Federal Register / Vol. 60, No. 70 / Wednesday, April 12, 1995 / Notices 18619

Survey of Occupational Injuries and

Illnesses

2. Occupational Safety and Health

Administration (OSHA) data

collection initiative

3. Relative Risk Indicators

4. Survey of Employer-Provided

Training

The meeting is open to the public.

Persons with disabilities wishing to

attend should contact Constance B.

DiCesare, Liaison, Business Research

Advisory Council, at (202) 606–5887, for

appropriate accommodations.

Signed at Washington, DC the 6th day of

April 1995.

Katharine G. Abraham,

Commissioner.

[FR Doc. 95–8984 Filed 4–11–95; 8:45 am]

BILLING CODE 4510–24–M

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 95–31;

Exemption Application No. D–09469, et al.]

Grant of Individual Exemptions;

Financial Institutions Retirement

Fund., 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, D.C. 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.

Financial Institutions Retirement Fund

(the Fund) and Financial Institutions

Thrift Plan (the Thrift Plan) Located in

White Plains, New York

[Prohibited Transaction Exemption 95–31;

Exemption Application No. D–09469]

Exemption

Section I. Covered Transactions

The restrictions of sections 406(a) and

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

provision of certain services, and the

receipt of compensation for such

services, by Pentegra Services, Inc.

(Pentegra), a wholly-owned, for-profit

subsidiary corporation of the Fund, to

employee benefit plans (the Plans) and

to their sponsoring employers (the

Employers) that participate in the Fund

and the Thrift Plan; provided that the

following conditions are met:

(a) A qualified, independent fiduciary

of the Fund determines that the services

provided by Pentegra are in the best

interests of the Fund and are protective

of the rights of the participants and

beneficiaries of the Fund;

(b) At the time the transactions are

entered into, the terms of the

transactions are not less favorable to

Pentegra than the terms generally

available in comparable arm’s-length

transactions between unrelated parties;

(c) Pentegra receives reasonable

compensation for the provision of its

services, as determined by the

independent fiduciary;

(d) Prior to the offering of services, the

independent fiduciary will initially

review the services to be provided by

Pentegra and will determine that such

services are reasonable and appropriate

for Pentegra, taking into account such

factors as: whether Pentegra has the

capability to perform such services,

whether the fees to be charged reflect

arm’s length terms, whether Pentegra

personnel have the qualifications to

provide such services, and whether

such arrangements are reasonable based

upon a comparison with similarly

qualified firms in the same or similar

locales in which Pentegra proposes to

operate;

(e) No services will be provided by

Pentegra without the prior review and

approval of the independent fiduciary;

(f) Not less frequently than quarterly,

the independent fiduciary will perform

periodic reviews to ensure that the

services offered by Pentegra remain

appropriate for Pentegra and that the

fees charged by Pentegra represent

reasonable compensation for such

services;

(g) Not less frequently than annually,

Pentegra will provide a written report to

the board of directors of the Fund

describing in detail the services it

provided to employee benefit plans and/

or their sponsoring employers that

participated in the Fund and the Thrift

Plan, a detailed accounting of the fees

received for such services, and an

estimate of the fees Pentegra anticipates

it will receive during the following year

from such plans and their sponsoring

employers;

(h) Not less frequently than annually,

the independent fiduciary will conduct

a detailed review of approximately 10

percent of all completed transactions,

which will include a reasonable crosssection of all services performed; such

transactions will be reviewed for

compliance with the terms and

conditions of this exemption;

(i) Pentegra’s financial statements will

be audited each year by an independent

certified public accountant, and such

audited statements will be reviewed by

the independent fiduciary;

(j) The independent fiduciary shall

have the authority to prohibit Pentegra

from performing services that such

fiduciary deems inappropriate and not

in the best interests of Pentegra and the

Fund; and

(k) Each Pentegra contract with a

Fund or Thrift Plan employer, or a plan

of such employer, will be subject to

termination without penalty by Pentegra

for any reason upon not more than 90

days written notice to such employer or

plan.
18620 Federal Register / Vol. 60, No. 70 / Wednesday, April 12, 1995 / Notices

Section II. Recordkeeping

(1) The independent fiduciary and the

Fund will maintain, or cause to be

maintained, for a period of 6 years, the

records necessary to enable the persons

described in paragraph (2) of this

Section II 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 the independent

fiduciary and the Fund or their agents,

the records are lost or destroyed before

the end of the six year period, and (b)

no party in interest other than the

independent fiduciary and the Board of

Directors of the Fund 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

(2) below.

