56564 Federal Register / Vol. 75, No. 179 / Thursday, September 16, 2010 / Notices 

1For purposes of this exemption reference to 

specific provisions of Title I of the Act, unless 

otherwise specified, refer also to the corresponding 

provisions of the Code. 

DEPARTMENT OF LABOR 

Employment and Training 

Administration 

[TA–W–72,575] 

Dell Products LP, Winston-Salem (WS– 

1) Division Including On-Site Leased 

Workers From Adecco, Spherion, 

Patriot Staffing, Manpower, 

Teksystems, APN, Iconma, Staffing 

Solutions, South East and Omni 

Resources and Recovery; WinstonSalem, NC; Amended Certification 

Regarding Eligibility To Apply for 

Worker Adjustment Assistance 

In accordance with Section 223 of the 

Trade Act of 1974, as amended (‘‘Act’’), 

19 U.S.C. 2273, the Department of Labor 

issued a Certification of Eligibility to 

Apply for Worker Adjustment 

Assistance on March 1, 2010, applicable 

to workers of Dell Products LP, 

Winston-Salem (WS–1) Division, 

including on-site leased workers from 

Adecco, Spherion, Patriot Staffing, 

Manpower, TEKsystems, APN and 

ICONMA, Winston-Salem, North 

Carolina. The notice was published in 

the Federal Register on April 23, 2010 

(75 FR 21361). The notice was amended 

on March 30, 2010 to include on-site 

leased workers from Staffing Solutions, 

South East. The notice was published in 

the Federal Register on April 19, 2010 

(75 FR 20385). 

At the request of the State agency, the 

Department reviewed the certification 

for workers of the subject firm. The 

workers are engaged in employment 

related to the production of desktop 

computers. 

New information shows that workers 

leased from Omni Resources and 

Recovery were employed on-site at the 

Winston-Salem, North Carolina location 

of Dell Products LP, Winston-Salem 

(WS–1) Division. The Department has 

determined that on-site workers from 

Omni Resources and Recovery were 

sufficiently under the control of the 

subject firm to be covered by this 

certification. 

Based on these findings, the 

Department is amending this 

certification to include workers leased 

from Omni Resources and Recovery 

working on-site at the Winston-Salem, 

North Carolina location of Dell Products 

LP, Winston-Salem (WS–1) Division. 

The amended notice applicable to 

TA–W–72,575 is hereby issued as 

follows: 

All workers of Dell Products LP, WinstonSalem (WS–1) Division, including on-site 

leased workers of Adecco, Spherion, Patriot 

Staffing, Manpower, TEKsystems, APN, 

ICONMA, and Staffing Solutions, South East, 

and Omni Resources and Recovery, WinstonSalem, North Carolina, who became totally or 

partially separated from employment on or 

after October 13, 2008 through March 1, 

2012, and all workers in the group threatened 

with total or partial separation from 

employment on date of certification through 

two years from the date of certification, are 

eligible to apply for adjustment assistance 

under Chapter 2 of Title II of the Trade Act 

of 1974, as amended. 

Signed at Washington, DC this 31st day of 

August, 2010. 

Del Min Amy Chen, 

Certifying Officer, Office of Trade Adjustment 

Assistance. 

[FR Doc. 2010–23065 Filed 9–15–10; 8:45 am] 

BILLING CODE 4510–FN–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

Prohibited Transaction Exemptions 

and Grant of Individual Exemptions 

Involving: 2010–26, PNC Financial 

Services Group, Inc. (PNC or the 

Applicant), D–11456; and 2010–27, The 

Finishing Trades Institute of the MidAtlantic Region (the Plan), L–11609 

AGENCY: Employee Benefits Security 

Administration, Labor. 

ACTION: Grant of Individual Exemptions. 

SUMMARY: This document contains 

exemptions issued by the Department of 

Labor (the Department) from certain of 

the prohibited transaction restrictions of 

the Employee Retirement Income 

Security Act of 1974 (ERISA or the Act) 

and/or the Internal Revenue Code of 

1986 (the Code). 

