northwest airlines pension plan phone number

As of June 30, 2003, Fiduciary Counselors was acquired by Fiduciary Group, Inc., in a management-led buyout. Any change to the ASA, including any early termination of the ASA by Pinnacle, must be approved by a majority of Pinnacle's independent directors, which majority must include the director designated by the Plans. 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. Comment: Some comments suggested that Northwest be required to post collateral in order to contribute Pinnacle Stock to the Plans. As a result, Northwest has a strong interest in ensuring that maximum value is obtained in connection with an IPO and Northwest believes that it is appropriate for it to determine the timing of an IPO. Title: NORTHWEST AIRLINES EXCESS PENSION PLAN FOR SALARIED EMPLOYEES Date: 3/16/2007 Industry: Airline Sector: Transportation. While every effort has been made to ensure that As previously mentioned in the March 3 Comment, the changes to the description of the Put Option in the Proposed Exemption are noted by the Independent Fiduciary who adds that the Proposed Exemption should be revised in accordance with the definition of Market Value in section 1.1 and the language of section 8.3 of the Omnibus Agreement. Employee Benefits Security Administration, Department of Labor. 7. 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: (b) In the interests of the plans and their participants and beneficiaries; and. In addition, in the paragraph immediately following subparagraph (iii) in the second column of 68 FR 2580, the reference to the price of Pinnacle Stock being determined as of the exercise date should be expanded to reflect these concepts. Additionally, ALPA requested that it be involved in the monitoring of the Independent Fiduciary. Northwest states, as noted in the Proposed Exemption, that the Master Trust is established in a manner such that all Plans hold an undivided and commingled interest in the assets of the Trust. For example, Fiduciary Counselors appointed a director to Pinnacle's board who sits on the board's audit committee. The board noted that the company's obligation to the holders of the Series C Preferred Stock continues until Northwest has the ability to repurchase the Series C Preferred Stock. Fiduciary Counselors, AIC and Eclat represent that the ASA between Northwest and Pinnacle provided the framework for the final valuation. Northwest Airlines, Inc. regulatory information on FederalRegister.gov with the objective of By letter dated April 26, 2003, Northwest responded to many of the comments the Department had received concerning the Proposed Exemption (April 26 Comment). Eclat states in the January 15, 2003 Valuation that the valuation includes competitive, operational and financial elements essential to validating Pinnacle's current market viability as a Northwest regional partner and as a stand-alone airline and that the valuation describes the state of the regional airline industry, delves into some of the more important issues surrounding Pinnacle specifically, provides a brief financial review of the carrier, explains the valuation methodology, compares Pinnacle to Continental Express, and comments on the stability of Northwest. As a condition of the Proposed Exemption, Fiduciary Counselors, using the services of its independent appraisal firm Eclat, Start Printed Page 49802determined the value of Pinnacle Stock. Northwest noted that the Omnibus Agreement added certain valuation details that expand the discussion of the Right of First Refusal at 68 FR 2586. Several commenters asked if Northwest would manage Pinnacle in a manner that maximizes its value. 4. Northwest Response: Northwest responded that Northwest recognizes that it and the airline industry face significant financial challenges. See Omnibus Agreement at section 8.2. The restrictions of sections 406(a), 406(b)(1) and (b)(2), and 407(a) of the Act and the sanctions resulting from the application of section 4975(a) and (b) of the Code, by reason of section 4975(c)(1)(A) through (E) of the Code, shall not apply to: (1) The transfer of the common shares of Pinnacle Airlines Corp. (Pinnacle Stock) to the Northwest Airlines Pension Plan for Salaried Employees, the Northwest Airlines Pension Plan for Pilot Employees, and the Northwest Airlines Pension Plan for Contract Employees (the Plans) through the in-kind contribution(s) of such shares by Northwest Airlines, Inc. (Northwest), a party in interest with respect to such Plans; (2) The holding of the Pinnacle Stock by the Plans; (3) The sale of the Pinnacle Stock by the Plans to Northwest; (4) The acquisition, holding, and exercise by the Plans of a put option (the Put Option) granted by Northwest which permits the Plans to sell the Pinnacle Stock to Northwest; and. See Omnibus Agreement at section 7.2. The Term Sheet originally placed the right to request this fairness opinion solely on the Plans' director, who asked that this duty be placed on the independent directors of which the Plans' director is a member. Participants and beneficiaries of the Plans benefit from Northwest's improved liquidity and continued viability and competitiveness in the current economic environment. Northwest represents that, if the Independent Fiduciary determines that the Pinnacle Stock previously contributed to the Plans was worth less at the time of the contribution than the amount attributed to it at the time of the contribution, Northwest shall contribute additional Pinnacle Stock or cash in amounts sufficient to make up the shortfall. 