21500 Federal Register / Vol. 61, No. 92 / Friday, May 10, 1996 / Notices

Agenda: The agenda for the Board Meeting

will include discussion of: Reports about

NSSB focus groups and public hearings, and

a panel discussion of the Palisades Education

Summit.

Public Participation: The meeting from

8:00 a.m. to 11:30 a.m., is open to the public.

Seating is limited and will be available on a

first-come, first-served basis. Seats will be

reserved for the media. Disabled individuals

should contact Claire Grenewald at (202)

254–8628, if special accommodations are

needed.

For Further Information Contact: Sally

Conway, NSSB Outreach Director, at (202)

254–8628.

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

May 1996.

Judy Gray,

Executive Director, National Skill Standards

Board.

[FR Doc. 96–11767 Filed 5–9–96; 8:45 am]

BILLING CODE 4510–23–M

Employment Standards Administration

Proposed Collection; Comment

Request

ACTION: Notice.

SUMMARY: The Department of Labor, as

part of its continuing effort to reduce

paperwork and respondent burden,

conducts a preclearance consultation

program to provide the general public

and Federal agencies with an

opportunity to comment on proposed

and/or continuing collections of

information in accordance with the

Paperwork Reduction Act of 1995

(PRA95) (44 U.S.C. 3506(c)(2)(A)). This

program helps to ensure that requested

data can be provided in the desired

format, reporting burden (time and

financial resources) is minimized,

collection instruments are clearly

understood, and the impact of collection

requirements on respondents can be

properly assessed. Currently, the

Employment Standards Administration

is soliciting comments concerning the

proposed revision collection of OFCCP

Recordkeeping/Reporting: Construction.

A copy of the proposed information

collection request can be obtained by

contacting the office listed below in the

addressee section of this notice.

DATES: Written comments must be

submitted to the office listed in the

addressee section below on or before

July 15, 1996. The Department of Labor

is particularly interested in comments

which:

* Evaluate whether the proposed

collection of information is necessary

for the proper performance of the

functions of the agency, including

whether the information will have

practical utility;

* Evaluate the accuracy of the

agency’s estimate of the burden of the

proposed collection of information,

including the validity of the

methodology and assumptions used;

* Enhance the quality, utility and

clarity of the information to be

collected; and

* Minimize the burden of the

collection of information on those who

are to respond, including through the

use of appropriate automated,

electronic, mechanical, or other

technological collection techniques or

other forms of information technology,

e.g., permitting electronic submissions

of responses.

ADDRESSES: Ms. Patricia A. Forkel, U.S.

Department of Labor, 200 Constitution

Ave., NW., Room S–3201, Washington,

DC 20210, telephone (202) 219–7601

(this is not a toll-free number), fax 202–

219–6592.

SUPPLEMENTARY INFORMATION:

I. Background

The Office of Federal Contract

Compliance Programs enforces E.O.

11246, which prohibits employment

discrimination because of race, color,

religion, sex, or national origin, and

requires affirmative action to ensure that

persons are treated without regard to

these prohibited factors. The Order

applies to Federal contractors and

subcontractors and to federally assisted

construction contractors who have

contracts exceeding $10,000. In

addition, OFCCP enforces Section 503

of the Rehabilitation Act of 1973 which

applies to Federal contractors and

subcontractors with a contract

exceeding $10,000, and the Vietnam Era

Veterans’ Readjustment Assistance Act

of 1974, which applies to Federal

contractors and subcontractors with a

contract of $10,000 or more.

II. Current Actions

The Department of Labor seeks to

revise this information collection. This

revision is the result of the Program’s

decision to eliminate the routine

submission of Form CC–257, which

collects race and gender information on

construction employees, classified by

trade. The program has also reevaluated

the burden effect of existing

recordkeeping responsibilities, which

results in a small increase in

recordkeeping hours.

Type of Review: Revision.

Agency: Employment Standards

Administration.

