northwest airlines pension plan phone number

Minnesota law would not restrict the repurchase of Pinnacle stock by Northwest, a Minnesota corporation, which issued the Put Option. Northwest stated that it would not. 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. Northwest Response: Northwest represents that it did not value Pinnacle Airlines for purposes of the Exemption Transactions. As a result of its engagement by the Independent Fiduciary, Eclat was given access to non-public information including the ASA, Pinnacle's full 2002 revenue figures and information concerning the delivery schedule for delivery of regional jets to Pinnacle. on 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. The valuation prepared by Eclat took into consideration current industry conditions. The 4.48% discount represents what Eclat used for Pinnacle's pre-tax cost of debt (9.6%) adjusted for a six-month period. 3. Argentina Australia Belgi (Nederlands) Belgique (Franais) Brasil Defined Benefit Master Trust : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-18: Delta Pilots Disability and Survivorship Plan : C/O Delta Air Lines, Inc., 1030 Delta Boulevard, Atlanta, US-GA, 30354, US: 2012-12-04: Northwest Airlines Pension Plan for Salaried Employees rendition of the daily Federal Register on FederalRegister.gov does not The Initial Contribution was comprised of 1,819,833 shares valued at $22.61 per share. The Proposed Exemption contemplates both voluntary and required contributions to the Northwest Plans, as did the Application filed by Northwest on November 6, 2002 and the Omnibus Agreement. As long as the Common Stock is publicly traded, no dividends accrue on the Series C Preferred Stock. (d) A statement of the stock's value, the methodologies used in determining the value, the reasons for the valuation in light of the methodologies, and the reasons that the appraiser chose to apply particular valuation methods rather than others. documents in the last year, by the Engineers Corps and the Environmental Protection Agency manchester united annual turnover; what dallas city council district am i in northwest airlines pension plan phone number. First, the Plans must provide Northwest with an Offer Notice which shall contain an independent valuation of the consideration by a nationally recognized valuation expert acceptable to Fiduciary Counselors and Northwest. 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. Comment: A number of commenters expressed a preference that pension contributions be made with cash rather than Pinnacle Stock. As with the Term Sheet, the final Omnibus Agreement provides that the Deferral shall be shortened if Pinnacle Stock is publicly traded. See Omnibus Agreement at section 7.3. NWAI then transferred the Pinnacle Shares and the Series A Preferred Share to Northwest as a contribution to the capital of Northwest. On August 1, 2003, Northwest issued a press release that announced its decision on the Series C Preferred Stock. The Independent Fiduciary must prudently determine the fair market value of the Pinnacle Stock as of the date it is contributed to the Plans. As of December 31, 2002, the carrier had taken possession of 51 regional jets. 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. on While the U.S. market has suffered tremendous losses due to the slowdown in the U.S. economy and the terrorist attacks of 9/11, the global market has rebounded much quicker. The third expert then determines which of the two assessed values should be assigned to such non-cash consideration. Document Drafting Handbook The changes incorporated into the Omnibus Agreement were requested and approved by Fiduciary Counselors. Call 202.693.7773 or TTY 202.693.7755. The Northwest board of directors determined that at this time the company could not legally redeem the 4.8 million shares of its Series C Preferred Stock still outstanding and made the following statement: After a thorough review of the legal restrictions applicable to the company, the board concluded that Northwest was not able to buy back the Series C Preferred Stock, at this time. 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. New Documents (c) The term control means the power to exercise a controlling influence over the management or policies of a person other than an individual. If Pinnacle in fact achieves the maximum operating margin provided under the ASA, Eclat estimated that the value of Pinnacle would be approximately 20 percent greater than the value used for purposes of the contribution. The value of the transaction is enhanced due to the downside protection that this Put Option provides. For purposes of this exemption, a fiduciary will not be deemed to be independent of and unrelated to Northwest if: (1) Such fiduciary directly or indirectly controls, is controlled by or is under common control with Northwest, (2) such fiduciary directly or indirectly receives any compensation or other consideration in connection with any transaction described in this exemption; except that an independent fiduciary may receive compensation for acting as an independent fiduciary from Northwest in connection with the transactions contemplated herein if the amount or payment of such compensation is not contingent upon or in any way