3772 Federal Register / Vol. 63, No. 16 / Monday, January 26, 1998 / Notices

examination as required below by

paragraph (2);

(2) Notwithstanding any provisions of

subsections (a)(2) and (b) of section 504

of the Act, the records referred to in

paragraph (1) are unconditionally

available at their customary location

during normal business hours by —

(a) Any duly authorized employee or

representative of the Department, the

Internal Revenue Service or the

Securities and Exchange Commission

(the SEC),

(b) Any fiduciary of a participating

client-plan or any duly authorized

representative of such fiduciary, and

(c) Any contributing employer to any

participating client-plan or any duly

authorized employee representative of

such employer;

(3) None of the persons described

above in paragraphs (b)-(c) of paragraph

(2) are authorized to examine the trade

secrets of MS&Co or its affiliates or

commercial or financial information

which is privileged or confidential.

Section III. Definitions

For purposes of this proposed

exemption,

(1) An ‘‘affiliate’’ of a person

includes—

(a) Any person directly or indirectly

through one or more intermediaries,

controlling, controlled by, or under

common control with such other

person;

(b) Any officer, director, or partner,

employee or relative (as defined in

section 3(15) of the Act) of such other

person; and

(c) Any corporation or partnership of

which such other person is an officer,

director or partner.

(2) The term ‘‘control’’ means the

power to exercise a controlling

influence over the management or

policies of a person other than an

individual.

EFFECTIVE DATE: If granted, this proposed

exemption will be effective as of March

12, 1996.

The availability of this proposed

exemption is subject to the express

condition that the material facts and

representations contained in the

application for exemption are true and

complete and accurately describe all

material terms of the transactions. In the

case of continuing transactions, if any of

the material facts or representations

described in the applications change,

the exemption will cease to apply as of

the date of such change. In the event of

any such change, an application for a

new exemption must be made to the

Department.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant PTE 96–

14, refer to the proposed exemption,

grant notice and technical correction

notice which are cited above.

Signed at Washington, D.C., this 21st day

of January, 1998.

Ivan L. Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 98–1789 Filed 1–23–98; 8:45 am]

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 98–04;

Exemption Application No. D–10472, et al.]

Grant of Individual Exemptions;

Pentair Retirement Savings and Stock

Incentive Plan (the Plan), 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:

(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.

Pentair Retirement Savings and Stock

Incentive Plan (the Plan) Located in St.

Paul, MN

[Prohibited Transaction Exemption No. 98–

04; Application No. D–10472]

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 the past sale

by the Plan (the Sale) of the Plan’s

remaining interest (the Interest) in two

guaranteed investment contracts (the

GICs) of Confederation Life Insurance

Company (CL) to Pentair, Inc. (Pentair),

the sponsoring employer and a party in

interest with respect to the Plan;

provided the following conditions were

met:

(1) the Sale was a one-time

transaction for cash;

(2) the Plan received no less than the

fair market value of the Interests at the

time of the Sale;

(3) the Plan and its participants and

beneficiaries have not incurred any

expenses or any losses from the Sale;

and

(4) any future distributions from the

GICs that exceed the consideration paid

by Pentair to the Plan for the Interests

shall be paid to the Plan and allocated

to the respective accounts of the affected

Plan participants.

EFFECTIVE DATE: This proposed

exemption will be effective on June 13,

1997.

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 24, 1997, at 62 FR 62639.

FOR FURTHER INFORMATION CONTACT: Mr.

C. E. Beaver of the Department,
Federal Register / Vol. 63, No. 16 / Monday, January 26, 1998 / Notices 3773

1Because Mr. Herzog is the only participant in

the Plan, there is no jurisdiction under 29 CFR

§ 2510.3–3(b). However, there is jurisdiction under

Title II of the Act pursuant to section 4975 of the

Code.

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

a toll-free number.)

Robert H. Herzog Profit Sharing Plan

(the Plan) Located in Santa Barbara,

California

[Prohibited Transaction Exemption 98–05;

Exemption Application No. D–10494]

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 sale (the Sale) of a certain

residential condominium (the Property)

by the Plan 1 to Robert H. Herzog (Mr.

Herzog), a disqualified person with

respect to the Plan, provided that the

following conditions are met:

(a) The Sale is a one-time transaction

for cash;

(b) The terms and conditions of the

Sale are at least as favorable to the Plan

as those obtainable in an arm’s length

transaction with an unrelated party;

(c) The Plan receives the fair market

value of the Property at time of the Sale;

and

(d) The Plan is not required to pay

any commissions, costs or other

expenses in connection with 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

November 24, 1997 at 62 FR 62641.

FOR FURTHER INFORMATION CONTACT: Mr.

James Scott Frazier of the Department,

telephone (202) 219–7222. (This is not

a toll-free number.)

CoreStates GIC and BIC Fund (the

Fund) Located in Philadelphia,

Pennsylvania

[Prohibited Transaction Exemption No. 98–

06; Application No. D–10522]

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 the sale (the

Sale) by the Fund of the Fund’s

remaining interest in two Guaranteed

Investment Contracts (the GICs) of

Confederation Life Insurance Company

(CL) to CoreStates Bank, N.A. (the

Bank), a party in interest with respect to

the Fund; provided (1) the Sale was a

one-time transaction for cash, (2) the

Fund received no less than the fair

market value of the GICs at the time of

the Sale, (3) the Fund and its

participants and beneficiaries did not

incur any costs or expenses with respect

to the Sale, and (4) any future

distributions from the GICs that exceed

the consideration paid to the Fund by

the Bank in the Sale shall be paid to the

Fund and allocated to the respective

accounts of the affected employee

benefit plans.

EFFECTIVE DATE: This exemption will be

effective as of December 31, 1997.

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 24, 1997, at 62 FR 62641.

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.

Signed at Washington, D.C., this 21st day

of January, 1998.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 98–1791 Filed 1–23–98; 8:45 am]

BILLING CODE 4510–29–P

NATIONAL CREDIT UNION

ADMINISTRATION

Sunshine Act Meeting; Notice of

Previously Held Emergency Meeting

TIME AND DATE: 2:24 p.m., Wednesday,

January 21, 1998.

PLACE: Board Room, 7th Floor, Room

7047, 1775 Duke Street, Alexandria,

Virginia 22314–3428.

STATUS: Closed.

MATTER CONSIDERED:

1. The ERB Report and Possible

Personnel Actions Resulting From That

Report. Closed pursuant to exemptions

(2) and (6).

The Board voted unanimously that

Agency business required that a meeting

be held with less than the usual seven

days advance notice, that it be closed to

the public, and that earlier

announcement of this was not possible.

The Board voted unanimously to

close the meeting under the exemptions

stated above. Acting General Counsel

James Engel certified that the meeting

could be closed under those

exemptions.

FOR FURTHER INFORMATION CONTACT:

Becky Baker, Secretary of the Board,

Telephone (703) 518–6304,

Becky Baker,

Secretary of the Board.

[FR Doc. 98–1959 Filed 1–22–98; 3:01 pm]

BILLING CODE 7535–01–M

NUCLEAR REGULATORY

COMMISSION

Cancellation of Proposed Generic

Communication Control Rod Insertion

Problems

AGENCY: Nuclear Regulatory

Commission.

ACTION: Notice of cancellation.