Federal Register / Vol. 61, No. 80 / Wednesday, April 24, 1996 / Notices 18161

Floral Glass and Mirror, Inc. Profit

Sharing Plan and Trust (the Plan),

Located in Hauppage, New York

[Prohibited Transaction Exemption 96–29;

Exemption Application No. D–10144]

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

20 shares of stock of Floral Glass

Industries, Inc. (FGI) by the Plan to Mr.

Charles Kaplanek, Jr. (Kaplanek), a party

in interest with respect to the Plan,

provided the following conditions are

satisfied: (a) The sale is a one-time

transaction for cash; (b) the Plan pays no

commissions or other expenses in

connection with the transaction; (c) the

Plan will receive the fair market value

of the shares as determined by a

qualified, independent appraiser; and

(d) all terms and conditions of the sale

will be at least as favorable to the Plan

as those obtainable in an arm’s-length

transaction with an unrelated party at

the time of 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

March 5, 1996 at 61 FR 8685.

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, DC, this 18th day of

April, 1996.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 96–10072 Filed 4–23–96; 8:45 am]

BILLING CODE 4510–29–P

Working Group on the Impact of Tax

Initiatives on Employer-Sponsored

Plans; Advisory Council on Employee

Welfare and Pension Benefits Plans;

Notice of Meeting

Pursuant to the authority contained in

Section 512 of the Employee Retirement

Income Security Act of 1974 (ERISA), 29

U.S.C. 1142, a public meeting of the

Working Group on the Impact of Tax

Initiatives on Employer-Sponsored

Plans of the Advisory Council on

Employee Welfare and Pension Benefit

Plans will be held on May 8, 1996, in

Room N3437 B&C, U.S. Department of

Labor Building, Third and Constitution

Avenue, N.W., Washington, DC 20210.

The purpose of the meeting, which

will begin at 9:30 a.m. and will last until

approximately noon, is to explore the

impact of various tax proposals on

ERISA employer-sponsored plans.

Members of the public are encouraged

to file a written statement pertaining to

any topic concerning ERISA by

submitting 20 copies on or before May

8, 1996, to Sharon Morrissey, Acting

Executive Secretary, ERISA Advisory

Council, U.S. Department of Labor,

Suite N–5677, 200 Constitution Avenue,

N.W., Washington, DC 20210.

Individuals or representatives of

organizations wishing to address the

Working Group on the Impact of Tax

Initiatives on Employer-Sponsored

Plans of the Advisory Council should

forward their request to the Acting

Executive Secretary or telephone (202)

219–8753. Oral presentations will be

limited to ten minutes, but an extended

statement may be submitted for the

record. Individuals with disabilities,

who need special accommodations,

should contact Sharon Morrissey by

April 26 at the address indicated in this

notice.

Organizations or individuals may also

submit statements for the record

without testifying. Twenty (20) copies of

such statements should be sent to the

Acting Executive Secretary of the

Advisory Council at the above address.

papers will be accepted and included in

the record of the meeting if received on

or before April 26, 1996.

Signed at Washington, DC this 18th day of

April, 1996.

Olena Berg,

Assistant Secretary, Pension and Welfare

Benefits Administration.

[FR Doc. 96–10068 Filed 4–23–96; 8:45 am]

BILLING CODE 4510–29–M

Pension and Welfare Benefit

Administration

Working Group on Protections for

Benefit Plan Participants; Advisory

Council on Employee Welfare and

Pension Benefits Plans; Notice of

Meeting

Pursuant to the authority contained in

Section 512 of the Employee Retirement

Income Security Act of 1974 (ERISA), 29

U.S.C. 1142, a public meeting of the

Working Group on Protections for

Benefit Plan Participants of the

Advisory Council on Employee Welfare

and Pension Benefit Plans will be held

on May 7, 1996, in Room N3437 B&C,

U.S. Department of Labor Building,

Third and Constitution Avenue, N.W.,

Washington, DC 20210.

The purpose of the meeting, which

will begin at 1 p.m. and end at

approximately 3:30 p.m., is to study the

extent to which third-party trustees can

provide protections for benefit plan

participants.

Members of the public are encouraged

to file a written statement pertaining to

any topic concerning ERISA by

submitting 20 copies on or before April

26, 1996 to Sharon Morrissey, Acting

Executive Secretary, ERISA Advisory

Council, U.S. Department of Labor,

Suite N–5677, 200 Constitution Avenue,

N.W., Washington, DC 20210.

Individuals or representatives of

organizations wishing to address the

Working Group on Protections for

Benefit Plan Participants of the

Advisory Council should forward their

request to the Acting Executive

Secretary or telephone (202) 219–8753.

Oral presentations will be limited to ten

minutes, but an extended statement may

be submitted for the record. Individuals

with disabilities, who need special

accommodations, should contact Sharon