Federal Register / Vol. 60, No. 11 / Wednesday, January 18, 1995 / Notices 3657

5. Application of Effective Regulations

In concurrently exercising authority

under this Order the Assistant

Secretaries shall operate affected

programs under regulations currently

effective, unless otherwise authorized

by the Secretary.

6. Reservation of Authority

a. The submission of reports and

recommendations to the President and

the Congress concerning the

administration of the statutes listed in

section 4. is reserved to the Secretary.

b. The authority delegated and the

responsibilities assigned to the Director

of the Office of Administrative Appeals

by Secretary’s Order 3–90 are reserved.

7. Redelegation of Authority

The Assistant Secretary for

Occupational Safety and Health, the

Assistant Secretary for Employment

Standards, the Solicitor of Labor, the

Chief Financial Officer, and the

Assistant Secretary for Administration

and Management may redelegate

authority delegated by this Order.

8. Effective Dates and Geographic

Scope

This Order is effective immediately.

The delegations of authority and

assignment of responsibilities of this

Order expire on December 31, 1995, and

have effect only in the Dallas Region,

Southwest Division [excluding the State

of New Mexico], unless modification of

the geographic scope of the pilot

program is made. Any such

modification must be made by the

written agreement of the Assistant

Secretary for Occupational Safety and

Health and the Assistant Secretary for

Employment Standards, after

consultation with the Solicitor of Labor,

the Chief Financial Officer and the

Assistant Secretary for Administration

and Management. Such written

agreement shall become effective upon

approval by the Secretary and proper

notice to the public.

9. Report

By August 15, 1995, or such other

date established by the Secretary of

Labor, the Assistant Secretary for

Occupational Safety and Health and the

Assistant Secretary for Employment

Standards shall, after consultation with

the Solicitor of Labor, the Chief

Financial Officer, and the Assistant

Secretary for Administration and

Management, report to the Secretary on

the findings of and the conclusions

drawn from the pilot program and shall

recommend further action for the

Secretary with respect to the pilot

program.

Robert B. Reich,

Secretary of Labor.

[FR Doc. 95–1123 Filed 1–17–95; 8:45 am]

BILLING CODE 4510–23–M

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 95–01;

Exemption Application No. D–09742, et al.]

Grant of Individual Exemptions; Allied

Old English, Inc. Employees’ Profit

Sharing 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.

Allied Old English, Inc. Employees’

Profit Sharing Plan (the Plan) Located

in Port Reading, New Jersey

[Prohibited Transaction Exemption 95–01;

Application No. D–09742]

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 loan

(the Loan) of $600,000 by the Plan to the

Harold Ross Trust, a party in interest

with respect to the Plan.

This exemption is conditioned upon

the following requirements: (a) The

terms of the Loan are at least as

favorable to the Plan as those obtainable

in an arm’s length transaction with an

unrelated party; (b) the Loan does not

exceed twenty-five percent of the assets

of the Plan at any time during the

duration of the Loan; (c) the Loan is

secured by a first deed of trust on

certain real property (the Property)

which has been appraised by an

independent, qualified appraiser to

ensure that the fair market value of the

Property is at least 150 percent of the

amount of the Loan; (d) the fair market

value of the Property remains at least

equal to 150 percent of the outstanding

balance of the Loan throughout the

duration of the Loan; (e) the

independent, qualified fiduciary

determines on behalf of the Plan that the

Loan is in the best interests of the Plan

and protective of the Plan’s participants

and beneficiaries; and (f) the

independent, qualified fiduciary

monitors compliance with the terms of

the Loan and conditions of the

exemption throughout the duration of

the transaction, taking any action

necessary to safeguard the Plan’s

interest, including foreclosure on the

Property in the event of default.

EFFECTIVE DATE: This exemption is

effective as of December 29, 1994.

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 14, 1994, at 59 FR 56535.
3658 Federal Register / Vol. 60, No. 11 / Wednesday, January 18, 1995 / Notices

1Pursuant to 29 CFR 2510.3–2(d), the IRA is not

within the jurisdiction of Title I of the Act.

