1999 Individual Exemptions

Prior exemptions may not reflect current policies or procedures. The Department, for example, may require terms and conditions that were not required in prior exemptions. Persons considering filing for an exemption or EXPRO authorization may find it very helpful to discuss the facts or issues in their cases with the Department before preparing the filing. The Department welcomes all inquiries and is available to answer any questions you may have. Call us at 202-693-8540.

PTE 1999-01; D-10535

G: 64 FR 3318 (01/21/99)
P: 63 FR 60387 (11/09/98)

Moody-Day, Inc. Profit Sharing Plan

Permits, effective May 24, 1995, the past sale by the Plan of an unimproved three-acre tract of real property located in Austin, Texas to Metroport Realty Corporation, Inc., the Plan sponsor and a party in interest with respect to the Plan.

PTE 1999-02; D-10633 – D-10635

G: 64 FR 3318 (01/21/99)
P: 63 FR 65257 (11/25/98)

Toledo Clinic, Inc. Employees 401(k) and Profit Sharing Plan (the T/C Plan), et al.

Permits, effective December 1, 1998, (1) the cash sale of certain shares of preferred stock (the Preferred Stock) issued by TTC Holdings Inc. (TTC), by the individually-directed account of Dr. Edward Orrechio in the T/C Plan, by the individually-directed account of Michael Hart in the H/A Plan, and by the individually-directed account of Larry Peterson in the M/F Plan (collectively, the Accounts) to TTC, a party in interest with respect to the H/A Plan and the M/F Plan; and (2) the arrangement for the subsequent purchase of certain shares of common stock issued by TTC by Messrs. Orrechio, Hart and Peterson, in their own name, from TTC pursuant to an agreement with TTC that the purchase was to occur immediately after the sale of the Preferred Stock by the Plans to TTC.

PTE 1999-03; D-10660

G: 64 FR 3319 (01/21/99)
P: 63 FR 65260 (11/25/98)

Sprinx Inc. Retirement Plan

Permits (1) a $90,000 loan by the Plan to Sprinx, Inc., the employer and plan sponsor; and (2) the guarantee of repayment of the loan by Harry D. Spring, a party in interest with respect to the Plan.

PTE 1999-04; D-10288

G: 64 FR 4127 (01/27/99)
P: 63 FR 53703 (10/06/98)

Salomon Smith Barney Inc. (SSB)

Permits, effective June 7, 1996, (1) any purchase or sale of securities between certain affiliates of SSB which are foreign broker-dealers or banks (the Foreign Affiliates) and employee benefit plans with respect to which the Foreign Affiliates are parties in interest, including options written by a Plan, SSB or a Foreign Affiliate; (2) any extension of credit to the Plans by the Foreign Affiliates to permit the settlement of securities transactions, regardless of whether they are effected on an agency or a principal basis, or in connection with the writing of options contracts; and (3) the lending of securities to the Foreign Affiliates by the Plans.

PTE 1999-05; D-10636 – D-10642

G: 64 FR 4131 (01/27/99)
P: 63 FR 69319 (12/16/98)

Brune, Glowacki, et al. IRAs

Permits, effective December 1, 1998, (1) the cash sale by the IRAs to TTC Holdings, Inc. (TTC), the parent of The Trust Company of Toledo, N.A., the trustee of the IRAs and a disqualified person, of certain preferred stock issued by TTC; and (2) the arrangement for the subsequent purchase by the IRA participants in their individual capacities, from TTC, pursuant to an agreement with TTC, of an equal number of shares of common stock issued by TTC.

PTE 1999-06; D-10683 – D-10687; & D-10697 - D-10698

G: 64 FR 4131 (01/27/99)
P: 63 FR 69323 (12/16/98)

Hummel, Gibson, et al. IRAs

Permits, effective December 15, 1998, the cash sale of certain shares of closely-held common stock of First Mountain Company by the IRAs to the participants, disqualified persons with respect to the IRAs.

PTE 1999-07; D-10372

G: 64 FR 7667 (02/16/99)
P: 64 FR 65249 (11/25/98)

Keystone Financial, Inc.

