Federal Register / Vol. 62, No. 74 / Thursday, April 17, 1997 / Notices 18801

making these materials available in the

industry to which they apply.

g. There is a plan to evaluate the

program’s effectiveness and this

includes plans to follow-up with

trainees to see if the training resulted in

workplace change.

h. The planned work can be

accomplished in one year.

2. Program Experience

a. The organization applying for the

grant has experience with occupational

safety and health.

b. The organization applying for the

grant has experience training adults in

work-related subjects.

c. The staff to be assigned to the

project have experience in (1)

occupational safety and health, (2) the

specific target chosen, and (3) training

adults.

d. The organization applying for the

grant has experience in recruiting and

training the population it proposes to

serve under the grant.

3. Administrative Capability

a. The applicant organization has had

experience managing a variety of

programs.

b. The applicant organization has

administered a number of different

Federal and/or State grants over the past

five years.

c. The application is complete,

including forms, budget detail, narrative

and workplan, and required

attachments.

4. Budget

a. The budgeted costs are reasonable.

b. The proposed non-Federal share is

at least 20% of the total budget.

c. The budget complies with Federal

cost principles (which can be found in

applicable OMB Circulars) and with

OSHA budget requirements contained

in the grant application instructions.

d. The cost per trainee is less than

$500 and the cost per training hour is

reasonable.

In addition to the factors listed above,

the Assistant Secretary will take other

items into consideration, such as the

geographical distribution of the grant

programs and the coverage of

populations at risk.

How much money is available for

grants?

There is approximately $1,900,000

available for this program. The average

Federal award will be $100,000.

How Long Are Grants Awarded For?

Grants are awarded for twelve-month

periods. Grants may be renewed for

additional twelve-month periods

depending on whether there are funds

available, there is still a need for the

training, and the grantee has performed

satisfactorily.

How Do I Get a Grant Application

Package?

Grant application instructions may be

obtained from the OSHA Office of

Training and Education, Division of

Training and Educational Programs,

1555 Times Drive, Des Plaines, Illinois

60018. The application instructions are

also available at http://www.osha.gov/

training/.

When and Where are Applications to be

Sent?

The application deadline is 4:30 p.m.

Central Time, June 13, 1997.

Applications can be mailed to the

Division of Training and Educational

Programs, OSHA Office of Training and

Education, 1555 Times Drive, Des

Plaines, IL 60018. Applications will not

be accepted by fax.

How Will I be Told if My Application

Was Selected?

Organizations selected as grant

recipients will be notified by a

representative of the Assistant

Secretary, usually from an OSHA

Regional Office. An applicant whose

proposal is not selected will be notified

in writing.

Notice that an organization has been

selected as a grant recipient does not

constitute approval of the grant

application as submitted. Before the

actual grant award, OSHA will enter

into negotiations concerning such items

as program components, funding levels,

and administrative systems. If the

negotiations do not result in an

acceptable submittal, the Assistant

Secretary reserves the right to terminate

the negotiation and decline to fund the

proposal.

Signed at Washington, DC, this 10th day of

April 1997.

Greg Watchman,

Acting Assistant Secretary of Labor.

[FR Doc. 97–9874 Filed 4–16–97; 8:45 am]

BILLING CODE 4510–26–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 97–22;

Exemption Application No. D–10285 thru D–

10287, et al.]

Grant of Individual Exemptions;

General Electric Pension Trust (The GE

Trust), et al.

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 (43 FR 47713, October 17,

1978) 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:
18802 Federal Register / Vol. 62, No. 74 / Thursday, April 17, 1997 / Notices

1For purposes of this exemption, references to

specific provisions of Title I of the Act, unless

otherwise specified, refer also to the corresponding

provisions of the Code.

(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.

General Electric Pension Trust (The GE

Trust), Located in Fairfield,

Connecticut

[Prohibited Transaction Exemption 97–22

Exemption Application Nos. D–10285 thru

D–10287]

Exemption

The restrictions of sections 406(a),

406(b)(1), and 406(b)(2) 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 (E) of the Code 1 shall not apply,

effective July 12, 1996, to the past sale

by the GE Trust of its stock in

AmeriData Technologies, Inc.

(AmeriData) to General Electric Capital

Corporation (GECC) and GECC’s

indirect, wholly-owned subsidiary, GAC

Acquisition I Corporation (GAC), both of

which are parties in interest with

respect to the GE Trust and affiliates of

the General Electric Company (GE), the

sponsor of the GE Trust, in connection

with the merger of GAC and AmeriData

Technologies, Inc., provided that the

following conditions were satisfied:

(a) the sale of the AmeriData Stock

was a one-time transaction for cash;

(b) the GE Trust received the fair

market value for each share of the

AmeriData Stock on the date of the sale;

(c) the GE Trust received no less

consideration than that received by

similarly situated AmeriData

shareholders at the same time in the

same transaction;

(d) the GE Trust paid no commissions,

fees or other expenses in connection

with the sale of AmeriData Stock to

GECC and GAC;

(e) the terms of the sale were no less

favorable to the GE Trust than those

obtainable by other similarly situated

shareholders of AmeriData Stock;

(f) the GE Trust tendered its shares of

AmeriData Stock only at the close of the

tender-offer period and only after a

majority of the outstanding shares of

AmeriData had been tendered; and

(g) the transactions engaged in by the

GE Trust with respect to the AmeriData

Stock (including the acquisition,

holding and the subsequent sale to

GECC and GAC), were not part of an

arrangement designed to benefit GE, any

of its affiliates, or any other party in

interest with respect to the GE Trust.

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

November 13, 1996 at 61 FR 58241.

FOR FURTHER INFORMATION CONTACT:

Janet L. Schmidt of the Department,

telephone (202) 219–8883 (This is not a

toll-free number.)