A notice was published in the Federal 

Register of the pendency before the 

Department of a proposal to grant such 

exemption. The notice set forth a 

summary of facts and representations 

contained in the application for 

exemption and referred interested 

persons to the application for a 

complete statement of the facts and 

representations. The application has 

been available for public inspection at 

the Department in Washington, DC. The 

notice also invited interested persons to 

submit comments on the requested 

exemption to the Department. In 

addition, the notice stated that any 

interested person might submit a 

written request that a public hearing be 

held (where appropriate). The applicant 

has represented that it has complied 

with the requirements of the notification 

to interested persons. No requests for a 

hearing were received by the 

Department. Public comments were 

received by the Department as described 

in the granted exemption. 

The notice of proposed exemption 

was issued and the exemption is being 

granted solely by the Department 

because, effective December 31, 1978, 

section 102 of Reorganization Plan No. 

4 of 1978, 5 U.S.C. App. 1 (1996), 

transferred the authority of the Secretary 

of the Treasury to issue exemptions of 

the type proposed to the Secretary of 

Labor. 

Statutory Findings 

In accordance with section 408(a) of 

the Act and/or 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 makes 

the following findings: 

(a) The exemption is administratively 

feasible; 

(b) The exemption is in the interests of the 

plan and its participants and beneficiaries; 

and 

(c) The exemption is protective of the 

rights of the participants and beneficiaries of 

the plan. 

PNC Financial Services Group, Inc. 

(PNC or the Applicant) 

Located in Pittsburgh, Pennsylvania 

[Prohibited Transaction Exemption 

2010–26; 

Application No. D–11456] 

Exemption 

Section I—Exemption for Receipt of 

Fees 

In connection with the investment in 

an open-end investment company (a 

Fund(s)), as defined, below, in Section 

III, by certain employee benefit plans 

(Client Plan(s)) for which PNC (PNC or 

the Applicant), as defined below, serves 

as a fiduciary and is a party in interest 

with respect to such Client Plan, the 

restrictions of sections 406(a)(1)(D) and 

406(b) of the Act and the sanctions 

resulting from the application of section 

4975 of the Code, by reason of section 

4975(c)(1)(D) through (F) 1 of the Code, 

shall not apply, effective February 1, 

2008 to: 

‘‘(a) the receipt of fees by PNC and its 

affiliate PNC Capital Advisors, Inc. (PCA) 

from the Funds in connection with the 

investment by the Client Plans in shares of 

the Funds where PNC or its affiliate PCA acts 

as an investment advisor for such Funds; and 

‘‘(b) the receipt of fees by PNC or its 

affiliates from the Funds in connection with 

providing certain secondary services, as 

defined below, (Secondary Services) to such 

Funds in which a Client Plan invests; 

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Federal Register / Vol. 75, No. 179 / Thursday, September 16, 2010 / Notices 56565 

2PNC represents that it would be accurate to 

describe ‘‘the credit’’ as a ‘‘credited dollar amount’’ 

to cover situations in which the credited amount’’ 

is used to acquire additional shares of a Fund, 

rather than being held by a Client Plan in the form 

of cash. It is represented that the standard practice 

is to reinvest the ‘‘credited dollar amount’’ in 

additional shares of the same Fund with respect to 

which the fees were credited. 

provided that the conditions of Section II are 

met.’’ 

Section II—General Conditions 

(a) PNC, which serves as a fiduciary 

for a Client Plan, satisfies any one (but 

not all) of the following: 

(1) A Client Plan invested in a Fund 

does not pay any plan-level investment 

management fee, investment advisory 

fee, or similar fee (Plan-Level Fee(s)) to 

PNC or its affiliates with respect to any 

of the assets of such Client Plan which 

are invested in shares of such Fund for 

the entire period of such investment 

(the Offset Fee Method). This condition 

does not preclude the payment of 

investment advisory fees by the Funds 

to PNC under the terms of an 

investment management agreement 

adopted in accordance with section 15 

of the Investment Company Act of 1940 

(the ‘‘1940 Act’’); 

