17824 Federal Register / Vol. 60, No. 67 / Friday, April 7, 1995 / Notices

because the servicing relationship is

established as a necessary result of the

purchase of a mortgage or participation

interest by a Plan, subsequent

transactions between the parties

otherwise prohibited by section 406(a)

are not likely to present an inherent

abuse potential. Accordingly, the

Department has determined that it

would be appropriate to propose the

relief from section 406(a) contained in

Part II of the proposed exemption.

7. In summary, the applicant

represents that the proposed

transactions satisfy the criteria

contained in section 408(a) of the Act

because: (a) The Plans will pay no more

for the mortgages and participation

interests therein than would be paid by

an unrelated party in an arm’s-length

transaction; (b) all Plan decisions to

invest in mortgages and participation

interests will be made by a Plan

fiduciary independent of WMC and its

affiliates; (c) at the time of its

acquisition of a loan or a participation

therein, no Plan will have more than

25% of its assets invested in

construction or permanent mortgages;

(d) the terms of the construction or

permanent loans will not be less

favorable to the Plans than the terms

generally available in arm’s-length

transactions with unrelated parties; and

(e) no investment management,

advisory, underwriting fee or sales

commission will be paid to WMC or any

of its affiliates with regard to such sale,

exchange or transfer.

Notice to Interested Persons: The

applicant represents that notice will be

provided to all trustees of Plans

currently holding loan investments

originated and/or serviced by WMC

and/or its affiliates. In addition, WMC

agrees to provide a copy of the notice of

proposed exemption and any

subsequent grant of such exemption to

all employee benefit plans with whom

WMC may contract in the future to

provide services as described herein.

Such notification will be provided prior

to WMC entering into a contract to

provide such services.

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 31st day of

March, 1995.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 95–8395 Filed 4–6–95; 8:45 am]

BILLING CODE 4510–29–P

NATIONAL ARCHIVES AND RECORDS

ADMINISTRATION

Meeting of the Advisory Committee on

Presidential Libraries

Notice is hereby given that the

National Archives and Records

Administration (NARA) Advisory

Committee on Presidential Libraries will

meet on Sunday, April 23 1995 from 3

p.m. until 6 p.m. in Room 100 of the

National Archives Building, 7th Street

and Pennsylvania Avenue, NW.,

Washington, DC, and on Monday, April

24, 1995 from 9 a.m. until 2 p.m. in

Room 105 of the National Archives

Building.

The agenda for the meeting will

address budget and resource issues, and

NARA and Presidential library programs

in light of Federal government

reductions.

The meeting will be open to the

public. For additional information, call

Richard Jacobs, Acting Assistant

Archivist, Office of Presidential

Libraries at (202) 501–5700.

Dated: March 29, 1995.

Trudy Huskamp Peterson,

Acting Archivist of the United States.

[FR Doc. 95–8598 Filed 4–6–95; 8:45 am]

BILLING CODE 7515–01–M

NATIONAL FOUNDATION ON THE

ARTS AND HUMANITIES

Notice of Meeting

Pursuant to Section 10(a)(2) of the

Federal Advisory Committee Act (Pub.

L. 92–463), as amended, notice is hereby

given that a meeting of the International

Advisory Panel (International

Fellowships and Residencies

Prescreening Section) to the National

Council on the Arts will be held on

April 25–27, 1995 from 9:00 a.m. to 7:00

p.m. on April 25–26 and from 9:00 a.m.

to 5:00 p.m. on April 27. This meeting

will be held in Room 716, at the Nancy

Hanks Center, 1100 Pennsylvania

Avenue, N.W., Washington, D.C. 20506.

Portions of this meeting will be open

to the public from 9:00 a.m to 9:30 a.m.

on April 25 and from 3:30 p.m. to 5:00

p.m. on April 27, for a policy

discussion.

The remaining portions of this

meeting from 9:30 a.m. to 7:00 p.m. on

April 25; from 9:00 a.m. to 7:00 p.m. on

April 26; and from 9:00 a.m. to 3:30

p.m. on April 27 are for the purpose of

Panel review, discussion, evaluation,

and recommendation on applications

for financial assistance under the

National Foundation on the Arts and the

Humanities Act of 1965, as amended,

including information given in

confidence to the agency by grant

applicants. In accordance with the

determination of the Chairman of

February 8, 1994 these sessions will be

closed to the public pursuant to

subsection (c)(4), (6) and (9)(B) of

section 552b of Title 5, United States

Code.

Any person may observe meetings, or

portions thereof, of advisory panels

which are open to the public, and may

be permitted to participate in the