Federal Register / Vol. 63, No. 124 / Monday, June 29, 1998 / Notices 35291

to the risk of large losses because of the lack of

diversification and the speculative nature of

investments made by the Plan, such an investment

strategy may raise questions in regard to the

exclusive benefit rule under section 401(a) of the

Code. For example, see Rev. Rul. 73–532, 1973–2

C.B. 128, which states, among other things, that the

safeguards and diversity that a prudent investor

would adhere to must be present in order for the

‘‘exclusive-benefit-of-employees’’ requirement to be

met. However, the Department is expressing no

opinion in this proposed exemption regarding

whether violations of section 401(a) of the Code

occurred as a result of the Plan’s acquisition of

investments that may be speculative in nature, such

as the purchase of the Stock.

3. Mr. Hitchcock now proposes to

purchase the Stock from the Plan for

cash. No commissions or other expenses

will be paid by the Plan in connection

with the sale. The Plan will receive the

fair market value of the Stock, as

determined by its most current listed

price on the NASDAQ at the time of the

sale. On March 12, 1998, the Stock was

trading at a price of $7.00 per share.

Therefore, based upon this per share

trading price, Mr. Hitchcock would have

paid the Plan $472,262 for the Stock

(67,466 shares times $7.00 per share).

4. Mr. Hitchcock represents that the

proposed sale would be advantageous to

the Plan because it would increase the

Plan’s liquidity and diversify the Plan’s

assets. In addition, 66,666 shares of the

Stock owned by the Plan are

unregistered and subject to certain sale

restrictions under Rule 144 of the

Securities and Exchange Commission

(SEC). The restricted Stock can be

disposed of only in a private placement

or in the public market over a period of

years under the timing and volume

restrictions of SEC Rule 144. As a result,

all of the Plan’s shares of the Stock may

not be sold on the open market at the

present time. These shares of the Stock

were purchased by the Plan in a private

placement. However, in any sale of the

Plan’s shares to a third party in a private

placement, the purchaser would

probably demand a significant discount

off the NASDAQ listed price in order to

acquire the shares. Therefore, by selling

all of the Stock to Mr. Hitchcock for the

most current listed price for each share

of the Stock on the NASDAQ, the Plan

will receive a premium for its shares at

the time of the transaction.

5. In summary, the applicant

represents that the proposed transaction

satisfies the criteria of section 4975(c)(2)

of the Code because: (a) The sale is a

one-time transaction for cash; (b) no

commissions or other expenses will be

paid by the Plan in connection with the

sale; (c) the Plan will receive the fair

market value of the Stock, as

determined by its most current listed

price on the NASDAQ at the time of the

sale; and (d) Mr. Hitchcock is the only

Plan participant to be affected by the

transaction, and he desires that the

transaction be consummated.

Tax Consequences of the Transaction

The Department of the Treasury has

determined that if a transaction between

a qualified employee benefit plan and

its sponsoring employer (or affiliate

thereof) results in the plan either paying

less than or receiving more than fair

market value, such excess may be

considered to be a contribution by the

sponsoring employer to the plan, and

therefore must be examined under the

applicable provisions of the Internal

Revenue Code, including sections

401(a)(4), 404 and 415.

Notice to Interested Persons: Since

Mr. Hitchcock is the only Plan

participant to be affected by the

proposed transaction, the Department

has determined that there is no need to

distribute the notice of proposed

exemption to interested persons.

Comments and requests for a hearing are

due within 30 days from the date of

publication of this notice of proposed

exemption in the Federal Register.

For Further Information Contact: Gary

H. Lefkowitz 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 of

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 23rd day of

June 1998.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 98–17135 Filed 6–26–98; 8:45 am]

BILLING CODE 4510–29–P

NATIONAL ARCHIVES AND RECORDS

ADMINISTRATION

Agency Information Collection

Activities: Submission for OMB

Review; Comment Request

AGENCY: National Archives and Records

Administration (NARA).

ACTION: Notice.

SUMMARY: NARA is giving public notice

that the agency has submitted to OMB

for approval the information collection

described in this notice. The public is

invited to comment on the proposed

information collection pursuant to the

Paperwork Reduction Act of 1995.

DATES: Written comments must be

submitted to OMB at the address below

on or before July 29, 1998.

ADDRESSES: Comments should be sent

to: Office of Information and Regulatory

Affairs, Office of Management and

Budget, Attn: Ms. Maya Bernstein, Desk

Officer for NARA, Washington, DC

20503.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or

copies of the proposed information

collection and supporting statement

should be directed to Tamee Fechhelm

at telephone number 301–713–6730 or

fax number 301–713–6913.

SUPPLEMENTARY INFORMATION: Pursuant

to the Paperwork Reduction Act of 1995

(Public Law 104–13), NARA invites the

general public and other Federal
35292 Federal Register / Vol. 63, No. 124 / Monday, June 29, 1998 / Notices

agencies to comment on proposed

information collections. NARA

published a notice of proposed

collection for this information collection

on April 14, 1998 (63 FR 18235). No

comments were received. NARA has

submitted the described information

collection to OMB for approval.