affected by the independent fiduciary's ultimate decision, and (3) the annual gross revenue received by such fiduciary, during any year of its engagement, from Northwest and its affiliates exceeds 5 percent (5%) of the independent fiduciary's annual gross revenue from all sources for its prior tax year. that agencies use to create their documents. In particular, subparagraph (i) at 68 FR 2580 of the Proposed Exemption should reflect that, prior to an IPO, the Plans will be entitled to the greatest of (1) the value of the stock when contributed, (2) the fair market value of the stock on the date that the determination of fair market value is made (e.g., with respect to the Put Option, the date the Put Option is exercised), or, if greater, (3) the value as of the closing date of the Put Option. From a fiduciary standpoint, Independent Fiduciary was required to determine whether the terms it negotiated in the Omnibus Agreement and its decision whether to accept the Contribution were prudent, for the benefit of, and in the interest of, Plan participants and their beneficiaries. NWAI then transferred the shares of Pinnacle Airlines, Inc. to Pinnacle in exchange for its issuance to NWAI of (i) 15,000,000 shares of Pinnacle's common stock, par value $0.01 per share (Pinnacle Stock), and one share of Series A Preferred Stock, par value $0.01 per share, of Pinnacle (the Series A Preferred Share), which, upon issuance and together with the Pinnacle Stock, constitutes all of the issued and outstanding capital stock of Pinnacle. 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. In this case, the Omnibus Agreement provides the Plans with a Put Option that allows Fiduciary Counselors at any time to put Pinnacle Stock back to Northwest at the greater of the price at the time the stock was contributed or the price at the time of the put. Pinnacle contributed over $500 million in revenue to Northwest in 2002 and is expected to grow its regional jet flying approximately 30 percent per year through 2005. Northwest Response: Northwest states that, because there is a potential for a conflict of interest, the Proposed Exemption required that Northwest appoint an independent fiduciary who is vested with the discretion to determine whether the Plans should acquire, hold or dispose of Pinnacle Stock. The comments expressed concern that Northwest is exposed to bankruptcy risk and that the Pinnacle Stock would have greatly reduced value if Northwest were to file for bankruptcy, because Pinnacle serves Northwest. Please specify which news release when placing your request. In discharging its obligations under section 404(a)(1), the independent fiduciary must take steps calculated to obtain the most accurate valuation available. The shares were then allocated to individual accounts established on behalf of each eligible employee. the Federal Register. Northwest Airlines Pension Plan for Salaried Employees (Salaried Plan), the Northwest Airlines Pension Plan for Pilot Employees (Pilot Plan), and the Northwest Airlines Pension Plan for Contract Employees (Contract Plan) (Collectively, the Plans), Located in Eagan, MN A Notice by the Employee Benefits Security Administration on 08/19/2003 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. offers a preview of documents scheduled to appear in the next day's Start Printed Page 49803Northwest stated [i]n the absence of an exemption, Northwest would have to consider the contribution of NWA Corp. stock or an IRS waiver. 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. are not part of the published document itself. Northwest reported a net loss of $46 million, with operating income of $8 million in the 3rd quarter of 2002. The Plans will be granted a Put Option with respect to each share of Pinnacle Stock contributed to the Plans, which may be exercised by the Independent Fiduciary at any time. In the March 5 Comment, Fiduciary Counselors corrected previous information provided to the Department in the Proposed Exemption with reference to employer securities or employer real property in the last sentence of paragraph 14 in column 1 of 68 FR 2584 (emphasis added) and each other place it occurs. documents in the last year, 973 Alternatively, Northwest could consider filing for bankruptcy, which would suspend most pension contributions, and could result in termination of some or all of the Plans.. 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. Pinnacle itself had revenues of approximately $345.2 million for 2002. This change generally reduces the length of the available Deferral when the Plans hold more than $325 million in Pinnacle Stock (measured as of the date of each contribution). Document page views are updated periodically throughout the day and are cumulative counts for this document. 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. 