Title: OFCCP Recordkeeping/

Reporting: Construction.

OMB Number: 1215–0163.

Affected Public: Businesses or other

for-profit; Not-for-Profit Institutions,

Small businesses or organizations.

Total Recordkeepers: 100,000.

Total Reporting Responses: 1,303.

Respondents

Average

hours per

response

Frequency Total responses

Subtotal

hours

Recordkeeping:

100,000 ............................................................................................ 48 Rcdkpg ......................................... 100,000 4,800,000

(2,061 of above, Affirmative Action Plan) .................................... 15.107 Rcdkpg ......................................... 2,061 31,136

Reporting:

(1,283 of above, Compliance Reviews) ........................................... 3 Annually ....................................... 1,283 3,849

5 (Hometown Plans) ........................................................................ .42 Quarterly ...................................... 20 8

Total Hours: 4,834,993.

Total Burden Cost (capital/startup):

$0.

Total Burden Cost (operating/

maintenance): $7.00.

Comments submitted in response to

this notice will be summarized and/or

included in the request for Office of

management and Budget approval of the

information collection request; they will

also become a matter of public record.

Dated: May 6, 1996.

Cecily A. Rayburn,

Director, Division of Financial Management,

Office of Management, Administration and

Planning, Employment Standards

Administration.

[FR Doc. 96–11764 Filed 5–9–96; 8:45 am]

BILLING CODE 4510–27–M
Federal Register / Vol. 61, No. 92 / Friday, May 10, 1996 / Notices 21501

1The applicant represents that notice of the

proposed exemption was provided to the active

employees of GE and its affiliates who are

participants and beneficiaries of the plans

participating in the Trust by posting a notice (along

with a copy of the proposed exemption as

published in the Federal Register) at GE locations,

in areas that are customarily used for notices to

employees with regard to employee benefits or

labor relations matters, on or before March 11, 1996.

Former employees and retirees, along with other

employees, were notified by means of publication

of a notice in the 1994 Summary Annual Reports

which were distributed to such persons during

September and October 1995 via first class mail.

Pension and Welfare Benefits

Administration

[Prohibited Transaction Exemption

96–34; Exemption Application No. D–

09880, et al.]

Grant of Individual Exemptions;

General Electric

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.

General Electric Pension Trust (the

Trust), Located in Fairfield,

Connecticut

[Prohibited Transaction Exemption 96–34;

Application No. D–09880]

Exemption

The restrictions of sections 406(a),

406(b)(1) and 406(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

effective August 3, 1994, to the past and

continued lease (the Lease) by the Trust

of office space in a commercial office

building located at 201 Mission Street in

San Francisco, California (the Property),

to GE Capital Aviation Services, Inc. (GE

Aviation), a party in interest with

respect to employee benefit plans

participating in the Trust, provided the

following conditions are met:

(a) All terms and conditions of the

Lease are at least as favorable to the

Trust as those which the Trust could

have obtained in an arm’s-length

transaction with an unrelated party at

the time the Lease was executed;

(b) The rent paid by GE Aviation to

the Trust under the Lease is not less

than the fair market rental value of the

office space, as established by an

independent qualified real estate

appraiser;

(c) David P. Rhoades (Mr. Rhoades),

acting as a qualified, independent

fiduciary for the Trust (the Independent

Fiduciary), reviewed all terms and

conditions of the Lease prior to the

transaction, as well as any subsequent

modifications to the Lease, and

determined that such terms and

conditions would be in the best interests

of the Trust at the time of the

transaction; and

(d) The Independent Fiduciary

represents the interests of the Trust for

all purposes under the Lease as a

qualified, independent fiduciary for the

Trust, monitors the performance of the

parties under the terms and conditions

of the Lease and the exemption, and

takes whatever action is necessary to

safeguard the interests of the Trust

throughout the duration of the Lease.

