Federal Register / Vol. 61, No. 80 / Wednesday, April 24, 1996 / Notices 18159

sampling equipment. A panel of MSHA

and NIOSH officials will conduct the

hearing in an informal manner.

Although formal rules of evidence or

cross examination will not apply, the

presiding official may exercise

discretion to ensure the orderly progress

of the hearing and may exclude

irrelevant or unduly repetitious material

and questions. The hearing panel will

be available to address relevant

questions. Verbatim transcripts of the

proceedings will be prepared and made

a part of the rulemaking record. Copies

of the hearing transcripts will be made

available to the public for review.

The hearing will begin with an

opening statement from MSHA and

NIOSH, followed by oral presentations

from members of the public. In the

interests of conducting a productive

hearing, MSHA and NIOSH will

schedule speakers in a manner that

allows all points of view to be heard as

effectively as possible. At his discretion,

the presiding official may limit speakers

to a maximum of 20 minutes for their

presentations.

MSHA and NIOSH also will accept

additional written comments and other

appropriate data for the record from any

interested party, including those not

presenting oral statements. To allow for

the submission of any post-hearing

comments, the record will remain open

until June 10, 1996. MSHA will include

written comments and data submitted to

MSHA or NIOSH on or before June 10,

1996, in the rulemaking record.

Dated: April 22, 1996.

J. Davitt McAteer,

Assistant Secretary for Mine Safety and

Health.

Dated: April 22, 1996.

Marilyn A. Fingerhut,

Assistant Director for Washington Operations,

National Institute for Occupational Safety

and Health.

[FR Doc. 96–10246 Filed 4–23–96; 8:45 am]

BILLING CODE 4510–43–P

DEPARTMENT OF LABOR

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption 96–24;

Exemption Application No. D–10036 and D–

10037, et al.]

Grant of Individual Exemptions;

Biscayne Bay Pilots, Inc.

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.

Biscayne Bay Pilots, Inc. Money

Purchase Pension Plan (M/P Plan) and

Biscayne Bay Pilots, Inc. 401(k) Profit

Sharing Plan (P/S Plan; collectively, the

Plans), Located in Miami, Florida

[Prohibited Transaction Exemption 96–24;

Exemption Application Nos. D–10036 and D–

10037]

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

certain improved real property (the

Property) by a trust (the HK Trust)

established on behalf of Helge Krarup

(Mr. Krarup) within the Plans to Mr.

Krarup, a party in interest with respect

to the Plans; provided that the following

conditions are satisfied:

(a) the sale will be a one-time cash

transaction;

(b) the HK Trust will receive the

current fair market value for the

Property established at the time of the

sale by an independent qualified

appraiser;

(c) the HK Trust will pay no expenses

associated with the sale;

(d) the sale will provide the HK Trust

with liquidity; and

(e) only the assets in the HK Trust

will be affected by the transaction.

FOR FURTHER INFORMATION CONTACT:

Ekaterina A. Uzlyan of the Department

at (202) 219–8883. (This is not a toll-free

number.)

Zausner Foods Corp. Savings Plus Plan

(the Plan), Located in New Holland,

Pennsylvania

[Prohibited Transaction Exemption 96–25;

Exemption Application No. D–10064]

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 past sale

by the Plan of certain units of limited

partnership interests (the Units) to

Zausner Foods Corp. (Zausner Foods), a

party in interest with respect to the

Plan, provided that the following

conditions were satisfied: (1) The sale

was a one-time transaction for cash; (2)

the Plan paid no commissions nor other

expenses relating to the sale; and (3) the

purchase price was the greater of: (a) the

fair market value of the Units as

determined by a qualified, independent

appraiser, or (b) the original acquisition

cost of the Units plus attributable

opportunity costs.
18160 Federal Register / Vol. 61, No. 80 / Wednesday, April 24, 1996 / Notices

*Pursuant to 29 CFR 2510.3–2(d), the IRA is not

within the jurisdiction of Title I of the Act.

However, there is jurisdiction under Title II of the

Act pursuant to section 4975 of the Code.

EFFECTIVE DATE: December 29, 1995.

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 8683.

FOR FURTHER INFORMATION CONTACT:

Karin Weng of the Department,

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

a toll-free number.)