Permits, effective December 2, 1996, February 3, 1997 and July 1, 1997, the in-kind transfer of assets of various employee benefit plans for which Keystone served as a fiduciary, that were held in certain collective investment funds maintained by Keystone, in exchange for shares of the KeyPremier Funds, an open-ended investment company registered under the Investment Company Act of 1940, for which Keystone is an investment adviser and may provide other services.

PTE 1999-08; D-10592, D-10594

G: 64 FR 7669 (02/16/99)
P: 63 FR 65254 (11/25/98)

Bankers Trust Company (BTC)

Permits (1) the granting to BTC by certain employee benefit plans investing in Hometown America L.L.C. (the LLC) of security interests in the capital commitments of the Plans to the LLC, where BTC is the representative of certain lenders (the Lenders) that will fund a “credit facility” providing loans to the LLC, and the Lenders are parties in interest with respect to the Plans; and (2) the proposed agreements by the Plans to honor capital calls made to the Plans by BTC, in lieu of the LLC’s sole managing member, in connection with the Plans’ capital commitments to the LLC where such capital calls relate to the security interests in the capital commitments previously granted to BTC.

PTE 1999-09; D-10644

G: 64 FR 7670 (02/16/99)
P: 63 FR 56225 (10/21/98)

Bankers Trust Company

Permits, effective January 1, 1999 and ending three years from the date on which each country joining the European Economic and Monetary Union converts to the Euro, the sale of fractional amounts (the Fractional Amounts) of certain fixed-income instruments to Bankers Trust and its affiliates by plans for which Bankers Trust or its affiliates provide fiduciary or other services, as well as employee benefit plans established and maintained by Bankers Trust or its affiliates; or (2) as an alternative to the sale of the Fractional Amounts, the receipt by the Plans from Bankers Trust of cash equal to the amount that Bankers Trust or its affiliates receive from the issuer of the fixed-income instrument in lieu of the Fractional Amount, exclusive of transaction costs, plus accrued interest.

PTE 1999-10; D-10630 – D10632

G: 64 FR 11046 (03/08/99)
P: 64 FR 3342 (01/21/99)

Genito-Urinary Surgeons, Inc. Profit Sharing Plan (GUS Plan)

Permits, effective December 1, 1998, (1) the cash sale of certain shares of preferred stock (the Preferred Stock) issued by TTC Holdings Inc. (TTC) to TTC, by the individually-directed account of Dr. Gregor Emmert in the GUS Plan, by the individually-directed account of Mr. Michael J. Rosenberg in the Rosenberg Plan, and by the individually-directed account of Mr. Robert Savage in the Savage Plan (collectively, the Accounts); and (2) the subsequent purchase of certain shares of common stock (the Common Stock) issued by TTC by Messrs. Emmert, Rosenberg and Savage, in their own name, from TTC pursuant to an agreement with TTC that the purchase of the Common Stock was to occur immediately after the sale of the Preferred Stock by the Plans.

PTE 1999-11

D-10695

G: 64 FR 11046 (03/08/99)
P: 64 FR 3344 (01/21/99)

Mellon Financial Markets, Inc. (Mellon)

Permits the following transactions involving trusts and certificates evidencing interests therein: (1) the direct or indirect sale, exchange or transfer of certificates in the initial issuance of certificates between the sponsor or underwriter and an employee benefit plan when the sponsor, servicer, trustee or insurer of a trust, the underwriter of the certificates representing an interest in the trust, or an obligor is a party in interest with respect to such plan; (2) the direct or indirect acquisition or disposition of certificates by a plan in the secondary market for such certificates; and (3) the continued holding of certificates acquired by a plan.

PTE 1999-12; D-10701

G: 64 FR 11050 (03/08/99)
P: 64 FR 4144 (01/27/99)

State Street Bank and Trust Company (State Street)

PTE 1999-13; D-10468

G: 64 FR 16493 (04/05/99)
P: 64 FR 4133 (01/27/99)

Wells Fargo Bank, N.A. (Wells Fargo)

Permits, effective September 16, 1996, the exchange of the assets of various employee benefit plans that are either held in certain collective investment funds maintained by Wells Fargo, or otherwise held by Wells Fargo as trustee, investment manager or in any other capacity as fiduciary on behalf of the Plans, for shares of any open-end investment company (the Fund or Funds) registered under the Investment Company Act of 1940 to which Wells Fargo or any of its affiliates serves as investment adviser and may provide other services. Also permits the receipt of fees by Wells Fargo from the Funds for acting as the investment adviser, as well as for acting as the custodian, sub-administrator, or for providing any “secondary” service to the Funds, in connection with the investment in the Funds by the Plans for which Wells Fargo acts as a fiduciary.