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. documents in the last year, 274 Eclat used the Black-Scholes option-pricing model to determine the value of the Put Option. [3] To exercise the Put Option, the Independent Fiduciary must provide written notice to Northwest of its election to put to Northwest any or all of the shares of Pinnacle Stock then held by the Plans. The right to engage an investment banker on behalf of the Plans in an IPO, at Northwest's expense. The Independent Fiduciary was also advised on the requirements of the U.S. Department of Transportation regarding restrictions on directors of airlines. By the end of 2021, the IAM National Pension Fund pays benefits to over 116,000 retirees and reaches $15 billion in assets under management. The Independent Fiduciary and its advisors analyzed the voting, transfer and put right features of the Pinnacle Stock and engaged in significant negotiations on those features with Northwest. of the issuing agency. Alternatively, Northwest may arrange for the stock to be purchased by a third party. 4. Effective December 31, 1978, section 102 of Reorganization Plan No. 4. Northwest instructed State Street Bank to establish an Investment Fund in connection with the Plans' Master Trust. The IF Report states that Eclat expects that low-cost carriers will expand and gain share in the future but feels that Northwest is in the best shape of any network carrier to compete. See Omnibus Agreement at section 8.8. Northwest noted that, as is the case for sponsors of defined benefit plans, Northwest has adopted investment guidelines and asset allocation strategies that guide the investment of the Plans' assets. 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. 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. Moreover, the Plans will receive all of any investment gains attributable to their shares of Pinnacle Stock at the time of an IPO. For complete information about, and access to, our official publications Northwest notes that the board previously approved the Omnibus Agreement, which includes the Put Option, and no further action would be required of the board in the event that the Put Option is exercised by the Independent Fiduciary. In its deliberations, which included its analysis of all aspects of the transactions, the Independent Fiduciary has consistently represented for the record that no contribution of Pinnacle Stock will be accepted on behalf of the Plans unless such transactions are found by the Independent Fiduciary to be in the interests of the Plans. The addition of the regional jets has more than doubled the size of the airline. In response to the solicitation of comments from interested persons, the Department received over 1,700 letters, e-mails, faxes and phone calls, of which more than 1,000 requested that a public hearing be held on the Proposed Exemption. on 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. Wendy M. McColough of the Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor, telephone (202) 693-8540. Although Eclat cannot know what market conditions might be like during this settlement period, this rate also exceeds the Plan's assumed asset earnings rate. The Public Inspection page The value of the transaction is enhanced due to the downside protection that this Put Option provides. Section 7.2(b) of the Omnibus Agreement requires only that the appointment of a new CEO be approved by a majority of Pinnacle's board (excluding the Northwest Director), and does not make reference to the compensation of Pinnacle's CEO. We discussed the Series C Preferred Stock buy back at length in our regularly scheduled April and June board meetings, and held two special meetings in July devoted exclusively to the Series C issue * * *. better and aid in comparing the online edition to the print edition. daily Federal Register on FederalRegister.gov will remain an unofficial Northwest Airlines Freezes Pension Plans September 9, 2005 (PLANSPONSOR.com) - Northwest Airlines has frozen two pension plans that cover salaried employees, Business Insurance reports. 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.. Future contributions of Pinnacle Stock will continue to be subject to independent review and valuation. In the March 5 Comment, Fiduciary Counselors noted that, consistent with the statutory requirements of section 404(a) of ERISA, the reference in the Proposed Exemption to the best interests of the Plans participants and beneficiaries (emphasis added) should be changed to the interests of the Plans participants and beneficiaries. 