31958 Federal Register / Vol. 61, No. 121 / Friday, June 21, 1996 / Notices

11 If the administrator of the Plan does not direct

that the contributions be used to make principal

and interest payments on the Refinanced Loan,

such contributions would be allocated directly to

participant’s accounts in accordance with

provisions of the Plan. Such contributions would

not be subject to the rules regarding ‘‘release’’ from

the ASOP suspense account.

12The amortization schedule accompanying the

trust indenture requires that payments on the

Refinanced Loan be made in accordance with the

amounts set forth therein. It is also possible that,

in some circumstances, the Corporation may make

certain payments on the Refinanced Loan directly

(i.e., outside of the Plan) pursuant to its guarantee.

sharing plan), and, to the extent directed

by the Plan Administrator,11 such

contributions would be used by the Plan

to make principal and interest payments

on the Refinanced Loan; 12

(c) To the extent the Plan applies

employer contributions toward the

repayment of the Refinanced Loan, a

portion of the Proceeds would be

allocated from the suspense account to

participants’ accounts in an amount

equal to the amount of employer

contributions so used. Any amounts

contributed to the Plan in excess of the

amounts used by the Plan to make

principal and interest payments on the

Refinanced Loan would be allocated

directly to participants’ accounts; and

(d) The Corporation would continue

to guarantee the Refinanced Loan as it

did prior to the Merger.

7. As the Plan no longer holds any

‘‘employer security’’ as that term is

defined in section 407(d)(1) of the Act

and section 409(l) of the Code (see Reps.

3 and 5, above), the applicant has

requested the exemption proposed

herein to permit the continuing

guarantee by the Corporation of the

Refinanced Loan. The applicant

represents that the Corporation has

received assurance from the Internal

Revenue Service that the operation of

the Plan in the manner described in

Rep. 6, above, will not adversely affect

its qualified status.

8. In summary, the applicant

represents that the subject transaction

satisfies the criteria contained in section

408(a) of the Act for the following

reasons: (a) The transaction is a

continuation of a guarantee that was

statutorily exempt at the time it was

entered into; and (b) the transaction

requires an exemption because of a

corporate transaction, the Merger, which

upon consummation caused ‘‘employer

securities’’ to become unavailable to the

Plan while the obligations of the

Corporation with respect to the

Refinanced Loan remain unaffected.

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 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 18th day of

June, 1996.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits Administration,

U.S. Department of Labor.

[FR Doc. 96–15875 Filed 6–20–96; 8:45 am]

BILLING CODE 4510–29–P

[Prohibited Transaction Exemption 96–46;

Exemption Application No. D–09844, et al.]

Grant of Individual Exemptions; Jacor

Communications 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.
Federal Register / Vol. 61, No. 121 / Friday, June 21, 1996 / Notices 31959

*The Client Plans, the EAI Plan, the Harding Plan

and the Stockwood Plan are collectively referred to

herein as the Plans. In addition, the EAI Plan, the

Harding Plan and the Stockwood Plan are

collectively referred to herein as the Related Plans.

Jacor Communications Inc. Retirement

Plan (the Plan), Located in Cincinnati,

Ohio

[Prohibited Transaction Exemption 96–46;

Exemption Application No. D–09844]

Exemption

The restrictions of sections 406(a),

406(b)(1) and (b)(2) and 407(a) 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 (1) the past receipt by the Plan of

certain stock-purchase warrants (the

Warrants) pursuant to the restructuring

of Jacor Communications, Inc. (Jacor),

excluding that portion of Warrants

which was acquired by the Plan’s

Qualified Matching Contribution

Account (the QMCA); (2) the past and

future holding of the Warrants by the

Plan; and (3) the disposition or exercise

of the Warrants by the Plan; provided

that the following conditions are

satisfied:

(A) With respect to all participant

accounts other than the QMCA, the

Warrants were acquired pursuant to

Plan provisions for individuallydirected investment of such accounts;

(B) The Plan’s receipt and holding of

the Warrants occurred in connection

with the restructuring of Jacor and the

Warrants were made available to all

shareholders of common stock of Jacor;

(C) The Plan’s receipt and holding of

the Warrants resulted from an

independent act of Jacor as a corporate

entity, and all holders of the common

stock of Jacor, including the Plan, were

treated in the same manner with respect

to the restructuring of Jacor; and

(D) With respect to Warrants allocated

to the QMCA, the authority for all

decisions regarding the holding,

disposition or exercise of the Warrants

by the Plan will be exercised by an

independent fiduciary acting on behalf

of the Plan, to the extent that such

decisions have not been passed through

to Plan participants; and

(E) With respect to all other accounts,

the decisions regarding the holding,

disposition or exercise of the Warrants

have been, and will continue to be made

in accordance with Plan provisions for

individually-directed investment of

participant accounts, by the individual

Plan participants whose accounts in the

Plan received Warrants in connection

with the restructuring.