However, there is jurisdiction under Title II of the

Act pursuant to section 4975 of the Code.

FOR FURTHER INFORMATION CONTACT:

Kathryn Parr of the Department,

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

a toll-free number.)

Wilson Sporting Goods Co. 401(k)

Savings Plan (the Plan) Located in

Chicago, Illinois

[Prohibited Transaction Exemption 95–02;

Application No. D–09803]

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 (1) the past

interest-free loan to the Plan (the Loan)

by Wilson Sporting Goods Co. (the

Employer), a party in interest with

respect to the Plan, and (2) the Plan’s

potential repayment of the Loan upon

the receipt by the Plan of payments

under Guaranteed Investment Contract

No. CG01314A3A (the GIC) issued by

Executive Life Insurance Company

(Executive Life); provided the following

conditions are satisfied:

(A) No interest or expenses are paid

by the Plan in connection with the

transaction;

(B) The Loan will be repaid only out

of amounts paid to the Plan by

Executive Life, its successors, or any

other responsible third party; and

(C) Repayment of the Loan is waived

with respect to the amount by which the

Loan exceeds GIC proceeds.

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 14, 1994 at 59 FR 56550.

EFFECTIVE DATE: This exemption is

effective as of April 1, 1994.

FOR FURTHER INFORMATION CONTACT:

Virginia J. Miller of the Department,

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

a toll-free number.)

Erick M. Jansson, IRA (the IRA)

Located in Fayetteville, Arkansas

[Prohibited Transaction Exemption 95–03;

Exemption Application No. D–09847]

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 of an overriding

royalty interest in oil and gas (the

Interest) by the IRA to Mr. Erick M.

Jansson (Mr. Jansson), a disqualified

person with respect to the IRA, for

$95,000 in cash, provided:

(a) The IRA pays no commissions or

other expenses in connection with the

sale;

(b) The fair market value of the

Interest is determined by a qualified

independent appraiser; and

(c) The IRA receives no less than the

fair market value of the Interest on the

date of the sale.1

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

December 5, 1994 at 59 FR 62419.

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, DC, this 12th day of

January, 1995.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 95–1199 Filed 1–17–95; 8:45 am]

BILLING CODE 4510–29–P

[Application No. D–09787, et al.]

Proposed Exemptions; Boston Cement

Masons Local No. 534 Deferred Income

Plan, et al.

AGENCY: Pension and Welfare Benefits

Administration, Labor.

ACTION: Notice of Proposed Exemptions.

SUMMARY: This document contains

notices of pendency before the

Department of Labor (the Department) of

proposed exemptions from certain of the

prohibited transaction restriction of the

Employee Retirement Income Security

Act of 1974 (the Act) and/or the Internal

Revenue Code of 1986 (the Code).

Written Comments and Hearing

Requests

All interested persons are invited to

submit written comments or request for

a hearing on the pending exemptions,

unless otherwise stated in the Notice of

Proposed Exemption, within 45 days

from the date of publication of this

Federal Register Notice. Comments and

request for a hearing should state: (1)

The name, address, and telephone

number of the person making the

comment or request, and (2) the nature

of the person’s interest in the exemption

and the manner in which the person

would be adversely affected by the

exemption. A request for a hearing must

also state the issues to be addressed and

include a general description of the

evidence to be presented at the hearing.

A request for a hearing must also state

the issues to be addressed and include

a general description of the evidence to

be presented at the hearing.

ADDRESSES: All written comments and

request for a hearing (at least three

copies) should be sent to the Pension

and Welfare Benefits Administration,

Office of Exemption Determinations,

Room N–5649, U.S. Department of

Labor, 200 Constitution Avenue, NW.,

Washington, DC 20210. Attention:

Application No. stated in each Notice of

Proposed Exemption. The applications

for exemption and the comments

received will be available for public

inspection in the Public Documents

Room of Pension and Welfare Benefits

Administration, U.S. Department of

Labor, Room N–5507, 200 Constitution

Avenue, NW., Washington, DC 20210.