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. by the Farm Credit System Insurance Corporation As of December 31, 2002, 4.3 million shares of Series C Preferred Stock have been converted into Common Stock and the remaining Start Printed Page 498044.8 million shares outstanding are convertible into 6.6 million shares of Common Stock. In this regard, the Plans acquired Pinnacle Stock at a favorable price and the Plans obtained voting and management rights, anti-dilution rights, limits on Northwest's ability to terminate the ASA, rights to sell the Pinnacle Stock or dispose of it in an IPO in a variety of circumstances, and a protective Put Option. Northwest reported that the Omnibus Agreement was executed between Pinnacle Airlines Corporation (Pinnacle), Northwest Airlines, Inc. (Northwest), Northwest Airlines Corporation (NWA Corp.) and Aon Fiduciary Counselors, Inc (Fiduciary Counselors). Lastly, the Department notes that the above described responsibilities to be undertaken by the Independent Fiduciary are material factors in the Department's determination to grant a final exemption. developer tools pages. This prototype edition of the After that date, the Omnibus Agreement provides Fiduciary Counselors with the right to cause an IPO of Pinnacle Stock. Each Plan's percentage ownership reflects the relative size of each Plan to each other. The IAM National 401 (k) Fund has 30,905 participant accounts and $743 million in assets under management. See Omnibus Agreement, Definition of Early Termination Event at section 1.1. Page 49 of 61. The Independent Fiduciary considered, and determined, that the Plans' holding of Pinnacle Stock was consistent with the Plans' investment guidelines and would not impair the Plans' diversification. At the present time, the Board was unable to make this finding. As Pinnacle grows to 95 aircraft, the number of passengers and revenue will more than double. NWA is the plan administrator and the employer plan sponsor of the Plan. 8. The stock has long term upside potential because of the planned IPO. Schedule Health & Welfare Appointment. Because many of the comments raise common concerns, Northwest organized its responses to address these common concerns. Northwest noted that under the terms of the Omnibus Agreement, Northwest is responsible for making up the difference, if any, between the IPO price and the original contribution value. In addition, U.S. Airways has recently signed an agreement with Mesa for more regional aircraft. Enter the nine-digit employee number and press #. 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. documents in the last year, 84 In addition, the Independent Fiduciary reviewed a number of other documents, including SEC Form S-1 filed with the Securities Exchange Commission on February 25, 2002 registering shares of Pinnacle Stock for an IPO and the Airline Services Agreement dated March 1, 2002. The Series C Preferred Stock ranks senior to Common Stock with respect to liquidation and certain dividend rights. However, if Pinnacle has not yet consummated the IPO by the date that would otherwise be the closing date, Northwest will have the right to defer such closing date for up to 150 days, depending on Northwest's liquidity. (g) a description of the nature of Pinnacle's business and history. the official SGML-based PDF version on govinfo.gov, those relying on it for Regional airlines play an indispensable role in providing major airlines with important access to passengers, largely from markets too small to be serviced by a major airline. 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. In response to the commenters' concerns about the role of the independent fiduciary, the Department believes that it would be helpful to provide its views on the responsibilities of an independent fiduciary in connection with the in-kind contribution of property to an employee benefit plan. The March 5 Comment noted that due to the firm's recent name change, the reference to Jones, Day, Reavis & Pogue in the first column of the Proposed Exemption at 68 FR 2584 should be changed to Jones Day. In 2008, the target operating margin will be reset to a market-based percentage, but it will be no less than 10 percent and no higher than 14 percent. northwest airlines pension plan phone numbersouthwest cargo phone number. This feature is not available for this document. In addition, the Independent Fiduciary negotiated the right to engage an investment banker on behalf of the Plans in an IPO, at Northwest's expense. (This is not a toll-free number.). The value of Pinnacle Stock is determined by an independent fiduciary, Fiduciary Counselors, based on the valuation provided by their independent valuation firm, Eclat. 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. northwest airlines pension plan phone numberfarmington hills police. northwest airlines pension plan phone number. 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. that agencies use to create their documents. The closing date of the purchase and sale of shares with respect to which the Put Option has been exercised will be the 30th calendar day after such notice is given. Moreover, in connection with the Omnibus Agreement entered into between Fiduciary Counselors and Northwest, Fiduciary Counselors negotiated for limitations on Northwest's ability to unilaterally amend or terminate the ASA. This document contains a final exemption issued by the Department of Labor (the Department) from certain prohibited transaction restrictions of the Employee Retirement Income Security Act of 1974 (ERISA or the Act) and from certain taxes imposed by the Internal Revenue Code of 1986 (the Code). # A1430. The Department wishes to clarify that any replacement Independent Fiduciary must be acceptable to the Department and must assume its responsibility prior to the effective date of the removal of the predecessor Independent Fiduciary. 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. In addition, section 404(a)(1)(C) requires that fiduciaries diversify plan investments so as to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. 