EFFECTIVE DATE: The exemption is

effective for the period from August 3,

1994, until the scheduled termination

date of the Lease, as it may be renewed

or extended by the parties subject to the

review and approval of the Independent

Fiduciary, or, if earlier, the date the

Lease is actually terminated by the

parties.

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 June

15, 1995, at 60 FR 31512.

NOTICE TO INTERESTED PERSONS: The

applicant represents that it was unable

to notify interested persons within the

time period specified in the Federal

Register notice published on June 15,

1995. However, pursuant to an

agreement between the applicant and

the Department, the Trust notified all

interested persons (including active

employees, former employees and

retirees of General Electric Company

(GE) and its affiliates) no later than

March 11, 1996.1 Interested persons

were advised that they had until April

10, 1996 to comment and/or request a

hearing on the proposed exemption.

WRITTEN COMMENTS AND MODIFICATIONS:

By letter dated November 27, 1995, the

applicant submitted the following

comments and requests for

modifications regarding the notice of

proposed exemption (the Proposal).

The Effective Date paragraph in the

Proposal states that the exemption, if

granted, will be effective until the

scheduled termination date of the Lease

(i.e. September 16, 1999) or, if earlier,

the date the Lease is actually terminated

by the parties.

The applicant states that Paragraph 10

of the Summary of Facts and

Representations in the Proposal (the

Summary) contemplates that Mr.

Rhoades, as the independent fiduciary

acting for the Trust (i.e. the Independent

Fiduciary), will oversee, review and

approve any renewals or extensions of

the Lease, if such renewals or

extensions are in the best interests of the

Trust. The applicant states further that

Condition (c) of the Proposal indicates

that the Independent Fiduciary will be

responsible for reviewing any

subsequent modifications to the Lease

and determining that such
21502 Federal Register / Vol. 61, No. 92 / Friday, May 10, 1996 / Notices

2For purposes of this exemption, the PS Fund

and the SAI Fund described herein are collectively

referred to as the Funds.

modifications would be in the best

interests of the Trust.

The applicant represents that it is

likely that the parties will negotiate

whether to renew or extend the Lease at

its termination, and such a renewal or

extension may be in the best interests of

the Trust depending on the then-current

real estate market. Therefore, the Trust

requests that the exemption be effective

until the termination of the Lease, as it

may be renewed or extended by the

parties subject to the review and

approval of the Independent Fiduciary.

The applicant represents further that

if Mr. Rhoades, the current Independent

Fiduciary, is no longer able to serve in

that capacity, the Trust would retain a

replacement Independent Fiduciary

with the same qualifications as Mr.

Rhoades and his firm. The replacement

Independent Fiduciary would be

required to make the same

representations made by Mr. Rhoades

regarding experience, independence

from the GE and its affiliates, and

understanding the duties, liabilities and

responsibilities such person would have

as a fiduciary under the Act. In

addition, the replacement Independent

Fiduciary would be required to enter

into the same form of Independent

Fiduciary Agreement used by Mr.

Rhoades.

In response to the applicant’s

comments, the Department has modified

the Effective Date paragraph in the

Proposal by inserting, after the reference

to the scheduled termination date of the

Lease, the phrase ‘‘... as it may be

renewed or extended by the parties

subject to the review and approval of

the Independent Fiduciary’’. The

Department has also modified

Conditions (c) and (d) of the Proposal by

inserting ‘‘Independent Fiduciary’’ as a

capitalized term in reference to Mr.

Rhoades, which is meant to incorporate

the applicant’s concerns regarding the

possibility of a replacement for Mr.

Rhoades in the future.

The Department received two

comment letters and various telephone

calls from employees of GE who did not

fully understand the Proposal’s effect on

benefits provided to participants and

beneficiaries of the GE Pension Plan and

other plans in the GE Trust (the GE

Plans). In this regard, the applicant

states that a special telephone line was

established by GE to respond to such

inquiries by participants and

beneficiaries of the GE Plans. The

applicant represents that GE received

over 150 telephone calls in response to

the Proposal and that additional

information was provided to interested

persons when requested.