Jack, Lyon & Jones, P.A. Profit Sharing

Plan (the Plan), Located in Little Rock,

AR

[Prohibited Transaction Exemption 96–26;

Exemption Application No. D–10071]

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 (1)

Proposed purchase by the Plan of

certain improved real property (the

Property) from Jack, Lyon & Jones, P.A.,

(the Employer), a party in interest with

respect to the Plan; (2) the subsequent

leasing (the Lease) of the Property by the

Plan to the Employer; and (3) the

potential future repurchase of the

Property by the Employer from the Plan

pursuant to the terms of an option

agreement (the Option Agreement).

This exemption is conditioned on the

following requirements:

(a) The interests of the Plan with

respect to the purchase of the Property,

the execution and maintenance of the

Lease and the potential repurchase of

the Property by the Employer will be

represented by First Commercial Trust

Company (FCTC) of Little Rock,

Arkansas, which will serve as the

independent fiduciary.

(b) FCTC does not and will not derive

more than one percent of its gross

business revenues from the Employer

and/or its principals for each fiscal year

that it serves as the independent

fiduciary for the Plan with respect to the

transactions described herein.

(c) FCTC will evaluate the

transactions, determine that such

transactions are in the best interests of

the Plan, and monitor and enforce

compliance with the terms and

conditions of the transactions and the

exemption, at all times.

(d) The acquisition price for the

Property will be paid by the Plan in

cash and will be based upon the fair

market value of the Property as

determined by a qualified, independent

appraiser.

(e) The fair market value of the

Property will not exceed 25 percent of

the assets of the Plan.

(f) The terms of the Lease will remain

at least as favorable to the Plan as those

obtainable in an arm’s length

transaction with an unrelated party.

(g) The fair market rental amount will

be redetermined every three years that

the Lease is in effect by a qualified,

independent appraiser who has been

selected by FCTC and, FCTC will then

make appropriate adjustments to such

rent.

(h) The Employer will be obligated for

all real estate taxes, utility costs, fees

and insurance premiums that are

incidental to the Lease.

(i) The Option Agreement will enable

the Plan to sell the Property to the

Employer in the event that FCTC

determines that it is not in the best

interest of the Plan to retain the

Property.

(j) The Option Agreement will

provide that the Employer repurchase

the Property from the Plan for cash in

an amount which is not less than the

greater of (1) the Plan’s acquisition cost

for the Property or (2) the fair market

value of the Property as determined by

a qualified, independent appraiser who

has been selected by FCTC.

(k) The Plan will pay no real estate

fees, commissions or other expenses in

connection with the acquisition of the

Property, the administration of the

Lease or the repurchase of the Property

by the Employer under the Option

Agreement.

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 13, 1996 at 61 FR 5574.

FOR FURTHER INFORMATION CONTACT: Ms.

Jan D. Broady of the Department,

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

a toll-free number.)

IRA Rollover FBO John W. Meisenbach

(the IRA), Located in Seattle,

Washington

[Prohibited Transaction Exemption 96–27;

Exemption Application No. D–10114]

Exemption

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 IRA of certain stock

(the Stock) to John W. Meisenbach, a

disqualified person with respect to the

IRA, provided that the following

conditions are satisfied: (a) the sale is a

one-time transaction for cash; (b) the

IRA pays no commissions nor other

expenses relating to the sale; and (c) the

purchase price is the fair market value

of the Stock as determined by a

qualified, independent appraiser as of

the date 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 8684.

FOR FURTHER INFORMATION CONTACT:

Karin Weng of the Department,

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

a toll-free number.)

Associated Claims Management 401(k)

Plan (the Plan), Located in Walnut

Creek, California

[Prohibited Transaction Exemption 96–28;

Exemption Application No. D–10121]

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

a group annuity contract (the GAC)

issued by Mutual Benefit Life Insurance

Company (Mutual Benefit) by the Plan

to Foundation Health Corporation

(FHC), a party in interest with respect to

the Plan, provided that the following

conditions are satisfied: (a) the sale is a

one-time transaction for cash; (b) the

Plan suffers no loss nor incurs any

expense in connection with the sale; (c)

the purchase price is no less than the

fair market value of the GAC as of the

date of the sale; and (d) any payments

under the GAC to FHC, or its successors,

after the date of the sale in excess of

FHC’s purchase price are paid to the

Plan.

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 13, 1996 at 61 FR 5576.

FOR FURTHER INFORMATION CONTACT:

Karin Weng of the Department,

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

a toll-free number.)
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