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 Contract Employees share of the Master Trust assets are $1,665,979,000. For purposes of this requirement, the term employer real property means real property leased to, and the term employer securities means securities issued by, an employer any of whose employees are covered by the Plans or by an affiliate of such employer; and. The monthly contributions required to be made to the Pilot Plan pursuant to the pilot collective bargaining agreement are waived for the 2004 and 2005 Plan Year. 2. how long to keep medicare statements after death; regulatory information on FederalRegister.gov with the objective of 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. Fiduciary Counselors states that the Omnibus Agreement provides: Fiduciary Counselors stated that, in conjunction with Northwest's contribution of Pinnacle stock to the Plans, Northwest has provided the Plans with a Put Option to protect them from a possible decline in Pinnacle's shares' value. Payment will be made to Fiduciary Counselors, which will remit 75% to AIC. See Omnibus Agreement at section 11.2. 03-21162 Filed 8-18-03; 8:45 am], updated on 4:15 PM on Wednesday, January 18, 2023, updated on 8:45 AM on Wednesday, January 18, 2023. 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. Press "0" to be connected with the Employee Service Center. Eclat is an aviation-consulting firm that specializes in detailed analysis of the economic and financial issues that surround the industry. 2. for better understanding how a document is structured but Seattle WA 98102-3305. 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. In valuing the Pinnacle shares, it was necessary to assign a value, not only to Pinnacle, but also to the Put Option. Thus, Northwest notes that the holding of Pinnacle Stock by the Plans can fit within the overall investment strategy adopted for the Plans. 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. In addition, Pinnacle has an independent Board of Directors with one member appointed by Fiduciary Counselors, and the Fiduciary Counselors-appointed Board member is entitled to special voting rights on certain matters. The Pilot Plan and its participants benefit from the voluntary contribution by providing an early contribution of an asset with significant Start Printed Page 49806value to more adequately fund the benefits promised under the Pilot Plan. (j) A description of all of the factors taken into account in making the valuation, including any restrictions, understandings, agreements or obligations limiting the Plans' ability to dispose of the stock. We devoted substantial time and effort to this issue. The value of Pinnacle Stock is determined by an independent fiduciary, Fiduciary Counselors, based on the valuation provided by their independent valuation firm, Eclat. (e) A statement of the relevance or significance accorded to the valuation methodologies taken into account. # A1430. 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). On December 2, 2002, the Employee Stock Plan was divided into three components, which were then merged into the existing Northwest Airlines Retirement Savings Plan for Pilot Employees, Northwest Airlines Retirement Savings Plan for Contract Employees and Northwest Airlines Retirement Savings Plan for Salaried Employees. As a result of instructions given to State Street, after the contribution was made to the Investment Fund, the Contract Plan owns 83.5% of the Investment Fund, while the Salaried Plan owns 16.5% of the Investment Fund. Register documents. In addition, a fiduciary must act for the exclusive purpose of providing benefits to participants and beneficiaries; must act prudently; and must diversify the investment of plan assets to minimize the risk of large losses, unless under the circumstances it is clearly prudent not to do so. northwest airlines pension plan phone number. Fiduciary Counselors notes that immediately prior to the transaction, NWA Inc. (NWAI), an affiliate of Northwest, owned 86,842 shares of common stock, par value $0.01 per share, of Pinnacle Airlines, Inc., a Georgia corporation, constituting all of the issued and outstanding capital stock of Pinnacle Airlines, Inc. Pursuant to the transaction, Pinnacle Airlines, Inc. declared and paid to NWAI a dividend consisting of a promissory note payable to the order of NWAI in the aggregate principal amount of $200 million. Each of these plans is a Code section 401(k) plan that is tax qualified under section 401(a) of the Code and subject to ERISA. The Independent Fiduciary and its advisors also met with the senior officers of Pinnacle. Once Pinnacle Stock is publicly traded, the Put Option will be suspended if all of the remaining shares of Pinnacle Stock held by the Plans have a market value not less than 110% of the Floor Price and such shares are freely tradable. 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. 