The Department also received two

comment letters from interested persons

who oppose the granting of an

exemption. One of the commenters

objects to the transaction because the

commenter believes that the Lease

involves ‘‘....the risking of GE Pension

funds to be used in lieu of operating

capital from the various GE businesses’’

and exposes the GE Trust to ‘‘high

risks’’. The other commenter does not

approve of the Proposal but did not

express any reasons for objecting to the

transaction and could not be reached for

further comments.

The applicant has responded to these

comments by letter dated April 24,

1996. The applicant represents that the

subject transaction does not involve the

use of assets of the GE Pension Plan in

lieu of operating capital of GE. Rather,

the applicant states that the transaction

involves the lease of space in an office

building currently owned by the Trust

to a GE subsidiary (i.e. GE Aviation) at

terms equivalent to an arm’s-length

transaction, as reviewed and approved

by a qualified independent fiduciary.

The applicant notes that if the GE

subsidiary had not entered into the

Lease, the office space likely would

have remained vacant for a longer

period, resulting in loss of income to the

Trust (including the GE Pension Plan).

Therefore, the applicant maintains that

the transaction is in the best interests of

the Trust and does not in any way

expose the Trust to higher risks than it

would have been exposed to absent this

transaction. The applicant concludes

that there are sufficient safeguards in

place to protect the interests of the Trust

and its participants and beneficiaries.

No other comments, and no requests

for a hearing, were received by the

Department from interested persons.

Therefore, the Department has

determined to grant the proposed

exemption as modified herein.

FOR FURTHER INFORMATION CONTACT: Mr.

E.F. Williams of the Department,

telephone (202) 219–8194. (This is not

a toll-free number.)

NBD Bancorp, Located in Detroit,

Michigan

[Prohibited Transaction Exemption 96–35

Exemption Application No. D–09986]

Exemption

The restrictions of sections 406(b)(2)

of the Act shall not apply to the merger

of the INB Principal Stability Fund (the

PS Fund) into the NBD Stable Asset

Income Fund (the SAI Fund); 2 provided

the following requirements are satisfied:

(1) On the date the merger is

executed, the assets in the PS Fund and

the assets in the SAI Fund will be

valued in the same manner, under

identical guidelines, by the same

individuals;

(2) Upon completion of the merger of

the PS Fund into the SAI Fund, the

aggregate fair market value of the

interests of the employee benefit plans

(the Plans) participating in the SAI

Fund immediately following the merger,

together with any cash received in lieu

of fractional units, equals the aggregate

fair market value of each participating

Plans’ interest in such Funds

immediately before the merger;

(3) The assets of each of the

participating Plans are invested in the

same type of investments both before

and after the proposed merger;

(4) Neither NBD Bancorp nor any of

its affiliates receives fees or

commissions in connection with the

merger;

(5) The Plans will pay no sales

commissions or fees, as a result of the

transaction; and

(6) A fiduciary who is acting on behalf

of each affected Plan and who is

independent of and unrelated to NBD

Bancorp and any of its affiliates receives

advance written notice of the merger of

the PS Fund into the SAI Fund.

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 8670.

FOR FURTHER INFORMATION CONTACT:

Angelena C. Le Blanc of the Department,

telephone (202) 219–8883 (This is not a

toll-free number.)