PTE 1999-14; D-10661

G: 64 FR 16497 (04/05/99)
P: 63 FR 69314 (12/16/98)

MONY Life Insurance Co. (MONY)

Permits, effective March 30, 1999, (1) the receipt of common stock of the MONY Group, Inc. (the Holding Company), the parent company of MONY, or (2) the receipt of cash or policy credits, by or on behalf of any eligible policyholder (the Eligible Policyholder) of MONY which is a plan, subject to applicable provisions of the Act and/or the Code, other than an Eligible Policyholder which is a plan maintained by MONY or an affiliate for its employees, in exchange for such Eligible Policyholder’s membership interest in MONY, in accordance with the terms of a plan of reorganization adopted by MONY and implemented pursuant to section 7312 of the New York Insurance Law.

PTE 1999-15; D-10574

G: 64 FR 16486 (04/05/99)
P: 63 FR 60391 (11/09/98)

Salomon Smith Barney Inc. (Salomon Smith Barney)

Amends, as of March 30, 1999, PTE 94-50 (59 FR 32024, June 21, 1994), an individual exemption granted to Salomon Smith Barney, by permitting the following modifications: (1) corporate mergers that changed the names of the parties described in PTE 94-50 and would allow broader distribution of investment products provided under the TRAK Personalized Investment Advisory Service Program (the TRAK Program); (2) the implementation of a recordkeeping reimbursement offset system under the TRAK Program; and (3) the institution of an automated reallocation option.

PTE 1999-16; D-10693

G: 64 FR 24422 (05/06/99)
P: 64 FR 7672 (02/16/99)

Standard Bank Employees Profit Sharing Plan

Permits, effective October 1, 1998, the purchases by the Plan of certain residential mortgage notes from Standard Bank and Trust Company, the Plan sponsor and a party in interest with respect to the Plan.

PTE 1999-17; D-10700 & L-10709

G: 64 FR 24423 (05/06/99)
P: 64 FR 4142 (01/27/99)

Plumbers and Pipefitters National Pension Fund (the Pension Plan) and Pipefitters Local No. 211 Joint Educational Trust (the Welfare Plan)

Permits the sale of certain real property by the Pension Plan to the Welfare Plan, a party in interest with respect to the Pension Plan.

PTE 1999-18; D-10703

G: 64 FR 24423 (05/06/99)
P: 64 FR 11062 (03/08/99)

State Bankshares 401(k) Profit Sharing Plan

Permits the sale by the Plan of certain limited partnership interests, for $93,552.93, to Northern Capital Trust, the Plan trustee and a party in interest with respect to the Plan.

PTE 1999-19; D-10729

G: 64 FR 24423 (05/06/99)
P: 64 FR 11063 (03/08/99)

VonRoll Isola Savings Plan

Permits (1) the making, by State Street Bank and Trust Company, of interest-free advances of cash (the Advances) to the Plan during the period from July 8, 1997 through June 22, 1998, in the aggregate amount of $824,812.60; and (2) the repayment of the Advances by the Plan, without interest, on June 22, 1998.

PTE 1999-20; D-10622

G: 64 FR 28838 (05/27/99)
P: 64 FR 11052 (03/08/99)

VECO Corporation (VECO)

Permits the proposed sale of a certain parcel of unimproved real property by the VECO Corporation Profit Sharing Plan (the Plan) to Norcon, Inc., a party in interest with respect to the Plan.