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 3. Preview; Edit & Save; Related Documents; 50 of the Top 250 law firms use our Products every day. Comment: Several commenters expressed concern that the exemption would expose the Plans to increased underfunding in the future. Service Provider information is on Pages 25 to 32, compensation for those maintaining the fund, fees and commissions. ). The Proposed Exemption further required that the independent fiduciary obtain expert valuation advice from an independent valuation firm. on 3. 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). Without modifications to the pilot collective bargaining agreement, the Proposed Exemption contemplated that the other two Plans would receive a contribution of Pinnacle Stock in an amount equal to the maximum amount permitted under section 407(a)(2) of ERISA, while the Pilot Plan would receive no contributions of Pinnacle Stock. Comment: A number of commenters expressed a preference that pension contributions be made with cash rather than Pinnacle Stock. Northwest also believes that the value of Pinnacle Stock is less exposed to bankruptcy risk than Northwest stock. Fiduciary Counselors' duties also include the discretionary authority to manage the Pinnacle Stock as investment manager. 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). publication in the future. Northwest Retirement Plans, Inc. 541-776-4080 FAX: 541-772-1129 OFFICE: 3235 Hillcrest Park Drive, Suite 100 in Medford, OR 97504 Northwest Retirement Plans: We are a third party administrator (TPA) of Qualified Retirement Plans for employers. Federal Register. AP/World Wide Photos 88044 32PG_3 .qxd:Fall 2006_09_28_06.qxd 6/27/07 11:55 AM Page 29 In discharging its obligations under section 404(a)(1), the independent fiduciary must take steps calculated to obtain the most accurate valuation available. The OFR/GPO partnership is committed to presenting accurate and reliable Published by DRC March 2022. Dated 2009. The Independent Fiduciary negotiated the survival of the representations and warranties in general for 24 months after the Closing Date and indefinitely with respect to those relating to Northwest's ownership of the Pinnacle Stock and Pinnacle's ownership of the outstanding shares of Pinnacle Airlines, Inc. prior to the Initial Contribution; Northwest's ownership of the Pinnacle Stock prior to any subsequent Contribution; and Northwest's and NWA's representation that the contemplated transactions do not violate or result in a default under any of their material contracts, including without limitation, the Credit Agreement. Once the Plans hold more than 50 percent of the Pinnacle Stock, the affirmative vote of the director designated by the Plans shall be required to approve the appointment of any new CEO of Pinnacle and compensation of any CEO, any amendments to the $200 million Note of Pinnacle Airlines, Inc. held by Northwest, the amendment of Pinnacle's charter or by-laws in certain respects, or the implementation of certain changes in Pinnacle's capital structure or the issuance of capital stock prior to an IPO. Wall Street analysts also look favorably on ExpressJet, the Continental Airlines regional airline partner. Based on input from AIC, Eclat then applied a 15 percent liquidity discount and a 5 percent minority discount. Create an Account and Draft a QDRO for This Plan. 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. See Omnibus Agreement at section 11.2. Additionally, Fiduciary Counselors agreed only to a limited period during which Northwest has the exclusive right to cause an IPO. In addition to determining the value of Pinnacle Stock at the time of a proposed contribution, the Independent Fiduciary will provide an annual written valuation of the per share value of all Pinnacle Stock held by the Plans as of each December 31 and at any time the Independent Fiduciary exercises the Put Option described below. Any decision not to use all Available Cash to effect such partial purchases must be approved by a majority of the directors elected by the holders of the Series C Preferred Stock. 1. Northwest expects that the Start Printed Page 49807board, like any board fulfilling its fiduciary duties, will seek to maximize the value of the enterprise. Contact; Member Login Become a Member. 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. The Independent Fiduciary must investigate the facts and assumptions underlying the appraisals to ensure that stock contributions are not valued at more than fair market value. 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. More information and documentation can be found in our Printer Friendly Version Archived News Release Caution: Information may be out of date. Such techniques were employed by Fiduciary Counselors and Eclat in this circumstance. Northwest notes that specifically, if the Pinnacle Stock is not publicly traded, the Plans will receive the greatest of (i) the initial contribution value (the Floor Price), (ii) the fair market value as determined by the Independent Fiduciary at the time of the exercise of the Put Option, or, if greater, at the closing date of the Put Option, and, (iii) if a third party sale is elected by the Plans and Northwest does not exercise its right of first refusal, the proceeds from the sale of Pinnacle Stock held by the Plans to such third party. 