|
|
Grant; PTE 2000-01 |
D-10755 |
|
G: 65 FR 4852 (02/01/00) |
P: 64 FR 70740 (12/17/99) |
|
South Central New York District
Council of Carpenters Pension Fund
|
|
Permits the sale of improved real
property to the Fund by the Local 281 Carpenters
Property Corporation, a party in interest with respect
to the Fund.
|
|
|
|
|
Grant; PTE 2000-03 |
D-10810 & D-10811
|
|
G: 65 FR 4854 (02/01/00) |
P: 64 FR 66208 (11/24/99) |
|
Les Olson Company, Inc. Money
Purchase Pension Plan and Les Olson Company, Inc.
Profit Sharing Plan
|
|
Permits a series of loans, originated
within a five-year period, by the Plans to Les Olson
Company, Inc., the Plans’ sponsor and a party in
interest with respect to the Plans.
|
|
|
Grant; PTE 2000-04 |
D-10821 |
|
G: 65 FR 4854 (02/01/00) |
P: 64 FR 66210 (11/24/99) |
|
TMI Systems Design Corporation
Profit Sharing Plan
|
|
Permits the sale by the Plan of
certain limited partnership interests to Northern
Capital Trust Company, the Plan's trustee and a party in
interest with respect to the Plan.
|
|
|
Grant; PTE 2000-05 |
D-10542
|
|
G: 65 FR 6223 (02/08/00) |
P: 64 FR 70732 (12/17/99) |
|
Business Men's Assurance Company of
America (BMA)
|
|
Permits (1) the sales and transfers
of assets of a Plan to BMA pursuant to the terms of a
benefit- responsive or a non-benefit responsive
synthetic guaranteed investment contract (the
Benefit-Responsive BMA Synthetic GIC or the
Non-Benefit Responsive BMA Synthetic GIC) entered into
by the Plan sponsor with BMA; (2) advances made by BMA
to a Plan in order to make unanticipated benefit
payments, if applicable, under a Benefit-Responsive
BMA Synthetic GIC; and (3) the sweeping of interest
and other proceeds to BMA from a Plan’s
Contractholder Custodial Account established under
either type of Synthetic GIC.
|
|
|
Grant; PTE 2000-06 |
D-10718
|
|
G: 65 FR 6224 (02/08/00) |
P: 64 FR 57136 (10/22/99) |
|
John Hancock Mutual Life Insurance
Company (John Hancock)
|
|
Permits (1) the receipt of common
stock of John Hancock Financial Services, Inc., the
holding company for John Hancock (the Holding
Company), or (2) the receipt of cash or policy
credits, by or on behalf of any eligible policyholder
(the Eligible Policyholder) of John Hancock which is
an employee benefit plan, other than certain Eligible
Policyholders which are Plans maintained by John
Hancock or an affiliate for their own employees (the
John Hancock Plans), in exchange for such Eligible
Policyholder’s membership interest in John Hancock,
in accordance with a plan of reorganization (the
Reorganization Plan) adopted by John Hancock and
implemented pursuant to Chapter 175 of the
Massachusetts General Laws. Also permits the receipt
or holding, by the John Hancock Plans, of employer
securities in the form of excess Holding Company
stock, in accordance with the Reorganization Plan.
|
|
|
|
|
Grant; PTE 2000-08 |
D-10676 & D-10677 |
|
G: 65 FR 10825 (02/29/00) |
P: 64 FR 61132 (11/09/99) |
|
Anvil Construction Company, Inc.
Employees' Money Purchase Pension Plan and Employee
Profit Sharing Plan, et al.
|
|
Permits the sale of a certain parcel
of unimproved real property from certain accounts in the
Plans to the Anvil Construction Company, Inc., a party
in interest with respect to the Plans.
|
|
|
Grant; PTE 2000-09 |
D-10763 |
|
G: 65 FR 10825 (02/29/00) |
P: 65 FR 526 (01/05/00) |
|
The FINA, Inc. Capital Accumulation
Fund
|
|
Permits, as of June 4, 1999, the
acquisition, holding and exercise of certain warrants
that were issued by Total, S.A., pursuant to a tender
offer made on May 6, 1999 to all shareholders of
Petrofina S.A., including the Plan.
|
|
|
Grant; PTE 2000-10 |
D-10837
|
|
G: 65 FR 10826 (02/29/00) |
P: 65 FR 528 (01/05/00) |
|
Bankers Trust Company (BTC)
|
|
Permits (1) the granting to BTC (a) by
Aslan Realty Partners, L.P. (the LP), and by Aslan GP, LLC
(the General Partner) of security interests in the capital
commitments of certain employee benefit plans investing in
the LP, (b) by the LP of a borrower account funded by the
plans’ capital contributions, and (c) by the LP and the
General Partner of the right to make capital calls
(Capital Calls), and provide notice thereto under the
agreement under which the LP is organized and operated,
where BTC is the representative of certain lenders (the
Lenders) that will fund a so-called “credit facility”
providing loans to the LP and where the Lenders are
parties in interest with respect to the Plans; and (2) the
execution of an agreement and estoppel under which the
Plans agree to honor Capital Calls made to the Plans by
BTC.