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 April

25, 1996 at 61 FR 18421.

EFFECTIVE DATE: This exemption is

effective as of January 11, 1993, except

with respect to the Warrants held by the

QMCA. With respect to those Warrants,

the exemption is effective July 26, 1995.

FOR FURTHER INFORMATION CONTACT: Gary

H. Lefkowitz of the Department,

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

a toll-free number.)

EAI Partners, L.P. (EAI), Located in

Norwalk, CT

[Prohibited Transaction Exemption 96–47;

Exemption Application No. D–10147]

Exemption

Section I. Exemption for the In-Kind

Transfer of Assets

The restrictions of sections 406(a) and

406(b) 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 (F) of the Code,

shall not apply, as of December 29,

1995, to the in-kind transfer of assets of

employee benefit plans that are

participant-directed account plans

intended to satisfy section 404(c) of the

Act and as to which EAI serves as a

fiduciary (the Client Plans), including a

plan established by EAI (the EAI Plan),

as well as two plans that are sponsored

by affiliates of EAI, namely, the Harding

Service Corporation et al. Profit Sharing

Plan and Trust (the Harding Plan) and

the Stockwood VII, Inc. 401(k) Plan (the

Stockwood Plan),* that are held in the

Small Managers Equity Fund Trust

(SMEF) maintained by EAI in exchange

for shares of the EAI Select Managers

Equity Fund (the Fund), an open-end

investment company registered under

the Investment Company Act of 1940

(the ’40 Act) for which Evaluation

Associates Capital Markets, Inc.

(EACM), a wholly owned subsidiary of

EAI, acts as investment adviser, in

connection with the partial termination

of SMEF.

This exemption is subject to the

following conditions:

(a) No sales commissions or other

fees, including any fees payable

pursuant to Rule 12b–1 of the ’40 Act,

are paid by a Plan in connection with

the purchase of Fund shares through the

in-kind transfer of SMEF assets.

(b) All of the assets of a Plan that are

held in SMEF are contributed by such

Plan in-kind to the Fund in exchange for

shares of such Fund. A Plan not electing

to invest in the Fund receives a

distribution of its allocable share of the

assets of SMEF either in cash or in-kind.

(c) Each Plan receives shares of the

Fund which have a total net asset value

that is equal in value to such Plan’s

allocable share of the assets of SMEF as

determined in a single valuation

performed in the same manner at the

close of the same business day, using

independent sources in accordance with

the procedures set forth in Rule 17a–

7(b) (Rule 17a–7) under the ’40 Act, as

amended, and the procedures

established by the Fund pursuant to

Rule 17a–7 for the valuation of such

assets. Such procedures must require

that all securities for which a current

market price cannot be obtained by

reference to the last sale price for

transactions reported on a recognized

securities exchange or NASDAQ be

valued based on an average of the

highest current independent bid and

lowest current independent offer, as of

the close of business on the Friday

preceding the weekend of the in-kind

contribution of SMEF assets to the

Fund, determined on the basis of

reasonable inquiry from at least three

sources that are broker-dealers or

pricing services independent of EAI.

(d) On behalf of each Plan, a second

fiduciary who is independent of and

unrelated to EAI (the Second Fiduciary)

receives advance written notice of the

in-kind transfer of assets of SMEF to the

Fund and full written disclosure, which

includes, but is not limited to, the

following information concerning the

Fund:

(1) A current prospectus for the Fund

in which a Plan is considering

investing.

(2) A statement describing the fees for

investment advisory or similar services

that are to be paid by the Fund to

EACM; the fees retained by EACM for

secondary services (the Secondary

Services), as defined in paragraph g of

Section II below; and all other fees to be

charged to or paid by the Plan and by

such Fund to EAI, EACM or to unrelated

parties, including the nature and extent

of any differential between the rates of

the fees.