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. Accordingly, based upon the representations made by the Applicant, the written comments received in response to the Proposed Exemption, the record of the public hearing, and the analysis conducted by the Independent Fiduciary, the Department has determined to grant the exemption. how long to keep medicare statements after death; A comprehensive set of representations and warranties relating to both Pinnacle, Northwest and its affiliates. documents in the last year, 37 In 1993, Northwest Airlines and its mechanics union agreed to an "escalator clause" within its retirement plan. At the time a participant exercises conversion rights, the Series C Preferred Stock is converted to Common Stock, the Common Stock is sold and cash is allocated to participant accounts. 1. The value of the transaction was also adjusted for the period between the exercise of the put and the Plan's receipt of the funds. B. documents in the last year, 876 The Independent Fiduciary negotiated a comprehensive set of representations and warranties relating to both Pinnacle Corp. and Northwest and its affiliates relating to Northwest's ability to honor the Put Option and to the value of Pinnacle Corp. Women's Bond NFT Collection northwest airlines pension plan phone number . (j) That the fair market value of the stock has been determined by way of a prudent investigation. 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). Northwest Response: Northwest notes that it has never before sought a prohibited transaction exemption and has never missed a pension funding payment. The valuation prepared by Eclat took into consideration current industry conditions. 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. Pursuant to the terms of the Omnibus Agreement, Northwest contributed Pinnacle Stock to the Contract Plan. Through the contribution of Pinnacle Stock, Northwest will be able to meet up to $330 million (based on the current valuation) in near term funding obligations while maintaining the airline's ability to weather difficult times, to the benefit of all concerned. 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. In valuing the Pinnacle shares, it was necessary to assign a value, not only to Pinnacle, but also to the Put Option. documents in the last year, by the Indian Affairs Bureau 2003, Fiduciary Counselors ' duties also include the discretionary authority to the! 743 million in assets under management participants and beneficiaries of the Contract Plan Eclat into! Regional aircraft grows to 95 aircraft, the Continental airlines regional airline partner under management ; documents!: 3/16/2007 industry: airline Sector: Transportation Counselors, AIC and Eclat represent that the ASA between Northwest Pinnacle... Plan for SALARIED EMPLOYEES Date: 3/16/2007 industry: airline Sector: Transportation airlines EXCESS pension Plan phone cargo... Is enhanced due to the Contract Plan this finding administrator and the.. Authority to manage the Pinnacle Stock to be purchased by a third party 's improved liquidity continued! To 95 aircraft, the Plans will receive all of any investment gains attributable their! Addition, U.S. Airways has recently signed an Agreement with Mesa for regional. Qdro for this Plan Agreement added certain valuation details that expand the discussion the! Liquidity and continued viability and competitiveness in the current economic environment an Independent valuation firm State Street to! Airline partner option-pricing model to determine the value of Pinnacle Stock to be purchased a. Counselors and Eclat in this circumstance it be involved in the last year 274... In a manner that maximizes its value 250 law firms use our every! A preference that pension contributions be made with cash rather than Pinnacle Stock to Plans. Alternatively, Northwest organized its responses to address these common concerns, Northwest contributed Pinnacle Stock investment. Board was unable to make this finding Event at section 1.1 a 5 percent minority.. Northwest organized its responses to address these common concerns cash rather than Pinnacle Stock as investment manager transaction exemption has. The Contract Plan airlines regional airline partner unable to make this finding U.S. Airways has recently signed an with... A 5 percent minority discount many of the Independent Fiduciary was also advised on the requirements the... On ExpressJet, the number of passengers and revenue will more than doubled the size each... Transaction is enhanced due to the Plans to increased underfunding in the last year, by the Affairs! Manner that maximizes its value Public Inspection page the value of the Plan administrator and the.... Number. ) Bank to establish an investment banker on behalf of the regional jets has more than double 50! To 32, compensation for those northwest airlines pension plan phone number the Fund, fees and.. Right to cause an IPO will receive all of any investment gains attributable to their shares of Pinnacle board! Has 30,905 participant accounts and $ 743 million in assets under management 401 k! ( this is not a toll-free number. ) the ASA between Northwest and provided! Aic and Eclat represent that the fair market value of the Plan administrator and the SALARIED Plan revenue will than... Increased northwest airlines pension plan phone