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PENALTY POSSIBLE: Northwest takes chance on funding; Airline contributes subsidiary stock to its 3 underfunded plans while Labor Department considers regulatory exemption request.

Publication: Pensions & Investments
Publication Date: 03-FEB-03 		Format: Online - approximately 852 words
Delivery: Immediate Online Access
Full Article Title: PENALTY POSSIBLE: Northwest takes chance on funding; Airline contributes subsidiary stock to its 3 underfunded plans while Labor Department considers regulatory exemption request.(Northwest Airlines Corporation )

Article Excerpt
Byline: Barry B. Burr

EAGAN, Minn. - Northwest Airlines Corp. is seeking a regulatory exemption that could make its three underfunded pension plans the majority owner of a subsidiary airline.

Northwest, based in Eagan, contributed $41 million in stock of the subsidiary, Pinnacle Airlines Inc., to its three underfunded pension plans even though it hadn't yet received a requested exemption to use assets of a unit it controls in lieu of cash.

Northwest informed the Department of Labor's Employee Benefits Security Administration (formerly the Pension and Welfare Benefits Administration) that the company plans to contribute another $182 million in Pinnacle stock later this year.

Both contributions are designed to fulfill Northwest's 2002 pension funding obligations. The $41 million was contributed Jan. 15, its due date, while...

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