Federal Register / Vol. 70, No. 162 / Tuesday, August 23, 2005 / Notices 49305 

1Section 102 of the Reorganization Plan No. 4 of 

1978, 5 U.S.C. App. 1 (1996), generally transferred 

the authority of the Secretary of Treasury to issue 

administrative exemptions under section 4975(c)(2) 

of the Code to the Secretary of Labor. 

For purposes of this exemption, references to 

specific provisions of Title I of the Act, unless 

otherwise specified, refer also to the corresponding 

provisions of the Code. 

requirements. The following sections 

describe who uses the information 

collected under each requirement, as 

well as how they use it. The purpose 

these requirements is to reduce 

employees’ risk of death or serious 

injury by ensuring that forging machines 

used by them are in safe operating 

condition, and that they are able to 

clearly and properly identify manually 

operated valves and switches. 

Inspection of Forging Machines, 

Guards, and Point-of-Operation 

Protection Devices (paragraphs (a)(2)(i) 

and (a)(2)(ii)). Paragraph (a)(2)(i) 

requires employers to establish periodic 

and regular maintenance safety checks, 

and to develop and keep a certification 

record of each inspection. The 

certification record must include the 

date of inspection, the signature of the 

person who performed the inspection, 

and the serial number (or other 

identifier) of the forging machine 

inspected. Under paragraph (a)(2)(ii), 

employers are to schedule regular and 

frequent inspections of guards and 

point-of-operation protection devices, 

and prepare a certification record of 

each inspection that contains the date of 

the inspection, the signature of the 

person who performed the inspection, 

and the serial number (or other 

identifier) of the equipment inspected. 

These inspection certification records 

provide assurance to employers, 

employees, and OSHA compliance 

officers that forging machines, guards, 

and point-of-operation protection 

devices have been inspected, assuring 

that they will operate properly and 

safely, thereby preventing impact injury 

and death to employees during forging 

operations. These records also provide 

the most efficient means for the 

compliance officers to determine that an 

employer is complying with the 

Standard. 

Identification of Manually Controlled 

Valves and Switches (paragraphs (c), 

(h)(3), (i)(1) and (i)(2)). These 

paragraphs require proper and clear 

identification of manually operated 

valves and switches on presses, 

upsetters, boltheading equipment, and 

rivet-making machines, respectively. 

Marking valves and switches provide 

information to employees to ensure that 

they operate the forging machines 

correctly and safely. 

Darrin A. King, 

Acting Departmental Clearance Officer. 

[FR Doc. 05–16679 Filed 8–22–05; 8:45 am] 

BILLING CODE 4510–26–P 

DEPARTMENT OF LABOR 

Office of the Secretary 

Senior Executive Service; Appointment 

of a Member to the Performance 

Review Board 

Title 5 U.S.C. 4314(c)(4) provides that 

Notice of the Appointment of an 

individual to serve as a member of the 

Performance Review Board of the Senior 

Executive Service shall be published in 

the Federal Register. 

The following individuals are hereby 

appointed to a three-year term on the 

Department’s Performance Review 

Board: John McWilliam; Felix Quintana; 

Corlis Sellers. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Anne Bartels, Director, Office of 

Executive Resources and Personnel 

Security, Room C5508, U.S. Department 

of Labor, Frances Perkins Building, 200 

Constitution Avenue, NW., Washington, 

DC 20210, telephone: (202) 693–7628. 

Signed at Washington, DC, this 16th day of 

August, 2005. 

Elaine L. Chao, 

Secretary of Labor. 

[FR Doc. 05–16678 Filed 8–22–05; 8:45 am] 

BILLING CODE 4510–23–M 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

[Application Number D–11047] 

Amendment to Prohibited Transaction 

Exemption (PTE) 84–14 for Plan Asset 

Transactions Determined by 

Independent Qualified Professional 

Asset Managers 

AGENCY: Employee Benefits Security 

Administration. 

ACTION: Adoption of amendment to PTE 

84–14. 

SUMMARY: This document amends PTE 

84–14, a class exemption that permits 

various parties that are related to 

employee benefit plans to engage in 

transactions involving plan assets if, 

among other conditions, the assets are 

managed by ‘‘qualified professional 

asset managers’’ (QPAMs), which are 

independent of the parties in interest 

and which meet specified financial 

standards. Additional exemptive relief 

is provided for employers to furnish 

limited amounts of goods and services 

to a managed fund in the ordinary 

course of business. Limited relief is also 

provided for leases of office or 

commercial space between managed 

funds and QPAMs or contributing 

employers. Finally, relief is provided for 

transactions involving places of public 

accommodation owned by a managed 

fund. The amendment affects 

participants and beneficiaries of 

employee benefit plans, the sponsoring 

employers of such plans, and other 

persons engaging in the described 

transactions. 

DATES: Except where otherwise 

indicated herein, the amendment is 

effective August 23, 2005. 

FOR FURTHER INFORMATION CONTACT: 

Christopher J. Motta or Karen E. Lloyd, 

Office of Exemption Determinations, 

Employee Benefits Security 

Administration, U.S. Department of 

Labor, Room N–5649, 200 Constitution 

Avenue, NW., Washington, DC 20210, 

(202) 693–8540 (not a toll-free number). 

SUPPLEMENTARY INFORMATION: On 

September 3, 2003, a notice was 

published in the Federal Register (68 

FR 52419) of the pendency before the 

Department of Labor (the Department) of 

a proposed amendment to PTE 84–14 

(49 FR 9494, March 13, 1984, as 

corrected at 50 FR 41430, October 10, 

1985). PTE 84–14 provides an 

exemption from certain of the 

restrictions of section 406 of ERISA, and 

from certain taxes imposed by section 

4975(a) and (b) of the Code, by reason 

of section 4975(c)(1) of the Code. The 

Department proposed to amend to PTE 

84–14 on its own motion, pursuant to 

section 408(a) of ERISA and section 

4975(c)(2) of the Code, and in 

accordance with the procedures set 

forth in 29 CFR part 2570, subpart B (55 

FR 32836, 32847, August 10, 1990).1

The notice of pendency gave 

interested persons an opportunity to 

comment on the proposed exemption. 

The Department received six comment 

letters. In general, the commenters 

expressed support for the proposed 

amendments. Upon consideration of all 

the comments received, the Department 

has determined to grant the proposed 

amendment, subject to certain 

modifications. These modifications and 

the major comments are discussed 

below. 

Executive Order 12866 Statement 

Under Executive Order 12866, the 

Department must determine whether the 

regulatory action is ‘‘significant’’ and 

therefore subject to the requirements of