Federal Register / Vol. 70, No. 22 / Thursday, February 3, 2005 / Notices 5701

independent fiduciary for each ERISA 

pension plan client of DBTCA.

General Information 

The attention of interested persons is 

directed to the following: 

(1) The fact that a transaction is the 

subject of an exemption granted under 

section 408(a) of the Act and/or 

4975(c)(2) of the Internal Revenue Code 

of 1986 (the Code) does not relieve a 

fiduciary or other party in interest with 

respect to a plan to which the 

exemption is applicable from certain 

other provisions of the Act and/or the 

Code. These provisions include any 

prohibited transaction provisions to 

which the exemption does not apply 

and the general fiduciary provisions of 

section 404 of the Act which, among 

other things, requires a fiduciary to 

discharge his or her duties respecting 

the plan solely in the interests 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) The proposed exemption, if 

granted, will be supplemental to, and 

not in derogation of, any other 

provisions of the Act and/or Code, 

including statutory or administrative 

exemptions and transitional 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; 

(3) The availability of this exemption, 

if granted, is subject to the express 

condition that the material facts and 

representations contained in the 

application are true and complete and 

accurately describe all material terms of 

the transaction which is the subject of 

this exemption. In the case of 

continuing transactions, if any of the 

material facts or representations 

described in the application 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; and 

(4) Before an exemption may be 

granted under section 408(a) of ERISA, 

the Department must find that the 

exemption is administratively feasible, 

in the interests of the plan and of its 

beneficiaries and protective of the rights 

or participants and beneficiaries of the 

plan. 

Proposed Exemption 

Based on the facts set forth in the 

application, and under the authority of 

section 408(a) of the Act 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, August 10, 1990), the 

Department proposes to modify PTE 99–

29 as set forth below: 

Section I is amended to read as 

follows: ‘‘Bankers Trust Company (now 

known as DBTCA) shall not be 

precluded from functioning as a 

‘‘qualified professional asset manager’’

pursuant to Prohibited Transaction 

Exemption 84–14 (49 FR 9494, March 

13, 1994) (PTE 84–14) for the period 

beginning on the date of sentencing 

with respect to the charges to which 

Bankers Trust Company pled guilty on 

March 11, 1999 and ending July 27, 

2009, solely because of a failure to 

satisfy section I(g) of PTE 84–14 as a 

result of the conviction of Bankers Trust 

Company for felonies described in the 

March 11, 1999 felony information (the 

Information) entered in the U.S. District 

Court for the Southern District of New 

York, provided that:’’

Section I(c) is amended to read as 

follows: ‘‘The custody operations that 

were part of Bankers Trust Company at 

the time of the March 11, 1999 

information, and which have 

subsequently been reorganized as part of 

Global Institutional Services (GIS), are 

subject to an annual examination of its 

abandoned property and escheatment 

policies, procedures and practices by an 

independent public accounting firm. 

The examination required by this 

condition shall determine whether the 

written procedures adopted by Bankers 

Trust Company are properly designed to 

assure compliance with the 

requirements of ERISA. The annual 

examination shall specifically require a 

determination by the auditor as to 

whether the Bank has developed and 

adopted internal policies and 

procedures that achieve appropriate 

control objectives and shall include a 

test of a representative sample of 

transactions, fifty percent of which must 

involve ERISA covered plans, to 

determine operational compliance with 

such policies and procedures. The 

auditor shall issue a written report 

describing the steps performed by the 

auditor during the course of its 

examination. The report shall include 

the auditor’s specific findings and 

recommendations. This requirement 

shall continue to be applicable to the 

custody operations that were part of 

Bankers Trust Company as of March 11, 

1999, notwithstanding any subsequent 

reorganization of the custody operation 

function during the term of the 

exemption. Such audit requirements 

shall be applicable for any year or part 

thereof in which DBTCA held ERISA 

covered plan assets in custody.’’

Section III(a) is amended to read as 

follows: ‘‘For purposes of this 

exemption, the term ‘‘Bankers Trust 

Company’’ includes Bankers Trust 

Company, and any entity that was 

affiliated with Bankers Trust Company 

prior to the date of the acquisition of 

Bankers Trust Corporation by Deutsche 

Bank AG, other than BT Alex. Brown 

Incorporated and its subsidiaries. This 

term also refers to Deutsche Bank Trust 

Company Americas (DBTCA).’’

