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Employee Benefits Security Administration

1997 Individual Exemptions

Amendment of Prior Exemption

Grant; PTE 1997-34

D-10245 through D-10246

G: 62 FR 39021 (07/21/97)

P: 62 FR 28502 (05/23/97)

See summary for Prudential Securities Incorporated, et al. under Asset-Backed Securities.

Grant; PTE 1997-33

D-10011

G: 62 FR 33925 (06/23/97)

P: 61 FR 47205 (09/06/96)

See summary for Equitable and ERE under Multiple Services.

Asset Allocation Services

Grant; PTE 1997-60

D-10319

G: 62 FR 59744 (11/04/97)

P: 62 FR 41433 (08/01/97)

TCW Group Inc., et al.

Permits (1) the acquisition or redemption of units in the TCW Life Cycle Trusts (the Trusts) by individual account plans described in section 3(34) of the Act (the Plans), including Plans sponsored by TCW, in connection with such Plans' participation in the TCW Portfolio Solutions Program (the Program); and (2) the acquisition or redemption of shares in the TCW Galileo Funds by the Trusts. Also permits the receipt of fees by TCW as a result of the provision of advice in connection with the investment by the Plans in the Trusts, a Money Market Fund, a Guaranteed Investment Contract or similar vehicle, under the Program.

Grant; PTE 1997-12

D-10014

G: 62 FR 7275 (02/18/97)

P: 61 FR 64150 (12/03/96)

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

Permits, effective October 1, 1995, (1) the purchase or redemption of shares by an employee benefit plan (the Plan) in certain mutual funds that are either affiliated or unaffiliated with Wells Fargo, in connection with the participation by the Plan in the Wells Fargo Portfolio Advisor Program; and (2) the provision, by Wells Fargo, of asset allocation services to an independent fiduciary (the Independent Fiduciary) of a participating Plan or to a directing participant (the Directing Participant) of an ERISA section 404(c) Plan which may result in the selection of portfolios in the Portfolio Advisor Program by the Independent Fiduciary or the Directing Participant for the investment of Plan assets.

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Asset-Backed Securities

Grant; PTE 1997-34

D-10245 through D-10246

G: 62 FR 39021 (07/21/97)

P: 62 FR 28502 (05/23/97)

Bear, Stearns & Co. Inc., 90-32 Involving Prudential Securities Incorporated, et al.

Amends the Underwriter Exemptions. The Underwriter Exemptions are individual exemptions that provide relief for the origination and operation of certain asset pool investment trusts and the acquisition, holding and disposition of certain asset backed pass-through certificates representing undivided interests in those investment trusts. The amendment: (1) modifies the definition of "Trust" to include a pre-funding account and a capitalized interest account as part of the corpus of the Trust; (2) provides retroactive relief for transactions involving asset pool investment trusts containing pre-funding accounts which have occurred on or after January 1, 1992; (3) includes in the definition of "Certificate" a debt instrument that represents an interest in a Financial Asset Securitization Investment Trust; and (4) makes certain changes to the Underwriter Exemptions that reflect the Department's current interpretation of the Underwriter Exemptions. With certain exceptions, the amendment to the Underwriter Exemptions is effective for transactions on or after January 1, 1992.

Grant; PTE 1997-28

D-10430

G: 62 FR 28515 (05/23/97)

P: 62 FR 18808 (04/17/97)

Norwest Investment Services, Inc. (Norwest)

Permits, effective February 12, 1997, (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 sale, exchange or transfer of certificates in the initial issuance of certificates between the sponsor or underwriter and a plan when the person who has discretionary authority or renders investment advice with respect to the investment of plan assets in the certificates is (a) an obligor with respect to 5 percent or less of the fair market value of obligations or receivables contained in the trust, or (b) an affiliate of a person described in (a); and (3) transactions in connection with the servicing, management and operation of a trust, provided certain conditions are met.

