Federal Register / Vol. 60, No. 28 / Friday, February 10, 1995 / Notices 8093

or administrative fees will be incurred

by the Plan since the Employer will

absorb the cost of the transfer.

5. Mr. Richard D. Schofield, a

registered real estate broker who has

been in the real estate business for 17

years, is the general partner of the

Partnership. Mr. Schofield represents

that as of January 5, 1995, the Interest

would be appraised as having a fair

market value at its original cost, or

$40,000. This is the purchase price that

the Employer proposes to pay to the

Plan for the Interest.

6. In summary, the applicant

represents that the proposed transaction

satisfies the criteria contained in section

408(a) of the Act because: (a) The sale

is a one-time transaction for cash; (b) the

Plan will pay no commissions or fees in

connection with the transaction; (c) the

Plan will receive not less than the

current fair market value of the Interest

at the time of the sale; and (d) the fair

market value for the Interest has been

determined by Mr. Schofield, a

qualified, independent expert who is

the general partner of the Partnership.

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 of

disqualified person from certain other

provisions of the Act and/or the Code,

including any prohibited transaction

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) Before an exemption may be

granted under section 408(a) of the Act

and/or section 4975(c)(2) of the Code,

the Department must find that the

exemption is administratively feasible,

in the interests of the plan and of its

participants and beneficiaries and

protective of the rights of participants

and beneficiaries of the plan;

(3) The proposed exemptions, if

granted, will be supplemental to, and

not in derogation of, any other

provisions of the Act and/or the 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; and

(4) The proposed exemptions, if

granted, will be subject to the express

condition that the material facts and

representations contained in each

application are true and complete, and

that each application accurately

describes all material terms of the

transaction which is the subject of the

exemption.

Signed at Washington, DC, this 7th day of

February, 1995.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 95–3407 Filed 2–9–95; 8:45 am]

BILLING CODE 4510–29–P

[Prohibited Transaction Exemption 95–09;

Exemption Application No. D–09462, et al.]

Grant of Individual Exemptions;

Peoples Security Life Insurance

Company, 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, DC. 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.

Peoples Security Life Insurance

Company (Peoples) Located in Durham,

North Carolina

[Exemption Application No.: D–09462]

Commonwealth Life Insurance

Company (Commonwealth) Located in

Louisville, Kentucky

[Prohibited Transaction Exemption 95–09;

Exemption Application No.: D–09463]

Exemption

The restrictions of section 406(a) of

the Act and the sanctions resulting from

the application of section 4975(c)(1) (A)

through (D) of the Code, shall not apply,

effective March 1, 1992, to: (1) The

extension of credit by Peoples or

Commonwealth (the Applicants), the

sponsors of an investment product (the

Group Annuity Contract or GAC) in

connection with a plan’s investment in

the GAC; and (2) the reimbursement of

Peoples or Commonwealth for benefit

payments made to investing plans from

the cashflow generated by the

investments in the plans’ Custodian

Accounts which are set up by a plan

pursuant to the GAC, or (3) the

reimbursement of Peoples or

Commonwealth for benefit payments

made to investing plans from the

proceeds generated by liquidation of

investments in the Custodial Accounts

upon termination of the Group Annuity

Contract provided:

1. The decision to enter into the

Group Annuity Contract will be made
8094 Federal Register / Vol. 60, No. 28 / Friday, February 10, 1995 / Notices

by a plan fiduciary who is independent

of Peoples and Commonwealth and any

affiliates of such entities (the

Independent Fiduciary).

2. Prior to a plan’s investment in the

Group Annuity Contract, the

Independent Fiduciary for such plan

receives full and detailed written

disclosures of all features of the Group

Annuity Contract including all

applicable premium charges.

3. Neither Peoples nor

Commonwealth or any of their affiliates

has discretionary authority or control

with respect to the decision to invest

plan assets in the investment product

described herein or renders investment

advice (within the meaning of 29 CFR

2510.3–21(a)) with respect to those

assets.

4. Neither Peoples nor

Commonwealth or any of their affiliates

exercises any discretion or renders

investment advice on behalf of a plan

with respect to the ongoing acquisition,

management or disposition of Custodian

Account assets.

5. For all transactions that occur after

the date of publication of the proposed

and final exemptions, Peoples and

Commonwealth provide copies of the

proposed and final exemptions as

published in the Federal Register to

each plan which invests in a Group

Annuity Contract.

6. The premiums charged by Peoples

and Commonwealth for the GAC

(including early termination charges

assessed in the event of early contract

termination) will not be in excess of

‘‘reasonable compensation’’ within the

meaning of section 408(b)(2) of the Act

and will constitute the only fees charged

by Peoples or Commonwealth in

connection with such contract other

than accrued interest on unreimbursed

benefit payments.

