Source: https://www.scribd.com/document/1702182/Department-of-Labor-96-15876
Timestamp: 2018-07-17 04:56:32
Document Index: 695528582

Matched Legal Cases: ['art 2570', 'art 4', 'arts 1', 'art 5', 'art 1', 'art 1']

Department of Labor: 96 15876 | Fiduciary | Insurance
Federal Register / Vol. 61, No. 121 / Friday, June 21, 1996 / Notices
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]
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.)
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. 12 The 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.
[Prohibited Transaction Exemption 96–46; Exemption Application No. D–09844, et al.]
Grant of Individual Exemptions; Jacor Communications Inc. Pension and Welfare Benefits Administration, Labor. ACTION: Grant of individual exemptions.
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.
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.
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
* 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.
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
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.
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
(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.
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
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.
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.
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
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)
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]
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
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