(2) A Client Plan invested in the 

Funds pays an investment management 

fee or similar fee based on total Client 

Plan assets from which a credit has been 

subtracted representing such Client 

Plan’s pro rata share of investment 

advisory fees paid by the Funds to PNC 

(the Subtraction Fee Method). If, during 

any fee period for which a Client Plan 

has prepaid its investment management 

or similar fee, the Client Plan purchases 

shares of such Fund, the requirement of 

this Section II(a)(2) shall be deemed to 

have been met with respect to such 

prepaid fee if, by a method reasonably 

designed to accomplish the same, the 

amount of the prepaid fee that 

constitutes the fee with respect to plan 

assets invested in shares of such Fund 

(i) is anticipated and subtracted from 

the prepaid fee at the time of payment 

of such fee, (ii) is returned to the Client 

Plan no later than during the 

immediately following fee period, or 

(iii) is offset against the prepaid fee for 

the immediately following fee period or 

for the fee period immediately following 

thereafter. For purposes of this Section 

II(a)(2), a fee shall be deemed to have 

been prepaid for any fee period if the 

amount of such fee is calculated as of a 

date not later than the first day of such 

period; or 

(3) A Client Plan invested in a Fund 

receives a ‘‘credit’’ 2 (the Credit Fee 

Method) of such Plan’s proportionate 

share of all fees charged to the Funds by 

PNC for investment advisory or similar 

services, on a date which is no later 

than one business day after receipt of 

such fees by PNC from the Fund. The 

crediting of all such fees to such Client 

Plan by PNC is audited by an 

independent accountant firm (the 

Auditor) on at least an annual basis to 

verify the proper crediting of such fees 

to such Client Plan. 

(a) The price paid or received by a 

Client Plan for shares in a Fund is the 

net asset value per share at the time of 

the transaction, as defined, below in 

Section III, and is the same price which 

would have been paid or received for 

such shares by any other investor in 

such Fund at that time; 

(b) PNC, including any officer or 

director of PNC, does not purchase or 

sell shares of the Funds from or to any 

Client Plan; 

(c) A Client Plan does not pay sales 

commissions in connection with any 

purchase or sale of shares of a Fund, 

and a Client Plan does not pay 

redemption fees in connection with any 

sale of shares to a Fund, unless 

(1) such redemption fee is paid only 

to a Fund, and 

(2) The existence of such redemption 

fee is disclosed in the prospectus for 

such Fund in effect both at the time of 

the purchase of such shares and at the 

time of such sale; 

(d) The combined total of all fees 

received by PNC for the provision of 

services by PNC to Client Plans and to 

Funds in which a Client Plan invests, is 

not in excess of ‘‘reasonable 

compensation’’ within the meaning of 

section 408(b)(2) of the Act; 

(e) PNC does not receive any fees 

payable pursuant to Rule 12b–1 under 

the 1940 Act in connection with the 

transactions; 

(f) No Client Plan is an employee 

benefit plan sponsored or maintained by 

PNC; 

(g) A second fiduciary (Second 

Fiduciary), as defined below in Section 

III, who is acting on behalf of a Client 

Plan receives, in advance of any initial 

investment by a Plan Client in a Fund, 

full and detailed written disclosure of 

information concerning such Fund 

including but not limited to: 

(1) A current prospectus for each 

Fund in which a Client Plan is 

considering investing; 

(2) A statement describing the fees, 

including the nature and extent of any 

differential between the rates of such 

fees for: 

(i) Any investment advisory or similar 

services to be paid by such Fund, 

(ii) any Secondary Services to be paid 

by such Fund to PNC, and 

(iii) all other fees to be charged to or 

paid by the Client Plan and by such 

Fund; 

(3) The reason why PNC, acting as a 

fiduciary for such Client Plan, considers 

investment in such Fund to be 

appropriate for such Client Plan; 

(4) A statement describing whether 

there are any limitations applicable to 

PNC with respect to which assets of a 

Client Plan may be invested in such 

Fund, and if so, the nature of such 

limitations; and 

(5) Upon the request of the Second 

Fiduciary, acting on behalf of a Client 

Plan, a copy of the proposed exemption 

and/or copy of the final exemption, if 

granted, once such documents are 

published in the Federal Register. 

(h) On the basis of the information 

described, above, in Section II(h), a 

Second Fiduciary, acting on behalf of a 

Client Plan, authorizes in writing: (1) 

The investment of the assets of such 

Client Plan in shares of each particular 

Fund; and (2) the fees received by PNC 

in connection with services provided by 

PNC to such Fund. Such authorization 

by a Second Fiduciary must be 

consistent with the responsibilities, 

obligations, and duties imposed on 

fiduciaries by Part 4 of Title I of the Act. 