|
|
|
Grant; PTE 2000-11 |
D-10721
|
|
G: 65 FR 13326 (03/13/00) |
P: 64 FR 66201 (11/24/99) |
|
Metropolitan Life Insurance Company
(MetLife)
|
|
Permits (1) the receipt, by any
eligible policyholder (the Eligible Policyholder) of
MetLife that is an employee benefit plan, subject to
applicable provisions of the Act and/or the Code,
including any Eligible Policyholder that is a Plan
covering employees of MetLife or its affiliates, of an
interest (the Interest) in a trust (the Trust), whose
corpus consists of common stock (the Common Stock)
issued by MetLife, Inc. (the Holding Company), the
parent of MetLife; or (2) the receipt of cash or
policy credits by such Plans, in exchange for such
Eligible Policyholder’s membership interest in
MetLife, pursuant to a plan of conversion (the Plan of
Reorganization) adopted by MetLife and implemented in
accordance with section 7312 of the New York Insurance
Law.
|
|
Also permits the receipt and
holding, by a MetLife Plan, of Trust Interests, whose
fair market value exceeds 10% of the value of the
total assets held by such Plan. Further, this
exemption permits: (1) the sale by a Plan to the
Holding Company of Holding Company Common Stock, which
is held in the Trust for the benefit of such
participating Plan and is evidenced by the Trust
Interests, following the effective date of the
demutualization or upon the termination of the Trust;
and (2) the withdrawal by a plan of Holding Company
Common Stock, as evidenced by the Trust Interests,
beginning on the first anniversary of the effective
date of the demutualization until the termination of
the Trust.
|
|
|
Grant; PTE 2000-12 |
D-10819
|
|
G: 65 FR 13331 (03/13/00) |
P: 64 FR 70742 (12/17/99) |
|
First American Capital Management,
Inc. (FACM)
|
|
Permits the same relief as granted in class
exemption PTE 86-128, except it provides a different
definition of "affiliate." Thus, if there is a
broker-dealer in which investment manager FACM owns a 40%
non-controlling interest, the exemption applies when it
otherwise would not under PTE 86-128.
|
|
|
Grant; PTE 2000-13 |
D-10384
|
|
G: 65 FR 13333 (03/13/00) |
P: 65 FR 4843 (02/01/00) |
|
O:
65 FR 6229 (02/08/00) (Tech. Corr.)
|
|
Deutsche Bank AG, et al. (Deutsche
Bank)
|
|
Permits (1) the sale to Plans of a
synthetic guaranteed investment contract offered by
Deutsche Bank which is or may become a party in interest
with respect to the Plans; and (2) extensions of credit
by Deutsche Bank to the Plans for the purpose of funding
benefit withdrawals.
|
|
|
Grant; PTE 2000-15 |
D-10679 - D-10682 |
|
G: 65 FR 18132 (04/06/00) |
P: 64 FR 46728 (08/26/99) |
|
General Electric Pension Trust
|
|
Permits, as of October 1, 1998, the
lease by the Trust of office space in a certain
commercial office building to Transport International
Pool, Inc., a party in interest with respect to employee
benefit plans of General Electric Company and/or an
affiliate whose assets are held in the Trust.
|
|
|
Grant; PTE 2000-16 |
D-10823 & D-10824 |
|
G: 65 FR 18133 (04/06/00) |
P: 65 FR 4851 (02/01/00) |
|
Cullen Incorporated Profit Sharing
Plan and Trust and Employees Defined Contribution Plan
and Trust
|
|
Permits, as of November 6, 1998, the
cash sale of real property by the plans to Robert C.
O'Neill, the Plans' trustee and a party interest with
respect to the Plans.
|
|
|
Grant; PTE 2000-17 |
D-10730 |
|
G: 65 FR 25949 (05/04/00) |
P: 65 FR 10828 (02/29/00) |
|
Earl R. Waddell & Sons Profit
Sharing Plan and Trust
|
|
Permits the arrangement between the
Plan and Earl R. Waddell & Sons, Inc. (Waddell)
involving the sale by the Plan of 5,183,840 shares of
Waddell Holdings Stock to Waddell.
|
|
|
Grant; PTE 2000-18 |
D-10739 & L-10740 |
|
G: 65 FR 25949 (05/04/00) |
P: 65 FR 10829 (02/29/00) |
|
Rhode Island Carpenters Local No.