PTE 1999-21; D-10674

G: 64 FR 28839 (05/27/99)
P: 64 FR 10493 (03/04/99)

Citibank, N.A. (Citibank) and Salomon Smith Barney (SSB)

Permits, effective October 8, 1998, (1) the past and continued lending of securities to SSB and affiliated U.S. registered broker-dealers of SSB or Citibank and certain foreign affiliates (the Foreign Affiliates) of SSB and Citibank, which are broker-dealers or banks based in the United Kingdom, Japan, Germany, Canada and Australia, including their affiliates or successors, by employee benefit plans (the Client Plans) or commingled investment funds holding plan assets, for which Citibank or any U.S. affiliate of Citibank, acts as securities lending agent (or sub-agent), including those Client Plans for which Citibank acts as directed trustee or custodian of the securities being lent; and (2) the receipt of compensation by Citibank or any U.S. affiliate of Citibank in connection with the transactions.

PTE 1999-22; L-10645

G: 64 FR 28842 (05/27/99)
P: 64 FR 3356 (01/21/99)

Operating Engineers Labor Union 324 Journeyman and Apprentice Training Fund

Permits (1) the proposed loan of $1.5 million to the Plan by the International Union of Operating Engineers Local 324, AFL-CIO (the Union), a party in interest with respect to the Plan, for the repayment of certain outstanding loans (the Original Loans) made to the Plan by the Michigan National Bank, an unrelated party; and (2) as of March 12, 1998, the pledging of certificates of deposit by the Union as security for the Original Loans.

PTE 1999-23; D-10021

G: 64 FR 34293 (06/25/99)
P: 64 FR 19808 (04/22/99)

First Security Corporation (FSC)

Permits the in-kind transfers, that occurred on December 28, 1994, to any open-end investment company (the Fund or Funds) registered under the Investment Company Act of 1940 to which FSC or any of its affiliates (collectively, First Security) serves as investment adviser and/or may provide other services, of the assets of various employee benefit plans that are held in collective investment funds maintained by First Security, in exchange for shares of such Funds.

PTE 1999-24; D-10581 & L-10582

G: 64 FR 34295 (06/25/99)
P: 64 FR 19813 (04/22/99)

San Diego Electrical Pension Trust and San Diego Joint Apprenticeship and Training Trust

Permits the proposed purchase by the Training Plan from the Pension Plan of a minority interest in certain improved real property jointly owned by the Plans.

PTE 1999-25

D-10723 & D-10724

G: 64 FR 34296 (06/25/99)
P: 64 FR 25924 (05/13/99)

Daniel N. Cunningham IRA and the Sidney B. Cox IRA

Permits the purchase by each IRA of certain shares of Clovis Community Bank common stock from Mr. Daniel N. Cunningham and Mr. Sidney B. Cox, disqualified persons with respect to the IRAs.

PTE 1999-26; D-10702

G: 64 FR 38480 (07/16/99)
P: 64 FR 19815 (04/22/99)

Hanson Operating Company, Inc. Defined Benefit Pension Plan

Permits the proposed sale by the plan of certain closely-held stock to Douglas L. McBride and Basil R. Willis, parties in interest with respect to the Plan.

PTE 1999-27; D-10743

G: 64 FR 38481 (07/16/99)
P: 64 FR 28836 (05/27/99)

Western Petroleum Company Profit Sharing Plan

Permits the proposed sale by the individual account of James W. Emison in the Plan of certain closely-held stock to Mr. Emison, a party in interest with respect to the Plan.

PTE 1999-28; D-10749

G: 64 FR 38481 (07/16/99)
P: 64 FR 29918 (06/03/99)

Gaetano Lombardo Individual Retirement Account

Permits the proposed sale by the IRA of 26,306 shares of stock of Courtesy Manufacturing Company (Courtesy), to Courtesy, a disqualified person with respect to the IRA.

PTE 1999-29; D-10747

G: 64 FR 40623 (07/27/99)
P: 64 FR 30360 (06/07/99)

Bankers Trust Company, New York, New York (Bankers Trust); BT Alex. Brown Incorporated (BT Alex. Brown); and Deutsche Bank AG (Deutsche Bank)

Temporarily permits Bankers Trust, BT Alex. Brown and Deutsche Bank to function as a “qualified professional asset manager” pursuant to PTE 84-14 (47 FR 56945, December 21, 1982), notwithstanding Bankers Trust’s failure to satisfy section I(g) of PTE 84-14 as a result of Bankers Trust’s convictions for felonies described in a March 11, 1999 felony information.