(i)(1) All authorizations described 

above, in Section II(i), made by a 

Second Fiduciary, regarding: 

(i) Investments by a Client Plan in a 

Fund; 

(ii) fees paid to PNC for investment 

management advisory services or 

similar services; and 

(iii) fees paid for Secondary Services 

shall be terminable at will by the 

Second Fiduciary, acting on behalf of 

such Client Plan, without penalty to 

such Client Plan, upon receipt by PNC, 

acting as fiduciary on behalf of such 

Client Plan, of a written notice of 

termination. A form (the Termination 

Form), as defined, below, in Section 

III(j), expressly providing an election to 

terminate the authorizations, described, 

above, in Section II(i), with instructions 

on the use of such Termination Form 

must be provided to such Second 

Fiduciary at least annually. However, if 

a Termination Form has been provided 

to such Second Fiduciary, pursuant to 

Section II(k) and (l), below, then a 

Termination Form need not be provided 

again, pursuant to this Section II(j), 

unless at least six (6) months but no 

more than twelve (12) months have 

elapsed, since a Termination Form was 

provided, pursuant to Section II(k) and 

(l), below. 

With respect to j(1)(i), (ii), (iii) above, 

all such investments and fees shall be 

terminable at will by the Second 

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56566 Federal Register / Vol. 75, No. 179 / Thursday, September 16, 2010 / Notices 

Fiduciary acting on behalf of such 

Client Plan. 

(2) The instructions for the 

Termination Form must include the 

following information: 

(i) The authorization, described above 

in Section II(i), is terminable at will by 

the Second Fiduciary acting on behalf of 

a Client Plan, without penalty to the 

Client Plan, upon receipt by PNC of 

written notice from such Second 

Fiduciary; and 

(ii) Failure by such Second Fiduciary 

to return the Termination Form will be 

deemed to be an approval by the Second 

Fiduciary and will result in the 

continued authorization, as described 

above, in Section II(i) of PNC to engage 

in the transactions described in this 

proposed exemption; 

(j) For a Client Plan invested in a 

Fund which uses one of the fee methods 

described, above, in Section II(a)(1), 

(a)(2), or (a)(3) in the event of a 

proposed change from one of the fee 

methods to another or in the event of a 

proposed increase in the rate of any fee 

paid by such Fund to PNC for any 

investment advisory service or similar 

service that PNC provides to a Fund 

over an existing rate for such service or 

method of determining the fee for such 

service, which had been authorized by 

the Second Fiduciary for such Client 

Plan, in accordance with Section II(i), 

above, PNC, at least thirty (30) days in 

advance of the implementation of such 

change and/or such increase, provides a 

written notice (which may take the form 

of a proxy statement, letter, or similar 

communication that is separate from the 

prospectus of such Fund and which 

explains the nature and amount of such 

change from one of the fee methods to 

another or increase in fee) to the Second 

Fiduciary of each Client Plan affected by 

such change from one fee method to 

another fee method or increase in fee. 

Such notice shall be accompanied by a 

Termination Form, with instructions on 

the use of such Termination Form, as 

described, above, in Section II(j). 

(k) In the event of: 

(i) A proposed addition of a 

Secondary Service for which an 

additional fee is charged; or 

(ii) A proposed increase in the rate of 

any fee paid by a Fund to PNC for any 

Secondary Service, or 

(iii) A proposed increase in the rate of 

any fee paid for Secondary Services that 

results from the decrease in the number 

or kind of services performed by PNC 

for such fee over an existing rate for 

services which had been authorized, in 

accordance with Section II(i), by the 

Second Fiduciary for a Client Plan 

invested in such Fund, PNC will at least 

thirty (30) days in advance of the 

implementation of such fee increase or 

additional service for which an 

additional fee is charged or a decrease 

in the number or kind of services being 

performed, provide a written notice 

(which may take the form of a proxy 

statement, letter, or similar 

communication that is separate from the 

prospectus of such Fund and which 

explains the nature and amount of the 

additional service for which an 

additional fee is charged or the nature 

and amount of the increase in fees or the 

decrease in the number or kind of 

services) to the Second Fiduciary of 

each Client Plan invested in such Fund 

which is proposing to increase fees or 

add services for which an additional fee 

is charged or decreasing the number or 

kind of services being performed. Such 

notice shall be accompanied by a 

Termination Form, with instructions on 

the use of such Termination Form, as 

described, above in Section II(j); 

(l) On an annual basis, PNC provides 

the Second Fiduciary of such Client 

Plan invested in a Fund with: 

(1) A copy of the current prospectus 

for such Fund in which such Client Plan 

invests, 

(2) Upon the request of such Second 

Fiduciary, a copy of the Statement of 

Additional Information for such Fund 

which contains a description of all fees 

paid by such Fund to PNC; 

(3) A copy of the annual financial 

disclosure report which includes 

information about Fund portfolios, as 

well as the audit findings of an 

independent auditor, within sixty (60) 

days of the preparation of such report; 

and 

(4) Oral or written responses to 

inquiries of the Second Fiduciary of 

such Client Plan, as such inquiries arise. 