94 Pension Fund (the Pension Plan), the Rhode Island
Carpenters Local No. 94 Apprenticeship Fund (the
Apprenticeship Plan), and the Rhode Island Carpenters
Local No. 94 Union (the Union)
|
|
Permits (1) the cash sale of a
parking lot by the Apprenticeship Plan to the Union; and
(2) the cash sale of a building by the Pension Plan to
the Union.
|
|
|
Grant; PTE 2000-19
|
D-10834
|
|
G: 65 FR 25950 (05/04/00) |
P: 65 FR 13844 (03/14/00) |
|
BOSC, Inc. (BOSC)
|
|
Permits the sale, exchange or transfer 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 the plan. This is another in
our series of “underwriter” proposed exemptions involving
asset-backed securities, and it incorporates the amendments of
PTE 97-34.
|
|
|
Grant; PTE 2000-20 |
D-10859 |
|
G: 65 FR 25953 (05/04/00) |
P: 65 FR 15368 (03/22/00) |
|
Taylor M. Cole IRA Rollover
|
|
Permits the sale of certain
unimproved real property by the IRA to Taylor M. Cole,
the IRA participant and a disqualified person with
respect to the IRA.
|
|
|
Grant; PTE 2000-21
|
D-10777
|
|
G: 65 FR 33376 (05/23/00)
|
P: 65 FR 15367 (03/22/00)
|
|
Texas Iron Workers and Employers
Apprenticeship Training and Journeyman Pension Fund
|
|
Permits the purchase of a
classroom/office building and a shop building and an
adjacent lot by the Plan from Local Union No. 66 of the
International Association of Bridge, Structural,
Ornamental and Reinforcing Iron Workers, the Plan’s
sponsoring union, for $63,000 in cash.
|
|
|
Grant; PTE 2000-22 |
D-10838
|
|
G: 65 FR 33376 (05/23/00) |
P: 65 FR 13855 (03/14/00) |
|
Bankers Trust Company (BTC)
|
|
Permits (1) the granting to BTC (a)
by the Cheslock-Bakker Opportunity Fund, L.P. (the LP)
of security interests in (i) the capital commitments
and capital contributions (Capital Contributions) of
certain employee benefit plans (the Plans) investing
in the LP, and (ii) a borrower collateral account to
which all Capital Contributions will be deposited when
paid and (b) by the LP and its general partner of the
right to make calls for contributions (Contribution
Calls) under the LP’s limited partnership agreement,
where BTC is the representative of certain lenders
(the Lenders) that will fund a so-called “credit
facility” providing credit to the LP, and where the
Lenders are parties in interest with respect to the
Plans; and (2) the execution of a partner agreement
and estoppel under which the Plans agree to honor the
Contribution Calls.
|
|
|
Grant; PTE 2000-23 |
D-10847 |
|
G: 65 FR 33377 (05/23/00) |
P: 65 FR 13858 (03/14/00) |
|
Bay Internists, Inc. Profit Sharing
Plan
|
|
Permits the sale by the Plan of
certain unimproved real property to Bay-Med, a general
partnership which is a party in interest with respect to
the Plan.
|
|
|
|
|
Grant; PTE 2000-25 - 2000-29 |
D-10119 - D-10120 D-10587; D-10779;
D-10820; D-10832
|
|
G: 65 FR 35129 (06/01/00) |
P: 65 FR 6229
(02/08/00) |
|
O: 65 FR 39431 (06/26/00) (Tech. Corr.)
|
|
Morgan Stanley Dean Witter |
|
Permits purchases of securities in an
underwriting where the plan’s fiduciary is affiliated
with a manager of the underwriting syndicate. (This
relief was excluded from PTCE 75-1, Part III.) The
exemption expands PTCE 75-1 to cover certain
transactions where the fiduciary is affiliated with the
managing underwriter. In addition, the exemption permits
the purchase of certain securities (including foreign
securities) that do not have to be registered under
federal securities laws. Further, to address the concern
that plans could provide a ready market for the less
attractive securities offerings of an affiliated
underwriter, the exemption contains more extensive
conditions than PTCE 75-1. To facilitate monitoring, the
exemption requires that quarterly reports be provided to
the independent fiduciary. Finally, in an effort to
provide a better understanding of the market, the
discussion of the proposed exemption explains the
underwriting business in detail and cautions fiduciaries
about the investment risks involved in IPOs, especially
in situations where there is also a potential for a
conflict of interest.
|
|
|
Grant; PTE 2000-30 |
D-10188 |
|
G: 65 FR 37165 (06/13/00) |
P: 65 FR 13836 (03/14/00) |
|
Barclays Bank PLC (Barclays)
|
|
Permits (1) effective December 31,
1995 until June 13, 2000, the acquisition, holding and
disposition of common stock issued by Barclays PLC by
Index and Model-Driven Funds maintained by Barclays; and
(2) prospectively, essentially the same transaction,
except that the Funds can acquire stock of Barclays’
affiliate as well, and different conditions will apply.
|
|
This exemption (1) clarifies which
conditions should relate specifically to the so-called
"buy-up" period; (2) permits Index or
Model-Driven Funds to acquire an investment manager's
own stock from sources other than the national exchange
on which the stock is primarily traded; (3) sets a new
precedent for certain key percentage limitations
involving the investment manager's stock; and (4)
addresses investments in an Index or Model-Driven Fund
made by the investment manager's own plan. The exemption
also sets in place a new framework for future exemptions
involving Index and Model-Driven Funds acquiring their
investment manager's own stock.
|
|
|
Grant; PTE 2000-31 |
D-10678 |
|
G: 65 FR 37170 (06/13/00) |
P: 65 FR 18354 (04/07/00) |
|
H. Ray McPhail and H. Ray McPhail
Profit Sharing Plan
|
|
Permits the sale of four parcels of
unimproved real property and a loan by the Plan to Mr.