For a more complete statement of 

facts and representations supporting the 

Department’s decision to grant PTE 99–

29, refer to the proposed exemption (64 

FR 30360, June 7, 1999) and the grant 

notice (64 FR 40623, July 27, 1999).

Signed at Washington, DC, this 31st day of 

January 2005. 

Ivan L. Strasfeld, 

Director, Office of Exemption Determinations, 

Employee Benefits Security Administration, 

U.S. Department of Labor.

[FR Doc. 05–2077 Filed 2–2–05; 8:45 am] 

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Employee Benefits Security 

Administration 

Prohibited Transaction Exemption 

2005–01; [Exemption Application No. 

D–11211] et al.; Grant of Individual 

Exemptions; J.C.O., Inc. Retirement 

Plan and Trust (the Plan)

AGENCY: Employee Benefits Security 

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). 

A notice was published in the Federal 

Register of the pendency before the 

Department of a proposal to grant such 

exemption. The notice set forth a 

summary of facts and representations 

contained in the application for 

exemption and referred interested 

persons to the application for a 

complete statement of the facts and 

representations. The application has 

been available for public inspection at 

the Department in Washington, DC. The 

5702 Federal Register / Vol. 70, No. 22 / Thursday, February 3, 2005 / Notices 

1For purposes of this exemption, references to 

provisions of Title I of the Act, unless otherwise 

specified, refer also to corresponding provisions of 

the Code.

2Since the Applicant is a sole proprietor 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.

notice also invited interested persons to 

submit comments on the requested 

exemption to the Department. In 

addition the notice stated that any 

interested person might submit a 

written request that a public hearing be 

held (where appropriate). The applicant 

has represented that it has complied 

with the requirements of the notification 

to interested persons. 

No requests for a hearing were 

received by the Department. Public 

comments were received by the 

Department as described in the granted 

exemption. 

The notice of proposed exemption 

was issued and the exemption is being 

granted solely by the Department 

because, effective December 31, 1978, 

section 102 of Reorganization Plan No. 

4 of 1978, 5 U.S.C. App. 1 (1996), 

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 exemption is administratively 

feasible; 

(b) The exemption is in the interests 

of the plan and its participants and 

beneficiaries; and 

(c) The exemption is protective of the 

rights of the participants and 

beneficiaries of the plan.

J.C.O., Inc. Retirement Plan and Trust 

(the Plan) 

Located in Boulder, Colorado 

[Prohibited Transaction Exemption 

2005–01; Exemption Application No. D–

11211] 

Exemption 

The restrictions of sections 406(a), 

406(b)(1) and 406(b)(2) of the Act and 

the sanctions resulting from the 

application of section 4975 of the Code,1

by reason of section 4975(c)(1)(A) 

through (E) of the Code, shall not apply 

to (1) the cash sale (the Sale) of certain 

improved real property (the Property) to 

the Plan by Cynthia G. Vogels, a party 

in interest with respect to the Plan and 

a 50% shareholder of J.C.O., Inc. (JCO), 

the Plan sponsor; and (2) the 

simultaneous lease (the New Lease) of 

the Property by the Plan to JCO.

This exemption is subject to the 

following conditions: 

(a) The terms and conditions of the 

transactions are not less favorable to the 

Plan than those obtainable in an arm’s 

length transaction between unrelated 

parties. 

(b) The Sale is a one-time transaction 

for cash. 

(c) The acquisition price that is paid 

by the Plan for the Property is not more 

than the fair market value of the 

Property as determined by a qualified, 

independent appraiser on the date of the 

Sale. 

(d) The value of the Property that is 

acquired by the Plan does not exceed 

20% of the Plan’s assets at the time of 

the Sale nor throughout the duration of 

the New Lease. 

(e) The Plan does not pay any real 

estate fees, commissions or other 

expenses with respect to the 

transactions. 

(f) Mrs. Vogels indemnifies and holds 

the Plan harmless from any liability 

arising from the Sale, including but not 

limited to hazardous materials found on 

the Property, violation of zoning or land 

use regulations or restrictions, and 

violations of federal, state or local 

environmental regulations or laws. 

