42080 Federal Register / Vol. 63, No. 151 /Thursday, August 6, 1998 / Notices

1Because each IRA has only one Participant,

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.

2Since Mr. Hitchcock is the sole owner of the

Plan sponsor and the only participant in the Plan,

there is no jurisdiction under Title I of the Act

pursuant to 29 CFR 2510.3–3(b). However, there is

jurisdiction under Title II of the Act pursuant to

section 4975 of the Code.

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.

Individual Retirement Accounts (the

IRAs) for Roark Young, Russell Rice,

Mary J. Rice, Bruce Lamchick, Steven

McKean and David McKean, and

Burton Young (collectively, the

Participants) Located in Miami, Florida

[Prohibited Transaction Exemption 98–38;

Exemption Application Numbers D–10558–

10561, 10565–10566, 10568]

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 sales (the Sales) of certain

stock (the Stock) by the IRAs 1 to the

Participants, disqualified persons with

respect to the IRAs, provided that the

following conditions were met:

(a) The terms and conditions of the

Sales were at least as favorable to each

IRA as those obtainable in an arm’s

length transaction with an unrelated

party;

(b) The Sale of Stock by each IRA was

a one-time transaction for cash;

(c) Each IRA received the fair market

value of the Stock as established by a

qualified, independent appraiser; and

(d) Each IRA was not required to pay

any commissions, costs or other

expenses in connection with each Sale.

EFFECTIVE DATE: These exemptions will

be effective as of March 30, 1998.

For a more complete statement of the

facts and representations supporting the

Department’s decision to grant this

exemption, refer to the notice of the

proposed exemption published on

Friday, June 19, 1998 at 63 FR 33725.

FOR FURTHER INFORMATION CONTACT: Mr.

James Scott Frazier of the Department,

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

a toll-free number).

William M. Hitchcock SERP (DB) (the

Plan) Located in Houston, Texas

[Prohibited Transaction Exemption 98–39;

Exemption Application No. D–10605]

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

67,466 shares of stock (the Stock) in

Thoratec Laboratories, Inc. to William

M. Hitchcock (Mr. Hitchcock), a

disqualified person with respect to the

Plan, provided the following conditions

are satisfied: (a) the sale is a one-time

transaction for cash; (b) the Plan pays no

sales commissions or other expenses in

connection with the transaction; (c) the

Plan receives the fair market value of

the Stock, as determined by reference to

its most current listed price on the

National Association of Securities

Dealers Automated Quotation National

Market System (NASDAQ) at the time of

the transaction; and (d) Mr. Hitchcock is

the only Plan participant to be affected

by the transaction, and he desires that

the transaction be consummated.2

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 June

29, 1998 at 63 FR 35290.

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.

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 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 31st day

of July, 1998.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 98–21000 Filed 8–5–98; 8:45 am]

BILLING CODE 4510–29–P

NATIONAL CREDIT UNION

ADMINISTRATION

Agency Information Collection

Activities: Submission to OMB for

Review; Comment Request

AGENCY: National Credit Union

Administration (NCUA).

ACTION: Request for comment.

SUMMARY: The NCUA has submitted the

following information collection forms

for reinstatement with no changes to the

Office of Management and Budget

(OMB) for review and clearance under
Federal Register / Vol. 63, No. 151 /Thursday, August 6, 1998 / Notices 42081

the Paperwork Reduction Act of 1995

(Pub. L. 104–13, 44 U.S.C. Chapter 35).

This information collection is published

to obtain comments from the public. It

was published as proposed forms on

May 29, 1998. No comments relating to

the information collection were received

within the 60 day comment period.

DATES: Comments will be accepted until

September 8, 1998.

ADDRESSES: Interested parties are

invited to submit written comments to

NCUA Clearance Officer or OMB

Reviewer listed below:

Clearance Officer: Mr. James L.

Baylen (703) 518–6411, National Credit

Union Administration, 1775 Duke

Street, Alexandria, Virginia 22314–

3428, Fax No. 703–518–6433, E-mail:

jbaylen@ncua.gov.

OMB Reviewer: Alexander T. Hunt

(202) 395–7860, Office of Management

and Budget, Room 10226, New

Executive Office Building, Washington,

DC 20503.

FOR FURTHER INFORMATION CONTACT:

Copies of the information collection

requests, with applicable supporting

documentation, may be obtained by

calling the NCUA Clearance Officer,

James L. Baylen, (703) 518–6411.

SUPPLEMENTARY INFORMATION: Proposal

for the following collection of

information:

OMB Number: 3133–0061.

Form Number: CLF—8703.

Type of Review: Extension of a

currently approved collection.

Title: Central Liquidity Facility (CLF)

Repayment Agreement, Regular

Member.

Description: The form is used by CLF

regular members borrowing from the

CLF.

Respondents: Credit Unions which

are CLF regular members who borrow

from the CLF.