Spreckels Industries, Inc. Employee

Stock Ownership Plan (the ESOP);

Spreckels Industries, Inc. Incentive

Savings Plan for Union Hourly

Employees (the Hourly Plan); and

Spreckels Industries, Inc. Employees’

Incentive Savings Plan (the Incentive

Plan; Collectively, the Plans), Located

in Pleasanton, California

[Prohibited Transaction Exemption 96–36,

Exemption Application Nos. D–09999

through D–10001]

Exemption

The restrictions of sections

406(a)(1)(A), 406(a)(1)(E), 406(a)(2),

407(a), 406(b)(1), and 406(b)(2) of the

Act and the sanctions resulting from the
Federal Register / Vol. 61, No. 92 / Friday, May 10, 1996 / Notices 21503

application of section 4975 of the Code,

by reason of section 4975(c)(1) (A) and

(E) of the Code, shall not apply to the

acquisition, holding or exercise by the

Plans of certain warrants (the Warrants)

for the purchase of Class A new

common stock (the New Common

Stock) of Spreckels Industries, Inc. (the

Employer), a party in interest with

respect to the Plans; provided that the

following conditions are satisfied:

(a) An independent fiduciary (the I/F)

will manage the Warrants and monitor

the value of the Warrants at all times

and will be empowered to assign,

transfer, sell, and exercise the Warrants

in order to serve the best interest of the

Plans and their participants and

beneficiaries;

(b) The fair market value of the

Warrants will at no time exceed twentyfive percent (25%) of the value of the

total assets of the Hourly Plan or the

Incentive Plan;

(c) The Warrants that the Plans will

acquire resulted from a bankruptcy

proceeding, in which all holders of the

Class A old common stock in Spreckels

Industries, Inc. were treated in a like

manner, including the Plans;

(d) The Plans will not incur any

expenses or fees in connection with the

proposed transactions;

(e) Any assignment, sale, or other

transfer of the Warrants will not involve

a party in interest with respect to the

Plans, as defined in section 3(14) of the

Act, unless such transfer is to the

Employer, pursuant to an exercise of the

Warrants; and

(f) The I/F will determine the fair

market value of the Warrants upon

acquisition by the Plans, and an

independent qualified appraiser will

determine the fair market value of the

Warrants on a periodic basis (but not

less frequently than annually).

Written Comments

In the Notice of Proposed Exemption

(the Notice), the Department of Labor

(the Department) invited all interested

persons to submit written comments

and requests for a hearing on the

proposed exemption within forty-five

(45) days of the date of the publication

of the Notice in the Federal Register on

January 31, 1996. All comments and

requests for hearing were due by March

18, 1996.

During the comment period, the

Department received no requests for

hearing. However, the Department did

receive a comment letter from the

applicant, dated April 8, 1996, which

informed the Department of changes in

the facts as represented in the proposed

exemption. In this regard, the Employer

has engaged Consulting Fiduciaries, Inc.

(CFI) to replace L. Scott Maclise (Mr.

Maclise), a registered investment

advisor with Linsco/Private Ledger

Financial Services, who was appointed

to serve as the I/F on behalf of the Plans

for the purposes of the exemption. In

the comment letter, the Employer

requested concurrence from the

Department that the exemption would

be granted notwithstanding the

replacement of Mr. Maclise as the I/F for

the Plans.

Attached to the comment letter, the

applicant included: (1) A copy of a

letter, dated April 2, 1996, which details

the agreement between the Employer

and CFI concerning the engagement of

CFI to provide certain services as

independent fiduciary on behalf of the

Plans; and (2) a letter, dated April 2,

1996, from CFI to the Department in

which CFI made certain representations.

In this regard, CFI has accepted

appointment as I/F on behalf of the

Plans for the purposes of the

transactions which are the subject of

this exemption and, except in the event

of discharge or resignation as described

in the agreement with the Employer,

will serve throughout the duration of

the transactions.

CFI represents that it is qualified to

serve as I/F, in that it is a registered

investment adviser under the

Investment Advisers Act of 1940 and

provides professional, independent

fiduciary decision making, consultation,

and alternative dispute resolution

services to plans, plan sponsors,

trustees, and investment advisers.

Further, CFI is experienced in

representing clients as a fiduciary in

stock transactions.