(g) The New Lease is a triple-net lease 

under which the JCO, as lessee, pays, in 

addition to the base rent, all expenses 

incurred by the Property, including all 

taxes and assessments, insurance, 

maintenance, utilities and any other 

expenses. 

(h) The annual rental amount under 

the New Lease is the higher of $40,800 

or the fair market rental value of the 

Property, as determined by a qualified, 

independent appraiser on the date the 

New Lease is entered into by the parties. 

(i) The rent payable under the New 

Lease is adjusted every year after the 

first 12 months of the New Lease by an 

amount equal to the percentage increase 

in the Consumer Price Index for All 

Urban Consumers for the Denver 

Metropolitan Area. In addition, the 

Property is reappraised every five years 

by a qualified, independent appraiser 

selected by the Plan’s independent 

fiduciary and the independent fiduciary 

then adjusts the rental for the Property 

based on the appraisal. However, in no 

event is the rent adjusted below the 

rental amount paid for the preceding 

year. 

(j) The Plan is represented at all times 

and for all purposes with respect to the 

Sale and the New Lease by a qualified, 

independent fiduciary. 

(k) The Plan’s independent fiduciary 

has negotiated, reviewed, and approved 

the terms and conditions of the Sale and 

the New Lease and has determined that 

the transactions are appropriate for the 

Plan and in the best interests of the 

Plan’s participants and beneficiaries. 

(l) The Plan’s independent fiduciary 

monitors and enforces compliance with 

the terms and conditions of the New 

Lease and this exemption throughout 

the duration of the New Lease. 

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 30, 2004 at 69 FR 69621.

FOR FURTHER INFORMATION CONTACT: Ms. 

Anna M.N. Mpras of the Department, 

telephone (202) 693–8565. (This is not 

a toll-free number.)

Roy A. Herberger Defined Benefit 

Pension Plan (the Plan) 

Located in Phoenix, Arizona 

[Prohibited Transaction Exemption No. 

2005–02; Application No. D–11259] 

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 three past in-kind contributions 

(the Contribution(s)) to the Plan of 

common stock (the Stock) of Pinnacle 

West Capital Corporation (PNW) by Roy 

A. Herberger, Jr. (the Applicant), a 

disqualified party with respect to the 

Plan,2 provided that the following 

conditions are met:

(a) The transactions involved publicly 

traded securities, the fair market values 

of which were based upon published 

prices at the time of each Contribution; 

(b) The cumulative value of the 

Contributions represented no more than 

18% of the total assets of the Plan; 

(c) The Plan has not paid any 

commissions, costs or other expenses in 

connection with the Contributions; 

(d) The Applicant, who is the only 

person affected by the transactions, 

believes that the transactions were in 

the best interest of the Plan; 

(e) The Applicant made the 

Contributions based on erroneous 

advice from his tax adviser; and 

(f) The terms of the transactions 

between the Plan and the Applicant are 

no less favorable to the Plan than terms 

negotiated at arm’s length under similar 

circumstances between unrelated third 

parties. 

Federal Register / Vol. 70, No. 22 / Thursday, February 3, 2005 / Notices 5703

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 8, 2004 at 69 FR 64787.

FOR FURTHER INFORMATION CONTACT:

Khalif Ford of the Department, 

telephone (202) 693–8540 (this is not a 

toll-free number).

The National Electrical Benefit Fund 

(the Plan) 

Located in Rockville, MD 

[Prohibited Transaction Exemption 

2005–03; Exemption Application No. D–

11165] 

Exemption 

The restrictions of section 

406(a)(1)(A) through (D) 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 (D) of the Code, shall not apply, 

effective April 1, 2003, to (1) the 

collateral assignment (the Collateral 

Assignment) by the Plan, of its rights 

and interests in the Stonegate at 

Bellefaire, LLC (the LLC), a real estate 

operating company, to M&T Real Estate, 

Inc. (the Senior Lender), a party in 

interest with respect to the Plan; and (2) 

the guaranty (the Guaranty) by the Plan, 

executed in favor of the Senior Lender, 

requiring the Plan to reimburse the 

Senior Lender for any losses the Senior 

Lender may incur as a result of certain 

affirmative ‘‘bad acts’’ that are 

committed by the Plan as a member (the 

Member) of the LLC. 

