13456 Federal Register / Vol. 60, No. 48 / Monday, March 13, 1995 / Notices

1Since Peter Aswad and his wife, Judith Aswad,

are the only participants 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.

2Since Dr. Holzer is the sole shareholder of the

Employer, and the only participant in the Plan,

there is no jurisdiction under Title I of the Act,

pursuant to 29 CFR 2510.3–3(c)(1). There is,

however, jurisdiction under Title II of the Act

pursuant to section 4975 of the Code.

about the proposed exemption, which

the Department provided to the

commentator by telephone. The other

comment did not address any issues

relevant to the proposed exemption.

After consideration of the entire record,

the Department has determined to grant

the exemption as proposed.

FOR FURTHER INFORMATION CONTACT: Gary

H. Lefkowitz of the Department,

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

a toll-free number.)

Wadco, Inc. Profit Sharing Plan and

Trust (the Plan) Located in Spring,

Texas

[Prohibited Transaction Exemption 95–21;

Application No. D–09820]

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 (the Sale) of certain

shares of stock (the Stock) by the Plan

to Peter Aswad, a disqualified person

with respect to the Plan.1

This exemption is conditioned upon

the following requirements: (1) All

terms and conditions of the Sale are at

least as favorable to the Plan as those

obtainable in an arm’s length

transaction between unrelated parties;

(2) the Sale is a one-time cash

transaction; (3) the Plan is not required

to pay any commissions, costs or other

expenses in connection with the Sale;

(4) the Plan receives a sales price equal

to the fair market value of the Stock as

determined by an independent,

qualified appraiser; (5) the trustees of

the Plan determine that the Sale is

appropriate for the Plan and is in the

best interests of the Plan and their

participants and beneficiaries; and (6)

within ninety days of the grant of this

exemption, Wadco files Forms 5330

with the Internal Revenue Service and

pays all applicable excise taxes due

with respect to past prohibited

transactions.

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

January 18, 1995 at 60 FR 3661.

FOR FURTHER INFORMATION CONTACT:

Kathryn Parr of the Department,

telephone (202) 219–8971. (This is not

a toll-free number.)

Treasure Valley Transplants, Inc.

Money Purchase Pension Plan (the

Plan) Located in Boise, Idaho

[Prohibited Transaction Exemption 95–22;

Application No. D–09874]

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 certain real

property (the Property) by the Plan to

Dr. George Holzer, D.V.M. (Dr. Holzer),

a disqualified person with respect to the

Plan;2 provided that the following

conditions are satisfied:

(1) The Sale is a one-time transaction

for cash;

(2) The Plan does not incur any

expenses in connection with the

proposed transaction; and

(3) The consideration paid for the

Property is no less than the fair market

value of the Property as determined by

an independent appraiser.

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

January 30, 1995 at 60 FR 5728.

FOR FURTHER INFORMATION CONTACT:

Virginia J. Miller of the Department,

telephone (202) 219–8971. (This is not

a toll-free number.)

Terry Segal, P.C. Retirement Plans

Located in Boston, MA

[Prohibited Transaction Exemption 95–23;

Exemption Application No. D–09891]

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)

shall not apply to the proposed

purchase by Terry and Harriet Segal of

an interest (the Interest) in a limited

partnership from Mr. Segal’s

individually-directed account (the

Account) in the Terry Segal, P.C.

Pension Plan (the Pension Plan),

provided: (1) The purchase is a one-time

transaction for cash; (2) the Pension

Plan Account is not required to pay any

fees or commissions in connection

therewith; (3) the Interest is appraised

by a qualified, independent appraiser;

and (4) the Pension Plan Account

receives an amount which reflects the

fair market value of the Interest.

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

January 30, 1995 at 60 FR 5729.

FOR FURTHER INFORMATION CONTACT: Ms.

Jan D. Broady 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, DC., this 8th day of

March, 1995.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 95–6117 Filed 3–10–95; 8:45 am]

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