Grant; PTE 1997-05

D-10376

G: 62 FR 1926 (01/14/97)

P: 61 FR 64164 (12/03/96)

South Trust Securities, Inc. (ST)

Permits, effective October 25, 19956 (1) the direct or indirect sale, exchange or transfer of certificates in the initial issuance of certificates between the sponsor and underwriter and a plan when the person who has discretionary authority or renders investment advice with respect to the investment or plan assets in the certificates 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. Also permits, effective October 25, 1996, the direct or indirect sale, exchange or transfer of certificates between the sponsor and underwriter and a plan when the person who has discretionary authority or renders investment advice with respect to the investment of plan assets in the certificates is (a) an obligor with respect to 5 percent or less of the fair market value of obligations or assets contained in the trust, or (b) an affiliate of a person described in (a). Further, this exemption permits, effective October 25, 1996, transactions in connection with the servicing, management and operation of a trust.

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Coinvesting

Grant; PTE 1997-56

D-10437

G: 62 FR 56201 (10/29/97)

P: 62 FR 41441 (08/01/97)

UNUM Life Insurance Company of America (UNUM)

Permits (1) Transfers between Accounts Maintained by UNUM -- (a) the sale or transfer of an interest in a shared investment (including a shared joint venture interest) between two or more Accounts (except the General Account); (b) the sale or transfer of an interest in a shared investment (including a shared joint venture interest) between ERISA-Covered Accounts and the General Account; (2) Joint Sales of Property -- the sale to a third party of the entire interest in a shared investment (including a shared joint venture interest) by two or more Accounts; (3) Additional Capital Contributions -- (a) the making of a pro rata equity capital contribution by one or more of the Accounts to a shared investment; or (b) the making of a Disproportionate equity capital contribution by one or more of such Accounts; and (4) Lending of Funds -- the lending of funds from the General Account to an ERISA-Covered Account to enable the ERISA-Covered Account to make an additional pro rata contribution.

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Collateralized Mortgage Obligations

Grant; PTE 1997-07

D-10079 - D-10082

G: 62 FR 4810 (01/31/97)

P: 61 FR 57461 (11/06/96)

See summary for the Pikeville National Bank, et al. under Sale by Plan of Other Securities.

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Credit Facility Arrangement

Grant; PTE 1997-40

D-10441 through D-10444

G: 62 FR 41093 (07/31/97)

P: 62 FR 30621 (06/04/97)

BP America Inc. Retirement Trust, et al. (collectively, the Plans)

Permits (1) the granting to The Industrial Bank of Japan, Limited, New York Branch (IBJ), as the representative of lenders (the Lenders) participating in a credit facility, of security interests in limited partnership interests in The Westbrook Real Estate Fund II, L.P. (the Partnership) owned by the Plans with respect to which some of the Lenders are parties in interest; and (2) the agreements by the Plans to honor capital calls made by IBJ in lieu of the Partnership's general partner.

Grant; PTE 1997-18

D-10348

G: 62 FR 10085 (03/05/97)

P: 61 FR 68799 (12/30/96)

Chase Manhattan Bank, N.A. (Chase)

Permits (1) the granting to Chase, as the representative of lenders (the Lenders) participating in a credit facility, of security interests in limited partnership interests in LF Strategic Real Estate Investors, L.P. (the Partnership) owned by certain employee benefit plans (the Plans) with respect to which some of the Lenders are parties in interest; and (2) the agreements by the Plans to honor capital calls made by Chase in lieu of the Partnership’s general partner.

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Deposit of Plan Assets

Grant; PTE 1997-35

D-10192, L-10193 through L-10196

G: 62 FR 41088 (07/31/97)

P: 62 FR 7268 (02/18/97)

See summary for the ILGWU Plans under Provision of Services.

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Extension of Credit to Plan

Grant; PTE 1997-01

D-10143

G: 62 FR 1925 (01/14/97)

P: 61 FR 57467 (11/06/96)

Univar Corporation UniSaver Tax Savings Investment Plan

Permits the extension of credit in the form of guarantees and loans of funds (the Loans), not to exceed $1,466,785.38, by Univar Corporation (the Employer), the sponsor of the Plan, or its successors, with respect to Guaranteed Investment Contract 62127 issued by Confederation Life Insurance Company of Canada, and the repayment of the Loans by the Plan to the Employer.