In response to this notice, comments

and suggestions should address one or

more of the following points: (a)

whether the proposed information

collection is necessary for the proper

performance of the functions of NARA;

(b) the accuracy of NARA’s estimate of

the burden of the proposed information

collection; (c) ways to enhance the

quality, utility, and clarity of the

information to be collected; and (d)

ways to minimize the burden of the

collection of information on

respondents, including the use of

information technology. In this notice,

NARA is soliciting comments

concerning the following information

collection:

Title: Military Personnel Records

(MPR) Customer Satisfaction Survey.

OMB number: 3095–00XX.

Agency form number: N/A.

Type of review: Regular.

Affected public: Federal, state and

local government agencies, veterans,

and individuals who write the Military

Personnel Records (MPR) facility for

information from or copies of official

military personnel files.

Estimated number of respondents:

21,333.

Estimated time per response: 15

minutes.

Frequency of response: On occasion

(when respondent writes to MPR

requesting information from official

military personnel files).

Estimated total annual burden hours:

5,333 hours.

Abstract: The information collection

is prescribed by EO 12862 issued

September 11, 1993, which requires

Federal agencies to survey their

customers concerning customer service.

The general purpose of this data

collection is to initially support the

business process reengineering (BPR) of

the MPR reference service process and

then provide MPR management with an

ongoing mechanism for monitoring

customer satisfaction. In particular, the

purpose of the proposed MPR Customer

Satisfaction Survey is to (1) provide

baseline data concerning customer

satisfaction with MPR’s reference

service process, (2) identify areas within

the reference service process for

improvement, and (3) provide MPR

management with customer feedback on

the effectiveness of BPR initiatives

designed to improve customer service as

they are implemented. In addition to

supporting the BPR effort, the proposed

MPR Customer Satisfaction Survey will

help NARA in responding to

performance planning and reporting

requirements contained in the

Government Performance and Results

Act (GPRA).

Dated: June 23, 1998.

L. Reynolds Cahoon,

Assistant Archivist for Human Resources and

Information Services.

[FR Doc. 98–17213 Filed 6–26–98; 8:45 am]

BILLING CODE 7515–01–P

NATIONAL ARCHIVES AND RECORDS

ADMINISTRATION

Space Planning for the National

Archives and Records Administration;

Public Meeting

The National Archives and Records

Administration announces the following

meetings:

—Thursday, July, 9, 1998, from 1 p.m.

to 3 p.m. at the National Archives and

Records Administration, Mid Atlantic

Region (Center City Philadelphia), 900

Market Street, Philadelphia, PA

19107–4292. For further information

call 215–671–9027 or e-mail

james.mouat@philfrc.nara.gov.

—Thursday, July 30, 1998, from 7 p.m.

to 9 p.m. at the National Archives and

Records Administration, Southeast

Region, 1557 St. Joseph Avenue, East

Point, GA 30344–2593. For further

information call 404–763–7477 or email

james.mcsweeney@atlanta.nara.gov.

This is a series of meetings at which

NARA is seeking public input for a

study of its space needs for the next 10

years. NARA representatives will

explain the reasons for undertaking a

space plan, its objectives, and the

planning process, and will invite

comments and answer questions. In

addition to helping NARA with its

planning, this meeting is part of a

National Performance Review initiative

called Conversations With America: My

Government Listens. NARA urges

everyone interested to attend.

Reservations are not required. The

meetings will be open to the public.

Dated: June 22, 1998.

John W. Carlin,

Archivist of the United States.

[FR Doc. 98–17215 Filed 6–26–98; 8:45 am]

BILLING CODE 7515–01–P

NATIONAL CREDIT UNION

ADMINISTRATION

Sunshine Act Meeting

The National Credit Union

Administration Board determined that

its business required the deletion of the

following item from the previously

announced closed meeting (Federal

Register, Vol. 63, No. 118, page 33735,

Friday, June 19, 1998) scheduled for

Tuesday, June 23, 1998.

3. Administrative Action under Part

704 of NCUA’s Rules and Regulations.

Closed pursuant to exemption (8).

The Board voted unanimously that

agency business required that this item

be deleted from the closed agenda and

that no earlier announcement of this

change was possible.

The National Credit Union

Administration Board also determined

that its business required the addition of

the following two items to the closed

agenda.

6. Administrative Action under Part

704 of NCUA’s Rules and Regulations.

Closed pursuant to exemption (8).

7. Administrative Action under

Sections 120 and 209 of the Federal

Credit Union Act. Closed pursuant to

exemptions (6), (9)(B) and (10).

The Board voted unanimously that

agency business required that these

items be considered with less than the

usual seven days notice, that they be

closed to the public, and that no earlier

announcement of these changes were

possible.

The previously announced items

were:

1. Administrative Action under

Section 205 of the Federal Credit Union

Act. Closed pursuant to exemption (8).

2. Administrative Actions under

Section 206 of the Federal Credit Union

Act. Closed pursuant to exemptions (4),

(7) and (8).

3. Administrative Action under Part

704 of NCUA’s Rules and Regulations.

Closed pursuant to exemption (8).

4. Administrative Action under Part

745 of NCUA’s Rules and Regulations.

Closed pursuant to exemption (6).

5. Four (4) Personnel Actions. Closed

pursuant to exemptions (2), (5), (6),

(9)(B).

FOR FURTHER INFORMATION CONTACT:

Becky Baker, Secretary of the Board,

Telephone (703) 518–6304.

Becky Baker,

Secretary of the Board.

[FR Doc. 98–17304 Filed 6–24–98; 5:08 pm]

BILLING CODE 7535–01–M