McPhail, the sole owner of the Plan sponsor and a
disqualified person with respect to the Plan.
|
|
|
Grant; PTE 2000-32 |
D-10708
|
|
G: 65 FR 37170 (06/13/00) |
P: 65 FR 18356 (04/07/00) |
|
Triumph Capital Group, Inc. (TCG)
|
|
Permits, effective July 22, 1997, the
making, by an employee benefit plan subject to ERISA, of
capital contributions to any private equity fund (the
Triumph Fund) that is organized, sponsored and/or
managed by TCG and/or any of its affiliates pursuant to
a contractual obligation by a Plan having an interest in
the Triumph Fund.
|
|
|
Grant; PTE 2000-33
|
D-10857
|
|
G: 65 FR 37171 (06/13/00) |
P: 65 FR 18365 (04/07/00) |
|
McDonald Investments, Inc. (McDonald)
|
|
Permits, effective January 4, 2000, the
sale, exchange or transfer 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 the plan. This
is another in our series of “underwriter” proposed
exemptions involving asset-backed securities, and it
incorporates the amendments of PTE 97-34.
|
|
|
Grant; PTE 2000-34 |
D-10712
|
|
G: 65 FR 41732 (07/06/00) |
P: 65 FR 18359 (04/07/00) |
|
The Fidelity Mutual Life Insurance
Company (FML)
|
|
Permits (1) the receipt of certain
stock (Plan Stock) issued by Fidelity Mutual Group,
Inc. (the Group), a wholly owned subsidiary of FML; or
(2) the receipt of plan credits, by or on behalf of a
mutual member (the Mutual Member) of FML, which is an
employee benefit plan, other than the Employee Pension
Plan of Fidelity Mutual Life Insurance Company, in
exchange for such Mutual Member’s membership
interest (the Membership Interest) in FML, in
accordance with the terms of a plan of rehabilitation,
approved by the Pennsylvania Commonwealth Court (the
Court) and supervised by both the Court and a
rehabilitator appointed by the Pennsylvania Insurance
Commissioner.
|
|
|
Grant; PTE 2000-35 |
D-10789
|
|
G: 65 FR 41735 (07/06/00) |
P: 65 FR 25954
(05/04/00) |
|
Fortis, Inc. Employees’ Uniform
Profit Sharing Plan
|
|
Permits (1) the restoration payment
by Fortis, Inc. to the Plan with respect to a certain
counterfeit certificate of deposit (the CD); and (2)
the potential future payment to Fortis, Inc. of
recapture payments made to the Plan pursuant to
proceedings involving the issuer of the CD.
|
|
|
Grant; PTE 2000-36 |
D-10790
|
|
G: 65 FR 41735 (07/06/00) |
P: 65 FR 25956 (05/04/00) |
|
Canada Life Assurance Company
(Canada Life)
|
|
Permits, effective November 4, 1999,
(1) the receipt of common shares of Canada Life
Financial Corporation, the holding company for Canada
Life; or (2) the receipt of cash or policy credits, by
or on behalf of any eligible policyholder (the Eligible
Policyholder) of Canada Life which is an employee
benefit plan, subject to applicable provisions of the
Act and/or the Code, other than a Plan established by
Canada Life or an affiliate for its own employees, in
exchange for such Eligible Policyholder’s membership
interest in Canada Life, in accordance with the terms of
a conversion proposal adopted by Canada Life and
implemented under the insurance laws of Canada and the
State of Michigan.
|
|
|
Grant; PTE 2000-37 |
D-10624
|
|
G: 65 FR 49018 (08/10/00) |
P: 65 FR 33360 (05/23/00) |
|
The Banc Funds Company, LLC (TBFC)
|
|
Permits, effective July 15, 1998, (1)
the purchase or redemption of interest in the Banc Fund
V, L.P. (the Partnership) by employee benefit plans
investing in the Banc Fund V Group Trust (the BF V Group
Trust), where TBFC, a party in interest with respect to
the Plans, is the general partner of MidBanc V, L.P.,
which is, in turn, the general partner (the General
Partner) of the Partnership; (2) the sale, for cash or
other consideration, by the Partnership, of certain
securities that are held as Partnership assets, to a
party in interest with respect to a Plan participating
in the Partnership through the BF V Group Trust, where
the party in interest proposes to acquire or merge with
the portfolio company that issued such securities; and
(3) the payment to the General Partner, by Plans
participating in the Partnership through the BF V Group
Trust, of an incentive fee which is intended to reward
the General Partner for the superior performance of
investments in the Partnership.
