Northwest represents that the amount of shares necessary to satisfy the required contribution was based upon a final valuation of Pinnacle by Fiduciary Counselors, relying on a valuation report prepared by Eclat Consulting. 7. Family Care Box. NWA is the plan administrator and the employer plan sponsor of the Plan. Northwest Airlines Retirees . Our clients wont have it any other way. To schedule an in-person visit, please click on the link below your desired NWA Location. Published by DRC March 2022. 5. This, together with the reporting planned by Fiduciary Counselors, will permit ALPA to monitor the Independent Fiduciary. SPONSORED MESSAGE SCROLL FOR MORE CONTENT. 01/18/2023, 41 on Northwest Retiree Benefit Trust Vision Plan Pages y Plan . QDRO Preparation for NORTHWEST AIRLINES PENSION PLAN FOR - Qdro Desk Hours of Operation: 8:00 a.m. - 5:00 p.m. PST. Indeed, during the 1990's, Northwest contributed to its pension plans millions of dollars more than the required amount of contributions. The value was then increased to reflect the value of the put. The Independent Fiduciary and its advisors reviewed various documents relevant to the Contribution, including without limitation, Northwest's certificate of incorporation; Northwest's corporate bylaws; the certificate of incorporation of Pinnacle; the Master Trust agreement pursuant to which the Plan assets are currently held and managed; audited financial statements of the Plans for 2000 and 2001; the current Plan documents; the Plans' annual reports on Forms 5500 for 2000 and 2001; other information provided by Northwest regarding the Plans' assets (including the Plans' investment guidelines and portfolio composition); a statement prepared by the Plans' actuaries of the Plans' liquidity needs to pay benefits and administrative expenses in the near future and the sources of funds (other than the Pinnacle Stock) available to satisfy such liquidity needs; and certain of Pinnacle's collective bargaining agreements. 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. Effective December 31, 1978, section 102 of Reorganization Plan No. DELTA US CORPORATION RETIREMENT PLAN FOR EMPLOYEES | Pension Benefit During the Hearing, the Department asked Northwest to provide information concerning the funded status of the Pilot Plan, Contract Plan and Salaried Plan at the end of 2002. Page 49 of 61. The Plan - exNWA.com Document Drafting Handbook Moreover, the Plans will receive all of any investment gains attributable to their shares of Pinnacle Stock at the time of an IPO. NWPS is head and shoulders above their competitors! September 9, 2005 (PLANSPONSOR.com) - Northwest Date: This exemption is effective as of January 15, 2003. 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. 4. The Escalator Clause. 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). Page 53 of 61. Northwest Airlines Freezes Pension Plans | PLANSPONSOR Please specify which news release when placing your request. over pension plans to the Pension Benefit Guaranty NWA is the plan administrator and the employer plan sponsor of the Plan. The National IAM Benefit Trust Fund reaches over 200 contributing employers. Free will preparation service through MetLife. NWA is now open for in-person visits by Appointment Only. SEC.gov | HOME To help determine when you make your Pension Application request, refer to the Pension Effective Date chart below. Northwest's pension fund consists of three individual plans, for about 8,000 pilots, 9,000 salaried employees and 52,000 unionized workers, including mechanics and agents. 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. Comment: A number of comments expressed concerns that Pinnacle Stock is a risky and illiquid investment and hard to value because there is no established market for the security. each plan. REPRESENTATIVES, Sorry, we couldn't find any results matching. We are an independent firm and are not in the investment advisory or trust business. Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. Northwest asserts that it couldn't make this representation if there were restrictions that limited its ability to honor the Put Option or other aspects of the Omnibus Agreement and this representation was the product of the negotiations between the Independent Fiduciary and Northwest (as noted above). This document has been published in the Federal Register. Representatives are available to assist you The Master Trust, all pension assets are, $4,146,038,000. 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. Reliance solely on the valuation provided by the appraiser would not be sufficient to meet this prudence requirement. Download NWA's mobile app for both the iOS and Android platforms and access your information securely, anytime, anywhere. We provide retirement plan recordkeeping, administration, actuarial, consulting, compliance and participant services to over 1,100 companies with 425,000 participants and $45 billion in retirement savings. 1. 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. Press "1" to indicate that the employee number is all numeric. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. The Independent Fiduciary also engaged the law firm of Jones Day as legal counsel to advise it in connection with its negotiations with Northwest regarding its engagement and Eclat, to provide financial expertise and to value the Pinnacle Stock. The Independent Fiduciary represents that the description of the valuation by Eclat Consulting (Eclat) of Pinnacle in the Proposed Exemption commencing in the second column of 68 FR 2580 (the Eclat Report) should be updated to reflect Eclat's valuation of Pinnacle as of January 15, 2003. Total cost is only $ 299.00. Similar considerations will be taken into account by Fiduciary Counselors in determining whether to accept any future contribution of Pinnacle Stock. The Omnibus Agreement also provided for an Additional Initial Contribution to the Contract Plan in the amount of $2,671,983 (118,167 shares valued at $22.61 per share). Understanding our clients history, goals, challenges and constraints allows us to implement plans that meet each clients specific needs. documents in the last year, 534 5. 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. Schwarzenegger Shoots Down Same-Sex Marriage 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. 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. 1. Most importantly, our 401(k) advisory clients are happy with the attention they receive and the level of service provided. Representatives are available to assist you 4. 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. As with all domestic U.S. carriers, Northwest has been hit by the drop in revenue due to lower overall yields and depressed passenger levels. The Investment Fund holds Pinnacle Stock on behalf of the Contract Plan and the Salaried Plan. Call 202.693.7773 or TTY 202.693.7755. Northwest Retiree Benefit Trust Vision Plan Pages y Plan .