7. Peoples and Commonwealth

maintain or cause to be maintained, for

a period of six years, the records

necessary to enable the persons

described in paragraph (8) of this

section to determine whether the

conditions of this exemption have been

met, except that (a) a prohibited

transaction will not be considered to

have occurred if, due to circumstances

beyond the control of Peoples or

Commonwealth or its agents, the

records are lost or destroyed prior to the

end of the six year period, and (b) no

party in interest other than Peoples or

Commonwealth 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

(8) below.

8(a). Except as provided in section (b)

of the paragraph and notwithstanding

any provisions of subsections (a)(2) and

(b) of section 504 of the Act, the records

referred to in paragraph 7 of this section

shall be unconditionally available at

their customary location during normal

business hours by:

(1) Any duly authorized employee or

representative of the Department or the

Internal Revenue Service (the Service);

(2) Any fiduciary of an investing Plan

or any duly authorized representative of

such fiduciary;

(3) Any contributing employer to an

investing Plan or any duly authorized

employee or representative of such

employee; and

(4) Any participant or beneficiary of

an investing Plan, or any duly

authorized representative of such

participant or beneficiary.

(b) None of the persons described

above in subparagraph (2)–(4) of this

paragraph 8 shall be authorized to

examine the trade secrets of Peoples or

Commonwealth or its affiliates or

commercial or financial information

which is privileged or confidential.

For purposes of this exemption,

affiliate means:

(a) Any person directly or indirectly

through one or more intermediaries,

controlling, controlled by, or under

common control with such other

person;

(b) Any officer, director or partner, in

such other person; and

(c) Any corporation or partnership of

which such other person is an officer,

director or partner.

Control means the power to exercise

a controlling influence over the

management or policies of a person

other than an individual.

Written Comments

In the Notice of Proposed Exemption

(the Notice), the Department invited all

interested persons to submit written

comments on the proposed exemption

within 45 days from the date of

publication of the Notice in the Federal

Register. All written comments were to

have been received by the Department

by December 29, 1994. The Department

received one written comment

submitted by the Applicants. The issue

addressed in the comment and the

Department’s response are summarized

as follows:

The application for exemption

submitted by the Applicants requested a

March 1, 1992 effective date for the

requested exemption. The effective date

was not specified in the notice of

proposed exemption published in the

Federal Register on November 14, 1994

(59 FR 5655). Accordingly, the

Applicants request that the Department

clarify that the final exemption is

effective as of March 1, 1992.

The Department concurs with the

Applicants’ comment and notes that, in

order for the exemption to apply to a

covered transaction, all of the

conditions in the exemption except

condition 5 (relating to the provision of

copies of the proposed and final

exemption to plan investors) must have

been met.

FOR FURTHER INFORMATION CONTACT:

Lyssa E. Hall of the Department,

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

a toll-free number.)

CNA Employees’ Retirement Trust (the

Trust) Located in Chicago, Illinois

[Prohibited Transaction Exemption 95–10;

Exemption Application Nos. D–09539

through D–09544]

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, effective

January 17, 1992, to fifteen past sales

and purchases by the Trust of twelve

issues of short-term commercial paper

(the CNA Transactions), as identified in

the Notice of Proposed Exemption,

involving the Continental Casualty

Company, the Continental Assurance

Company, the Continental Assurance

Company Guaranteed Investment Fund,

the Valley Forge Life Insurance

Company, Valley Forge Insurance

Company, and the American Casualty

Company of Reading, Pennsylvania

(collectively, the CNA Companies), each

of which is a party in interest with

respect to the CNA Employees’

Retirement Plan, whose assets are held

by the Trust; provided that the

following conditions are satisfied:

(A) In each of the CNA Transactions, the

Trust paid no more, or received no less, than

the fair market value of the commercial paper

involved in the transaction;

(B) The CNA Transactions constituted, in

the aggregate, less than four percent of all

commercial paper transactions of the Trust

during 1992; and

(C) The CNA Companies have undertaken

efforts to prevent any recurrence of direct or

indirect transactions involving the Trust and

the CNA Companies, including the

appointment of an independent investment

manager of all the Trust’s commercial paper

investments.

EFFECTIVE DATE: This exemption is

effective as of January 17, 1992.

For a more complete statement of the

facts and representations supporting the
Federal Register / Vol. 60, No. 28 / Friday, February 10, 1995 / Notices 8095

1Because Mr. Civera is the only participant in the

Plan and the Employer is wholly owned by Mr.

Civera there is no jurisdiction with respect to the

Plan under Title I of the Act pursuant to CFR

2510.3–3(b) and (c). However, there is jurisdiction

under Title II of the Act pursuant to section 4975

of the Code.

