Federal Register / Vol. 65, No. 203 / Thursday, October 19, 2000 / Notices 62755

1Pursuant to 29 CFR 2510.3–2(d), the IRA is not

within the jurisdiction of Title I of the Act.

However, there is jurisdiction under Title II of the

Act, pursuant to section 4975 of the Code.

2Because Morris and Arthur Platt, who are

owner-employees, and Arthur Platt’s wife are the

only participants in the Plan, the Plan is not within

the jurisdiction of Title I of the Act. However, there

is jurisdiction under Title II of the Act, pursuant to

section 4975 of the Code.

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 2000–

49; Exemption Application Nos. D–10879]

Actuarial Sciences Associates, Inc.

(ASA) and ASA Fiduciary Counselors

Inc. (ASA) Counselors), Located in

Alexandria, VA

AGENCY: Pension and Welfare Benefits

Administration, U.S. Department of

Labor (the Department).

ACTION: Notice of Technical Correction.

On October 11, 2000, the Department

published in the Federal Register (65

FR 60454) an individual exemption

which permits a transaction between a

party in interest with respect to the

Plumbers and Pipe Fitters National

Pension Fund (the Fund) and an

account that holds certain assets of the

Fund managed by ASA or ASA

Counselors, while serving as

independent named fiduciary in

connection with Prohibited Transaction

Exemption 99–46 (64 FR 61944,

November 15, 1999).

On page 60454 of the grant notice, the

Prohibited Transaction Exemption (PTE)

number was erroneously listed as 2000–

47. The PTE number for this exemption

is 2000–49. Therefore, the Department

hereby corrects such error by

designating the exemption as PTE 2000–

49.

FOR FURTHER INFORMATION CONTACT: Ms.

Angelena LeBlanc of the Department at

(202) 219–8883. (This is not a toll-free

number.)

Signed at Washington, D.C., this 13th day

of October, 2000.

Ivan L. Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 00–26790 Filed 10–18–00; 8:45 am]

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 2000–

50; Exemption Application No. D–10871, et

al.]

Grant of Individual Exemptions; IRA

FBO Floyd A. Ross (the IRA)

AGENCY: Pension and Welfare Benefits

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 (the Act) and/or

the Internal Revenue Code of 1986 (the

Code).

Notices were published in the Federal

Register of the pendency before the

Department of proposals to grant such

exemptions. The notices set forth a

summary of facts and representations

contained in each application for

exemption and referred interested

persons to the respective applications

for a complete statement of the facts and

representations. The applications have

been available for public inspection at

the Department in Washington, D.C. The

notices also invited interested persons

to submit comments on the requested

exemptions to the Department. In

addition the notices stated that any

interested person might submit a

written request that a public hearing be

held (where appropriate). The

applicants have represented that they

have complied with the requirements of

the notification to interested persons.

No public comments and no requests for

a hearing, unless otherwise stated, were

received by the Department.

The notices of proposed exemption

were issued and the exemptions are

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 exemptions are

administratively feasible;

(b) They are in the interests of the

plans and their participants and

beneficiaries; and

(c) They are protective of the rights of

the participants and beneficiaries of the

plans.

IRA FBO Floyd A. Ross (the IRA)

Located in Ukiah, California

[Prohibited Transaction Exemption 2000–50;

Exemption Application No. D–10871]

Exemption

The sanctions resulting from the

application of section 4975 of the Code,

by reason of section 4975(c)(1)(A)

through (E) of the Code, shall not apply

to the proposed purchase by the IRA of

certain closely held common stock (the

Stock) from the Ross Family Trust (the

Family Trust), a disqualified person

with respect to the IRA,1 provided that

the following conditions are satisfied:

(a) The purchase is a one-time

transaction for cash;

(b) The terms and conditions of the

purchase are at least as favorable to the

IRA as those available in a comparable

arm’s length transaction with an

unrelated party;

(c) The IRA pays a purchase price that

is no greater than the fair market value

of the Stock at the time of the

transaction, as established by a

qualified, independent appraiser;

(d) The IRA pays no commissions nor

other expenses in connection with the

purchase; and

(e) The fair market value of the Stock

represents no more than 25 percent of

the total assets of the IRA at the time of

the transaction.

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

September 7, 2000 at 65 FR 54313.

