Federal Register / Vol. 76, No. 186 / Monday, September 26, 2011 / Notices 59445 

17The proposal of this exemption should not be 

interpreted as an endorsement by the Department 

of the transactions described herein. The 

Department notes that the fiduciary responsibility 

provisions of Part 4 of Title I of the Act apply to 

the fiduciary’s decision to engage in the reinsurance 

arrangement. Specifically, section 404(a)(1) of the 

Act requires, among other things, that a plan 

fiduciary act prudently, solely in the interest of the 

plan’s participants and beneficiaries, and for the 

exclusive purpose of providing benefits to 

participants and beneficiaries when making 

investment decisions on behalf of the plan. In this 

regard, the Department is not providing any opinion 

as to whether a particular insurance or investment 

product, strategy or arrangement would be 

considered prudent or in the best interests of a plan, 

as required by section 404 of the Act. The 

determination of the prudence of a particular 

product or arrangement must be made by a plan 

fiduciary after appropriate consideration to those 

facts and circumstances that, given the scope of 

such fiduciary’s investment duties, the fiduciary 

knows or should know are relevant to the particular 

product or arrangement involved, including the 

plan’s potential exposure to losses and the role a 

particular insurance or investment product plays in 

that portion of the plan’s investment portfolio with 

respect to which the fiduciary has investment 

duties and responsibilities (see 29 CFR 2550.404a– 

1). 

(d) Royal Assurance has received a 

Certificate of Authority from its 

domiciliary state (Arizona), which has 

neither been revoked nor suspended; 

(e) The Plan will pay no more than 

adequate consideration for the 

insurance. In addition, in the initial year 

of the proposed reinsurance transaction, 

there will be an immediate and 

objectively determined benefit to the 

Plan’s participants and beneficiaries in 

the form of increased benefits; and 

(f) No commissions will be paid by 

the Plan with respect to the reinsurance 

arrangement with Royal Assurance, as 

described herein. 

In addition, the Plan’s interests will 

be represented by a qualified, 

Independent Fiduciary (i.e., Milliman or 

its successor), who has initially 

determined that the proposed 

reinsurance transactions will be in the 

interest of, and protective of, the Plan 

and its participants and beneficiaries. 

The Independent Fiduciary will also 

confirm on an annual basis that the Plan 

is paying a rate comparable to that 

which would be charged by a 

comparably-rated insurer for a program 

of the approximate size of the Plan with 

comparable claims experience. 

15. In summary, the applicants 

represent that the proposed reinsurance 

transactions will meet the criteria of 

section 408(a) of the Act because: 

(a) The Plan’s participants and 

beneficiaries are afforded insurance 

protection by Unum, a carrier with a 

current rating of ‘‘A’’ from A. M. Best, 

at competitive market rates arrived at 

through arm’s length negotiations; 

(b) Unum will enter into a reinsurance 

agreement with Royal Assurance, a 

sound, viable insurance company which 

has been in business since 2008; 

(c) The protections described in 

Representation 14, above, provided to 

the Plan and its participants and 

beneficiaries under the proposed 

reinsurance transactions are based on 

those required for direct insurance by a 

‘‘captive’’ insurer, under the conditions 

of PTE 79–41 (notwithstanding certain 

other requirements related to, among 

other things, the amount of gross 

premiums or annuity considerations 

received from customers who are not 

related to, or affiliated with the 

insurer); 17

(d) The Independent Fiduciary has 

reviewed the proposed reinsurance 

transaction and has determined that the 

transaction is appropriate for, and in the 

interests of, the Plan and that there will 

be an immediate benefit to the Plan’s 

participants as a result thereof by reason 

of an improvement in benefits under the 

terms of the Plan; and 

(e) The Independent Fiduciary will 

monitor compliance by the parties with 

the terms and conditions of the 

exemption, and will take whatever 

action is necessary and appropriate to 

safeguard the interests of the Plans and 

of their participants and beneficiaries. 

Notice To Interested Persons: A copy 

of this Notice of Proposed Exemption 

(the Notice) shall be provided to all 

interested persons via first-class mail 

within thirty (30) days of the date of 

publication of the Notice in the Federal 

Register. Comments and requests for a 

hearing are due no later than sixty (60) 

days after publication of the Notice in 

the Federal Register. 

For Further Information Contact: Mr. 