(3) The reasons why EAI considers

such investment to be appropriate for

the Plan.

(4) Upon request of the Second

Fiduciary, copies of the proposed and

final exemptions relating to the

transaction described herein.

(e) On the basis of the foregoing

information, the Second Fiduciary

authorizes in writing the in-kind

transfer of a Plan’s assets invested in

SMEF to the Fund, in exchange for

shares of the Fund, and the fees

received by EACM in connection with
31960 Federal Register / Vol. 61, No. 121 / Friday, June 21, 1996 / Notices

its investment advisory services to the

Fund. Such authorization by the Second

Fiduciary will be consistent with the

responsbilities, obligations and duties

imposed on fiduciaries under Part 4 of

Title I of the Act.

(f) EAI sends by regular mail to the

Second Fiduciary of each affected Plan,

the following information:

(1) Not later than 30 days after the

completion of the in-kind transfer

transaction, a written confirmation

which contains—

(A) The identity of each security that

was valued for purposes of the

transaction in accordance with Rule

17a–7(b)(4) of the ’40 Act;

(B) The price of each such security

involved in the transaction; and

(C) The identity of each pricing

service or market maker consulted in

determining the value of such securities.

(2) Within 90 days after the

completion of each transfer, a written

confirmation which contains—

(A) The number of SMEF units held

by the Plan immediately before the

transfer, the related per unit value and

the total dollar amount of such SMEF

units; and

(B) The number of shares in the Fund

that are held by the Plan following the

transfer, the related per share net asset

value and the total dollar amount of

such shares.

(g) On an ongoing basis, EAI provides

a Plan investing in the Fund with—

(1) A copy of an updated prospectus

of such Fund, at least annually; and

(2) Upon request, a report or

statement (which may take the form of

the most recent financial report, the

current statement of additional

information, or some other written

statement) containing a description of

all fees paid by the Fund to EAI and its

affiliates.

(h) As to each Plan, the combined

total of all fees received by EAI and/or

its affiliates for the provision of services

to the Plan, and in connection with the

provision of services to the Fund in

which the Plan invests, is not in excess

of ‘‘reasonable compensation’’ within

the meaning of section 408(b)(2) of the

Act.

(i) All dealings between a Plan and

the Fund are on a basis no less favorable

to the Plan than dealings between the

Fund and other shareholders.

(j) EAI maintains for a period of six

years the records necessary to enable the

persons described below in paragraph

(k) to determine whether the conditions

of this exemption have been met, except

that (1) a prohibited transaction will not

be considered to have occurred if, due

to circumstances beyond the control of

EAI, the records are lost or destroyed

prior to the end of the six year period,

and (2) no party in interest other than

EAI, 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 (k) of this Section

II; and

(k)(1) Except as provided in paragraph

(k)(2) and notwithstanding any

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

the Act, the records referred to in

paragraph (j) are unconditionally

available at their customary location for

examination during normal business

hours by—

(A) Any duly authorized employee or

representative of the Department, the

Internal Revenue Service or the

Securities and Exchange Commission;

(B) Any fiduciary of a Plan who has

authority to acquire or dispose of shares

of the Fund owned by such Plan, or any

duly authorized employee or

representative of such fiduciary;

(C) Any contributing employer to any

participating Plan or any duly

authorized employee representative of

such employer; and

(D) Any participant or beneficiary of

any participating Plan, or any duly

authorized representative of such

participant or beneficiary.

(2) None of the persons described in

paragraph (k)(1)(B)–(D) shall be

authorized to examine trade secrets of

EAI, or commercial or financial

information which is privileged or

confidential.

Section II. Definitions

For purposes of this exemption:

(a) The term ‘‘EAI’’ means EAI

Partners, L.P. and the term ‘‘EACM’’

refers to Evaluation Associates Capital

Markets, Inc.

(b) An ‘‘affiliate’’ of EAI includes—

(1) Any person directly or indirectly

through one or more intermediaries,

controlling, controlled by, or under

common control with EAI. (For

purposes of this paragraph, the term

‘‘control’’ means the power to exercise

a controlling influence over the

management or policies of a person

other than an individual.)

(2) Any officer, director, employee,

relative or partner in such person, and

(3) Any corporation or partnership of

which such person is an officer,

director, partner or employee.