|
|
|
Grant; PTE 2000-38 |
D-10705
|
|
G: 65 FR 49022 (08/10/00) |
P: 65 FR 33370 (05/23/00) |
|
Standard Insurance Company
(Standard)
|
|
Permits, effective April 21, 1999,
(1) the receipt of common stock (the Stock) of the
StanCorp Financial Group, Inc. (the Holding Company),
the parent of Standard, or (2) the receipt of cash or
policy credits, by or on behalf of any eligible
policyholder (the Eligible Member) of Standard which is
an employee benefit plan (the Plan), including the
Standard Group Life, Supplemental Life and AD&D Plan
for Employees and Agents and the Standard Group Term and
Short Term Disability Employees Plan (together, the
Standard Welfare Plan), in exchange for such Eligible
Member’s interest in Standard, in accordance with the
terms of a plan of demutualization (the Demutualization
Plan) adopted by Standard and implemented under Oregon
law. Also permits, effective April 21, 1999, the receipt
or holding, by the Standard Welfare Plans, in accordance
with the terms of the Demutualization Plan, of employer
securities in the form of excess Holding Company Stock,
which would violate the provisions of sections
406(a)(1)(E) and 407(a)(2) of ERISA.
|
|
|
Grant; PTE 2000-39 |
D-10720
|
|
G: 65 FR 49024
(08/10/00) |
P: 65 FR 15360 (03/22/00) |
|
Standard & Poor’s (S&P)
and Standard and Poor’s Investment Advisory Services
LLC (SPIAS) |
|
Permits the provision of asset allocation
services by SPIAS to plan participants and the receipt of fees
by SPIAS from service providers in connection with the
provision of such asset allocation services.
|
|
|
Grant; PTE 2000-40
|
D-10839
|
|
G: 65 FR 49028 (08/10/00)
|
P: 65 FR 37182 (06/13/00)
|
|
Washington County Hospital
Association Employees’ Cash Balance Plan
|
|
Permits, effective June 18, 1998, the
contribution-in-kind of publicly-traded third party
securities to the Plan by Washington County Hospital
Association, the Plan’s sponsor and a party in
interest with respect to the Plan.
|
|
|
Grant; PTE 2000-41
|
D-10898
|
|
G: 65 FR 51039 (08/22/00) |
P: 65 FR 42259 (07/07/00) |
|
First Tennessee National Corporation
|
|
Permits (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 pursuant
to subsection I.A.(1) or (2).
|
|
Notwithstanding the foregoing, section
I.A.
does not provide an exemption from the restrictions of ERISA
sections 406(a)(1)(E), 406(a)(2) and 407 for the acquisition
or holding of a certificate on behalf of an Excluded Plan by
any person who has discretionary authority or renders
investment advice with respect to the assets of that Excluded
Plan.
|
|
|
Grant; PTE 2000-42 |
D-10539 & D-10540
|
|
G: 65 FR 51043 (08/22/00) |
P: 65 FR 39432 (06/26/00) |
|
Pension Plan for Employees of
Southco, Inc. (the Pension Plan) and Southco, Inc.
Employee Stock Ownership Plan (the ESOP)
|
|
Permits (1) the proposed purchase and
holding by the Pension Plan of common stock (the Company
Stock) issued by South Chester Tube Company (the
Company), an affiliate of Southco, Inc. (the Employer),
from the ESOP or the Employer; and (2) the acquisition,
holding and exercise of an irrevocable put option
permitting the Pension Plan to sell the Company Stock
back to the Employer for cash in an amount that is
greater of either (i) the fair market value of the
Company Stock at the time of the transaction (as
established by a qualified, independent appraiser, or
(ii) the Pension Plan's original acquisition cost for
the Company Stock.
|
|
|
Grant; PTE 2000-43 |
D-10842 |
|
G: 65 FR 51044 (08/22/00) |
P: 65 FR 39434 (06/26/00) |
|
Robert P. Yoo, MD, P.C. Profit
Sharing Plan
|
|
Permits the sale by the Plan of a
parcel of unimproved real property to Robert P. Yoo,
M.D., a party in interest with respect to the Plan.
|
|
|
Grant; PTE 2000-44 |
L-10872 |
|
G: 65 FR 51044 (08/22/00) |
P: 65 FR 39940 (06/26/00) |
|
United Food and Commercial Workers
Union Local 789 and St. Paul Food Employers Health Care
Plan |
|
Permits the purchase of prescription
drugs, at discount prices, by Plan participants and
beneficiaries from Rainbow Pharmacies and Rainbow Food
Group, Inc., parties in interest with respect to the
Plan.
|
|
|
Grant; PTE 2000-45
|
D-10809 & D-10865
|
|
G: 65 FR 54315 (09/07/00)
|
P: 65 FR 35138 (06/01/00)
|
|
O: 65 FR 57401 (09/22/00) (Tech.