Gary Lefkowitz of the Department at 

(202) 693–8546. 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 of the Act and/or the Code, 

including any prohibited transaction 

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) Before an exemption may be 

granted under section 408(a) of the Act 

and/or section 4975(c)(2) of the Code, 

the Department must find that the 

exemption is administratively feasible, 

in the interests of the plan and of its 

participants and beneficiaries, and 

protective of the rights of participants 

and beneficiaries of the plan; 

(3) The proposed exemptions, if 

granted, will be supplemental to, and 

not in derogation of, any other 

provisions of the Act and/or the Code, 

including statutory or administrative 

exemptions and transitional 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 

(4) The proposed exemptions, if 

granted, will be subject to the express 

condition that the material facts and 

representations contained in each 

application are true and complete, and 

that each application accurately 

describes all material terms of the 

transaction which is the subject of the 

exemption. 

Signed at Washington, DC, this 21st day of 

August 2011. 

Ivan Strasfeld, 

Director of Exemption Determinations, 

Employee Benefits Security Administration, 

U.S. Department of Labor. 

[FR Doc. 2011–24656 Filed 9–23–11; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

Withdrawal of Proposed Exemption 

From Certain Prohibited Transaction 

Restrictions 

In the Federal Register dated May 5, 

2011 (76 FR 25719), the Department of 

Labor (the Department) published a 

notice of proposed exemption from the 

prohibited transaction restrictions of the 

Employee Retirement Income Security 

Act of 1974 and from certain taxes 

imposed by the Internal Revenue Code 

of 1986. The notice concerned an 

application, D–11639, filed on behalf of 

Wolverine Bronze Company Profit 

Sharing Plan and Trust (the Plan) and 

BDR Oil, LLC located in Roseville, 

Michigan, involving the proposed sale, 

for cash at fair market value, of a note 

receivable and royalty interests 


jlentini on DSK4TPTVN1PROD with NOTICES
59446 Federal Register / Vol. 76, No. 186 / Monday, September 26, 2011 / Notices 

(ORRIs)—collectively, the Alternative 

Investments, by the Plan to BDR Oil, 

LLC, an entity owned by three officers/ 

employees of the Plan. 

On May 19, 2011, the Department was 

informed by a representative of the 

Applicant that BDR Oil, LLC no longer 

intended to purchase the Alternative 

Investments from the Plan. Accordingly, 

on its own motion, the Department 

hereby withdraws the foregoing notice 

of proposed exemption. 

Signed at Washington, DC, this 19th day of 

August, 2011. 

Ivan L. Strasfeld, 

Director, Office of Exemption Determinations, 

Employee Benefits Security Administration, 

U.S. Department of Labor. 

[FR Doc. 2011–24530 Filed 9–23–11; 8:45 am] 

BILLING CODE 4510–29–P 

NATIONAL AERONAUTICS AND 

SPACE ADMINISTRATION 

[Notice11–084] 

NASA Advisory Council; Science 

Committee; Meeting 

AGENCY: National Aeronautics and 

Space Administration. 

ACTION: Notice of meeting. 

SUMMARY: In accordance with the 

Federal Advisory Committee Act, Public 

Law 92–462, as amended, the National 

Aeronautics and Space Administration 

(NASA) announces a meeting of the 

Science Committee of the NASA 

Advisory Council (NAC). This 

Committee reports to the NAC. The 

meeting will be held for the purpose of 

soliciting, from the scientific 

community and other persons, scientific 

and technical information relevant to 

program planning. 

DATES: Monday, October 31, 8:30 a.m. to 

4 p.m., Local Time, and Tuesday, 

November 1, 2011, 8:30 a.m. to 2 p.m., 

Local Time. 

ADDRESSES: NASA Headquarters, 300 E 

Street, SW., Room 3H46, Washington, 

DC 20546. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Marian Norris, Science Mission 

Directorate, NASA Headquarters, 

Washington, DC 20546, (202) 358–4452, 

fax (202) 358–1377, or 

mnorris@nasa.gov. 

SUPPLEMENTARY INFORMATION: The 

meeting will be open to the public up 

to the capacity of the room. This 

meeting is also available telephonically 

and by WebEx. Any interested person 

may call the USA toll free conference 

call number 888–989–4491, pass code 

Science Committee, to participate in 

this meeting by telephone. The WebEx 

link is https://nasa.webex.com/, 

meeting number on October 31 is 993 

667 684, and password Science@Oct31; 

the meeting number on November 1 is 

994 724 148, and password 

.Science@Nov1. The agenda for the 

meeting includes the following topics: 

—Program and Subcommittee Updates. 