(m) All dealings between a Client Plan 

and a Fund are on a basis no less 

favorable to such Client Plan than 

dealings between such Fund and other 

shareholders invested in such Fund. 

(n) PNC maintains for a period of six 

(6) years the records necessary to enable 

the persons described, below, in Section 

II(p) to determine whether the 

conditions of this exemption have been 

met, except that: 

(1) A prohibited transaction will not 

be considered to have occurred, if solely 

because of circumstances beyond the 

control of PNC, the records are lost or 

destroyed prior to the end of the sixyear period, and 

(2) No party in interest other than 

PNC shall be subject to the civil penalty 

that may be assessed under section 

502(i) of the Act or to the taxes imposed 

by section 4975(a) and (b) of the Code 

if the records are not maintained or are 

not available for examination as 

required by Section II(p), below. 

(p)(1) Except as provided in Section 

II(p)(2) and notwithstanding any 

provisions of section 504(a)(2) of the 

Act, the records referred to in Section 

II(o) are unconditionally available at 

their customary location for 

examination during normal business 

hours by— 

(i) Any duly authorized employee or 

representative of the Department or the 

Internal Revenue Service, 

(ii) Any fiduciary of a Client Plan who 

has authority to acquire or dispose of 

shares of a Fund owned by such Client 

Plan, or any duly authorized employee 

or representative of such fiduciary, and 

(iii) Any participant or beneficiary of 

a Client Plan or duly authorized 

employee or representative of such 

participant or beneficiary. 

(2) None of the persons described in 

Section II(p)(1)(ii) and (iii) shall be 

authorized to examine trade secrets of 

PNC, or commercial or financial 

information which is privileged or 

confidential. 

Section III—Definitions 

For purposes of this exemption: 

(a) The term ‘‘PNC’’ means The PNC 

Financial Services Group, Inc., and any 

affiliate thereof as defined below in 

paragraph (b) of this section. 

(b) An ‘‘affiliate’’ of a person includes: 

(1) Any person directly or indirectly 

through one or more intermediaries, 

controlling, controlled by, or under 

common control with the person; 

(2) Any officer, director, employee, 

relative, or partner in any such person; 

and 

(3) Any corporation or partnership of 

which such person is an officer, 

director, partner, or employee. 

(c) The term ‘‘control’’ means the 

power to exercise a controlling 

influence over the management or 

policies of a person other than an 

individual. 

(d) The term ‘‘Client Plan’’ means any 

employee benefit plan as defined in 

section 3(3) of the Act; as well as Keogh 

plans and individual retirement 

accounts, for which PNC is a fiduciary 

as defined in section 3(21) of the Act 

(excluding any employee benefit plans 

sponsored by PNC or its affiliates). 

(e) The term ‘‘Fund’’ or ‘‘Funds’’ shall 

mean the PNC Funds, Inc. or any other 

diversified open-end investment 

company or companies registered under 

the 1940 Act for which PNC serves as 

an investment advisor, but not subadvisor, and for which PNC may serve 

as a custodian, dividend disbursing 

agent, shareholder servicing agent, 

transfer agent, fund accountant, or 

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Federal Register / Vol. 75, No. 179 / Thursday, September 16, 2010 / Notices 56567 

provide some other ‘‘Secondary 

Service,’’ as defined below in Section III 

which has been approved by such 

Funds. 

(f) The term ‘‘net asset value’’ means 

the amount for purposes of pricing all 

purchases and sales of shares of a Fund 

calculated by dividing the value of all 

securities, determined by a method as 

set forth in the Fund’s prospectus and 

statement of additional information, and 

other assets belonging to the Fund or 

portfolio of the Fund, less the liabilities 

charged to each such portfolio or Fund, 

by the number of outstanding shares. 

(g) The term ‘‘relative,’’ means a 

relative as that term is defined in 

section 3(15) of the Act (or a member of 

the family as that term is defined in 

section 4975(e)(6) of the Code), or a 

brother, a sister, or a spouse of a brother 

or a sister. 