Hawaiian Airlines, Inc. Pilots’ 401(k)

Plan, Hawaiian Airlines, Inc. 401(k)

Plan for Flight Attendants, and

Hawaiian Airlines, Inc. 401(k) Savings

Plan (collectively, the Plans) Located in

Honolulu, Hawaii

[Prohibited Transaction Exemption 97–23;

Exemption Application Nos. D–10380, D–

10381, and D–10382]

Exemption

The restrictions of sections 406(a) and

406 (b)(1) and (b)(2) 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 (E) of

the Code, shall not apply to (1) The past

acquisition by the Plans of certain

transferable stock rights (the Rights)

pursuant to a stock rights offering (the

Offering) to the Plans by Hawaiian

Airlines, Inc. (the Employer), the

sponsor of the Plans; (2) the past

holding of the Rights by the Plans

during the subscription period of the

Offering; and (3) the disposition or

exercise of the Rights by the Plans

provided the following conditions are

satisfied: (A) The acquisition and

holding of the Rights by the Plans

occurred in connection with the

Offering made available to all

shareholders of the common stock of the

Employer; (B) The acquisition and

holding of Rights by the Plans resulted

from an independent act of the

Employer as a corporate entity and all

holders of the common stock of the

Employer, including the Plans, were

treated in the same manner with respect

to the Offering; and (C) All decisions

regarding the holding and disposition of

the Rights by the Plans were made in

accordance with provisions of the Plans

for individually-directed investment of

participant accounts by the individual

participants of the Plans whose

accounts in the Plans received Rights in

connection with the Offering, including

all determinations regarding the

exercise or sale of the Rights received

through the Offering, and if no timely

instructions concerning the Rights were

given by participants of the Plans, the

Rights were sold.

EFFECTIVE DATE: This exemption is

effective as of August 7, 1996.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

proposed exemption, refer to the notice

of proposed exemption published on

February 18, 1997, at 62 FR 7273.

FOR FURTHER INFORMATION CONTACT: Mr.

C. E. Beaver 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 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.
Federal Register / Vol. 62, No. 74 / Thursday, April 17, 1997 / Notices 18803

1The Department is making no determination

with respect to whether or not the Lease met the

conditions of PTE 76–1.

Signed at Washington, DC, this 14th day of

April, 1997.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 97–9975 Filed 4–16–97; 8:45 am]

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Application No. L–10280, et al.]

Proposed Exemptions; Operating

Engineers Local 150 Apprenticeship

Fund (the Fund)

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 restriction 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

Unless otherwise stated in the Notice

of Proposed Exemption, all interested

persons are invited to submit written

comments, and with respect to

exemptions involving the fiduciary

prohibitions of section 406(b) of the Act,

requests for hearing within 45 days from

the date of publication of this Federal

Register Notice. Comments and request

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. 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. 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 Pension and Welfare Benefits

Administration, U.S. Department of

Labor, Room N–5507, 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 (43 FR 47713, October 17, 1978)

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.

Operating Engineers Local 150

Apprenticeship Fund (the Fund),

Located in Plainfield, Illinois

[Exemption Application No. L–10280]

Proposed Exemption

The Department is considering

granting an exemption under the

authority of section 408(a) of the Act

and in accordance with the procedures

set forth in 29 CFR Part 2570, Subpart

B (55 FR 32826, 32847, August 10,

1990). If the exemption is granted the

restrictions of section 406(a) and

406(b)(1) and (2) shall not apply to the

proposed sale (the Sale) of a certain

parcel of improved real property (the

Property) from the Fund to International

Union of Operating Engineers, Local 150

(Local 150), a party in interest with

respect to the Plan provided that the

following conditions are met:

(1) The fair market value of the

Property is established by a qualified

and independent real estate appraiser;

(2) Local 150 pays the greater of

$180,000 or the current fair market

value of the Property as of the date of

the transaction;

(3) The Sale is a one time transaction

for cash; and

(4) The Fund pays no fees or

commissions related to the Sale.

Summary of Facts and Representations

1. The Fund is a welfare plan which

is an apprenticeship and training plan

with approximately 600 apprentices and

5,494 journeymen. The Fund was

established on June 1, 1967. As of

December 31, 1995, the fair market

value of the Fund’s assets was

$6,492,242. The Fund sponsors include

the Local 150 and other employer

associations.

2. The Fund acquired the Property as

part of a merger with the Operating

Engineers Local 537 Apprenticeship and

Re-training Fund on or about October

28, 1992. During this time, the

Operating Engineers Local 537

terminated and transferred all of its

assets to the Fund. The Property is

located in Rock Island, Illinois and

consists of an office building on

approximately 53 acres of land. The

applicant represents that the Property

has been leased by the Fund to Local

150 pursuant to Prohibited Transaction

Class Exemption 76–1 (41 FR 1270,

March 26, 1976).1 Since 1992, the Fund

has received net income from the

Property in the amount of $33,461.

3. In March 1993, the Property was

appraised at a value of $180,000 by

Baecke Appraisers, a qualified

independent real estate appraisal firm.

The value of the Property was

determined by using the market value

approach which is defined in the

appraisal as the most probable price a

property should bring on requisite to a

fair sale, the buyer and seller each

acting prudently and assuming the price

is not affected by undue stimulus. In

April 15, 1996, Mr. Robert Baecke of

Baecke Appraisers, updated the

appraisal and recertified the value of the

Property to be $180,000. Mr. Baecke

researched sales of comparable

properties in the Property’s market area

that have occurred since the time of the

original appraisal. His analysis

consisted of research of data from the

multiple listing service, county records,

exterior inspections of the properties

and conversations with individuals