This exemption is subject to the 

following conditions: 

(a) The Plan’s execution of the 

Collateral Assignment and the Guaranty 

was on terms no less favorable to the 

Plan than those which the Plan could 

obtain in an arm’s length transaction 

with an unrelated party; 

(b) The decisions on behalf of the Plan 

to invest in the LLC and consent to the 

terms of the Collateral Assignment and 

Guaranty in favor of the Senior Lender 

were made by fiduciaries which were 

independent of and unaffiliated with 

the Senior Lender; 

(c) At the time of the transactions, the 

Plan had total assets that were in excess 

of $5 billion, and not more than 1% of 

the Plan’s total assets was invested or 

will be invested in the LLC. 

(d) The other Member of the LLC also 

executed Guaranties in favor of the 

Senior Lender; 

(e) As a Member of the LLC, the Plan’s 

total potential liability with respect to 

its investment in the real estate project 

(the Project), which is being developed 

and will be owned by the LLC, is 

limited to: 

(1) Capital contributions made by the 

Plan to the LLC. 

(2) Amounts funded by the Plan to the 

LLC. 

(3) Rights and interests given to the 

Senior Lender under the Collateral 

Assignment. 

(f) In the event the Plan engages in 

any of the specified ‘‘bad acts’’ that are 

described in the Guaranty, the Plan’s 

total potential liability does not exceed 

the greater of $32.98 million or the 

outstanding principal amount of the 

loan serving as the primary funding 

vehicle for the Project.

EFFECTIVE DATES: This exemption will be 

effective as of April 1, 2003. 

For a 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 8, 2004 at 69 FR 64784.

FOR FURTHER INFORMATION CONTACT: Mr. 

Arjumand A. Ansari of the Department, 

telephone (202) 693–8566. (This is not 

a toll-free number.)

Wheeling-Pittsburgh Corporation and 

Wheeling Pittsburgh Steel Corporation 

Located in Wheeling, WV 

[Prohibited Transaction Exemption 

2005–04; Application No. L–11200] 

Exemption 

The restrictions of sections 

406(a)(1)(E), 407(a)(2), 406(b)(1), and 

406(b)(2) of the Act, shall not apply to: 

(1) The initial acquisition of 4,000,000 

shares on August 1, 2003 (Initial Shares) 

of publicly traded Employer Stock 

through the in-kind contribution of such 

Initial Shares, and subsequent in-kind 

acquisitions of Employer Stock, by the 

Wheeling-Pittsburgh Steel Corporation 

Retiree Benefits Plan (the Plan) for the 

purpose of pre-funding welfare benefits 

provided by the Plan; and (2) the 

holding by the Plan of Employer Stock 

acquired pursuant to the contributions, 

provided that the following conditions 

are satisfied: 

(a) An Independent Fiduciary will 

represent the Plan and its participants 

and beneficiaries for all purposes 

related to such contributions for the 

duration of the Plan’s holding of such 

Employer Stock and will have sole 

responsibility relating to the acquisition, 

holding, disposition, ongoing 

management, and voting of Employer 

Stock. The Independent Fiduciary will 

authorize the Trustee to accept or 

dispose of Employer Stock only after 

such Independent Fiduciary determines, 

at the time of each transaction, that such 

transaction is feasible, in the interest of 

the Plan, and protective of the 

participants and beneficiaries of such 

Plan, subject to the terms of the 

Registration Rights Agreement, Stock 

Transfer Restriction and Voting 

Agreement; 

(b) The appropriate fair market value 

of any Employer Stock contributed by 

WPC and WPSC to the Trust will be 

established by the Independent 

Fiduciary; 

(c) The Plan or Trust incurs no fees, 

costs or other charges (other than those 

described in the Engagement Letter 

Agreement and the Trust Agreement) as 

a result of any of the transactions 

described herein; 

(d) The terms of any transactions 

between the Plan and the Companies 

will be no less favorable to the Plan than 

terms negotiated at arm’s length under 

similar circumstances between 

unrelated third parties; 

(e) Employer Stock contributed inkind to the Plan will be held in a 

separate account under a Trust which is 

qualified under section 501(c)(9) of the 

Code; 