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Future Purchase Option

Grant; PTE 1997-24

D-10253

G: 62 FR 27621 (05/20/97)

P: 61 FR 68791 (12/30/96)

O: 62 FR 31630 (06/10/97) (Tech. Corr.)

See summary for the Keebler Plan under Lease by Plan of Real Property.

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GIC/GAC

Grant; PTE 1997-17

D-10344

G: 62 FR 10084 (03/05/97)

P: 61 FR 68798 (12/30/96)

See summary for the Consolidated Lumber Corporation Plan under Sale by Plan of Other Assets.

Grant; PTE 1997-14

D-10364

G: 62 FR 7279 (02/18/97)

P: 61 FR 66331 (12/17/96)

See summary for the Givens Plan under Sale by Plan of Other Assets.

Grant; PTE 1997-01

D-10143

G: 62 FR 1925 (01/14/97)

P: 61 FR 57467 (11/06/96)

See summary for the Univar Corporation UniSaver Plan under Extension of Credit to Plan.

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Guaranty/Guarantee

Grant; PTE 1997-66

D-10505

G: 62 FR 66691 (12/19/97)

P: 62 FR 59742 (11/04/97)

See summary for the Richard D. Wickersham Plan under Loan by Plan.

Grant; PTE 1997-52

D-10445

G: 62 FR 48673 (09/16/97)

P: 62 FR 37307 (07/11/97)

See summary for the Smart Chevrolet Co. Plan under Loan by Plan.

Grant; PTE 1997-19

D-10375

G: 62 FR 10085 (03/05/97)

P: 62 FR 1924 (01/14/97)

See summary for the APA Plan under Loan by Plan.

Grant; PTE 1997-06

D-10342

G: 62 FR 1929 (01/14/97)

P: 61 FR 59915 (11/25/96)

See summary for the Skana Enterprises Plan under Loan by Plan.

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In Kind Purchase

Grant; PTE 1997-44

D-10346

G: 62 FR 47050 (09/05/97)

P: 62 FR 33911 (06/23/97)

1st Source Bank, et al.

Permits, effective September 19, 1996, the in-kind transfer to separate series of any open-end investment company registered under the Investment Company Act of 1940 (the Funds) to which 1st Source Bank or any of its affiliates (collectively, the Bank) serves as investment advisor and may provide other services, of the assets of various employee benefit plans (the Plan) that are held in certain collective investment funds (the CIFs) maintained by the Bank or otherwise held by the Bank as trustee, investment manger, or in any other capacity as fiduciary on behalf of the Plans, in exchange for shares of such Funds.

Grant; PTE 1997-27

D-10369

G: 62 FR 27623 (05/20/97)

P: 62 FR 4803 (01/31/97)

Thompson, Siegel and Walmsley, Inc. (TS&W)

Permits (1) the acquisition by the Lewis-Gale Clinic, Inc. Profit Sharing plan (the Plan) on April 16, 1996, of shares of the TS&W Equity Portfolio and Fixed Income Portfolio (the TS&W Portfolios), each a series of the UAM Funds, Inc. (the UAM Funds), an open-end investment company registered under the Investment Company Act of 1940, with respect to which TS&W serves as the investment adviser, through the in kind transfer of assets of a separate account, known as “Fund E,” managed by TS&W as a fiduciary for the Plan; (2) the subsequent sale of shares of the TS&W Portfolios by Fund E of the Plan on a cash basis; (3) the acquisition and sale of shares of the DSI Money Market Portfolio (the DSI Portfolio), another series of the UAM Funds, whose investment adviser -- Dewey Square Investors Corporation (DSI) -- is an affiliate of TS&W, by Fund E of the Plan on a cash basis; (4) the receipt of fees from the TS&W Portfolios and the DSI Portfolio (collectively, the Portfolios) by TS&W and DSI, respectively, for acting as an investment adviser for the Portfolios; and (5) the receipt of fees from the Portfolios by UAM Fund Services, Inc., an affiliate of TS&W and DSI, for performing secondary services for the Portfolios (e.g., administrative, fund accounting, dividend disbursing and transfer agent services).