Corr.)
|
|
Salomon Smith Barney, Inc. (Salomon
Smith Barney)
|
|
Modifies and replaces PTE 99-15, an
asset allocation exemption issued to Salomon Smith
Barney. The exemption amends and clarifies the terms
"affiliate" and "officer," as used
in PTE 99-15 and permits an independent sub-adviser,
under certain circumstances, to exceed a one percent
limitation on the acquisition of securities that are
issued by Salomon Smith Barney and/or its affiliates,
notably in the sub-adviser's replication of a third
party index. The exemption is effective as of April 1,
2000.
|
|
|
Grant; PTE 2000-46 |
D-10590 |
|
G: 65 FR 56337 (09/18/00) |
P: 65 FR 42248 (07/07/00) |
|
Bank of Oklahoma (the Bank) |
|
Permits the purchase or redemption of
shares by an employee benefit plan of shares of certain
affiliated or third party mutual funds, in connection
with the participation by such Plan in the
Bank-sponsored Foundations Program. |
|
Also permits the provision, by the
Bank, of asset allocation services to an independent
fiduciary of a participating plan (the Primary
Independent Fiduciary) or to a participant (the
Directing Independent Fiduciary) of a Plan that provides
for participant investment direction, which may result
in the selection of portfolios in the Foundation Program
for the investment of Plan assets by the Primary
Independent Fiduciary or the Directing Independent
Fiduciary, and the receipt of fees by the Bank and/or
its affiliates. |
|
|
Grant; PTE 2000-47 |
D-10758
|
|
G: 65 FR 56341 (09/18/00) |
P: 65 FR 37175 (06/13/00) |
|
Goldman Sachs & Co. (Goldman)
|
|
Permits, effective April 15, 1999,
(1) any purchase or sale of securities between certain
affiliates of Goldman which are foreign broker-dealers
or banks (the Foreign Affiliates) (based in Canada, the
United Kingdom, Germany, Japan, Australia, and
Switzerland) and employee benefit plans (the Plans) with
respect to which the Foreign Affiliates are parties in
interest, including options written by a Plan, Goldman
or a Foreign Affiliate; (2) 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.
|
|
|
Grant; PTE 2000-48 |
D-10802
|
|
G: 65 FR 60452 (10/11/00) |
P: 65 FR 50237 (08/17/00) |
|
Columbia Energy Group (Columbia)
|
|
Permits the reinsurance of risks and
the receipt of premiums therefrom by Columbia Insurance
Corporation, Ltd., a subsidiary of Columbia, in
connection with an insurance contract sold by Employers
Insurance of Wassau, or any successor insurance company
to Wassau which is unrelated to Columbia, to provide
long-term disability benefits to participants in
Columbia's Long Term Disability Plan. This case is
distinguishable from the many cases OED has granted over
the years involving reinsurance because the applicants
could not satisfy the 50% of premiums test that had been
included in all of the prior exemptions. In this case,
the applicants have substituted an independent fiduciary
as a safeguard and have also demonstrated an immediate
benefit to participants and beneficiaries as a result of
the transaction.
|
|
|
Grant; PTE 2000-49 |
D-10879
|
|
G: 65 FR 60454 (10/11/00) |
P: 65 FR 39435 (06/26/00) |
|
O: 65 FR 62755 (10/19/00) (Tech.
Corr.)
|
|
Actuarial Scientists Associates, Inc.
(ASA) and ASA Fiduciary Counselors Inc. (ASA Counselors)
|
|
Temporarily permits certain
transactions between a party in interest with respect to
the Plumbers and Pipe Fitters National Pension Fund (the
Fund) and an account (the Account) that holds certain
assets of the Fund managed by ASA or ASA Counselors,
while serving as the independent named fiduciary (the
Named Fiduciary) in connection with PTE 99-46 (64 FR
61944, November 15, 1999). Also permits, effective
November 8, 1999, the furnishing of services,
facilities, and any goods incidental thereto by a place
of public accommodation owned by the Account managed by
the Named Fiduciary.
|
|
|
Grant; PTE 2000-50 |
D-10871 |
|
G: 65 FR 62755 (10/19/00) |
P: 65 FR 54313 (09/07/00) |
|
IRA FBO Floyd A. Ross
|
|
Permits the proposed purchase by the
IRA of certain closely-held common stock from the Ross
Family Trust, a disqualified person with respect to the
IRA.
|
|
|
Grant; PTE 2000-51 |
D-10875 |
|
G: 65 FR 62755 (10/19/00) |
P: 65 FR 54314 (09/07/00) |
|
Platt Orthopedics Retirement Plan
|
|
Permits the sale by the Plan of
certain improved real property to Morris and Arthur
Platt, disqualified persons with respect to the Plan.