(f) The Committee maintains, for a 

period of six years from the date of the 

initial acquisition of shares by the Plan 

and from the date of any subsequent 

contributions of Employer Stock, any 

and all records necessary to enable the 

persons described in paragraph (g) 

below to determine whether the 

conditions of this exemption have been 

met, except that: (1) If the records 

necessary to enable the persons 

described in paragraph (g) to determine 

whether the conditions of the 

exemption have been met are lost or 

destroyed, due to circumstances beyond 

the control of the plan fiduciary, then 

no prohibited transaction will be 

considered to have occurred solely on 

the basis of unavailability of those 

records; and (2) no party in interest 

other than the Committee shall be 

subject to the civil penalty that may be 

assessed under section 502(i) of the Act 

if the records are not maintained, or are 

not available for examination as 

required by paragraph (g) below; 

(g)(1) Except as provided below in 

paragraph (g)(2) and notwithstanding 

any provisions of subsections 504(a)(2) 

and (b) of the Act, the records referred 

to in paragraph (f) above shall be 

unconditionally available at their 

customary location for examination 

during normal business hours by: 

(A) Any duly authorized employee or 

representative of the Department; 

(B) The USWA or any duly authorized 

representative of the USWA; and 

(C) Any participant or beneficiary of 

the Plan, or any duly authorized 

5704 Federal Register / Vol. 70, No. 22 / Thursday, February 3, 2005 / Notices 

representative of such participant or 

beneficiary.

(2) None of the persons described 

above in subparagraphs (B) and (C) of 

this paragraph (g) shall be authorized to 

examine the trade secrets of WPC or 

WPSC or commercial or financial 

information that is privileged or 

confidential. 

Definitions 

(a) For purposes of this exemption, 

the term ‘‘Independent Fiduciary’’

means a fiduciary with respect to the 

Plan who is: (1) Independent of and 

unrelated to WPC, WPSC or its affiliates; 

and (2) appointed to act on behalf of the 

Plan with respect to the acquisition, 

holding, management, and disposition 

of the shares. In this regard, the 

fiduciary will not be deemed to be 

independent of and unrelated to WPC 

and WPSC if: (1) Such fiduciary directly 

or indirectly controls, is controlled by or 

is under common control with WPC or 

WPSC; (2) such fiduciary directly or 

indirectly receives any compensation or 

other consideration in connection with 

any transaction described in this 

exemption; except that the Independent 

Fiduciary may receive compensation for 

acting as an Independent Fiduciary from 

WPC in connection with the 

transactions contemplated herein if the 

amount or payment of such 

compensation is not contingent upon or 

in any way affected by the Independent 

Fiduciary’s ultimate decision, and (3) 

the annual gross revenue received by 

the Independent Fiduciary, during any 

year of its engagement, from WPC 

exceeds one percent (1%) of the 

Independent Fiduciary’s annual gross 

revenue from all sources (for federal 

income tax purposes) for its prior tax 

year; 

(c) The term ‘‘Initial Shares’’ means 

the 4,000,000 shares of common stock of 

WPC that were contributed to the Trust 

on August 1, 2003. 

(d) The term ‘‘Participant’’ shall mean 

former employees of WPC, WPSC and 

its subsidiaries who separated from 

service from USWA-represented 

bargaining units and who are designated 

as beneficiaries of the newly-created 

WPSC Retiree Benefit Plan, as well as 

any dependent, surviving spouse or 

other beneficiary of a bargaining unit 

retiree who is entitled to receive 

benefits under the Plan. 

(e) The term ‘‘Plan’’ refers to the 

Wheeling-Pittsburgh Steel Corporation 

Retiree Benefits Plan. The Plan is an 

employee welfare benefit plan 

established and maintained by the 

Committee. 

(f) The term ‘‘Shares’’ or ‘‘Employer 

Stock’’ means shares of publicly traded 

common stock of WPC. 

(g) The term ‘‘Trust’’ means a Code 

section 501(c)(9) trust, which is 

established for the purpose of funding 

life, sickness, accident, and other 

welfare benefits for the participants and 

beneficiaries of the Plan. 

(h) ‘‘USWA’’ shall mean the United 

Steelworkers of America, AFL–CIO–

CLC. 

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 (the Notice) 

published on November 30, 2004, at 69 

FR 69623. 

Written Comments: The applicant 

(i.e., WPSC) submitted written 

comments with respect to the notice of 

the proposed exemption (the Proposal). 

The comments are summarized below. 