PTE 1999-30; D-10669 & D-10670

G: 64 FR 40626 (07/27/99)
P: 64 FR 29906 (06/03/99)

Premier Funding Group, Inc. Employees Profit Sharing Plan and the Money Purchase Pension Plan for Employees of Premier Funding Group, Inc.

Permits, effective February 1, 1999, a lease of certain second-floor space in a building by the Plans to LM Holdings, Inc., a party in interest with respect to the Plans.

PTE 1999-31; D-10722

G: 64 FR 40627 (07/27/99)
P: 64 FR 29908 (06/03/99)

The Unaka Company, Incorporated Employees’ Profit Sharing Plan and Trust

Permits (1) the assignment by the Plan to the Unaka Company, Inc. (Unaka), the Plan sponsor and a party in interest with respect to the Plan, of any and all claims, demands, and/or causes of action which the plan may have against certain members of the Plan Administrative Committee and other involved parties (the Responsible Fiduciaries) for breach of fiduciary duty under the Act, during the period from July 1, 1996 to July 31, 1998. Notwithstanding the assignment by the Plan of its rights against the Responsible Fiduciaries, the plan did not release any causes of action against Unaka and/or its affiliates; (2) in exchange for the assignment, an interest-free, non-recourse loan (the Loan) by Unaka to the Plan in an amount equal to the difference between $413 and the fair market value per share for the common stock of Unaka held by the Plan in connection with the sale of such stock by the Plan to Unaka, pursuant to section 408(e) of the Act; (3) the possible repayment of such Loan to Unaka from the cash proceeds of the recovery, if any, from a judgment or settlement of the litigation against the Responsible Fiduciaries; (4) an interest-free, non-recourse extension of credit by Unaka to the Plan of certain expenses arising out of the litigation against the Responsible Fiduciaries, effective as of May 1, 1999, the date when expenses incurred by the Plan in bringing such litigation were first paid by Unaka; and (5) the possible receipt by Unaka of reimbursement of such litigation expenses solely from cash proceeds of the recovery, if any, from any judgment or settlement of the litigation against the Responsible Fiduciaries.

PTE 1999-32; D-9708

G: 64 FR 42718 (08/05/99)
P: 64 FR 29896 (06/03/99)

RREEF America L.L.C. (RREEF)

Permits (1) as of May 16, 1994, with respect to a single client, separate account established on behalf of the Shell Pension Trust (the Shell Account), and, as of August 5, 1999, with respect to any single client separate account (Single Client Account) or any multiple client account (Multiple Client Account) formed on, or after, such date, to the payment of certain initial investment fees, annual management fees based upon net operating income, and performance fees to RREEF by employee benefit plans for which RREEF provides investment management services (the Client Plans) pursuant to an investment management agreement entered into between RREEF and the Client plans either individually, through an establishment or amendment of a Single Client Account, or collectively as participants in a newly established Multiple Client Account; and (2) any investment by a Client Plan in a Multiple Client Account managed by RREEF formed on or after August 5, 1999.

PTE 1999-33; D-10473 – D-10476

G: 64 FR 42723 (08/05/99)
P: 64 FR 29914 (06/03/99)

General Motors Hourly Rate Employees Pension Plan, et al.

Permits, effective December 11, 1998, any transaction between AEW Industrial, L.L.C. (the LLC), an entity which currently holds “plan assets” of the Plans, or any subsidiary of the LLC which may hold “plan assets” of the Plans in the future, as a result of investments made by the Plans in the LLC or any subsidiary through the First Plaza Group Trust, and a party in interest with respect to any of the Plans. Although General Motors Investment Management Corporation, a wholly owned subsidiary of General Motors Corporation has discretionary authority over the Plans’ assets and qualifies as an in-house asset manager (an INHAM) for the Plans within the meaning of PTCE 96-23 (61 FR 15975, April 10, 1996), the applicant notes that this exemption might not apply to transactions engaged in by the LLC. The applicant states that in the discussion of comments relating to PTCE 96-23, section A.1. of the Preamble suggests that the exemption would not apply to a transaction where an INHAM retains a qualified professioinal asset manager to locate and negotiate the terms of a possible transaction even though the INHAM performs its own due diligence review of each investment opportunity presented and evaluates the appropriateness of the investment for the Plan’s particular investment needs.