|
|
|
Grant; PTE 2000-52 |
D-10667 |
|
G: 65 FR 65331 (11/01/00) |
P: 65 FR 50223 (08/17/00) |
|
Kwik-Kopy Corporation Employees
Welfare Plan
|
|
Permits the cash sale by the Plan of
certain recreational facilities to the International
Center for Entrepreneurial Development, Inc., the parent
of Kwik-Kopy Corporation, the Plan's sponsor and a party
in interest with respect to the Plan.
|
|
|
Grant; PTE 2000-53 |
D-10874
|
|
G: 65 FR 65332 (11/01/00) |
P: 65 FR 50240 (08/17/00) |
|
American Mutual Holding Company (AMHC)
|
|
Permits, effective September 20,
2000, (1) the receipt of certain common stock issued by
AMHC, or (2) the receipt of cash or policy credits, by
or on behalf of a policyowner (the Eligible Member) of
AmerUs Life Insurance Company, which is an employee
benefit plan (the Plan), other than a Plan maintained by
AMHC and/or its affiliates, in exchange for such
Eligible Member's membership interest in AMHC, in
accordance with the terms of a plan of conversion,
implemented under Iowa law.
|
|
|
Grant; PTE 2000-54 |
D-10895 |
|
G: 65 FR 65334 (11/01/00) |
P: 65 FR 57396 (09/22/00) |
|
Richard E. Lobenherz Profit Sharing
Plan
|
|
Permits the cash sale of certain
unimproved real property by the Plan to Mr. Richard E.
Lobenherz, a disqualified person with respect to the
Plan.
|
|
|
Grant; PTE 2000-55
|
D-10863
|
|
G: 65 FR 67774 (11/13/00) |
P: 65 FR 56720 (09/19/00) |
|
Countrywide Securities Corporation
(Countrywide)
|
|
Permits the sale, exchange or transfer 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 the plan. This is another in
our series of “underwriter” proposed exemptions involving
asset-backed securities, and it incorporates the amendments of
PTE 97-34.
|
|
|
Grant; PTE 2000-56 |
D-10781
|
|
G: 65 FR 67778 (11/13/00) |
P: 65 FR 54303 (09/07/00) |
|
Journal Company, Inc. 401(k)
Savings Plan
|
|
Permits (1) the receipt by certain
affiliates and predecessors of Journal Register, Inc.,
by Bank of America N.A. (the successor in interest to
Boatmen's Trust Company), and by certain individuals
alleged in a complaint to have been or to be fiduciaries
of the Plan (collectively, the Defendants) of releases
signed by participants in the Plan, in which such
participants waive their rights to sue in connection
with the acquisition and retention in such participants'
accounts in the Plan of interests in certain guaranteed
investment contracts issued by Confederation Life
Insurance Company; and (2) the payment by the corporate
Defendants of a settlement amount to be allocated to the
accounts of participants in the Plan in exchange for the
release from liability obtained from such participants.
|
|
|
Grant; PTE 2000-57 |
D-10814
|
|
G: 65 FR 67779 (11/13/00) |
P: 65 FR 54307 (09/07/00) |
|
Sun Life Insurance Company (Sun
Life)
|
|
Permits, effective March 22, 2000, (1) the
receipt of common stock issued by Sun Life Financial Services
of Canada, Inc., the holding company for Sun Life, or (2) the
receipt of cash or policy credits, by or on behalf of any
eligible policyholder (the Eligible Policyholder) of Sun Life
which is an employee benefit plan (the Plan), subject to
applicable provisions of the Act and/or the Code, including
any Eligible Policyholder which is a Plan established by Sun
Life or an affiliate for their own employees, in exchange for
such Eligible Policyholder’s membership interest in Sun
Life, in accordance with the terms of a plan of conversion
adopted by Sun Life and implemented under the insurance laws
of Canada and the State of Michigan.
|
|
|
Grant; PTE 2000-58 |
D-10829
|
|
G: 65 FR 67765 (11/13/00) |
P: 65 FR 51454 (08/23/00) |
|
Amendment to PTE 97-34 Morgan Stanley & Co.
|
|
In PTE 97-34, OED amended a number of the
individual PTEs 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. Among the changes involved in PTE
97-34 was the ability to use pre-funding of the investment
trusts. This exemption permits: (1) for certain categories of
transactions, the offering of “investment grade”
mortgage-backed securities which are either senior or
subordinated; (2) the use of eligible interest rate swaps
(both ratings dependent and non-ratings dependent); and (3)
the use of yield supplement agreements which involve notional
principal amounts. In addition, the exemption provides
exemptive relief for transactions involving: (1) an issuer of
mortgage-backed securities or asset-backed securities which is
a trust (including a grantor or owner trust),, REMIC, FASIT,
special purpose corporation, limited liability company or
partnership and (2) mortgage-backed securities or asset-backed
securities which are either debt or equity investments.
|
|
|
Grant; PTE 2000-59 |
D-10770 |
|
G: 65 FR 70618 (11/24/00) |
P: 65 FR 56708 (09/19/00) |
|
Deutsche Bank AG and its Affiliates
(collectively, DB)
|
|
Permits (1) effective June 4, 1999,
the acquisition, holding and disposition of common stock
issued by Deutsche Bank AG by Index and Model-Driven
Funds maintained by DB; and (2) prospectively,
essentially the same transaction, except that the Funds
can acquire stock of DB’s affiliates as well, and
different conditions will apply.
|
|
|
Grant; PTE 2000-60 |
D-10877
|
|
G: 65 FR 70621 (11/24/00) |
P: 65 FR 57394 (09/22/00) |
|
John L. Rust Co. Profit Sharing
Plan
|
|
Permits (1) the purchases by the Plan
of certain leases of equipment (the Leases) from John L.