The applicant requests that the third 

transaction described in the first 

paragraph in the proposed Exemption, 

which refers to ‘‘the extension of credit 

between Wheeling Pittsburgh 

Corporation (WPC), WheelingPittsburgh Steel Corporation (WPSC) 

and the Plan, which will occur in 

conjunction with WPC’s and WPSC’s 

contributions of Employer Stock and 

cash for the benefit of the retirees,’’ be 

omitted due to the absence of an 

extension of credit in connection with 

the contributions of Employer Stock. 

The Department acknowledges the 

applicant’s comment and has revised 

the grant accordingly. 

The applicant states that information 

concerning the Independent Fiduciary 

managing Employer Stock that is 

contributed to the Plan, subject to the 

provisions of the Independent Fiduciary 

Engagement Agreement, the Stock 

Agreement and the Registration Rights 

Agreement was not included in Item 6 

of the Summary of Facts and 

Representations contained in the 

proposal (the Summary) in describing 

the responsibilities of the Independent 

Fiduciary. The Department 

acknowledges the applicant’s 

clarifications to the information 

contained in the Summary. 

In addition, the applicant states that 

the fifth paragraph in Item 6 of the 

Summary indicates that ‘‘the 

Independent Fiduciary sold 42,000 

shares of Employer Stock from March 

25, 2004 to April 20, 2004’’ and should 

have indicated that the Independent 

Fiduciary actually sold 42,400 shares 

during this period. The Department 

acknowledges the applicant’s 

clarifications to the information 

contained in the Summary. 

The Department received four written 

inquiries and close to one hundred 

telephone calls concerning the Proposal 

from interested persons. All of the 

telephone calls and written inquiries 

requested additional information 

regarding the transactions and the 

possible affect on benefits payable to the 

appropriate Plan participants. The 

Department responded to each inquiry 

by telephone and attempted to address 

the issues that were raised. None of the 

additional comments made to the 

Department offered specific suggestions 

or reasons for changes to the proposal.

The Department received no other 

comments. Accordingly, the Department 

has determined to grant the exemption, 

as modified herein.

FOR FURTHER INFORMATION CONTACT:

Brian J. Buyniski of the Department, 

telephone (202) 693–8545. (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 exemption 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) This exemption is 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 this exemption 

is subject to the express condition that 

the material facts and representations 

contained in the application accurately 

describes all material terms of the 

transaction which is the subject of the 

exemption.

Federal Register / Vol. 70, No. 22 / Thursday, February 3, 2005 / Notices 5705

Signed at Washington, DC, this 31st day of 

January, 2005. 

Ivan Strasfeld, 

Director of Exemption Determinations, 

Employee Benefits Security Administration, 

U.S. Department of Labor.

[FR Doc. 05–2078 Filed 2–2–05; 8:45 am] 

BILLING CODE 4510–29–P

DEPARTMENT OF LABOR

Employee Benefits Security 

Administration 

Exemption Application No. L–11245; 

The North Texas Electrical Joint 

Apprenticeship and Training Trust 

Fund (the Plan)

AGENCY: Employee Benefits Security 

Administration, Department of Labor 

(the Department).

ACTION: Notice of proposed exemption.

On November 8, 2004, the Department 

published in the Federal Register (69 

FR 64788) a notice of a proposed 

exemption (the Notice) which states 

that, [i]f the exemption is granted, the 

restrictions of section 406(a) of the Act 

shall not apply to the sale (the Sale(s)) 

of (1) a 1.112 acres of land (Parcel 1) to 

the North Texas Chapter, National 

Electrical Contractors Association, a 

party in interest to the Plan; and (2) 

5.383 acres of land (Parcel 2) to Local 

Union #20, International Brotherhood of 

Electrical Workers, a party in interest to 

the Plan, conditioned upon the 

satisfaction of the following 

requirements: 

(a) The Sales are one-time 

transactions for cash; 

(b) The Plan does not pay any 

commissions, costs or other expenses in 

connection with the Sale of Parcel 1 and 

Parcel 2 (collectively the Parcels); and 

(c) The Plan will receive an amount 

equal to the greater of: (i) $145,000 or 

the current fair market value of Parcel 

1 as established by an independent, 

qualified, appraiser and updated at the 

time of the Sale; and (ii) $655,000; or 

the current fair market value of Parcel 

2 as established by an independent, 

qualified, appraiser and updated at the 

time of the Sale; and 

(d) The terms of the Sales will be no 

less favorable to the Plan than terms it 

would have received under similar 

circumstances in an arm’s length 

negotiations with an unrelated party. 

