Federal Register / Vol. 60, No. 72 / Friday, April 14, 1995 / Notices 19099

19 Guarantee Mutual notes that the performance of

services by Chemical Bank or its affiliates under the

commission-free sales program will not involve any

fiduciary activity on behalf of Eligible Plan

Policyholders. Guarantee Mutual further represents

that it will not retain an affiliate to effect securities

transactions to take place under the commissionfree sales program.

maximum number of shares entitled to

receive cash as consideration.

In the program, such Eligible

Policyholders will be entitled to sell, at

prevailing market prices, all the shares

of GLCI stock received by the Eligible

Policyholder in the demutualization.

Specifically, Chemical Bank, which is

unrelated to Guarantee Mutual, or one

of Chemical Bank’s affiliates, will effect

sales of stock under the commission-free

sales program.19 No brokerage

commissions, mailing charges,

registration fees or other administrative

or similar expenses will be charged in

connection with the receipt of stock or

the implementation of the commissionfree sales program. The commission-free

program will also offer Eligible

Policyholders the opportunity to

purchase enough shares to round-up

their holdings to 100 shares, again

without paying any fees, charges or

commissions (the Round Up Feature).

Participation in the Round Up Feature

will be made available to all Eligible

Policyholders who on the commissionfree program’s record date hold fewer

than a number of shares (not more than

99) specified by the Board of Directors

of Guarantee Mutual.

10. In summary, it is represented that

the proposed transaction will satisfy the

statutory criteria for an exemption

under section 408(a) of the Act because:

(a) The Conversion Plan will be

implemented in accordance with

procedural and substantive safeguards

that are imposed under Nebraska law

and will be subject to the review and

supervision by the Director.

(b) The Director will review the terms

of the options that are provided to

Eligible Policyholders of Guarantee

Mutual as part of such Director’s review

of the Conversion Plan, and will

approve the Conversion Plan following

a determination that such Conversion

Plan is fair and equitable to all Eligible

Policyholders.

(c) Each Eligible Policyholder will

have an opportunity to comment orally

or in writing on the Conversion Plan

and decide whether to vote to approve

in writing such Demutualization Plan

after full written disclosure is given

such policyholder by State Mutual, of

the terms of the Conversion Plan.

(d) Any election by an Eligible

Policyholder which is a Plan to receive

stock, cash or policy credits, pursuant to

the terms of the Conversion Plan will be

made by one or more Independent

Fiduciaries of such plan and neither

State Mutual nor any of its affiliates will

exercise any discretion or provides

investment advice with respect to such

election.

(e) After each Eligible Policyholder is

allocated at least 10 shares of stock,

additional consideration allocated to

Eligible Policyholders who own

participating policies will be based on

actuarial formulas that take into account

each participating policy’s contribution

to the surplus of Guarantee Mutual

which formulas have been approved by

the Director.

(f) All Plans that are Eligible

Policyholders will participate in the

transactions on the same basis within

their class groupings as other Eligible

Policyholders that are not Plans.

(g) No Eligible Policyholder will pay

any brokerage commissions or fees in

connection with such Eligible

Policyholder’s receipt of stock or in

connection with the implementation of

the commission-free sales program.

(h) All of State Mutual’s policyholder

obligations will remain in force and will

not be affected by the Conversion Plan.

Notice to Interested Persons

Guarantee Mutual will provide notice

of the proposed exemption to all

Eligible Plan Policyholders within 14

days of the publication of the notice of

pendency in the Federal Register. Such

notice will be provided to interested

persons by first class mail and will

include a copy of the notice of proposed

exemption as published in the Federal

Register. The notice will also inform

interested persons of their right to

comment on the proposed exemption.

Comments with respect to the notice of

proposed exemption are due within 44

days after the date of publication of this

exemption in the Federal Register.

FOR FURTHER INFORMATION CONTACT: Ms.

Jan D. Broady 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 11th day of

April, 1995.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 95–9254 Filed 4–13–95; 8:45 am]

BILLING CODE 4510–29–P

Wage and Hour Division

[Administrative Order No. 662]

Special Industry Committee for All

Industries in American Samoa;

Appointment; Convention; Hearing

1. Pursuant to section 5 and 6(a)(3) of

the Fair Labor Standards Act (FLSA) of

1938, as amended (29 U.S.C. 205,

206(a)(3)), and Reorganization Plan No.

6 of 1950 (3 CFR, 1949–53 Comp., p.

1004) and 29 CFR part 511, I hereby

appoint special Industry Committee No.

21 for American Samoa.