PTE 1999-34; D-10694

G: 64 FR 46419 (08/25/99)
P: 64 FR 34281 (06/25/99)

Chase Manhattan Bank (CMB)

Permits (1) the lending of securities to affiliates of the Chase Manhattan Corporation (CMC), which are engaged in CMC’s Capital Markets line of business, by employee benefit plans (the Client Plans), including commingled investment funds holding Client Plan assets, for which CMC, through its global Investor Services line of business, as operated through CMB and its affiliates, acts as directed trustee or custodian, and for which CMC, through its Global Securities Lending Division or any other similar division of CMB or a U.S. affiliate of CMC (collectively, GSL), acts as a securities lending agent or sub-agent; and (2) the receipt of compensation by GSL in connection with the transactions.

PTE 1999-35; D-10707

G: 64 FR 46422 (08/25/99)
P: 64 FR 34292 (06/25/99)

H. H. Borland Inc. Profit Sharing Plan

Permits the sale of improved real property by the Plan to Henry H. Borland III and Pat Borland, trustees of the Plan and disqualified persons with respect to the Plan.

PTE 1999-36; D-10504

G: 64 FR 52546 (09/29/99)
P: 64 FR 25916 (05/13/99)

Aetna Inc. (Aetna)

Permits, effective August 28, 1997, (1) the receipt, directly or indirectly, by a sales agent, of a sales commission from Aetna in connection with the purchase, with plan assets, of an insurance contract; (2) the receipt of a sales commission by Aetna, as a principal underwriter, for a mutual fund registered under the Investment Company Act of 1940, in connection with the purchase, with plan assets, of securities issued by such mutual fund (the Aetna Fund); (3) the effecting by Aetna, as a principal underwriter, of a transaction for the purchase, with plan assets, of securities issued by an Aetna Fund, and the effecting by a sales agent of a transaction for the purchase, with plan assets, of an insurance contract; and (4) the purchase, with plan assets, of an insurance contract from Aetna. The Department expressed no opinion on whether the “synthetic GICs” offered by Aetna constituted “insurance contracts” within the meaning of the exemption. Relief is provided from the self-dealing and conflict of interest provisions of the Act in connection with the sale of insurance contracts to Plans by fiduciaries. The exemption does not provide relief from any acts of self-dealing that do not arise directly in connection with the purchase of specific insurance products. For example, no relief is provided for any act of self-dealing that may arise in connection with the ongoing operation or administration of an insurance contract. Also, the relief provided does not preclude the receipt of Rule 12b-1 fees by Aetna or its affiliates to the extent that the payment of such fees cannot be functionally distinguished from the payment of sales commissions in connection with the purchase, with plan assets, of securities issued by an Aetna Fund.

PTE 1999-37; D-10518

G: 64 FR 52551 (09/29/99)
P: 64 FR 43740 (08/11/99)

Modern Woodmen of America Employees’ Savings Plan

Permits the past sale, on March 23, 1998, by the Plan of certain commercial mortgages and bonds to Modern Woodmen of America, the Plan’s sponsor and a party in interest with respect to the Plan.

PTE 1999-38; D-10621

G: 64 FR 53736 (10/04/99)
P: 64 FR 28835 (05/27/99)

MICO

Permits the proposed sale of a certain parcel of unimproved real property from the MICO, Inc. Profit Sharing Plan to MICO, a party in interest and a disqualified person with respect to the Plan.

PTE 1999-39; D-10643

G: 64 FR 53737 (10/04/99)
P: 64 FR 43742 (08/11/99)

Fleet Bank (RI), National Association (Fleet)

Permits, effective August 11, 1999, employee benefit plans to acquire certificates issued by trusts holding credit card receivables which are sponsored by Fleet. The exemption is similar in structure and format to the Department’s other exemptions for “asset-backed securities.” However, this exemption has additional conditions and definitions relating to, among other things, additions and removals of credit card receivables from a trust as well as the trust’s use of swap transactions. The exemption is substantially similar to two exemptions for asset-backed securities involving credit card receivables issued in 1998 to MBNA and Citibank.