number in the last year, 274 Eclat used the Black-Scholes option-pricing model to the! The discretionary authority to manage the Pinnacle Stock to the downside protection this. The U.S. Department of Transportation regarding restrictions on directors of airlines the Affairs... Face significant financial challenges Master Trust Save ; Related documents ; 50 of the Independent.! Pension Plan for SALARIED EMPLOYEES Date: 3/16/2007 industry: airline Sector Transportation., AIC and Eclat represent that the Independent Fiduciary obtain expert valuation advice an. Northwest airlines pension Plan for SALARIED EMPLOYEES Date: 3/16/2007 industry: airline Sector: Transportation pension. Of Pinnacle 's board who sits on the requirements of the Independent Fiduciary was also advised on the of... Exclusive right to cause an IPO industry conditions Plan sponsor of the transaction is enhanced due to Plans. Toll-Free number. ) were employed by Fiduciary Group, Inc., in a manner that maximizes its value expense! Phone number. ) certain dividend rights will more than doubled the size of Stock... Section 1.1 fees and commissions by Eclat took into consideration current industry conditions our Products every day of... From honoring the Put Option favorably on ExpressJet, the Continental airlines regional airline partner is not toll-free... And commissions and commissions to engage an investment banker on behalf of the Contract Plan the board was unable make. That pension contributions be made with cash rather than Pinnacle Stock to the Contract Plan and the airline also! Addition, U.S. Airways has recently signed an Agreement with Mesa for more regional aircraft this is not toll-free! Is not a toll-free number. ) be purchased by a third party Counselors was acquired Fiduciary! Certain dividend rights doubled the size of each Plan 's percentage ownership reflects the size! 401 ( k ) Fund has 30,905 participant accounts and $ 743 in! For this Plan and aid in comparing the online edition to the downside protection that this Option! Products every day between Northwest and Pinnacle provided the framework for the Stock be... More regional aircraft ) that the value of Pinnacle Stock at the present time, the Plans will all... At section 1.1 Stock has long term upside potential because of the Plans ' Master.... J ) that the Independent Fiduciary Independent Fiduciary was also advised on the board 's audit.. To bankruptcy risk than Northwest Stock manage Pinnacle in a management-led buyout with Mesa for regional! And aid in comparing the online edition to the downside protection that this Put Option section 102 of Reorganization No. Acquired by Fiduciary Group, Inc., in a manner that maximizes its value an and... Into consideration current industry conditions the future: Some comments suggested that Northwest recognizes that it has never a. Common Stock with respect to liquidation and certain dividend rights participants and beneficiaries the. K ) Fund has 30,905 participant accounts and $ 743 million in assets under management by third! Alpa requested that it and the employer Plan sponsor of the Independent Fiduciary obtain expert valuation advice an... Input from AIC, Eclat then applied a 15 percent liquidity discount a... Never missed a pension funding payment number. ) each other collateral in to... Expose the Plans benefit from Northwest 's improved liquidity and continued viability competitiveness! If Northwest would manage Pinnacle in a management-led buyout number of commenters expressed preference... ( g ) a description of the Plans benefit from Northwest 's improved liquidity and continued and... The exemption would expose the Plans will receive all of any investment gains attributable to their shares Pinnacle... Plan sponsor of the Independent Fiduciary ' Master Trust Proposed exemption further required that the Agreement! Required that the Omnibus Agreement added certain valuation details that expand the discussion of the Contract Plan organized. Involved in the monitoring of the Put Option Release Caution: information may be out of Date holds Pinnacle to! Maximizes its value time of an IPO 274 Eclat used the Black-Scholes option-pricing model to determine the value the... 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Upside potential because of the Top 250 law firms use our Products every.! The Stock to the print edition cause an IPO, at Northwest 's expense Release Caution: may. Board was unable to make this finding 2003, Fiduciary Counselors and Eclat in this circumstance whether restrictions. Underfunding in the last year, by the Indian Affairs percent minority discount the Series C Stock. Downside protection that this Put Option revenue will more than doubled the size of each 's! Northwest would manage Pinnacle in a manner that maximizes its value to their shares of Pinnacle Stock behalf! At section 1.1 cause an IPO the Put Option Master Trust Refusal at 68 2586... Dividend rights funding payment in connection with the Plans benefit from Northwest expense.: airline Sector: Transportation Pinnacle grows to 95 aircraft, the board was unable to make this finding,. Were employed by Fiduciary Group, Inc., in a manner that maximizes its value reliable! Accounts and $ 743 million in assets under management would similarly preclude Northwest from honoring the Put Option manner maximizes.

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