2. Pursuant to section 5, 6(a)(3) and 8

of FLSA, as amended (29 U.S.C. 205,

206(a)(3), and 208), reorganization Plan
19100 Federal Register / Vol. 60, No. 72 / Friday, April 14, 1995 / Notices

No. 6 of 1950 (3 CFR 1949–53 Comp.,

p. 1004), and 29 CFR part 511, I hereby:

(a) Convene the above-appointed

industry committee;

(b) Refer to the industry committee

the question of the minimum rate or

rates for all industries in American

Samoa to be paid under section 6(a)(3)

of FLSA, as amended; and,

(c) Give notice of the hearing to be

held by the committee at the time and

place indicated.

The industry committee shall

investigate conditions in such

industries, and the committee, or any

authorized subcommittee thereof, shall

hear such witnesses and receive such

evidence as may be necessary or

appropriate to enable the committee to

perform its duties and functions under

FLSA.

The committee shall meet in

executive session to commence its

investigation at 9 a.m. and begin its

public hearing at 11 a.m. on June 12,

1995, in Pago Pago, American Samoa.

3. The rate or rates recommended by

the committee shall not exceed the rate

prescribed by section 6(a) and 6(b) of

FLSA, as amended by the Fair Labor

Standards Amendments of 1989, of

$4.25 an hour effective April 1, 1991.

The committee shall recommend to

the Administrator of the Wage and Hour

Division of the Department of Labor the

highest minimum rate or rates of wages

for such industries that it determines,

having due regard to economic and

competitive conditions, will not

substantially curtail employment in

such industries, and will not give any

industry in American Samoa a

competitive advantage over any

industry in the United States outside of

American Samoa.

4. Where the committee finds that a

higher minimum wage may be

determined for employees engaged in

certain activities or in the manufacture

of certain products in the industry than

may be determined for other employees

in the industry, the committee shall

recommend such reasonable

classifications within the industry as it

determines to be necessary for the

purpose of fixing for each classification

the highest minimum wage rate that can

be determined for it under the

principles set forth herein and in 29

CFR Part 511.10, that will not

substantially curtail employment in

such classification and will not give a

competitive advantage to any group in

the industry. No classification shall be

made, however, and no minimum wage

rate shall be fixed solely on a regional

basis or on the basis of age or sex. In

determining whether there should be

classifications within an industry, in

making such classifications, and in

determining the minimum wage rates

for such classifications the committee

shall consider, among other relevant

factors, the following:

(a) Competitive conditions as affected

by transportation, living, and

production costs;

(b) Wages established for work of like

or comparable character by collective

labor agreements negotiated between

employers and employees by

representatives of their own choosing;

and,

(c) Wages paid for work of like or

comparable character by employers who

voluntarily maintain minimum wage

standards in the industry.

5. Prior to the hearing, the

Administrator of the Wage and Hour

Division, U.S. Department of Labor,

shall prepare an economic report

containing the information that has been

assembled pertinent to the matters

referred to the committee. Copies of this

report may be obtained at the Office of

the Governor, Pago Pago, American

Samoa, and the National Office of the

Wage and Hour Division, U.S.

Department of Labor, Washington, D.C.

20210. Upon request, the Wage and

Hour Division will mail copies to

interested persons. To facilitate mailing,

such persons should make advance

written request to the Wage and Hour

Division. The committee will take

official notice of the facts stated in this

report. Parties, however, shall be

afforded an opportunity to refute such

facts by evidence received at the

hearing.

6. The procedure of this industry

committee will be governed by the

provisions of Title 29, Code of Federal

Regulations, Part 511. Copies of this part

of the regulations will be available at the

Office of the Governor, Pago Pago,

American Samoa, and at the National

Office of the Wage and Hour Division.

The proceedings will be conducted in

English but in the event a witness

should wish to testify in Samoan, an

interpreter will be provided. As a

prerequisite to participation as a party,

interested persons shall file six copies of

a prehearing statement at the

aforementioned Office of the Governor

of American Samoa and six copies at the

National Office of the Wage and Hour

Division, U.S. Department of Labor,

Washington, D.C. 20210. Each

prehearing statement shall contain the

data specified in 29 CFR 511.8 of the

regulations and shall be filed not later

than June 2, 1995. If such statements are

sent by airmail between American

Samoa and the mainland, such filing

shall be deemed timely if postmarked

within the time provided.

Signed at Washington, DC this 10th day of

April 1995.

Robert B. Reich,

Secretary of Labor.

[FR Doc. 95–9279 Filed 4–13–95; 8:45 am]

BILLING CODE 4510–27–M

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 U.S.C. 3303a(a).

DATES: Request for copies must be

received in writing on or before May 30,

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