CFI represents that it has the power to

negotiate and act independently of the

Employer and its officers, directors,

shareholders, agents and representatives

with respect to the transactions which

are the subject of this exemption. In this

regard, CFI is not affiliated with the

Employer and the income CFI receives

from the Employer is expected to

represent less than one percent (1%) on

an annualized basis of its income over

the life of its engagement as I/F.

CFI represents that it understands its

duties as I/F under the Act and the Code

and will assume all duties,

responsibilities, and obligations

imposed on it as I/F of the Plans in

connection with the transactions which

are the subject of this exemption. In this

regard, CFI represents that it will take

whatever acts are necessary to review,

analyze, negotiate, monitor, and

approve or disapprove the transactions

and will be responsible for the Plans’

acquisition and holding of the Warrants.

Bearing in mind its fiduciary duties

under the Act, CFI represents that it will

determine whether the transactions: (a)

Are prudent and for the exclusive

purpose of providing benefits to

participants; (b) are fair to the Plans

from a financial point of view; and (c)

are in accordance with the terms and

conditions as set forth in the Notice.

CFI will decide on behalf of the Plans

(a) whether or not the Plans should

acquire and hold the Warrants; and (b)

when, if at all, the Warrants should be

exercised to acquire New Common

Stock or sold and the proceeds used to

acquire such stock. With respect to the

acquisition of the Warrants, CFI

represents that it will conduct due

diligence to evaluate whether the Plans

should enter into the transactions which

are the subject of this exemption. CFI

represents that it bears full power to

manage and monitor the value of the

Warrants at all times. In this regard, CFI

represents that it will determine the fair

market value of the Warrants upon

acquisition by the Plans.

With respect to the holding of the

Warrants by the Plans, CFI represents

that such holding will not impair the

diversification, prudence, or liquidity of

the Plans. In this regard, CFI represents

that it will be responsible, as

appropriate, for insuring that the

Warrants will be appraised on a

periodic basis (but not less frequently

than annually).

CFI represents that it is empowered to

assign, transfer, sell, and exercise the

Warrants in order to serve the best

interests of participants and

beneficiaries of the Plan. In this regard,

CFI represents that it will not in any

way transfer, assign, or sell the Warrants

to a ‘‘party in interest’’ within the

meaning of section 3(14) of the Act or

section 4975(e)(2) of the Code, unless

such a transfer is to the Employer

pursuant to an exercise of such

Warrants.

After giving full consideration to the

entire record, including the written

comment from the applicant, the

Department has decided to grant the

exemption, as described and concurred

in above. In this regard, the comment

letter submitted by the applicant to the

Department has been included as part of

the public record of the exemption

application. The complete application

file, including all supplemental

submissions received by the

Department, is made available for public

inspection in the Public Documents

Room of the Pension Welfare Benefits

Administration, Room N–5638, U.S.

Department of Labor, 200 Constitution

Avenue, N.W., Washington, D.C. 20210.

For a more complete statement of the

facts and representations supporting the
21504 Federal Register / Vol. 61, No. 92 / Friday, May 10, 1996 / Notices

Department’s decision to grant this

exemption refer to the Notice published

on January 31, 1996 at 61 FR 3470.

FOR FURTHER INFORMATION CONTACT:

Angelena C. Le Blanc of the Department,

telephone (202) 219–8883 (This is not a

toll-free number.)

Budge Clinic Profit Sharing Plan and

Trust (the Plan), Located in Logan, Utah

[Prohibited Transaction Exemption 96–37;

Exemption Application No. D–10142]

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 located

in Logan, Utah (the Property) by the

Plan to IHC Health Services, Inc., a

party in interest with respect to the

Plan; provided that the following

conditions are satisfied:

(A) All terms and conditions of the

transaction are no less favorable to the

Plan than those which the Plan could

obtain in an arm’s-length transaction

with an unrelated party;

(B) The Plan receives a cash purchase

price for the Property which is no less

than the fair market value of the

Property as of the sale date; and

(C) The Plan does not incur any

expenses or suffer any loss with respect

to the transaction.