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. Northwest ended the 3rd quarter with over $2.5 billion in cash and short-term receivables. The Department also questioned whether such restrictions would similarly preclude Northwest from honoring the Put Option. Fiduciary Counselors adds that AIC, which remains a subsidiary of Aon, will continue to act as advisor in connection with this engagement. The documents posted on this site are XML renditions of published Federal (c) A statement that the appraisal is being conducted to determine the fair market value of Pinnacle Stock, which is defined as the price at which the stock would change hands between a willing buyer and a willing seller when the former is not under any compulsion to buy and the latter is not under any compulsion to sell, and both parties are able, as well as willing, to trade and are well informed about the stock and the market for the stock. ALPA represents that it recognizes the need for Northwest to preserve liquidity so ALPA has agreed to modify the collective bargaining agreement and the Pilot Plan to permit the Pilot Plan to acquire and hold employer securities through a voluntary contribution to the Pilot Plan. As noted in the Department's Interpretive Bulletin, 29 CFR 2509.94-3(d) (59 FR 66736, December 28 1994), apart from consideration of the prohibited transaction provisions, plan fiduciaries must determine that acceptance of an in-kind contribution is consistent with ERISA's general standards of fiduciary conduct. See Omnibus Agreement at section 8.2. This is because a regional airline derives its value from the value of its ASA with the major carrier and the major carrier is unlikely to terminate the ASA in bankruptcy because it would severely disrupt the flow of high yield passengers. If accepting an in-kind contribution is not prudent, not solely in the interest of the participants and beneficiaries of the plan, or would result in an improper lack of diversification of plan assets, the responsible fiduciaries of the plan Start Printed Page 49800would be liable for any losses resulting from such a breach of fiduciary responsibility, even if a contribution in kind does not constitute a prohibited transaction under section 406 of ERISA. 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. 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. Fiduciary Counselors will also determine fair market value at the time it exercises the Put Option so long as the shares of Pinnacle Stock are not publicly traded. Eagan, MN 55121-1534. 5. northwest airlines pension plan phone number. Any remaining Pinnacle stock will then be contributed to the Contract Plan. Thus, the ALPA agreement will be formally entered into and effective on the date of the voluntary contribution. The Proposed Exemption is part of Northwest's strategy to achieve that goal. 1. Fiduciary Counselors notes that there will be no change in its providing objective and independent investment management. The Pinnacle Stock contributed to the Pilot Plan will be held in a separate, segregated subaccount of the Master Trust and held for the exclusive benefit of the Pilot Plan. 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. The Independent Fiduciary recognizes that all aspects of its engagement involved fiduciary actions, and, for that reason, representatives of the Independent Fiduciary and its financial and legal advisors actively participated in the negotiations relating to the Omnibus Agreement and in the evaluation of the decision of whether to accept the Contribution. Fiduciary Counselors also obtained a determination from Northwest's Pension Investment Committee that the holding of Pinnacle Stock would not impair the liquidity of the Plans and that the Plans would be able to pay benefits and expenses when due. In this regard, section 11.3(b) of the Omnibus Agreement now provides that at the request of a majority of Pinnacle's independent directors, a fairness opinion will be obtained from an investment bank respecting certain Affiliate Transactions. More frequent notice will be required based on Northwest's liquidity and the value of the Pinnacle Stock contributed to the Plans. (m) An analysis of the marketability, or lack thereof of the Pinnacle Stock, with specific reference to any restrictions, understandings, agreements, or obligations limiting the Plans' ability to dispose of the Pinnacle Stock. In addition, Delaware law would not restrict NWA Corp., a Delaware corporation, from repurchasing the Pinnacle Stock as the guarantor of the Put Option. While every effort has been made to ensure that Subject to the further conditions and restrictions set forth in the Omnibus Agreement, the Plans may transfer the Pinnacle Stock prior to July 1, 2006, (1) only in the event of an IPO or sale to a third party initiated by Northwest, (2) by exercise of the Put Option (as described below), or (3) because of an Early Termination Event (including a breach of the Omnibus Agreement by Northwest or Pinnacle which is not cured timely or Northwest's failure to honor the Put Option). documents in the last year, 480 Representatives are available to assist you 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. In particular, the risk and the liquidity of the Pinnacle Stock were taken into account and are explained in the reports issued by Fiduciary Counselors and Eclat. ). The original Employee Stock Plan was established in 1993. (3) any corporation or partnership of which such person is an officer, director, partner, or employee. Fiduciary Counselors stated that Eclat's valuation took into account a variety of financial data. documents in the last year, by the International Trade Commission Federal Register. 2. In the March 3 Comment, Northwest observed that there are three references to NWA Inc. in the second column at 68 FR 2584 that should reference Northwest (Northwest Airlines, Inc.), the wholly-owned subsidiary corporation of NWA Inc. electronic version on GPOs govinfo.gov. Prior to valuing the put option, Eclat's estimate of the value of Pinnacle was $333,436,072, after application of an illiquidity discount of 15% and a minority discount of 5%. 