(2)(a) Except as provided in section

(b) of this paragraph and

notwithstanding any provisions of

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

of the Act, the records referred to in

paragraph (1) of this Section II 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;

(2) Any employer participating in the

Fund or any duly authorized employee

or representative of such employer; and

(3) Any participant or beneficiary of

the Fund or any duly authorized

representative of such participant or

beneficiary.

(b) None of the persons described

above in subparagraphs (a)(2) and (a)(3)

of this paragraph (2) shall be authorized

to examine trade secrets of the

independent fiduciary, the Fund, or

their affiliates, or commercial or

financial information which is

privileged or confidential.

(3) For purposes of this Section II,

references to the Fund shall also include

Pentegra.

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 30, 1995, at 60 FR 5700.

Written Comments: With respect to

the Notice of Proposed Exemption, the

Department did not receive any requests

for a hearing but did receive 8 telephone

inquiries and 10 written comments.

With regard to the telephone inquiries,

a representative of the Department

spoke to the callers and provided the

information sought by the callers. Most

of the commentators did not raise

specific objections with regard to the

proposed transactions, but sought

further information from the

Department. A representative of the

Department contacted such

commentators and responded to their

requests for additional information.

Several of the commentators raised

the following issues:

(a) That as the Fund broadens its

reach to employers other than banks and

thrifts, the safety and soundness of a

financially secure retirement fund

should not be impaired;

(b) An objection to the additional

expenses to be incurred by the Fund in

connection with Pentagra; and

(c) Using the Fund as a foundation for

launching a for-profit venture that may

or may not be successful.

The applicant responded by stating

that in its effort to maintain favorable

economies of scale in its performance, it

seeks, by means of the exemption to

increase the number of employers and

employee benefit plans using the

services of the Fund, and thereby,

ensure the sound financial condition of

the Fund and its ability to meet its

benefit obligations to participants. In

addition, the applicant states that the

operation of Pentegra will be under the

aegis of the qualified, independent

fiduciary who is required to provide its

prior review and approval of any new

service offered by Pentegra to employee

benefit plans sponsored by employers

that participate in the Fund or the Thrift

Plan, or to such employers themselves.

In addition to its initial review of the

services performed by Pentegra, the

independent fiduciary will be required

to perform periodic and annual reviews

of such services to ensure that the

services offered by Pentegra remain

appropriate for Pentegra to provide.

Also, the independent fiduciary will

have the authority to prohibit Pentegra

from undertaking and performing

services that the independent fiduciary

deems inappropriate and not in the best

interests of Pentegra and the Fund.

The applicant has requested that the

exemption be effective as of January 30,

1995, the date the Notice of Pendency

was published in the Federal Register.

The Department has agreed to the

applicant’s request.

Accordingly, after consideration the

entire record, including the telephone

inquiries and written comments

submitted, and the applicant’s response,

the Department has determined to grant

the exemption as it was proposed.

EFFECTIVE DATE: This exemption is

effective on January 30, 1995.

FOR FURTHER INFORMATION CONTACT: Mr.

C. E. Beaver of the Department,

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

a toll-free number.)

Profit Sharing Plan for Employees of

Annis, Mitchell, Cockey, Edwards &

Roehn, P.A. (the Plan) Located in

Tampa, Florida

[Prohibited Transaction Exemption 95–32;

Exemption Application No. D–09906]

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 by

the Plan to Annis, Mitchell, Cockey,

Edwards & Roehn, P.A. (the Employer),

of the Plan’s interest (the Interest) in a

limited partnership (the Partnership),

for $40,000 in cash, provided the

following conditions are satisfied: (a)

The sale is a one-time transaction for

cash; (b) no commissions or other

expenses are paid by the Plan in

connection with the sale; and (c) the

Plan receives not less than the fair

market value of the Interest as of the

date of the sale as determined by a

qualified, independent expert.

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

February 10, 1995 at 60 FR 8092.

Written Comments: The Department

received one written comment with

respect to the proposed exemption,

which was submitted by the applicant

to correct an erroneous representation.

The applicant had represented that no

shareholder or employee of the

Employer individually purchased an

interest in the Partnership (see rep. 2 of

the notice of proposed exemption).

Subsequent to the publication of the

proposed exemption, the applicant

learned that one shareholder (the SH) of

the Employer owns a one-quarter unit

interest in the Partnership. The SH

acquired his interest at the same time

that the Plan acquired its interest, on

June 30, 1988. At that time, the SH was

not a shareholder of the Employer, but

he became one in March of the

following year. The applicant represents

that the SH was not a trustee of the Plan,

nor was he otherwise involved in

making investment decisions on behalf

of the Plan in 1988, when the Plan

acquired its Interest. The applicant

further represents that the SH has not

participated in any deliberation or

decision on behalf of the Plan as to
Federal Register / Vol. 60, No. 70 / Wednesday, April 12, 1995 / Notices 18621

whether to retain or sell the Plan’s

Interest.