(c) The term ‘‘Fund’’ refers to the EAI

Select Managers Investment Fund, a

diversified open-end investment

company registered under the ’40 Act

for which EACM serves as an

investment adviser and may also

provide some other ‘‘Secondary

Service’’ (as defined below in paragraph

(g) of this Section II) which has been

approved by the Fund.

(d) The term ‘‘net asset value’’ means

the amount for purposes of pricing all

purchases and redemptions of Fund

shares, calculated by dividing the value

of all securities, determined by a

method as set forth in a Fund’s

prospectus and statement of additional

information, and other assets belonging

to the Fund, less the liabilities

chargeable to the portfolio, by the

number of outstanding shares.

(e) The term ‘‘relative’’ means a

‘‘relative’’ as that term is defined in

section 3(15) of the Act (or member of

the ‘‘family’’ as that term is defined in

section 4975(e)(6) of the Code), or a

brother, a sister, or a spouse of a brother

or a sister.

(f) The term ‘‘Second Fiduciary’’

means a fiduciary of a plan who is

independent of and unrelated to EAI.

For purposes of this exemption, the

Second Fiduciary will not be deemed to

be independent of and unrelated to EAI

if—

(1) Such Second Fiduciary directly or

indirectly controls, is controlled by, or

is under common control with EAI;

(2) Such Second Fiduciary, or any

officer, director, partner, employee, or

relative of such Second Fiduciary is an

officer, director, partner or employee of

EAI (or is a relative of such persons;

(3) Such Second Fiduciary directly or

indirectly receives any compensation or

other consideration for his or her own

personal account in connection with

any transaction described in this

proposed exemption. However, with

respect to the Related Plans (i.e., the EAI

Plan, the Harding Plan and the

Stockwood Plan), the Second Fiduciary

may receive compensation from EAI in

connection with the transaction

contemplated herein, but the amount or

payment of such compensation may not

be contingent upon or be in any way

affected by the Second Fiduciary’s

ultimate decision regarding whether the

Related Plans may participate in such

transaction.

With the exception of the Related

Plans, if an officer, director, partner or

employee of EAI (or relative of such

persons), is a director of such Second

Fiduciary, and if he or she abstains from

participation in the choice of a Client

Plan’s investment adviser, the approval

of any such purchase or sale between a

Client Plan and the Fund, and the

approval of any change of fees charged

to or paid by the Client Plan, the

transaction described in Section I above,

then paragraph (f)(2) of this Section II,

shall not apply.
Federal Register / Vol. 61, No. 121 / Friday, June 21, 1996 / Notices 31961

(g) The term ‘‘Secondary Service’’

means a service, other than investment

advisory or similar service which is

provided by EACM to the Fund.

However, the term ‘‘Secondary Service’’

does not include any brokerage services

provided by EAI Securities Inc. to the

Fund.

EFFECTIVE DATE: This exemption will be

effective 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 April

25, 1996 at 61 FR 18424.

FOR FURTHER INFORMATION CONTACT: Ms.

Jan D. Broady of the Department,

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

a toll-free number.)

Pension Plan of Roper Hospital, Inc.

(the Plan), Located in Charleston, South

Carolina

[Prohibited Transaction Exemption 96–48;

Exemption Application No. D–10163]

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 cash

sale (the Sale) by the Plan of Separate

Investment Account Group Annuity

Policy No. GA–4619 (the Policy)

maintained by New England Mutual

Life Insurance Company to Roper

Health System, Inc., the Plan sponsor

and 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 receives no less than the greater of

the fair market value of the Policy at the

time of the Sale, or $494,130; and (c) the

Plan does not pay any commissions or

other expenses in connection with the

transaction.

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 April

25, 1996 at 61 FR 18428.

FOR FURTHER INFORMATION CONTACT: Gary

H. Lefkowitz of the Department,

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

a toll-free number.)

