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Send all forms to:
Bank of Hawaii, ATTN: Gail Ritch, PO Box 3170, Honolulu, HI 96802-9966
Included your contact number and any new address information. If you have any questions please call Kevin Malmud or Gail Ritch at (808) 694-4504 or you can email Kevin at Kevin.Malmud@boh.com.
Aloha Airlines, Inc. Retirement Plan
for Flight Attendants Dane Field, Chapter 7 Panel Trustee of the Estate of Aloha Airlines, Inc.
Plan Administrator
P.O. Box 4198
Honolulu, HI 96812
August 29, 2008
Dear Participant:
As each of you is already aware, the Aloha Airlines, Inc. Retirement Plan for Flight Attendants (Plan) is being terminated in connection with the bankruptcy and liquidation of Aloha Airlines.
The Benefits Board and the other Plan fiduciaries have been working very hard towards the completion of the Plan termination process. In order for benefits to become available from any terminating plan, the plan generally must receive confirmation from the Internal Revenue Service (IRS) that the plan document complies with all relevant tax laws as of the plan’s termination date. Until that time, a plan participant’s account balance or plan benefit is not usually payable.
However, your Benefits Board has arranged for you to have limited access to your account balance before the Plan receives a favorable ruling from the IRS. Beginning October 1, 2008, you are eligible to receive up to 50% of the balance of your account (as of the latest statement date, December 31, 2007).
You are not required to receive a distribution at this time, and if you do elect to receive a distribution, you do not have to take the full 50%;[1] you are free to receive any amount up to 50% of your account balance as of December 31, 2007.
Enclosed please find the following important documents relating to your right to a partial distribution:
3. Special Tax Notice Regarding Plan Payments
5. Notice to Interested Parties (regarding request for IRS Determination Letter)
6. A copy of your most recent benefit statement entitled “Retirement Plan for Flight Attendants of Aloha Airlines, Inc. Statement of Accounts for January 1, 2007 to December 31, 2007.”
7. Fact sheet on Fidelity Adviser Freedom 2010 mutual fund
8. Letter from Morgan Stanley and related Fidelity Advisor Rollover IRA form.[2]
If you wish to receive a partial distribution of your account balance, please complete item 1 above (the application for benefits form). If you choose to receive a lump sum payment or any other optional form of payment under the Plan, the spousal consent form in item 1 must also be completed. If you wish to roll over all or part of this partial distribution to an IRA (or transfer to another qualified plan), you must also complete item 2 (Direct Rollover form).
Return completed forms to Bank of Hawaii using the enclosed postage-paid envelopes. Please retain a copy of your submission for your records.
If it is important that you receive your distribution (or begin receiving your distributions if you select an annuity option) on October 1, you must return completed forms to Bank of Hawaii no later than September 15 in order to ensure that your benefits will be paid on October 1.
Forms received after September 15 will be processed after those partial distribution forms that are received by Bank of Hawaii on or before September 15. If your forms are received after September 15, you may not receive your partial distribution by October 1.
PLEASE NOTE: The enclosed spousal consent form for waiving the QJSA form of payment (which is part of item 1, the benefit application form) MUST be signed in the presence of a notary. Failure to complete the notary attestation clause means your application for a partial distribution is NOT complete and your request will NOT be processed.
Item 5 is a notice that the Plan Administrator will submit an application for a determination letter from the IRS. This notice is for your information and is required by law. It does not affect your partial distribution.
Finally, in order to help you better understand both the partial distribution and the entire Plan termination processes, your options regarding your Plan accounts, and the tax issues involved in receiving and investing these funds, the Benefits Board has set up two informational meetings that will be held at the State Capitol Auditorium, which is on the chamber (basement) level, on September 3 and September 5 at 5:00 p.m.
Please make every effort to attend one of these meetings so that you will make the best choices for you about the Plan distributions – now and when the Plan is fully terminated.
The meeting dates, times, and location are subject to change, so be sure to check the AFA’s website regularly for any updates.
___________________________________________
Dane Field, Chapter 7 Panel Trustee
of the Estate of Aloha Airlines, Inc.
Plan Administrator
[1] By the end of September 2008, your pension plan assets will be invested in the Fidelity Adviser Freedom 2010 mutual fund. A fact sheet on the fund is enclosed. This is a retirement dated fund designed for employees retiring in 2010 and invests in a broad range of equities, fixed income and other investments that Fidelity has determined are appropriate for someone retiring in two years. Funds that are not withdrawn as part of this 50% distribution option will continue to be invested in this fund until such time as the plan is distributed in its entirety.
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