42842 Federal Register / Vol. 62, No. 153 / Friday, August 8, 1997 / Notices

EFFECTIVE DATE: This exemption is

effective as of December 26, 1996.

WRITTEN COMMENTS: The Department no

requests for a hearing and one written

comment with respect to the proposed

exemption. The comment was

submitted by the applicant, the First

Savings Bank, in correction of

information submitted by the applicant

which appeared in the Summary of

Facts and Representations (the

Summary) in the Notice of Proposed

Exemption. The fourth paragraph of the

Summary includes the Employer’s

representation that 5,000 Rights were

exercised by Invested Participants, and

that the remaining 4,798 Rights expired

on the Expiration Date. The applicant

notes that this representation was in

error, reflecting a misunderstanding

about the information that was

requested. The applicant represents that

the actual number of Rights exercised by

Invested Participants was 367.

After consideration of the entire

record, as corrected by the applicant,

the Department has determined to grant

the exemption.

For a more complete statement of the

summary of facts and representations

supporting the Department’s decision to

grant this exemption refer to the Notice

of Proposed Exemption published on

June 4, 1997 at 62 FR 30620.

FOR FURTHER INFORMATION CONTACT:

Ronald Willett of the Department,

telephone (202) 219–8881. (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 exemptions do

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) These exemptions are

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 these

exemptions is subject to the express

condition that the material facts and

representations contained in each

application are true and complete and

accurately describe all material terms of

the transaction which is the subject of

the exemption. In the case of continuing

exemption transactions, if any of the

material facts or representations

described in the application change

after the exemption is granted, the

exemption will cease to apply as of the

date of such change. In the event of any

such change, application for a new

exemption may be made to the

Department.

Signed at Washington, D.C., this 5th day of

August, 1997.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 97–21005 Filed 8–7–97; 8:45 am]

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

Working Group Studying Soft Dollar

Arrangements and Commission

Recapture: Advisory Council on

Employee Welfare and Pension

Benefits Plans; Notice of Meeting

Pursuant to the authority contained in

Section 512 of the Employee Retirement

Income Security Act of 1974 (ERISA), 29

U.S.C. 1142, a public meeting will be

held September 17 of the Advisory

Council on Employee Welfare and

Pension Benefit Plans Working Group

formed to study Soft Dollar

Arrangements and Commission

Recapture.

The session will take place in Room

N–5437 A&B, U.S. Department of Labor

Building, Second and Constitution

Avenue, NW, Washington, D.C. 20210.

The purpose of the open meeting, which

will run from 9:30 a.m. to

approximately noon, is to conclude the

taking of testimony from members of the

financial community discussing their

views on soft dollar and directed

brokerage practices.

Members of the public are encouraged

to file a written statement pertaining to

any topic concerning ERISA by

submitting 20 copies on or before

September 7, 1997, to Sharon Morrissey,

Executive Secretary, ERISA Advisory

Council, U.S. Department of Labor,

Room N–5677, 200 Constitution

Avenue, NW, Washington, D.C. 20210.

Individuals or representatives of

organizations wishing to address the

Working Group on Soft Dollar

Arrangements and Commission

Recapture should forward their request

to the Executive Secretary or telephone

(202) 219–8753. Oral presentations will

be limited to 10 minutes, but an

extended statement may be submitted

for the record. Individuals with

disabilities, who need special

accommodations, should contact Sharon

Morrissey by September 7, at the

address indicated in this notice.

Organizations or individuals may also

submit statements for the record

without testifying. Twenty (20) copies of

such statements should be sent to the

Executive Secretary of the Advisory

Council at the above address. Papers

will be accepted and included in the

record of the meeting if received on or

before September 7.

Signed at Washington, D.C. this 4th day of

August 1997.

Olena Berg,

Assistant Secretary, Pension and Welfare

Benefits Administration.

[FR Doc. 97–21014 Filed 8–7–97; 8:45 am]

BILLING CODE 4510–29–M

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

99th Full Council Meeting; Advisory

Council on Employee Welfare and

Pension Benefits Plans; Notice of

Meeting

Pursuant to the authority contained in

Section 512 of the Employee Retirement

Income Security Act of 1974 (ERISA), 29

U.S.C. 1142, a public meeting will be

held September 17, 1997 of the

Advisory Council on Employee Welfare

and Pension Benefit Plans.

The session will take place in Room

N–5437 A&B, U.S. Department of Labor

Building, Second and Constitution

Avenue, NW, Washington, D.C. 20210.

The purpose of the open meeting, which

will run from 1:00 p.m. to

approximately 2:30 p.m., is for the

Council’s three Working Group chairs to

update the full Advisory Council on

their committees’ progress in studying

their specific topics for the year. The

progress reports will be made by chairs

of the Working Groups on Employer

Assets in Employer-Sponsored Plans, on

Defined Contribution vs. Defined