31532 Federal Register / Vol. 63, No. 110 /Tuesday, June 9, 1998 / Notices

2Pursuant to CFR 2510.3–2(d), the Department

has no jurisdiction with respect to the IRA under

Title I of the Act. However, there is jurisdiction

under Title II of the Act pursuant to section 4975

of the Code.

Accordingly, after consideration of

the entire record, including the

comments, the Department has

determined to grant the exemption as

modified herein.

For Further Information Contact: Ms.

Jan D. Broady of the Department,

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

a toll-free number.)

Beer Nuts, Inc. Profit Sharing Plan (the

Plan), Located in Bloomington, Illinois

[Prohibited Transaction Exemption 98–26;

Exemption Application No. D–10531]

Exemption

The restrictions of sections 406(a),

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 the sale (the

Sale) by the Plan of certain limited

partnership interests (the Interests) to

Beer Nuts, Inc., a party in interest and

a disqualified person with respect to the

Plan, provided that the following

conditions were satisfied:

(a) The terms of the Sale were at least

as favorable to the Plan as those

obtainable in an arm’s length

transaction with an unrelated party;

(b) The Sale was a one-time

transaction for cash;

(c) The Plan paid no commissions or

other expenses relating to the Sale; and

(d) The Sale price was not less than

the fair market value of the Interests as

determined by a qualified, independent

appraiser.

Effective Date: The exemption is

effective as of December 30, 1996.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption please refer to the notice of

proposed exemption published on

March 31, 1998 at 63 FR 15462.

For Further Information Contact: Mr.

James Scott Frazier of the Department,

telephone (202) 219–8891 (This is not a

toll-free number).

James E. Jordan, Sr. Individual

Retirement Account (the IRA), Located

in Phoenix, Arizona

[Prohibited Transaction Exemption 98–27;

Exemption Application No. D–10550]

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 cash purchase by the IRA of a

certain promissory note issued by

unrelated parties (the Martin Note)

which is secured by a first mortgage on

certain residential property (the

Property) from the James E. Jordan

Revocable Trust Agreement (the Trust),

a disqualified person with respect to the

IRA; 2 provided that the following

conditions are met:

1. The purchase of the Martin Note

will be a one-time cash transaction;

2. The IRA will pay no commissions

or other expenses associated with the

purchase;

3. The amount paid by the IRA for the

Martin Note will be the lesser of (i)

$63,108.97, which is the current fair

market value of the Martin Note as

determined by an independent,

qualified appraiser, or (ii) the fair

market value of the Martin Note, as

determined at the time of the purchase

by an independent, qualified appraiser;

4. Both the amount paid by the IRA

for the Martin Note and the outstanding

principal balance on such Note will

involve less than 25% of the IRA’s total

assets;

5. Mr. Jordan, as the sole participant

of the IRA, will be the only individual

affected by the proposed transaction;

and

6. On the date the IRA purchases the

Martin Note from the Trust, the IRA will

be named as loss payee under the

homeowners insurance policy on the

Property.

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

22, 1998 at 63 FR 19952.

For Further Information Contact:

Ekaterina A. Uzlyan of the Department

at (202) 219–8883. (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 accurately describes all

material terms of the transaction which

is the subject of the exemption.

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

June, 1998.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 98–15289 Filed 6–8–98; 8:45 am]

BILLING CODE 4510–29–P

NATIONAL TRANSPORTATION

SAFETY BOARD

Sunshine Act Meeting

TIME AND DATE: 9:30 a.m., Tuesday, June

16, 1998.

PLACE: NTSB Board Room, 5th Floor,

490 L’Enfant Plaza, S.W., Washington,

D.C. 20594.

STATUS: Open.

MATTERS TO BE CONSIDERED:

6927A Aviation Accident Report—

Uncontrolled Impact with Terrain, Fine

Air, Miami, Florida, August 7, 1997.

NEWS MEDIA CONTACT: Telephone: (202)

314–6100.

FOR MORE INFORMATION CONTACT: Rhonda

Underwood, (202) 314–6065.

Dated: June 5, 1998.

Rhonda Underwood,

Federal Register Liaison Officer.

[FR Doc. 98–15489 Filed 6–5–98; 2:51 pm]

BILLING CODE 7533–01–M