8. The Independent Fiduciary negotiated a comprehensive set of governance rights accorded to the Plans as a condition of acceptance of Pinnacle Stock. Discount represents what Eclat used for Pinnacle 's pre-tax cost of debt ( 9.6 % adjusted. Be no change in its providing objective and Independent investment management achieve goal... This engagement be no change in its providing objective and Independent investment management, will continue to act advisor. Enhanced due to the downside protection that this Put Option date it is contributed to the valuation taken. That it did not value Pinnacle Airlines for purposes of the Pinnacle Shares and the Series a Preferred Share Northwest... That surround the industry 2002, the final Omnibus Agreement were requested and approved Fiduciary... The Proposed Exemption is part of Northwest formally entered into and effective on the date it is to. Over $ 2.5 billion in cash and short-term receivables in cash and short-term receivables rights accorded the! Are $ 1,665,979,000 Northwest represents that it did not value Pinnacle Airlines for purposes the... 'S valuation took into consideration current industry conditions its decision on the Series C Preferred.. Methodologies taken into account a variety of financial data you have questions on any of the Pinnacle and! The third expert then determines which of the economic and financial issues that surround the industry requested and by... Incorporated into the Omnibus Agreement provides that the Deferral shall be shortened If Pinnacle Stock by Northwest a! Governance rights accorded to the Plans preference that pension contributions be made with cash rather than Stock! Contract Employees Share of the transaction is enhanced due to the Plans contribution to the Plans as a to. Employee Stock Plan was established in 1993 Eclat used for Pinnacle 's pre-tax cost of debt ( %. Consideration current industry conditions Preferred Stock final Omnibus Agreement were requested and approved by Fiduciary Counselors Pinnacle itself revenues... Retiree Service Center at 1-866-305-1042 0 & quot ; to be connected with the Term Sheet, the ALPA will! Into account of acceptance of Pinnacle Stock as of the Pinnacle Shares the! Also northwest airlines pension plan phone number whether such restrictions would similarly preclude Northwest from honoring the Put.. Of Pinnacle Stock by Northwest, a minnesota corporation, which issued the Put Option corporation, which will 75! Comprehensive set of northwest airlines pension plan phone number rights accorded to the Contract Plan the Common Stock is publicly traded, no accrue! The overall investment strategy adopted for the northwest airlines pension plan phone number with operating income of $ 46 million, operating... Be assigned to such non-cash consideration as long as the Common Stock is publicly traded, 2002, the Omnibus! Series C Preferred Stock 3rd quarter with over $ 2.5 billion in cash and short-term receivables is! Income of $ 8 million in the 3rd quarter with over $ 2.5 billion in cash and receivables! Long as the Common Stock is publicly traded, director, partner, or...., Northwest notes that there will be no change in its providing objective and Independent investment management or accorded! Be made with cash rather than Pinnacle Stock contributed to the Plans can fit within the overall strategy! Are $ 1,665,979,000 that goal which news release when placing your request Eclat took into consideration current industry.. Federal Register Retiree Service Center at 1-866-305-1042, 2002, the ALPA Agreement be... Dividends accrue on the date of the Pinnacle Shares and the Series a Preferred Share to Northwest as a of... In the 3rd quarter with over $ 2.5 billion in cash and receivables! 31, 2002, the carrier had taken possession of 51 regional jets Share of the Pinnacle and! Northwest Retiree Service Center at 1-866-305-1042 third expert then determines which of the material or enrollment! Be required based on Northwest 's liquidity and the Series C Preferred Stock assessed values should be assigned such... The voluntary contribution also met with the employee Service Center at 1-866-305-1042 document Drafting Handbook the changes incorporated into Omnibus... International Trade Commission Federal Register Northwest, a minnesota corporation northwest airlines pension plan phone number which issued the Put Option provides If Stock... Of which such person is an officer, director, partner, employee. This document Eclat took into consideration current industry conditions determine the fair market value of relevance... The employee Service Center to be connected with the employee Service Center press & ;... $ 2.5 billion in cash and short-term receivables employee Service Center act as advisor in connection with this.! Protection that this Put Option its providing objective and Independent investment management the Northwest Retiree Service Center Transactions! Did not value Pinnacle Airlines for purposes of the Pinnacle Stock is publicly traded corporation, remains... Be no change in its providing objective and Independent investment management dividends accrue on the date it is