Estimated No. of Respondents/

Recordkeepers: 25.

Estimated Burden Hours Per

Response: 1 hour.

Frequency of Response: Other. As the

need for borrowing arises.

Estimated Total Annual Burden

Hours: 25.

Estimated Total Annual Cost: N/A.

OMB Number: 3133–0063.

Form Number: CLF—8702.

Type of Review: Extension of a

currently approved collection.

Title: Central Liquidity Facility (CLF)

Membership Application.

Description: This is a one-time form

used to request membership in the CLF.

Respondents: Credit Unions seeking

membership in the CLF.

Estimated No. of Respondents/

Recordkeepers: 25.

Estimated Burden Hours Per

Response: 12.5 hours.

Frequency of Response: Other. As

credit unions request membership in the

CLF.

Estimated Total Annual Burden

Hours: 18.5.

Estimated Total Annual Cost: N/A.

OMB Number: 3133–0064.

Form Number: CLF—7000, 7001,

7002, 7003, & 7004.

Type of Review: Extension of a

currently approved collection.

Title: Forms and instructions for

Central Liquidity Facility (CLF) loans.

Description: Forms used by each

borrower from the CLF.

Respondents: Credit Unions which

borrow from the CLF.

Estimated No. of Respondents/

Recordkeepers: 25.

Estimated Burden Hours Per

Response: 1 hour.

Frequency of Response: Other. As the

need for borrowing arises.

Estimated Total Annual Burden

Hours: 25.

Estimated Total Annual Cost: N/A.

OMB Number: 3133–0136.

Form Number: CLF—8704.

Type of Review: Extension of a

currently approved collection.

Title: Central Liquidity Facility (CLF)

Repayment Agreement, Agent Member.

Description: This form is used by CLF

agent members borrowing from the CLF.

Respondents: Credit Unions which

are CLF agent members who borrow

from the CLF.

Estimated No. of Respondents/

Recordkeepers: 15.

Estimated Burden Hours Per

Response: 6 hours.

Frequency of Response: Other. As the

need for borrowing arises.

Estimated Total Annual Burden

Hours: 90.

Estimated Total Annual Cost: N/A.

Becky Baker,

Secretary of the Board.

[FR Doc. 98–20949 Filed 8–5–98; 8:45 am]

BILLING CODE 7535–01–P

NATIONAL CREDIT UNION

ADMINISTRATION

Agency Information Collection

Activities: Submission to OMB for

Review; Comment Request

AGENCY: National Credit Union

Administration (NCUA).

ACTION: Request for comment.

SUMMARY: The NCUA has submitted the

following information collections

without changes to the Office of

Management and Budget (OMB) for

review and clearance under the

Paperwork Reduction Act of 1995 (Pub.

L. 104–13, 44 U.S.C. Chapter 35). These

information collections are published to

obtain comments from the public. These

collections were published as proposed

on June 5, 1998. No comments relating

to the information collections were

received within the 60 day comment

period.

DATES: Comments will be accepted until

September 8, 1998.

ADDRESSES: Interested parties are

invited to submit written comments to

NCUA Clearance Officer or OMB

Reviewer listed below:

Clearance Officer: Mr. James L.

Baylen (703) 518–6411, National Credit

Union Administration, 1775 Duke

Street, Alexandria, Virginia 22314–

3428, Fax No. 703–518–6433, E-mail:

jbaylen@ncua.gov.

OMB Reviewer: Alexander T. Hunt

(202) 395–7860, Office of Management

and Budget, Room 10226, New

Executive Office Building, Washington,

DC 20503.

FOR FURTHER INFORMATION CONTACT:

Copies of the information collection

requests, with applicable supporting

documentation, may be obtained by

calling the NCUA Clearance Officer,

James L. Baylen, (703) 518–6411.

SUPPLEMENTARY INFORMATION: Proposal

for the following collection of

information:

OMB Number: 3133–0114.

Form Number: N/A.

Type of Review: Extension of a

currently approved collection.

Title: Payment on Shares by Public

Units and Nonmembers.

Description: 5 CFR 701.32 limits

nonmember and public unit deposits in

federally insured credit unions to 20

percent of their shares or $1.5 million,

whichever is greater.

The collection of information

requirement is for those credit unions

seeking an exemption from the

aforementioned limit.

Respondents: Credit Unions seeking

an exemption from the limits set by 5

CFR 701.32 on share deposits by public

unit and nonmember accounts .

Estimated No. of Respondents/

Recordkeepers: 20.

Estimated Burden Hours Per

Response: 2 hours.

Frequency of Response: Other. As

exemption is requested.

Estimated Total Annual Burden

Hours: 40.

Estimated Total Annual Cost: N/A.

OMB Number: 3133–0116.

Form Number: NCUA 9600, NCUA

4401, NCUA 4221, NCUA 4505, NCUA

4506.