PTE 1999-40; D-10663 & D-10664

G: 64 FR 53742 (10/04/99)
P: 64 FR 25921 (05/13/99)

UNOVA, Inc. (UNOVA)

Permits, effective December 17, 1998, (1) the acquisition by the UNOVA, Inc. Pension Plan and the Landis Tool Pension Plan (together, the Plans) of certain improved real property (the Property) from an unrelated party for a sales price of $15,250,000; and (2) the leasing of a portion of the Property by the Plans to UNOVA, a party in interest with respect to the Plans.

PTE 1999-41; D-10738

G: 64 FR 53744 (10/04/99)
P: 64 FR 39539 (07/22/99)

The Manufacturers Life Insurance Company (Manulife)

Permits (1) the receipt of common stock (the Common Shares) of Manulife Financial Corporation, a newly-formed company that will be the holding company for Manulife; or (2) the receipt of cash or policy credits, by any plan policyholder (the Eligible Policyholder) that is an employee benefit plan, other than a policyholder which is a plan established by Manulife or an affiliate for its own employees, in exchange for such Eligible Policyholder’s membership interest in Manulife, in accordance with a plan or reorganization adopted by Manulife and implemented under the laws of Canada and the State of Michigan.

PTE 1999-42; D-10671

G: 64 FR 56813 (10/21/99)
P: 64 FR 46725 (08/26/99)

Pacific Coast Roofers Pension Plan

Permits the making of loans by certain banks (the Banks) under a loan program providing for loans to Bank customers for residential and commercial re-roofing jobs that are performed by contributing employers to the Plan, pursuant to an arrangement in which the Plan will purchase certificates of deposit issued by the Bank.

PTE 1999-43; D-10764

G: 64 FR 56813 (10/21/99)
P: 64 FR 46730 (08/26/99)

Jonas Builders, Inc. Restated Profit Sharing Plan

Permits the sale of a certain building, which contains a warehouse and a single-family residence, by the Plan to Mr. Gerald Jonas, a party in interest with respect to the Plan.

PTE 1999-44; D-10257

G: 64 FR 61136 (11/09/99)
P: 64 FR 39533 (07/22/99)

Pacific Life Corporation (Pacific Life)

Permits (1) for the period from January 22, 1993 until October 31, 1998, the sale, by Pacific Life, of an “actively-managed” synthetic guaranteed investment contract (the Actively-Managed Synthetic GIC) to an employee benefit plan for which Pacific Life was a party in interest with respect to such Plan in instances where Pacific Life or an affiliate manages the Plan’s assets relating to the Synthetic GIC (an Affiliated-Manager GIC); and (2) as of January 22, 1993, to the purchase or retention of the Affiliated-Manager GICs by the Plans and the payments made by Pacific Life to the Plans pursuant to the terms and conditions of the Affiliated-Manager GICs. Also permits, (1) as of January 22, 1993, the sale by Pacific Life of an Actively-Managed Synthetic GIC to a Plan in instances where the Plan’s assets relating to the Actively-Managed Synthetic GIC are managed by an investment manager who is unaffiliated with Pacific Life and its affiliates (an Unaffiliated-Manager GIC); and (2) as of January 22, 1993, to the purchase or retention of the Unaffiliated-Manager GICs by the Plans and the payments made by Pacific Life to the Plans pursuant to the terms and conditions of the Unaffiliated-Manager GICs.

PTE 1999-45; D-10772

G: 64 FR 61138 (11/09/99)
P: 64 FR 51797 (09/24/99)

Donaldson, Lufkin & Jenrette Securities Corporation (DLJ)

Permits, effective September 24, 1999 (1) any purchase or sale of a security between certain affiliates of DLJ which are foreign broker-dealers (the Foreign Affiliates) and employee benefit plans with respect to which the Foreign Affiliates are parties in interest, including options written by a Plan, DLJ or a Foreign Affiliate; (2) any extension of credit to the Plans by the Foreign Affiliates to permit the settlement of securities transactions, regardless of whether they are effected on an agency or a principal basis, or in connection with the writing of options contracts; and (3) the lending of securities to the Foreign Affiliates by the Plans.