2The original acquisition cost is determined as

follows: (original purchase price+aggregate real

estate taxes)¥aggregate rental income=original

acquisition cost.

Department’s decision to grant this

exemption, refer to the notice of

proposed exemption published on

November 28, 1994 at 59 FR 60843.

Written Comments

The Department received one written

comment, which included a request for

a hearing. The comment did not address

substantively the transactions which

were the subject of the proposed

exemption. Subsection (b) of 29 CFR

2570.46, in the prohibited transaction

exemption procedure, states that the

Department will grant a request for a

hearing where a hearing is necessary to

fully explore material factual issues

identified by the person requesting the

hearing. The Department has

determined that no issues have been

identified which would require the

convening of a hearing, and,

accordingly, has determined not to hold

a public hearing.

After careful consideration of the

entire record, the Department has

determined to grant the exemption.

FOR FURTHER INFORMATION CONTACT:

Ronald Willett of the Department,

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

a toll-free number.)

Hospital Supplies, Inc. Pension Plan

(the Plan) Located in Radnor,

Pennsylvania

[Prohibited Transaction Exemption 95–11;

Application No. D–09727]

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 of two adjacent parcels

of real property (the Properties) by the

Plan to Armond J. Civera, Jr. (Mr.

Civera),1 a disqualified person with

respect to the Plan, provided that the

following conditions are satisfied:

(a) The sale will be a one-time cash

transaction;

(b) The Plan will receive for each

Property the current fair market value

established at the time of the sale by an

independent qualified appraiser;

(c) The Plan will pay no expenses

associated with the sale.

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 4, 1995 at 60 FR 486/487.

FOR FURTHER INFORMATION CONTACT:

Ekaterina A. Uzlyan of the Department

at (202) 219–8883. (This is not a toll-free

number.)

Clarence E. Coker, Jr. and the

Clarendon Family Practice, PA

Employee Retirement Plan (the Plan)

Located in Manning, South Carolina

[Prohibited Transaction Application 95–12;

Exemption Application No. D–09736]

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 sale of

approximately eight acres of

unimproved land (the Land) by the Plan

to Dr. Clarence E. Coker, Jr., (Dr. Coker),

a party in interest with respect to the

Plan; provided that the following

conditions are satisfied:

(a) The sale will be a one-time cash

transaction;

(b) The Plan will receive the higher of:

(1) the original acquisition cost; 2 or (2)

the current fair market value plus a

certain premium related to the

adjacency of the Land to other real

property owned by Dr. Coker,

established at the time of the sale by an

independent qualified appraiser; and

(c) The Plan will pay no expenses

associated with the sale. 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 19, 1994 at 59 FR 65396/

65397.

FOR FURTHER INFORMATION CONTACT:

Ekaterina A. Uzlyan of the Department

at (202) 219–8883. (This is not a toll-free

number.)

Alucobond Technologies, Incorporated

Employees’ Savings Plan (the Plan)

Located in St. Louis, Missouri

[Prohibited Transaction Exemption 95–13;

Application No. D–09834]

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

interest-free loan to the Plan (the Loan)

by Alucobond Technologies,

Incorporated (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. CG01285A3A (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

December 19, 1994 at 59 FR 65393.

FOR FURTHER INFORMATION CONTACT:

Virginia J. Miller of the Department,

telephone (202) 219–8971. (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
8096 Federal Register / Vol. 60, No. 28 / Friday, February 10, 1995 / Notices

material terms of the transaction which

is the subject of the exemption.

Signed at Washington, D.C., this 7th day of

February, 1995.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 95–3406 Filed 2–9–95; 8:45 am]

BILLING CODE 4510–29–P

NATIONAL ARCHIVES AND RECORDS

ADMINISTRATION

Records Schedules; Availability and

Request for Comments

AGENCY: National Archives and Records

Administration, Office of Records

Administration.

ACTION: Notice of availability of

proposed records schedules; request for

comments.

SUMMARY: The National Archives and

Records Administration (NARA)

publishes notice at least once monthly

of certain Federal agency requests for

records disposition authority (records

schedules). Records schedules identify

records of sufficient value to warrant

preservation in the National Archives of

the United States. Schedules also

authorize agencies after a specified

period to dispose of records lacking

administrative, legal, research, or other

value. Notice is published for records

schedules that (1) propose the

destruction of records not previously

authorized for disposal, or (2) reduce

the retention period for records already

authorized for disposal. NARA invites

public comments on such schedules, as

required by 44 USC 3303a(a).

DATES: Request for copies must be

received in writing on or before March

27, 1995. Once the appraisal of the

records is completed, NARA will send

a copy of the schedule. The requester

will be given 30 days to submit

comments.