Grant; PTE 1997-16

D-10234 and D-10235

G: 62 FR 10080 (03/05/97)

P: 61 FR 66320 (12/17/96)

O: 62 FR 18817 (04/17/97) (Tech. Corr.)

United States Trust Company of New York and Certain of Its Affiliates (collectively, US Trust)

Permits (1) as of May 31, 1996, the in kind transfer to any diversified open-end investment company registered under the Investment Company Act of 1940 (a Fund), to which US Trust serves as investment adviser and may provide certain “secondary services,” of the assets of various employee benefit plans (the Plans) that are held in collective investment funds (CIFs) maintained by US Trust or otherwise held by US Trust as trustee, investment manager, or in any other capacity as fiduciary on behalf of the Plans, in exchange for shares of such Funds; and (2) as of June 30, 1996, the receipt of fees by US Trust from the Funds for acting as investment adviser to the Funds as well as for acting as the custodian, transfer agent, sub-administrator or for providing other “Secondary Services” to the Funds in connection with the investment in the Funds by the Plans for which US Trust acts as a fiduciary, other than Plans maintained by US Trust for the benefit of its employees and their beneficiaries.

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Lease by Plan of Real Property

Grant; PTE 1997-25

D-10295 - D-10297

G: 62 FR 27623 (05/20/97)

P: 62 FR 1921 (01/14/97)

Hughes Non-Bargaining Retirement Plan, et al. (collectively, the Plans)

Permits, effective October 6, 1995, the leasing by the Plans of 10,106 square feet of office space in a commercial office building which is owned by the plans to Sarofim Realty Advisors, a party in interest with respect to the Plans, for a period ending February 28, 2000 pursuant to the terms of a lease amendment.

Grant; PTE 1997-24

D-10253

G: 62 FR 27621 (05/20/97)

P: 61 FR 68791 (12/30/96)

O: 62 FR 31630 (06/10/97) (Tech. Corr.)

The Retirement Plan for Salaried and Certain Hourly Employees of Keebler Company (the Plan)

Permits (1) the leasing by the Plan of certain improved real property (the Property) to Keebler Company (the Employer), a party in interest with respect to the Plan; (2) the potential future purchase of the Property by the Employer, either pursuant to the Employer’s right of first refusal, as stipulated in the lease, or pursuant to an offer by the Employer to purchase the Property; and (3) the “make whole agreement,” and any payments thereunder, whereby the Employer will make the Plan whole, in the event that the Plan sells the Property to an unrelated party at a net loss.

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Loan by Plan

Grant; PTE 1997-66

D-10505

G: 62 FR 66691 (12/19/97)

P: 62 FR 59742 (11/04/97)

Profit Sharing Keogh Plan of Richard D. Wickersham (the Plan)

Permits (1) two loans totaling $50,000 by the Plan to Mr. Richard D. Wickerham; and (2) the personal guarantee of the Loans by Mr. Wickersham, a disqualified person with respect to the Plan.

Grant; PTE 1997-62

D-10450

G: 62 FR 62622 (11/24/97)

P: 62 FR 51692 (10/02/97)

Franklin & Davis, P.C. Profit Sharing Plan (the Plan)

Permits two loans, totaling $229,000, to Franklin & Davis, P.C., the Plan's sponsor and a disqualified person with respect to the Plan, by the individual account of Bruce W. Franklin.

Grant; PTE 1997-52

D-10445

G: 62 FR 48673 (09/16/97)

P: 62 FR 37307 (07/11/97)

Smart Chevrolet Co. Employees’ Profit Sharing Retirement Plan (the Plan)

Permits (1) the secured loans (the Loans) by the Plan to Motors Finance Company (Motors), a party in interest with respect to the Plan; and (2) the guaranty of such Loans by the individual partners of Motors.

Grant; PTE 1997-19

D-10375

G: 62 FR 10085 (03/05/97)

P: 62 FR 1924 (01/14/97)

APA, Inc. 401(k) Profit Sharing Plan (the Plan)

Permits (1) the loan (the Loan) of $30,000 to Mr. Gary Petsuch, a party in interest with respect to the Plan; and (2) the personal guarantee of the Loan by Mr. Petsuch.