(h) The term, ‘‘Second Fiduciary(ies),’’ 

means a fiduciary of a Client Plan who 

is independent of and unrelated to PNC. 

For purposes of this exemption, the 

Second Fiduciary will not be deemed to 

be independent of and unrelated to PNC 

if: 

(1) Such fiduciary, directly or 

indirectly controls, through one or more 

intermediaries, is controlled by, or is 

under common control with PNC; 

(2) Such fiduciary, or any officer, 

director, partner, employee, or relative 

of the fiduciary, is an officer, director, 

partner, or employee of PNC (or is a 

relative of such persons); or 

(3) Such fiduciary, directly or 

indirectly, receives any compensation or 

other consideration for his or her 

personal account in connection with 

any transaction described in this 

exemption. 

If an officer, director, partner, or 

employee of PNC (or relative of such 

persons) is a director of such Second 

Fiduciary, and if he or she abstains from 

participation in (i) the choice of such 

Client Plan’s investment advisor, (ii) the 

approval of any such purchase or sale 

between such Client Plan and a Fund, 

and (iii) the approval of any change in 

fees charged to or paid by such Client 

Plan in connection with any of the 

transactions described in Section I 

above, then Section III(h)(2), above, 

shall not apply. 

(i) The term, ‘‘Secondary Service(s),’’ 

means a service which is provided by 

PNC to a Fund, including custodial, 

accounting, and/or administrative 

services. The fees for providing 

Secondary Services to a Fund are paid 

to PNC by such Fund. 

(j) The term, ‘‘Termination Form,’’ 

means the form supplied to a Second 

Fiduciary which expressly provides an 

election to such Second Fiduciary to 

terminate on behalf of a Client Plan the 

authorization described, above, in 

Section II(i). 

(k) The term, ‘‘business day,’’ means 

any day that 

(1) PNC is open for conducting all or 

substantially or substantially all of its 

banking functions, and 

(2) The New York Stock Exchange (or 

any successor exchange) is open for 

trading. 

Effective Dates: This exemption is 

effective as of February 1, 2008. 

Written Comments 

In the Notice of Proposed Exemption 

(the Notice), the Department of Labor 

(the Department) invited all interested 

persons to submit written comments 

and requests for a hearing on the 

proposed exemption within forty-five 

(45) days of the date of the publication 

of the Notice in the Federal Register on 

April 30, 2010. All comments and 

requests for a hearing from interested 

persons were due by June 14, 2010; 

however, because the Applicant 

required additional time to mail the 

Notice to all interested parties, the 

Department extended the due date to 

June 17, 2010 which was reflected in the 

Notice. The Department received no 

requests for a hearing. The Department 

received one written comment from the 

Applicant on June 15, 2010. The 

Applicant later clarified its written 

comments in a letter dated July 6, 2010. 

1. Scope of Relief 

The Applicant requested that the 

scope of relief provided in the Notice be 

expanded to include all of section 

406(a) of the Act instead of only section 

406(a)(1)(D) of the Act. The Applicant 

represents that the Department has 

provided relief from section 406(a) in 

similar prior exemptions. In response, it 

is the Department’s view that the PNC 

Funds are not parties in interest under 

section 3(14) of the Act with respect to 

the Plan. Accordingly, the Department 

has determined not to provide the 

requested relief under section 

406(a)(1)(A) of the Act. A similar 

analysis would apply to sections 

406(a)(1)(B) and (C) of the Act. 

Therefore, the Department has decided 

to limit relief to sections 406(a)(1)(D) 

and 406(b) of the Act. 

2. Credit Fee Method Implementation 

The Applicant also requested that the 

Department clarify the timing as to 

when the Applicant implemented the 

Credit Fee Method. The Applicant 

represents that although the Applicant 

had systems in place to implement the 

Credit Fee Method, it implemented the 

Credit Fee Method for investments in 

the PNC Funds in June 2010. The 

Department, in order to clarify this 

issue, has added the following sentence 

to the end of Representation 11 as 

follows: 

‘‘PNC represents that it had systems in 

place as of February 8, 2008 to 

implement the Credit Fee Method; 

however, at that time PNC did not use 

the Credit Fee Method for Client Plan 

investments in the Funds.’’ 