—James Webb Space Telescope Program 

Replan. 

It is imperative that the meeting be 

held on these dates to accommodate the 

scheduling priorities of the key 

participants. Attendees will be 

requested to sign a register and to 

comply with NASA security 

requirements, including the 

presentation of a valid picture ID to 

Security before access to NASA 

Headquarters. Foreign nationals 

attending this meeting will be required 

to provide a copy of their passport, visa, 

or resident alien card in addition to 

providing the following information no 

less than 10 working days prior to the 

meeting: full name; gender; date/place 

of birth; citizenship; visa/green card 

information (number, type, expiration 

date); passport information (number, 

country, expiration date); employer/ 

affiliation information (name of 

institution, address, country, 

telephone); title/position of attendee; 

home address; driver’s license number 

and state of issue; and Social Security 

number to Marian Norris via e-mail at 

mnorris@nasa.gov or by fax at (202) 

358–1377. U.S. citizens are requested to 

submit their name and affiliation 3 

working days prior to the meeting to 

Marian Norris. 

Dated: September 20, 2011. 

P. Diane Rausch, 

Advisory Committee Management Officer, 

National Aeronautics and Space 

Administration. 

[FR Doc. 2011–24684 Filed 9–23–11; 8:45 am] 

BILLING CODE 7510–13–P 

NATIONAL ARCHIVES AND RECORDS 

ADMINISTRATION 

Records Schedules; Availability and 

Request for Comments 

AGENCY: National Archives and Records 

Administration (NARA). 

ACTION: Notice of availability of 

proposed records schedules; request for 

comments. 

SUMMARY: The National Archives and 

Records Administration (NARA) 

publishes notice at least once monthly 

of certain Federal agency requests for 

records disposition authority (records 

schedules). Once approved by NARA, 

records schedules provide mandatory 

instructions on what happens to records 

when no longer needed for current 

Government business. They authorize 

the preservation of records of 

continuing value in the National 

Archives of the United States and the 

destruction, after a specified period, of 

records lacking administrative, legal, 

research, or other value. Notice is 

published for records schedules in 

which agencies propose to destroy 

records not previously authorized for 

disposal or reduce the retention period 

of records already authorized for 

disposal. NARA invites public 

comments on such records schedules, as 

required by 44 U.S.C. 3303a(a). 

DATES: Requests for copies must be 

received in writing on or before October 

26, 2011. Once the appraisal of the 

records is completed, NARA will send 

a copy of the schedule. NARA staff 

usually prepare appraisal 

memorandums that contain additional 

information concerning the records 

covered by a proposed schedule. These, 

too, may be requested and will be 

provided once the appraisal is 

completed. Requesters will be given 30 

days to submit comments. 

ADDRESSES: You may request a copy of 

any records schedule identified in this 

notice by contacting Records 

Management Services (ACNR) using one 

of the following means: 

Mail: NARA (ACNR), 8601 Adelphi 

Road, College Park, MD 20740–6001. 

E-mail: request.schedule@nara.gov. 

Fax: 301–837–3698. 

Requesters must cite the control 

number, which appears in parentheses 

after the name of the agency which 

submitted the schedule, and must 

provide a mailing address. Those who 

desire appraisal reports should so 

indicate in their request. 

FOR FURTHER INFORMATION CONTACT: 

Laurence Brewer, Director, Records 

Management Services (ACNR), National 

Archives and Records Administration, 

8601 Adelphi Road, College Park, MD 

20740–6001. Telephone: 301–837–1539. 

E-mail: records.mgt@nara.gov. 

SUPPLEMENTARY INFORMATION: Each year 

Federal agencies create billions of 

records on paper, film, magnetic tape, 

and other media. To control this 

accumulation, agency records managers 

prepare schedules proposing retention 

periods for records and submit these 

schedules for NARA’s approval, using 

the Standard Form (SF) 115, Request for 

Records Disposition Authority. These 

schedules provide for the timely transfer 

into the National Archives of 

historically valuable records and 


jlentini on DSK4TPTVN1PROD with NOTICES