ADDRESSES: Address requests for single

copies of schedules identified in this

notice to the Records Appraisal and

Disposition Division (NIR), National

Archives and Records Administration,

College Park, MD 20740. Requesters

must cite the control number assigned

to each schedule when requesting a

copy. The control number appears in

the parentheses immediately after the

name of the requesting agency.

SUPPLEMENTARY INFORMATION: Each year

U.S. Government agencies create

billions of records on paper, film,

magnetic tape, and other media. In order

to control this accumulation, agency

records managers prepare records

schedules specifying when the agency

no longer needs the records and what

happens to the records after this period.

Some schedules are comprehensive and

cover all the records of an agency or one

of its major subdivisions. These

comprehensive schedules provide for

the eventual transfer to the National

Archives of historically valuable records

and authorize the disposal of all other

records. Most schedules, however, cover

records of only one office or program or

a few series of records, and many are

updates of previously approved

schedules. Such schedules also may

include records that are designated for

permanent retention.

Destruction of records requires the

approval of the Archivist of the United

States. This approval is granted after a

thorough study of the records that takes

into account their administrative use by

the agency of origin, the rights of the

Government and of private persons

directly affected by the Government’s

activities, and historical or other value.

This public notice identifies the

Federal agencies and their subdivision

requesting disposition authority,

includes the control number assigned to

each schedule, and briefly describes the

records proposed for disposal. The

records schedule contains additional

information about the records and their

disposition. Further information about

the disposition process will be

furnished to each requester.

Schedules Pending

1. Department of the Air Force (N1–

AFU–95–3). Routine records of closing

bases.

2. Department of the Army (N1–AU–

94–23). Working papers and background

material related to the Army Foreign

Materiel Program.

3. Department of Housing and Urban

Development (N1–207–94–1).

Administrative Adjudication Case Files.

4. Department of Justice, Federal

Bureau of Investigation (N1–65–94–2).

Records relating to the Violent Crime

Apprehension Program.

5. Department of State, Bureau of

Economic and Business Affairs (N1–59–

94–30 through –33). Routine,

facilitative, and duplicative records

relating to transportation, aviation, and

maritime and land transport.

6. National Oceanic and Atmospheric

Administration (N1–370–90–2).

Portions of an agency-wide records

schedule covering Scientific and

Technical records, International Affairs

records, Sea Grant Program records, and

Records Common to All Offices.

7. Peace Corps (N1–490–95–1, –2, –3,

–4 and –5). Automated records systems.

Dated: January 31, 1995.

Trudy Huskamp Peterson,

Acting Archivist of the United States.

[FR Doc. 94–3335 Filed 2–9–95; 8:45 am]

BILLING CODE 7515–01–M

NATIONAL SCIENCE FOUNDATION

Advisory Panel for Anthropological

and Geographic Sciences; Meeting

In accordance with the Federal

Advisory Committee Act (Pub. L. 92–

463, as amended), the National Science

Foundation (NSF) announces the

following meeting:

Name: Advisory Panel for Anthropological

and Geographic Sciences (#1757).

Date and Time: March 3–4, 1995; 9:00

a.m.–5:00 p.m.

Place: Port Orchard Room, Seattle Westin,

1900 5th Avenue, Seattle, Washington 98101.

Type of Meeting: Closed.

Contact Person: J.W. Harrington, Program

Director for Geography and Regional

Sciences, National Science Foundation, 4201

Wilson Boulevard, Room 995 Arlington, VA

22230. Telephone: (703) 306–1754.

Purpose of Meeting: To provide advice and

recommendations concerning proposals

submitted to the NSF Geography and

Regional Sciences Program for financial

support.

Agenda: To review and evaluate Geography

and Regional Sciences Dissertation Research

Improvement proposals as part of the

selection process for awards.

Reason for Closing: The proposals being

reviewed include information of a

proprietary or confidential nature, including

technical information; financial data, such as

salaries; and personal information

concerning individuals associated with the

proposals. These matters are exempt under 5

U.S.C. 552b(c) (4) and (6) of the Government

Sunshine Act.

Dated: February 7, 1995.

M. Rebecca Winkler,

Committee Management Officer.

[FR Doc. 94–3434 Filed 2–9–94; 8:45 am]

BILLING CODE 7555–01

NUCLEAR REGULATORY

COMMISSION

Documents Containing Reporting or

Recordkeeping Requirements: Office

of Management and Budget Review

AGENCY: Nuclear Regulatory

Commission.

ACTION: Notice of the Office of

Management and Budget Review of

Information Collection.

SUMMARY: The Nuclear Regulatory

Commission has recently submitted to

the Office of Management and Budget

(OMB) for review the following proposal