The Department has considered the

entire record, including the written

comment submitted by the applicant,

and has determined to grant the

exemption as it was proposed.

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 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

material terms of the transaction which

is the subject of the exemption.

Signed at Washington, D.C., this 6th day of

April, 1995.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 95–8915 Filed 4–11–95; 8:45 am]

BILLING CODE 4510–29–P

NUCLEAR REGULATORY

COMMISSION

Documents Containing Reporting or

Recordkeeping Requirements; Office

of Management and Budget (OMB)

Review

AGENCY: Nuclear Regulatory

Commission (NRC).

ACTION: Notice of the OMB review of

information collection.

SUMMARY: The Nuclear Regulatory

Commission has recently submitted to

OMB for review the following proposal

for collection of information under the

provisions of the Paperwork Reduction

Act of 1980 (44 U.S.C. Chapter 35).

1. Type of submission, new, revised,

or extension: Revision.

2. The title of the information

collection: Proposed Rules, 10 CFR Part

52, Appendix A, ‘‘Design Certification

Rule for the U.S. Advanced Boiling

Water Reactor,’’ and Appendix B,

‘‘Design Certification Rule for the

System 80+ Design.’’

13. The form number if applicable:

Not applicable.

4. How often is the collection

required: Quarterly until the applicant

or licensee receives either an operating

license under 10 CFR 50, or the

Commission makes its findings under

10 CFR 52.103.

5. Who will be required or asked to

report: Applicant and holders of

construction permits and combined

licenses.

6. An estimate of the number of

annual respondents: None anticipated

in the next three years.

7. An estimate of the number of hours

needed annually to complete the

requirement or request: For both

Appendix A and B, 0 burden hours are

anticipated over the next three years.

However, when utilized, 8 hours per

respondent for reporting will be

required.

8. An indication of whether Section

3504(h), Pub. L. 96–511 applies:

Applicable.

9. Abstract: The standard design

certification rule (10 CFR 52) was

codified to establish procedures,

standards and criteria governing

standard design certification, including

informal submittal and recordkeeping

requirements. Appendices A–L to Part

52 are reserved to constitute the

standard design certification for

evolutionary and passive light water

reactor design. These proposed rules

will certify the Advanced Boiling Water

Reactor (ABWR) and System 80+

Standard designs, will be mandatory for

those applicants proposing to use

Appendix A or B, and will ensure the

safety of the public.

Copies of the submittal may be

inspected or obtained for a fee from the

NRC Public Document Room, 2120 L

Street NW. (Lower Level), Washington,

DC.

Comments and questions can be

directed by mail to the OMB reviewer:

Troy Hillier, Office of Information and

Regulatory Affairs (3150–0151), NEOB–

10202, Office of Management and

Budget, Washington, DC 20503.

Comments may also be communicated

by telephone at (202) 395–3084.

The NRC Clearance Office, is Brenda

Jo Shelton, (301) 415–7233.

Dated at Rockville, Maryland, this 6th day

of April, 1995.

For the Nuclear Regulatory Commission.

Gerald F. Cranford,

Designated Senior Official for Information

Resources Management.

[FR Doc. 95–8971 Filed 4–11–95; 8:45 am]

BILLING CODE 7590–01–M

Biweekly Notice

Applications and Amendments to

Facility Operating Licenses Involving

No Significant Hazards Considerations

I. Background

Pursuant to Public Law 97-415, the

U.S. Nuclear Regulatory Commission

(the Commission or NRC staff) is

publishing this regular biweekly notice.

Public Law 97-415 revised section 189

of the Atomic Energy Act of 1954, as

amended (the Act), to require the

Commission to publish notice of any

amendments issued, or proposed to be

issued, under a new provision of section

189 of the Act. This provision grants the

Commission the authority to issue and

make immediately effective any

amendment to an operating license

upon a determination by the

Commission that such amendment

involves no significant hazards

consideration, notwithstanding the

pendency before the Commission of a

request for a hearing from any person.

This biweekly notice includes all

notices of amendments issued, or

proposed to be issued from March 17,

1995, through March 31, 1995. The last

biweekly notice was published on

March 29, 1995 (60 FR 16181).

Notice Of Consideration Of Issuance Of

Amendments To Facility Operating

Licenses, Proposed No Significant

Hazards Consideration Determination,

And Opportunity For A Hearing

The Commission has made a

proposed determination that the

following amendment requests involve