First Security Group Life Insurance

Plan (the Plan), Located in Salt Lake

City, Utah

[Prohibited Transaction Exemption 96–49;

Exemption Application No. L–10178]

Exemption

The restrictions of sections 406(a) and

(b) of the Act shall not apply to the

reinsurance of risks and the receipt of

premiums therefrom by First Security

Life Insurance Company of Arizona

(FSLIA) from the insurance contracts

sold by Minnesota Mutual Life

Insurance Company (MM) or any

successor insurance company to MM

which is unrelated to First Security

Corporation (FSC), to provide life

insurance benefits to participants in the

Plan, provided the following conditions

are met:

(a) FSLIA—

(1) Is a party in interest with respect

to the Plan by reason of a stock or

partnership affiliation with FSC that is

described in section 3(14)(E) or (G) of

the Act,

(2) Is licensed to sell insurance or

conduct reinsurance operations in at

least one of the United States or in the

District of Columbia,

(3) Has obtained a Certificate of

Authority from the Insurance

Commissioner of its domiciliary state

which has neither been revoked nor

suspended, and

(4)(A) Has undergone an examination

by an independent certified public

accountant for its last completed taxable

year immediately prior to the taxable

year of the reinsurance transaction; or

(B) Has undergone a financial

examination (within the meaning of the

law of its current domiciliary State,

Arizona) by the Insurance

Commissioner of the State of Arizona

within 5 years prior to the end of the

year preceding the year in which the

reinsurance transaction occurred.

(b) The Plan pays no more than

adequate consideration for the

insurance contracts;

(c) No commissions are paid with

respect to the direct sale of such

contracts or the reinsurance thereof; and

(d) For each taxable year of FSLIA, the

gross premiums and annuity

considerations received in that taxable

year by FSLIA for life and health

insurance or annuity contracts for all

employee benefit plans (and their

employers) with respect to which FSLIA

is a party in interest by reason of a

relationship to such employer described

in section 3(14)(E) or (G) of the Act does

not exceed 50% of the gross premiums

and annuity considerations received for

all lines of insurance (whether direct

insurance or reinsurance) in that taxable

year by FSLIA. For purposes of this

condition (d):

(1) the term ‘‘gross premiums and

annuity considerations received’’ means

as to the numerator the total of

premiums and annuity considerations

received, both for the subject

reinsurance transactions as well as for

any direct sale or other reinsurance of

life insurance, health insurance or

annuity contracts to such plans (and

their employers) by FSLIA. This total is

to be reduced (in both the numerator

and the denominator of the fraction) by

experience refunds paid or credited in

that taxable year by FSLIA.

(2) all premium and annuity

considerations written by FSLIA for

plans which it alone maintains are to be

excluded from both the numerator and

the denominator of the fraction.

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 April

25, 1996 at 61 FR 18433.

EFFECTIVE DATE: This exemption is

effective August 1, 1993.

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
31962 Federal Register / Vol. 61, No. 121 / Friday, June 21, 1996 / Notices

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 18th day

of June, 1996.

Ivan Strasfeld,

Director of Exemption Determinations,

Pension and Welfare Benefits,

Administration, U.S. Department of Labor.

[FR Doc. 96–15876 Filed 6–20–96; 8:45 am]

BILLING CODE 4510–29–P

Employment Standards Administration

Wage and Hour Division; Minimum

Wages for Federal and Federally

Assisted Construction; General Wage

Determination Decisions

General wage determination decisions

of the Secretary of Labor are issued in

accordance with applicable law and are

based on the information obtained by

the Department of Labor from its study

of local wage conditions and data made

available from other sources. They

specify the basic hourly wage rates and

fringe benefits which are determined to

be prevailing for the described classes of

laborers and mechanics employed on

construction projects of a similar

character and in the localities specified

therein.

The determinations in these decisions

of prevailing rates and fringe benefits

have been made in accordance with 29

CFR Part 1, by authority of the Secretary

of Labor pursuant to the provisions of

the Davis-Bacon Act of March 3, 1931,

as amended (46 Stat. 1494, as amended,

40 U.S.C. 276a) and of other Federal

statutes referred to in 29 CFR Part 1,

Appendix, as well as such additional

statures as may from time to time be

enacted containing provisions for the

payment of wages determined to be

prevailing by the Secretary of Labor in

accordance with the Davis-Bacon Act.

The prevailing rates and fringe benefits

determined in these decisions shall, in

accordance with the provisions of the

foregoing statutes, constitute the

minimum wages payable on Federal and

federally assisted construction projects

to laborers and mechanics of the

specified classes engaged on contract

work of the character and in the

localities described therein.

Good cause is hereby found for not

utilizing notice and public comment

procedure thereon prior to the issuance

of these determinations as prescribed in

5 U.S.C. 553 and not providing for delay

in the effective date as prescribed in that

section, because the necessity to issue

current construction industry wage

determinations frequently and in large

volume causes procedures to be

impractical and contrary to the public

interest.