In addition, due to a publication error, 

part of the first sentence of Footnote 3 

in Representation 11 was missing. The 

first sentence of Footnote 3 in 

Representation 11 should have read: 

‘‘It is the view of PNC that the Credit 

Fee Method is covered by PTE 77–4.’’ 

3. Summary Prospectus 

The Applicant also requested the 

Department’s views on whether, for 

purposes of the exemptive relief 

requested, PNC may use a current 

‘‘summary prospectus’’ to satisfy the 

conditions contained in section II(h)(1) 

and II(m)(1) of the Notice. The condition 

in section II(h)(1) of this grant requires 

that the Second Fiduciary, who is acting 

on behalf of a Client Plan, receives in 

advance of any initial investment in a 

Fund, among other things, a current 

‘‘prospectus.’’ The condition in section 

II(m)(1) of this grant also requires that, 

on an annual basis, PNC provides the 

Second Fiduciary of each Client Plan 

invested in a Fund with such Fund’s 

current ‘‘prospectus.’’ The Applicant 

also requested the Department’s views 

on whether, for purposes of the 

individual exemptive relief granted to 

PNC in Prohibited Transaction 

Exemption 2009–22 (PTE 2009–22), it 

may use a current ‘‘summary 

prospectus’’ to satisfy the conditions 

contained in section II(h)(1) and II(m)(1) 

of PTE 2009–22. The Department notes 

that: (1) Neither exemption defines the 

term ‘‘prospectus;’’ (2) the ‘‘summary 

prospectus’’ includes, among other 

things, fee and expense information and 

a legend containing an internet address 

and telephone number for obtaining a 

‘‘prospectus’’ for the relevant Fund and 

other information free of charge; and (3) 

the exemptive relief is conditioned 

upon the affected plans receiving a 

separate fee disclosure, in advance of 

any initial investment and upon the 

occurrence of certain specified events, 

which fee disclosure contains more 

detailed information than the general 

fee information required to be included 

in a ‘‘prospectus’’ or ‘‘summary 

prospectus.’’ Accordingly, the 

Department wishes to clarify solely for 

purposes of section II(h)(1) and section 

II(m)(1) of this grant and section II(h)(1) 

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56568 Federal Register / Vol. 75, No. 179 / Thursday, September 16, 2010 / Notices 

3The Department notes that consistent with the 

prudence requirements of section 404, a fiduciary 

has a duty to consider all available relevant 

information regardless whether the information is 

actually provided to the fiduciary. 

4Unless otherwise stated herein, the Facility and 

the Land are together referred to as the ‘‘Property.’’ 

and section II(m)(1) of PTE 2009–22 that 

wherever a ‘‘prospectus’’ is required to 

be provided by those sections, such 

requirement can also be satisfied by the 

provision of a ‘‘summary prospectus.’’ 3

For a more complete statement of the facts 

and representations supporting the 

Department’s decision to grant this 

exemption, refer to the notice of proposed 

exemption published on April 30, 2010 at 75 

FR 22853. 

For Further Information Contact: Mr. 

Anh-Viet Ly of the Department at (202) 

693–8648. (This is not a toll-free 

number.) 

The Finishing Trades Institute of the MidAtlantic Region (the Plan) 

Located in Philadelphia, Pennsylvania 

[Prohibited Transaction Exemption 2010– ; 

Exemption Application No. L–11609]. 

Exemption 

The restrictions of sections 406(a)(1)(A) 

through (D) and 406(b)(1) and (b)(2) of the 

Act shall not apply to the proposed loan of 

approximately $1,081,416 (the Loan) to the 

Plan by the International Union of Painters 

and Allied Trades, District Council 21 (the 

Union), a party in interest with respect to the 

Plan, for (1) the repayment of an outstanding 

loan (the Original Loan) made to the Plan by 

Commerce Bank and currently held by TD 

Bank, both of which are unrelated parties; 

and (2) to facilitate the expansion of a 

training facility (the Facility) that is situated 

on certain real property (the Land) 4 owned 

by the Plan, provided that the following 

conditions are met: 

(a) The terms and conditions of the Loan 

are at least as favorable to the Plan as those 

which the Plan could have obtained in an 

arm’s length transaction with an unrelated 

party; 

(b) The Plan’s trustees determine in writing 

that the Loan is appropriate for the Plan and 

in the best interests of the Plan’s participants 

and beneficiaries; 