PTE 1999-46; D-10514

G: 64 FR 61944 (11/15/99)
P: 63 FR 29453 (05/29/98)

Plumbers and Pipe Fitters National Pension Fund

Permits, effective October 9, 1997, (1) the transfer to the Fund, from its sponsor, the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and Canada AFL-CIO (the Union), of the Union’s interests in a limited partnership (the Partnership), the sole asset of which is the Diplomat Resort and Country Club, a resort hotel and country club complex (the Property); and (2) the transfer to the Fund of the Union’s holding of stock in Diplomat Properties, Inc., the corporate general partner (the General Partner) of the Partnership. The transfers were made in consideration for (1) a capital contribution by the Fund to the Partnership in the amount of $40 million, plus reimbursement to the Union of the reasonable costs incurred by the Union in purchasing the Property; and (2) the release of a loan obligation of the Partnership on the Property which was guaranteed by the Union and collateralized by Union assets.

In response to concerns raised by commentators, the trustees of the Fund (the Trustees) agreed to a number of additional requirements, including the retention of an independent named fiduciary to oversee the Fund’s investment in the Property. A term sheet dated October 13, 1999, attached as part of the representations made to the Department in a letter dated October 29, 1999, on behalf of the Trustees, details these additional requirements. In this regard, the Trustees agreed to undertake such actions as are required, including the amendment of the Trust Agreement, and entry into a services contract to appoint Actuarial Sciences Associates as named fiduciary of the Fund account which holds the Partnership, the General Partner, and other assets of the Fund either invested in or awaiting investment in the Property.

PTE 1999-47; D-10688, D-10691

G: 64 FR 70748 (12/17/99)
P: 64 FR 51794 (09/24/99)

Bankers Trust Company (BTC)

Permits the execution by certain employee benefit plans investing in Transwestern Office Partners II, L.P. (the LP), of a partner agreement and estoppel under which the Plans agree to honor capital calls made to the Plans by BTC as the representative of certain lenders that will fund a so-called “credit facility” providing credit to the LP in connection with the Plans’ capital commitments to the LP where the LP has granted to BTC security interests in the capital commitments, and where the Lenders are parties in interest with respect to the Plans.

PTE 1999-48; D-10787

G: 64 FR 70748 (12/17/99)
P: 64 FR 57151 (10/22/99)

Information Systems Development Inc. Employees Profit Sharing Plan

Permits the sale by the Plan of certain illiquid limited partnership interests to CONVERGYS Information Management Group, Inc., the Plan sponsor and a party in interest with respect to the Plan.

PTE 1999-49; D-10244

G: 65 FR 532 (01/05/00)
P: 64 FR 43738 (08/11/99)

Massachusetts Mutual Life Insurance Company (MM)

Permits the sale and/or exchange by MM of a partial or complete interest in certain properties from its general investment account assets to one or more separate investment accounts or other types of entities (such as limited partnerships or limited liability companies) managed by MM or an affiliate which are deemed to hold plan assets, for which MM receives as consideration cash and/or a corresponding interest in the separate account or other investment entities.

PTE 1999-50; D-10756

G: 65 FR 534 (01/05/00)
P: 64 FR 57142 (10/22/99)

Bankers Trust Company (BT)

Permits, effective April 9, 1999 (1) the lending of securities to affiliates of BT, a wholly owned subsidiary of Deutsche Bank AG (DB), which are either (i) banks supervised by the United States or a State within the United States, or broker-dealers registered under the Securities exchange Act of 1934, or (ii) certain foreign affiliates of BT and DB which are broker-dealers or banks in jurisdictions specified in the exemption, by employee benefit plans (the Client Plans), including commingled investment funds holding Client Plan assets, for which BT, DB, or either of their current or future affiliates or successors acts as securities lending agent or sub-agent (the DB Lending Agent); and (2) the receipt of compensation by the DB Lending Agent in connection with these transactions.