For a more complete statement of the

facts and representations supporting

this exemption, refer to the notice of

proposed exemption published on

March 12, 1996 at 61 FR 10015.

FOR FURTHER INFORMATION CONTACT:

Ronald Willett 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

May, 1996.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

Department of Labor.

[FR Doc. 96–11744 Filed 5–9–96; 8:45 am]

BILLING CODE 4510–29–P

Office of the Assistant Secretary for

Veterans’ Employment and Training

Secretary of Labor’s Advisory

Committee for Veterans’ Employment

and Training; Notice of Meeting

The Secretary’s Advisory Committee

for Veterans’ Employment and Training

was established under Section 4110 of

title 38, United States Code, to bring to

the attention of the Secretary, problems

and issues relating to veterans’

employment and training.

Notice is hereby given that the

Secretary of Labor’s Advisory

Committee for Veterans’ Employment

and Training will meet on Thursday

June 6, 1996 at the Disabled American

Veterans National Service and

Legislative Headquarters 807 Maine

Avenue, S.W., Washington, D.C. 20024

at 9:00 a.m. to 4:00 p.m. and Friday June

7, 1996 in the Department of Labor

Secretary’s Conference Room, S–2508,

200 Constitution Avenue, N.W.,

Washington, D.C. at 8:30 a.m. to noon.

Written comments are welcome and

may be submitted by addressing them

to: Mr. Thomas S. Keefe, Special

Assistant, Office of the Assistant

Secretary for Veterans’ Employment and

Training, U.S. Department of Labor, 200

Constitution Avenue, N.W., Room

S1315, Washington, D.C. 20210.

The primary items on the agenda are:

■ Adoption of minutes of the

previous meeting.

■ Budget briefing—FY 1996 & 1997.

■ Pending legislation (S 1711).

■ National Skills Board briefing.

■ Veterans Preference Issues.

■ Office of the DOL Inspector

General briefing on OFCCP.

■ WREI video.

■ Planning session of a fall Veterans

Employment Forum.

The meeting is open to the public.

Persons with disabilities, needing

special accommodations, should contact

Thomas S. Keefe at telephone number

202–219–9116 no later than Friday, May

31.

Signed at Washington, D.C. this 3rd day of

May, 1996.

Preston M. Taylor Jr.,

Assistant Secretary for Veterans’ Employment

and Training.

[FR Doc. 96–11766 Filed 5–9–96; 8:45 am]

BILLING CODE 4510–79–M

LEGAL SERVICES CORPORATION

Sunshine Act Meeting

TIME AND DATE: The Provision for the

Delivery of Legal Services Committee of

the Legal Services Corporation’s Board

of Directors will meet on May 19, 1996.

The meeting will begin at 2:00 p.m. and

continue until conclusion of the

committee’s agenda.

LOCATION: Legal Services Corporation,

750 First Street NE, 11th Floor,

Washington, DC 20002, (202) 336–8800.

STATUS OF MEETING: Open.

MATTERS TO BE CONSIDERED:

1. Approval of Agenda.

2. Consider and act on

recommendtion for Board action on a

suggested list of priorities that grantee

boards may use in setting local

priorities.

3. Report by the OIG on its plans for

implementation of Section 509 of Pub.

L. 104–134 (H.R. 3019).

4. Report by the Directors of OPEAR

and OPS on the Corporation’s

implementation of competitive

grantmaking in ’96 and plans for ’97,

and other initiatives.

5. Provide direction to staff with

respect to publication of a draft revised

Accounting Guide for Recipients and

Auditors in the Federal Register for

public comment.

CONTACT PERSON FOR INFORMATION:

Victor M. Fortuno, General Counsel,

(202) 336–8800.

SPECIAL NEEDS: Upon request, meeting

notices will be made available in

alternate formats to accommodate visual

and hearing impairments. Individuals

who have a disability and need an