FOR FURTHER INFORMATION CONTACT: Ms.

Karin Weng of the Department,

telephone (202) 219–8881. (This is not

a toll-free number.)

Platt Orthopedics Retirement Plan (the

Plan) Located in Rancho Mirage,

California

[Prohibited Transaction Exemption 2000–51;

Exemption Application No. D–10875]

Exemption

The sanctions resulting from the

application of section 4975 of the Code,

by reason of section 4975(c)(1)(A)

through (E) of the Code, shall not apply

to the proposed sale by the Plan of

certain improved real property (the

Property) to Morris and Arthur Platt,

disqualified persons with respect to the

Plan,2 provided that the following

conditions are satisfied: (1) The sale is

a one-time transaction for cash; (2) the

Plan pays no commissions nor other

expenses relating to the sale; and (3) the

Plan receives an amount equal to the

average of two independent appraisals

62756 Federal Register / Vol. 65, No. 203 / Thursday, October 19, 2000 / Notices

1For purposes of this proposed exemption,

references to provisions of Title I of the Act, unless

otherwise noted herein, refer also to corresponding

provisions of the Code.

of the Property’s fair market value, as of

the date of the sale.

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

September 7, 2000 at 65 FR 54314.

FOR FURTHER INFORMATION CONTACT: Ms.

Karin Weng 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

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) 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 accurately describes all

material terms of the transaction which

is the subject of the exemption.

Signed at Washington, D.C., this 13th day

of October, 2000.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor .

[FR Doc. 00–26788 Filed 10–18–00; 8:45 am]

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Application No. D–10651, et al.]

Proposed Exemptions; Merrill Lynch &

Co., Inc. (ML&Co.)

AGENCY: Pension and Welfare Benefits

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 (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 request 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

request for a hearing (at least three

copies) should be sent to the Pension

and Welfare Benefits Administration,

Office of Exemption Determinations,

Room N–5649, U.S. Department of

Labor, 200 Constitution Avenue, N.W.,

Washington, D.C. 20210. Attention:

Application No. ll, stated in each

Notice of Proposed Exemption. The

applications for exemption and the

comments received will be available for

public inspection in the Public

Documents Room of the Pension and

Welfare Benefits Administration, U.S.

Department of Labor, Room N–5638,

200 Constitution Avenue, N.W.,

Washington, D.C. 20210.

Notice to Interested Persons

Notice of the proposed exemptions

will be provided to all interested

persons in the manner agreed upon by

the applicant and the Department

within 15 days of the date of publication

in the Federal Register. Such notice

shall include a copy of the notice of

proposed exemption as published in the

Federal Register and shall inform

interested persons of their right to

comment and to request a hearing

(where appropriate).

SUPPLEMENTARY INFORMATION: The

proposed exemptions were requested in

applications filed pursuant to section

408(a) of the Act and/or section

4975(c)(2) of the Code, and in

accordance with procedures set forth in

29 CFR Part 2570, Subpart B (55 FR

32836, 32847, August 10, 1990).

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

requested to the Secretary of Labor.

Therefore, these notices of proposed

exemption are issued solely by the

Department.

The applications contain

representations with regard to the

proposed exemptions which are

summarized below. Interested persons

are referred to the applications on file

with the Department for a complete

statement of the facts and

representations.

Merrill Lynch & Co., Inc. (ML&Co.)

Located in New York, NY

[Application No. D–10651]

Proposed Exemption

Based on the facts and representations

set forth in the application, the

Department is considering granting an

exemption under the authority of

section 408(a) of the Act and section

4975(c)(2) of the Code and in

accordance with the procedures set

forth in 29 CFR Part 2570, Subpart B (55

FR 32836, 32847, August 10, 1990). 1

Section I. Covered Transactions

If the exemption is granted, the

restrictions of section 406(a)(1)(A)

through (D) of the Act and the sanctions

resulting from the application of section

4975 of the Code, by reason of section

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

shall not apply to (1) the purchase or

sale by employee benefit plans (the

Plans), other than Plans sponsored by

ML&Co. or its affiliates (collectively, the

Applicants), of Market Index TargetTerm Securities (the MITTS), which are

debt securities issued by the Applicants;

and (2) the extension of credit by the

Plans to the Applicants in connection

with the holding of the MITTS.