anywhere. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. The labor situation is Start Printed Page 49797stable. Delta Care and Scholarship Fund. Similar considerations will be taken into account by Fiduciary Counselors in determining whether to accept any future contribution of Pinnacle Stock. 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. provide legal notice to the public or judicial notice to the courts. 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. Helpful Phone Numbers and Resources. The attention of interested person is directed to the following: (1) The fact that a transaction is the subject of an exemption under section 408(a) of the Act and section 4975(c)(2) of the Code does not relieve a fiduciary or other party in interest or disqualified person from certain other provisions of the Act and the Code, including any prohibited transaction provisions to which the exemption does not apply and the general fiduciary responsibility provisions of section 404 of the Act, which require, among other things, a fiduciary to discharge his or her duties respecting the plan solely in the interest of the participants and beneficiaries of the plan and in a prudent fashion in accordance with section 404(a)(1)(B) of the Act; nor does it affect the requirements of section 401(a) of the Code that the plan operate for the exclusive benefit of the employees of the employer maintaining the plan and their beneficiaries; (2) The exemption will not extend to transactions prohibited under section 406(b)(3) of the Act and section 4975(c)(1)(F) of the Code; (3) In accordance with section 408(a) of the Act and section 4975(c)(2) of the Code and the procedures set forth in 29 CFR Part 2570, Subpart B (55 FR 32836, 32847, August 10, 1990) and based upon the entire record, the Department finds that the exemption is administratively feasible, in the interests of the plans and their participants and beneficiaries and protective of the rights of the participants and beneficiaries of the plans; (4) This exemption is supplemental to, and not in derogation of, any other provisions of the Act and/or the Code, including statutory or administrative exemptions and transitional rules. At that time, the Pilot Plan did not participate in the Pinnacle Stock Investment Fund.[4]. Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. contribution program in March in order to cut costs (See, United Airlines and US Airways have already handed 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. NWA Corp. has the option to repurchase such shares in cash, by the issuance of additional Common Stock, or by the use of cash and stock. Leaf Home Water Solutions Vs Culligan, Northwest Airlines Pension Plan For Pilot Employees litigation, intellectual property, and other public records. 4. The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. The Proposed Exemption was requested in an application filed on Start Printed Page 49793behalf of Northwest pursuant to section 408(a) of the Act and section 4975(c)(2) of the Code, and in accordance with the procedures set forth in 29 CFR part 2570, subpart B (55 FR 32836, August 10, 1990). Our clients wont have it any other way. There were significant changes made to the original valuation performed for the PBGC (the Eclat Report) based on this agreement that proved to be more conservative with respect to the ultimate valuation. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. 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. Please specify which news release when placing your request. Page 49 of 61. 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. This is because a cash contribution is not a viable alternative given the company's liquidity needs. An Initial Contribution was made in the amount of $41,149,911. We want to do so as soon as possible. Northwests filing with the Securities and Exchange 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. 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.
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