Federal Register / Vol. 70, No. 212 / Thursday, November 3, 2005 / Notices 66859 

DEPARTMENT OF LABOR 

Employee Benefits Security 

Administration 

[Prohibited Transaction Exemption 2005–

14; Exemption Application No. D–11175 et 

al.] 

Grant of Individual Exemptions; Milan 

Uremovich, D.D.S., P.C. Profit Sharing 

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 

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. 

Milan Uremovich, D.D.S., P.C. Profit 

Sharing Plan and Trust (the Plan) 

Located in Arvada, CO [Prohibited 

Transaction Exemption 2005–14; 

Exemption Application No. D–11175] 

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 leasing 

(the New Lease) by the individual 

account in the Plan of Dr. Milan 

Uremovich (the Account), of certain 

office space (the Office Space) to Milan 

Uremovich, D.D.S., P.C., (the Employer), 

a party in interest with respect to the 

Plan, provided that the following 

conditions are met: 

(a) The terms and conditions of the 

New Lease are at least as favorable to 

the Account as those the Account could 

obtain in a comparable arm’s length 

transaction with unrelated parties. 

(b) The fair market rental value of the 

Office Space leased to the Employer is 

determined by a qualified, independent 

appraiser. 

(c) The rent charged by the Account 

under the New Lease and for each 

renewal term is, at all times, not less 

than the fair market rental value of the 

Office Space, as determined by a 

qualified, independent appraiser. The 

rental payments under the New Lease 

are adjusted once every five years after 

the initial term and after each renewal 

term by the qualified, independent 

appraiser to ensure that the New Lease 

payments are not greater than or less 

than the fair market rental value of the 

leased space. In no event may the rent 

be adjusted below the rental amount 

paid for the preceding term of such 

lease. 

(d) The fair market value of the Office 

Space represents, at all times, no more 

than 25 percent of the total assets of the 

Account. 

(e) The Account does not pay any real 

estate fees, commissions, or other 

expenses with respect to the New Lease. 

(f) The New Lease is a triple net lease 

under which the Employer, as lessee, 

pays, in addition to the base rent, all 

normal operating expenses associated 

with the Office Space, including real 

estate taxes, insurance, maintenance, 

repairs and utilities. 

(g) Dr. Uremovich is the only 

participant in the Plan whose Account 

is affected by the New Lease. 

(h) Within 90 days of the publication, 

in the Federal Register, of the notice 

granting this exemption, the Employer 

files a Form 5330 with the Internal 

Revenue Service and pays all applicable 

excise taxes under section 4975(a) of the 

Code that are attributed to the past 

purchase of the Building by Dr. 

Uremovich’s individual account in the 

Milan Uremovich, D.D.S., P.C. Profit 

Sharing Plan (the Profit Sharing Plan), a 

predecessor to the current Plan, and the 

leasing of Office Space in the Building 

by the Profit Sharing Plan Account and 

the Account to Dr. Uremovich. 

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, 2005 at 70 FR 37434. 

FOR FURTHER INFORMATION CONTACT: Ms. 

Jan D. Broady of the Department, 

telephone (202) 693–8556. (This is not 

a toll-free number.) 

Dakotas and Western Minnesota 

Electrical Workers Apprenticeship Plan 

(the Plan) Located in Fargo, ND 

[Prohibited Transaction Exemption No. 

2005–15; Exemption Application No: L–

11316] 

Exemption 

The restrictions of sections 

406(a)(1)(A) through (D), 406(b)(1), and 

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

the lease (the Lease) of a portion of a 

parcel of improved real property (the 

Premises) by the Plan from the Dakotas 

Chapter of the National Electrical 

Contractors Association (the Dakotas 

NECA), a party in interest with respect 

to the Plan; provided that, at the time 

the transaction is entered into, the 

following conditions are satisfied: 

(a) An independent, qualified 

fiduciary (the I/F), acting on behalf of 

the Plan, determines prior to entering 

into the transaction that the transaction 

is feasible, in the interest of, and 

protective of the Plan and the 

participants and beneficiaries of the 

Plan; 

(b) Before the Plan enters into the 

Lease of the Premises, the I/F reviews 

the transaction, negotiates the terms of 

the transaction to ensure that such terms 

are at least as favorable to the Plan as 

an arm’s length transaction with an 

unrelated party, and determines 

whether or not to approve the 

transaction, in accordance with the 

fiduciary provisions of the Act; 

(c) The I/F monitors compliance with 

the terms and conditions of this 

66860 Federal Register / Vol. 70, No. 212 / Thursday, November 3, 2005 / Notices 

exemption, as described herein, and 

ensures that such terms and conditions 

are at all times satisfied; 