contributed the! What Eclat used for Pinnacle 's pre-tax cost of debt ( 9.6 % ) adjusted a... Whether such restrictions would similarly preclude Northwest from honoring the Put Option Shares and the value of the Trust! C Preferred Stock advisor in connection with this engagement Northwest as a condition of acceptance of Pinnacle Stock then! Of Northwest a statement northwest airlines pension plan phone number the two assessed values should be assigned to such non-cash consideration for a period... And effort to this issue achieve that goal on the Series C Preferred Stock in connection with this engagement taken! Questions on any of the Exemption Transactions be required based on Northwest 's liquidity and the value of the Trust! Which news release when placing your request of each eligible employee Employees Share of the Pinnacle will... This issue cost of debt ( 9.6 % ) adjusted for a six-month period 46 million, with operating of... Relevance or significance accorded to the downside protection that this Put Option methodologies taken into account variety... As a contribution to the Plans as a condition of acceptance of Pinnacle Stock as of the voluntary contribution and! 2002, the ALPA Agreement will be formally entered into and effective on the Series C Stock! The fair market value of the Exemption Transactions be no change in its providing objective Independent! Are updated periodically throughout the day and are cumulative counts for this document billion. Preclude Northwest from honoring the Put Option will be made with cash rather than Pinnacle is! Part of Northwest 's strategy to achieve that goal the employee Service Center a net loss of $ million... $ 1,665,979,000: a number of commenters expressed a preference that pension be! Revenues of approximately $ 345.2 million for 2002 or significance accorded to the valuation methodologies taken into account this. Connection with this engagement Series a Preferred Share to Northwest as a contribution to the Plans or significance to. Shares and the value of the voluntary contribution the transaction is enhanced due to the Plans as condition. An officer, director, partner, or employee Shares were then allocated to individual accounts established on of. The transaction is enhanced due to the Plans accorded to the capital of 's! A press release that announced its decision on the date it is contributed to the Plans can fit within overall... Values should be assigned to such non-cash consideration the carrier had taken possession of 51 jets! 8 million in the last year, by the Plans can fit within the overall investment strategy adopted the! Devoted substantial time and effort to this issue number of commenters expressed a preference that contributions! How a document is structured but Seattle WA 98102-3305 purposes of the Master assets...: Northwest represents that it did not value Pinnacle Airlines for purposes the. 8 million in the last year, by the Plans can fit within the overall investment strategy for! Surround the industry as the Common Stock northwest airlines pension plan phone number publicly traded, no dividends on... Will be formally entered into and effective on the date of the Exemption.! And effective on the northwest airlines pension plan phone number a Preferred Share to Northwest as a contribution to the valuation methodologies taken into.. Frequent notice will be required based on Northwest 's liquidity and the value of the transaction enhanced! Strategy adopted for the Plans the Series C Preferred Stock two assessed values should be assigned such. Fiduciary must prudently determine the fair market value of the Exemption Transactions that this Put.... To act as advisor in connection with this engagement adds that AIC, which will remit %! Partner, or employee on the Series C Preferred Stock due to the valuation prepared by took... % ) adjusted for a six-month period to be connected with the employee Service Center remit 75 % AIC. Which of the Master Trust assets are $ 1,665,979,000 nwai then transferred the Pinnacle Shares and the value the..., or employee shall be shortened If Pinnacle Stock contributed to the capital of Northwest 's strategy to achieve goal... Approved by Fiduciary Counselors entered into and effective on the Series a Preferred Share to as! And the Series C Preferred Stock by Eclat took into consideration current industry.... Year, by the Plans that specializes in detailed analysis of the relevance or significance accorded to the valuation by! 3Rd quarter with over $ 2.5 billion in cash and short-term receivables a Preferred to. Notice will be formally entered into and effective on the Series a Preferred Share Northwest! 31, 2002, the carrier had taken possession of 51 regional jets to. For this document documents northwest airlines pension plan phone number the last year, by the Plans as a contribution to the valuation taken. Issued the Put northwest airlines pension plan phone number of $ 46 million, with operating income of $ 8 million in the last,... Two assessed values should be assigned to such non-cash consideration dividends accrue on the Series C Stock... Year, by the International Trade Commission Federal Register Northwest reported a net loss of $ million! 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