On page 64788 of the Notice, the 

operative language provides relief from 

the restrictions of section 406(a) of the 

Act. The Notice should have provided 

relief from the restrictions of sections 

406(a), 406(b)(1) and 406(b)(2) of the 

Act. Accordingly, the Department 

hereby corrects the notice of proposed 

exemption as set forth below. The 

proposed exemption is amended to 

read: 

If the exemption is granted, the 

restrictions of sections 406(a), 406(b)(1) 

and (2) of the Act shall not apply to the 

sale (the Sale(s)) of (1) a 1.112 acre of 

land (Parcel 1) to the North Texas 

Chapter, National Electrical Contractors 

Association (NECA), a party in interest 

to the Plan; and (2) 5.383 acres of land 

to Local Union #20, International 

Brotherhood of Electrical Workers 

(IBEW), a party in interest to the Plan.

FOR FURTHER INFORMATION CONTACT: Mr. 

Khalif Ford of the Department at (202) 

693–8540. (This is not a toll-free 

number.)

Signed at Washington, DC, this 31st day of 

January, 2005. 

Ivan L. Strasfeld, 

Director of Exemption Determinations, 

Employee Benefits Security Administration, 

U.S. Department of Labor.

[FR Doc. 05–2076 Filed 2–2–05; 8:45 am] 

BILLING CODE 4510–29–P

NATIONAL CREDIT UNION 

ADMINISTRATION 

Agency Information Collection 

Activities: Submission to OMB for 

Extension of a Currently Approved 

Collection; Comment Request

AGENCY: National Credit Union 

Administration (NCUA).

ACTION: Request for comment.

SUMMARY: The NCUA is submitting the 

following information collection 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). 

This information collection is published 

to obtain comments from the public.

DATES: Comments will be accepted until 

March 7, 2005.

ADDRESSES: Interested parties are 

invited to submit written comments to 

the NCUA Clearance Officer listed 

below: 

Clearance Officer: Mr. Neil 

McNamara, National Credit Union 

Administration, 1775 Duke Street, 

Alexandria, VA 22314–3428, Fax No. 

703–518–6669, E-mail: 

mcnamara@ncua.gov.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or a 

copy of the information collection 

request, should be directed to Tracy 

Sumpter at the National Credit Union 

Administration, 1775 Duke Street, 

Alexandria, VA 22314–3428, or at (703) 

518–6444.

SUPPLEMENTARY INFORMATION: Proposal 

for the following collection of 

information: 

Title: Central Liquidity Facility 

Repayment Agreement, Regular 

Member. 

OMB Number: 3133–0061. 

Form Number: CLF–8703. 

Type of Review: Extension of a 

currently approved collection. 

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/Record 

keepers: 40. 

Estimated Burden Hours Per 

Response: 2.875 hours. 

Frequency of Response: Other. As the 

need for borrowing arises. 

Estimated Total Annual Burden 

Hours: 115 hours. 

Estimated Total Annual Cost: 0.

By the National Credit Union 

Administration Board on January 27, 2005. 

Mary Rupp, 

Secretary of the Board.

[FR Doc. 05–2007 Filed 2–2–05; 8:45 am] 

BILLING CODE 7535–01–P

NATIONAL CREDIT UNION 

ADMINISTRATION 

Agency Information Collection 

Activities: Submission to OMB for 

Extension of a Currently Approved 

Collection; Comment Request

AGENCY: National Credit Union 

Administration (NCUA).

ACTION: Request for comment.

SUMMARY: The NCUA is submitting the 

following information collection 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). 

This information collection is published 

to obtain comments from the public.

DATES: Comments will be accepted until 

March 7, 2005.

ADDRESSES: Interested parties are 

invited to submit written comments to 

the NCUA Clearance Officer listed 

below: 

Clearance Officer: Mr. Neil 

McNamara, National Credit Union 

Administration, 1775 Duke Street, 

Alexandria, VA 22314–3428, Fax No. 

703–518–6669, E-mail: 

mcnamara@ncua.gov.

FOR FURTHER INFORMATION CONTACT:

Requests for additional information or a