Federal Register / Vol. 60, No. 48 / Monday, March 13, 1995 / Notices 13457

1For purposes of this exemption, reference to

provisions of Title I of the Act, unless otherwise

specified, refer also to the corresponding provisions

of the Code.

[Prohibited Transaction Exemption 95–18;

Application No. D–09893]

Transaction Between Employee Profit

Sharing-Savings Plan and Trust

Agreement of Modern Globe, Inc. and

VF Corporation, the Sponsoring

Employer

AGENCY: Pension and Welfare Benefits

Administration, Labor.

ACTION: Correction.

SUMMARY: In 60 FR published at page

10879 on Tuesday, February 28, 1995,

make the following correction: On page

10879, in the first column under the

section designated ‘‘Exemption’’ on the

sixth line insert the word ‘‘not’’ between

the words ‘‘shall apply’’, so as to read

‘‘shall not apply’’ (Emphasis added).

Signed at Washington, D.C., this 8th day of

March 1995.

Ivan Strasfeld,

Director of Exemption Determinations

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 95–6119 Filed 3–10–95; 8:45 am]

BILLING CODE 4510–29–M

[Application No. D–09595, et al.]

Proposed Exemptions; Norwest Bank

Minnesota, N.A., 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, D.C. 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, D.C. 20210.

Notice to Interested Persons

Notice of the proposed exemptions

will be provided to all interested

persons in the manner agreed upon by

the applicant and the Department

within 15 days of the date of publication

in the Federal Register. Such notice

shall include a copy of the notice of

proposed exemption as published in the

Federal Register and shall inform

interested persons of their right to

comment and to request a hearing

(where appropriate).

SUPPLEMENTARY INFORMATION: The

proposed exemptions were requested in

applications filed pursuant to section

408(a) of the Act and/or section

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

accordance with procedures set forth in

29 CFR part 2570, subpart B (55 FR

32836, 32847, August 10, 1990).

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 requested to the Secretary of

Labor. Therefore, these notices of

proposed exemption are issued solely

by the Department.

The applications contain

representations with regard to the

proposed exemptions which are

summarized below. Interested persons

are referred to the applications on file

with the Department for a complete

statement of the facts and

representations.

Norwest Bank Minnesota, N.A. Located

in Minneapolis, MN

[Application No. D–09595]

Proposed Exemption

Based on the facts and representations

set forth in the application, the

Department is considering granting an

exemption 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, 32847, August 10, 1990).1

Section I. Exemption for the In-Kind

Transfer of Assets

If the exemption is granted, the

restrictions of sections 406(a) and 406(b)

of the Act and the sanctions resulting

from the application of section 4975 of

the Code, by reason of section 4975(c)

of the Code, shall not apply, as of

September 30, 1994, to the in-kind

transfer of assets of plans for which

Norwest Bank Minnesota, N.A. or any of

its affiliates (collectively, the Bank)

serves as a fiduciary (the Client Plans),

including plans established or

maintained by the Bank (the Bank Plans;

collectively, the Plans), that are held in

certain collective investment funds (the

CIFs) maintained by the Bank, in

exchange for shares of the Norwest

Funds (the Funds), an open-end

investment company registered under

the Investment Company Act of 1940

(the ’40 Act), as amended, for which the

Bank acts as investment adviser,

custodian, and shareholder servicing

agent, in connection with the

termination of such CIFs provided that

the following conditions are met:

(a) No sales commissions or other fees

are paid by a Bank Plan or a Client Plan

in connection with the purchase of

shares of the Funds through the in-kind

transfer of CIF assets and no redemption

fees are paid in connection with the sale

of such shares of the Funds.

(b) All of the assets of a Bank Plan or

a Client Plan that are held in the CIFs

are transferred in-kind to the Funds in

exchange for shares of such Funds. A

Plan not electing to participate in the

Funds receives a cash payment

representing a pro rata portion of the

assets of the terminating CIF before the

final liquidation takes place.

(c) Each Bank Plan and each Client

Plan receives shares of the Funds which

have a total net asset value that is equal

to the value of such Plan’s pro rata share

of the assets of the CIF on the date of

the transfer, based on the current market

value of the CIF’s assets, as determined

in a single valuation performed in the

same manner at the close of the same

business day, using independent

sources in accordance with the

procedures set forth in Rule 17a–7(b)

(Rule 17a–7) under the Investment

Company Act of 1940 (the ’40 Act), as