(d) Throughout the duration of the 

Lease of the Premises, the I/F monitors 

compliance with the terms of the Lease 

of the Premises and takes any and all 

steps necessary to ensure that the Plan 

is protected, including, but not limited 

to, notifying Dakotas NECA of the Plan’s 

intention to extend the Lease of the 

Premises at the conclusion of the initial 

five (5) year term of the Lease; 

(e) The rent paid by the Plan for the 

Premises under the terms of the Lease 

and under the terms of any subsequent 

extension of the Lease is at no time 

greater than the fair market rental value 

of the Premises, as determined by an 

independent, qualified appraiser 

retained by the Board of Trustees of the 

Plan (the Trustees); 

(f) The Plan pays no rent for the 

Premises, any remodeling or 

maintenance costs, any taxes, insurance, 

operating expenses or other costs, 

expenses, or charges for the Premises for 

the period from the date of the Plan’s 

first occupancy of the Premises to the 

date the final exemption is published in 

the Federal Register. Nothing in this 

condition (f) shall preclude the payment 

by the Plan of rent plus its proportionate 

share of the cost of taxes, maintenance, 

and insurance on the Premises after the 

final exemption is published in the 

Federal Register and the Lease of the 

Premises is executed; 

(g) Under the provisions of the Lease, 

the transaction is on terms and at all 

times remains on terms that are at least 

as favorable to the Plan as those that 

would have been negotiated under 

similar circumstances at arm’s length 

with an unrelated third party; 

(h) The transaction is appropriate and 

helpful in carrying out the purposes for 

which the Plan is established or 

maintained; 

(i) The Trustees maintain, or cause to 

be maintained within the United States 

for a period of six (6) years in a manner 

that is convenient and accessible for 

audit and examination, such records as 

are necessary to enable the persons 

described, below, in paragraph (j)(1) of 

this exemption to determine whether 

the conditions of this exemption have 

been met; except that—

(1) If the records necessary to enable 

the persons described, below, in 

paragraph (j)(1) of this exemption to 

determine whether the conditions of 

this exemption have been met are lost 

or destroyed, due to circumstances 

beyond the control of the Trustees, then 

no prohibited transaction will be 

considered to have occurred solely on 

the basis of the unavailability of those 

records; and 

(2) No party in interest, other than the 

Trustees shall be subject to the civil 

penalty that may be assessed under 

section 502(i) of the Act, or to the taxes 

imposed by section 4975(a) and (b) of 

the Code, if the records are not 

maintained, or are not available for 

examination as required by paragraph (i) 

of this exemption; and 

(j)(1) Except as provided, below, in 

paragraph (j)(2) of this exemption and 

notwithstanding any provisions of 

sections (a)(2) and (b) of section 504 of 

the Act, the records referred to in 

paragraph (i) of this exemption are 

unconditionally available at their 

customary location for examination 

during normal business hours by: 

(A) Any duly authorized employee or 

representative of the Department, the 

Internal Revenue Service, or any other 

applicable federal or state regulatory 

agency; 

(B) Any fiduciary of the Plan, or any 

duly authorized representative of such 

fiduciary; 

(C) Any contributing employer to the 

Plan and any employee organization 

whose members are covered by the Plan, 

or any duly authorized employee or 

representative of these entities; or 

(D) Any participant or beneficiary of 

the Plan, or any duly authorized 

representative of such participant or 

beneficiary. 

(2) None of the persons described, 

above, in paragraph (j)(1)(B)–(D) of this 

exemption are authorized to examine 

trade secrets or commercial or financial 

information that is privileged or 

confidential. 

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 

August 12, 2005, at 70 FR 47252. 

For Further Information Contact: 

Angelena C. Le Blanc of the Department, 

telephone (202) 693–8540 (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. 

Signed at Washington, DC, this 31st day of 

October, 2005. 

Ivan Strasfeld, 

Director of Exemption Determinations, 

Employee Benefits Security Administration, 

U.S. Department of Labor. 

[FR Doc. 05–21963 Filed 11–2–05; 8:45 am] 

BILLING CODE 4510–29–P 

DEPARTMENT OF LABOR 

Employment and Training 

Administration 

Proposed Information Collection 

Request Submitted for Public 

Comment and Recommendations; 

Foreign Labor Certification Quarterly 

Activity Report 

ACTION: Notice. 

SUMMARY: The Department of Labor, as 

part of its continuing effort to reduce 

paperwork and respondent burden, 

conducts a preclearance consultation 

program to provide the general public 

and Federal agencies with an 

opportunity to comment on proposed 

and/or continuing collections of 

information in accordance with the 

Paperwork Reduction Act of 1995 

(PRA95) [44 U.S.C. 3506(c)(A)]. This 

program helps to ensure that requested 

data can be provided in the desired 

format, reporting burden (time and 

financial resources) is minimized, 

collection instruments are clearly 

understood, and the impact of collection 

requirements on respondents can be 

properly assessed. Currently, the 

Employment and Training