Grant; PTE 1997-06

D-10342

G: 62 FR 1929 (01/14/97)

P: 61 FR 59915 (11/25/96)

Skana Enterprises, Inc. Defined Benefit Pension Plan (the Plan)

Permits (1) the loan of $157,000 by the Plan to Skana Enterprises, Inc., the Plan’s sponsor and a disqualified person with respect to the Plan; and (2) the personal guarantee of the Loan by Mr. Ralph Bolton, a disqualified person with respect to the Plan.

Grant; PTE 1997-02

D-10262 - D-10264

G: 62 FR 1925 (01/14/97)

P: 61 FR 55322 (10/25/96)

Wayne Obstetrical Group, P.A. Money Purchase Retirement Plan; Pediatric Professional Associates, P.A. Profit Sharing Plan; Physicians for Women, P.A. Profit Sharing Plan and Trust (collectively, the Plans)

Permits, as of January 1, 1997, three loans by the Plans totaling $530,000 to S&D Associates, a party in interest.

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Loan to Plan

Grant; PTE 1997-37

D-10390

G: 62 FR 41092 (07/31/97)

P: 62 FR 18806 (04/17/97)

The Roquette America, Inc. Pension Plan, for Salaried Employees (the Plan)

Permits (1) the loan by Aon Consulting, Inc. (Aon Consulting), a service provider to the Plan, in connection with certain excess distributions that Aon Consulting inadvertently caused to be made under the Plan, and (2) the potential repayment of the loan by the Plan to Aon Consulting.

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Multiple Services

Grant; PTE 1997-33

D-10011

G: 62 FR 33925 (06/23/97)

P: 61 FR 47205 (09/06/96)

Equitable Life Assurance Society of the United States and Its Affiliates (Equitable) and Its Wholly-Owned Subsidiary, Equitable Real Estate Management, Inc. (ERE)

Amends Prohibited Transaction Exemption (PTE) 91-8 (56 FR 1411, January 14, 1991) and makes permanent the temporary relief provided in this exemption. Permits the provision of property management and/or leasing services by ERE to certain pooled separate accounts managed by Equitable and its subsidiaries (i.e., Equitable's Separate Account No. 8, Separate Account No. 16-I, Separate Account No. 16-II, Separate Account No. 16-III, Investment Management Account No. 230 for the Westinghouse Electric Corporation Pension Plan; and such other pooled or single-customer accounts, joint ventures, general or limited partnerships or other real estate investment vehicles that may be established by Equitable for the investment of employee benefit plan assets in real estate related investments to the extent disposition of its assets is subject to the discretionary authority of Equitable). The exemption is generally effective as of June 23, 1997.

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Other Transactions

Grant; PTE 1997-59

D-10393

G: 62 FR 58749 (10/30/97)

P: 62 FR 47060 (09/05/97)

See summary for AEW under Receipt of Fees.

Grant; PTE 1997-24

D-10253

G: 62 FR 27621 (05/20/97)

P: 61 FR 68791 (12/30/96)

O: 62 FR 31630 (06/10/97) (Tech. Corr.)

See summary for the Keebler Plan under Lease by Plan of Real Property.

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Performance Compensation

Grant; PTE 1997-15

D-10172

G: 62 FR 10078 (03/05/97)

P: 62 FR 1913 (01/14/97)

See summary for TCC under Purchase by Plan of Other Securities.

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Pooled Fund – Bank

Grant; PTE 1997-20

D-10227 - D-10232

G: 62 FR 17207 (04/09/97)

P: 61 FR 66314 (12/17/96)

See summary for the Real Estate Equity Trust under Purchase by Plan of Other Assets.

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Pooled Fund – Investment Manager/Adviser

Grant; PTE 1997-59

D-10393

G: 62 FR 58749 (10/30/97)

P: 62 FR 47060 (09/05/97)

See summary for AEW under Receipt of Fees.

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Pooled Fund – Mutual Fund

Grant; PTE 1997-12

D-10014

G: 62 FR 7275 (02/18/97)

P: 61 FR 64150 (12/03/96)

See summary for Wells Fargo under Asset Allocation Services.