General wage determination

decisions, and modifications and

supersedeas decisions thereto, contain

no expiration dates and are effective

from their date of notice in the Federal

Register, or on the date written notice

is received by the agency, whichever is

earlier. These decisions are to be used

in accordance with the provisions of 29

CFR Parts 1 and 5. Accordingly, the

applicable decision, together with any

modifications issued, must be made a

part of every contract for performance of

the described work within the

geographic area indicated as required by

an applicable Federal prevailing wage

law and 29 CFR Part 5. The wage rates

and fringe benefits, notice of which is

published herein, and which are

contained in the Government Printing

Office (GPO) document entitled

‘‘General Wage Determinations Issued

Under The Davis-Bacon And Related

Acts,’’ shall be the minimum paid by

contractors and subcontractors to

laborers and mechanics.

Any person, organization, or

governmental agency having an interest

in the rates determined as prevailing is

encouraged to submit wage rate and

fringe benefit information for

consideration by the Department.

Further information and selfexplanatory forms for the purpose of

submitting this data may be obtained by

writing to the U.S. Department of Labor,

Employment Standards Administration,

Wage and Hour Division, Division of

Wage Determinations, 200 Constitution

Avenue, NW., Room S–3014,

Washington, DC 20210.

Modifications to General Wage

Determination Decisions

The number of decisions listed in the

Government Printing Office document

entitled ‘‘General Wage Determinations

Issued Under the Davis-Bacon and

Related Acts’’ being modified are listed

by Volume and State. Dates of

publication in the Federal Register are

in parentheses following the decisions

being modified.

Volume I

New Jersey

NJ960002 (March 15, 1996)

NJ960003 (March 15, 1996)

New York

NY960002 (March 15, 1996)

NY960005 (March 15, 1996)

NY960010 (March 15, 1996)

NY960011 (March 15, 1996)

NY960014 (March 15, 1996)

NY960015 (March 15, 1996)

NY960017 (March 15, 1996)

NY960019 (March 15, 1996)

NY960031 (March 15, 1996)

NY960033 (March 15, 1996)

NY960034 (March 15, 1996)

NY960036 (March 15, 1996)

NY960039 (March 15, 1996)

NY960041 (March 15, 1996)

NY960045 (March 15, 1996)

NY960050 (March 15, 1996)

NY960051 (March 15, 1996)

NY960075 (March 15, 1996)

Volume II

Pennsylvania

PA960005 (March 15, 1996)

PA960007 (March 15, 1996)

PA960008 (March 15, 1996)

PA960010 (March 15, 1996)

PA960012 (March 15, 1996)

PA960014 (March 15, 1996)

PA960019 (March 15, 1996)

PA960021 (March 15, 1996)

PA960023 (March 15, 1996)

PA960026 (March 15, 1996)

PA960030 (March 15, 1996)

PA960040 (March 15, 1996)

Volume III

Georgia

GA960011 (March 15, 1996)

Volume IV

Indiana

IN960004 (March 15, 1996)

Minnesota

MN960007 (March 15, 1996)

MN960008 (March 15, 1996)

MN960015 (March 15, 1996)

MN960027 (March 15, 1996)

MN960058 (March 15, 1996)

MN960059 (March 15, 1996)

MN960061 (March 15, 1996)

Ohio

OH960001 (March 15, 1996)

OH960002 (March 15, 1996)

OH960003 (March 15, 1996)

OH960012 (March 15, 1996)

OH960024 (March 15, 1996)

OH960026 (March 15, 1996)

OH960027 (March 15, 1996)

OH960029 (March 15, 1996)

OH960032 (March 15, 1996)

OH960034 (March 15, 1996)

OH960035 (March 15, 1996)

OH960036 (March 15, 1996)

Volume V

Iowa

IA960010 (March 15, 1996)

New Mexico

NM960001 (March 15, 1996)

NM960005 (March 15, 1996)

Volume VI

Colorado

CO960002 (March 15, 1996)

CO960003 (March 15, 1996)

CO960005 (March 15, 1996)

CO960007 (March 15, 1996)

CO960008 (March 15, 1996)

CO960009 (March 15, 1996)

CO960010 (March 15, 1996)

CO960016 (March 15, 1996)