(c) A qualified, independent fiduciary that 

is acting on behalf of the Plan (the Qualified 

Independent Fiduciary) reviews the terms of 

the Loan and determines that the Loan is an 

appropriate investment for the Plan and 

protective of and in the best interests of the 

Plan and its participants and beneficiaries; 

(d) In determining the fair market value of 

the Property that serves as collateral for the 

Loan, the Qualified Independent Fiduciary 

(1) obtains an appraisal of the Property from 

a qualified, independent appraiser (the 

Qualified Independent Appraiser); and (2) 

ensures that the appraisal prepared by the 

Qualified Independent Appraiser is 

consistent with sound principles of 

valuation; 

(e) The Qualified Independent Fiduciary 

monitors the Loan, as well as the terms and 

conditions of the exemption, and takes 

whatever actions are necessary and 

appropriate to safeguard the interests of the 

Plan and its participants and beneficiaries 

under the Loan; 

(f) The Loan is repaid by the Plan solely 

with the funds the Plan retains after paying 

all of its operational expenses; and 

(g) The Plan does not pay any fees or other 

expenses in connection with the servicing or 

administration of the Loan. 

For a more complete statement of the facts 

and representations supporting the 

Department’s decision to grant this 

exemption, refer to the notice of proposed 

exemption published on July 2, 2010 at 75 FR 

38561. 

For Further Information Contact: 

Brian Shiker of the Department, 

telephone (202) 693–8552. (This is not 

a toll-free number.) 

General Information 

The attention of interested persons 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/or section 

4975(c)(2) of the Code does not relieve 

a fiduciary or other party in interest or 

disqualified person from certain other 

provisions to which the exemption does 

not apply and the general fiduciary 

responsibility provisions of section 404 

of the Act, which among other things 

require a fiduciary to discharge his 

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 requirement of section 

401(a) of the Code that the plan must 

operate for the exclusive benefit of the 

employees of the employer maintaining 

the plan and their beneficiaries; 

(2) 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 transactional rules. 

Furthermore, the fact that a transaction 

is subject to an administrative or 

statutory exemption is not dispositive of 

whether the transaction is in fact a 

prohibited transaction; and 

(3) The availability of this exemption 

is subject to the express condition that 

the material facts and representations 

contained in the application accurately 

describes all material terms of the 

transaction which is the subject of the 

exemption. 

Signed at Washington, DC, this 10th day of 

September, 2010. 

Ivan Strasfeld, 

Director of Exemption Determinations, 

Employee Benefits Security Administration, 

U.S. Department of Labor. 

[FR Doc. 2010–23058 Filed 9–15–10; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

[D–11400; D–11585; D–11603–07] 

Application Nos. and Proposed 

Exemptions; D–11400, Wasatch 

Advisors, Inc.; D–11585, Retirement 

Plan for Employees of the 

Rehabilitation Institute of Chicago (the 

Plan); D–11603–07, Chrysler Group 

LLC and Daimler AG; et al. 

AGENCY: Employee Benefits Security 

Administration, Labor. 

ACTION: Notice of proposed exemptions. 

SUMMARY: This document contains 

notices of pendency before the 

Department of Labor (the Department) of 

proposed exemptions from certain of the 

prohibited transaction restrictions of the 

Employee Retirement Income Security 

Act of 1974 (ERISA or the Act) and/or 

the Internal Revenue Code of 1986 (the 

Code). 

Written Comments and Hearing 

Requests 

All interested persons are invited to 

submit written comments or requests for 

a hearing on the pending exemptions, 

unless otherwise stated in the Notice of 

Proposed Exemption, within 45 days 

from the date of publication of this 

Federal Register Notice. Comments and 

requests for a hearing should state: (1) 

The name, address, and telephone 

number of the person making the 

comment or request, and (2) the nature 

of the person’s interest in the exemption 

and the manner in which the person 

would be adversely affected by the 

exemption. A request for a hearing must 

also state the issues to be addressed and 

include a general description of the 

evidence to be presented at the hearing. 

ADDRESSES: All written comments and 

requests for a hearing (at least three 

copies) should be sent to the Employee 

Benefits Security Administration 

(EBSA), Office of Exemption 

Determinations, Room N–5700, U.S. 

Department of Labor, 200 Constitution 

Avenue, NW., Washington, DC 20210. 

Attention: Application No. llll, 

stated in each Notice of Proposed 

Exemption. Interested persons are also 

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