Rust Co. (Rust), the Plan’s sponsor; and (2) the
agreement by Rust to indemnify the Plan against any loss
relating to the Leases and also to repurchase any Leases
that are in default. The exemption is temporary, and is
effective from September 21, 2000 through September 21,
2005.
|
|
|
Grant; PTE 2000-61 |
D-10905
|
|
G: 65 FR 70622 (11/24/00) |
P: 65 FR 56732 (09/19/00) |
|
Maple Partners Financial Group
(Maple)
|
|
Permits, effective May 31, 2000,
(1) the purchase or sale of securities between certain
non-U.S. affiliates of Maple, which are foreign
broker-dealers or banks (the Foreign Affiliates) and
employee benefit plans (the Plans) with respect to
which the Foreign Affiliates are parties in interest,
including options written by a Plan, Maple, or a
Foreign Affiliate; (2) the extension of credit to the
Plan by a Foreign Affiliate, to permit the settlement
of securities transactions, regardless of whether they
are effected on an agency or principal basis, or in
connection with the writing of options contracts; and
(3) the lending of securities to the Foreign
Affiliates by the Plans.
|
|
|
Grant; PTE 2000-62 |
D-10915 |
|
G: 65 FR 70624 (11/24/00) |
P: 65 FR 60469 (10/11/00) |
|
Pembroke Construction Company, Inc.
Employees 401(k) Profit Sharing Plan
|
|
Permits the sale of a condominium by
Thomas N. Hunnicutt and his wife, Ann N. Hunnicutt, who
are parties in interest, to Mr. Hunnicutt's
self-directed individual account in the Plan.
|
|
|
Grant; PTE 2000-63 |
D-10651 |
|
G: 65 FR 76306 (12/06/00) |
P: 65 FR 62756 (10/19/00) |
|
Merrill Lynch & Co. Inc.
(ML&Co.)
|
|
Permits the purchase or sale by
employee benefit plans (the Plans), other than Plans
sponsored by ML&Co. or its affiliates (collectively,
the Applicants), of Market Index Target-Term Securities
(the MITTS), which are debt securities issued by the
Applicants; and (2) the extension of credit by the Plans
to the Applicants in connection with the holding of the
MITTS.
|
|
|
Grant; PTE 2000-64 |
D-10765
|
|
G: 65 FR 76308 (12/06/00) |
P: 65 FR 60464 (10/11/00) |
|
The David Mandelbaum IRA Rollover
Account
|
|
Permits the cash sale, by the David
Mandelbaum IRA Rollover Account to the David
Mandelbaum Family Trust, which is established to
benefit David Mandelbaum's grandchildren, of a 50
percent undivided interest in two parcels of improved
real property subject to a long term lease.
|
|
|
Grant; PTE 2000-65 |
L-10906 & D-10907 |
|
G: 65 FR 76308 (12/06/00) |
P: 65 FR 57397 (09/22/00) |
|
O: 65 FR 80497 (12/21/00) (Tech.
Corr.)
|
|
I.B.E.W. LU 567 Electrical Joint
Apprenticeship and Training Trust Fund (the Training
Plan) and Money Purchase Retirement Plan of Local 567,
I.B.E.W. (the M/P Plan)
|
|
Permits, effective August 31, 2000,
the leases of certain office space and supplemental
facilities to the Plans by Local 567 I.B.E.W. Building
Corporation, an entity which is wholly owned by Local
567 of the International Brotherhood of Electrical
Workers, a party in interest with respect to the Plans.
|
|
|
Grant; PTE 2000-66 |
D-10706
|
|
G: 65 FR 80461 (12/21/00) |
P: 64 FR 57129 (10/22/99) |
|
O: 66 FR 15896 (03/21/01) (Tech.
Corr.)
|
|
Allfirst Bank (Allfirst)
|
|
Permits, effective November 13, 1998,
the receipt of fees by Allfirst from the ARK Funds,
open-end investment companies registered under the
Investment Company Act of 1940 (the 1940 Act), for
acting as an investment adviser for such Funds, as well
as for providing other services to the ARK Funds which
are “Secondary Services,” as defined in Section
III(i), in connection with the investment by plans for
which Allfirst serves as a fiduciary in shares of the
ARK Funds.
|
|
|
Grant; PTE 2000-67 |
D-10780 |
|
G: 65 FR 80464 (12/21/00) |
P: 65 FR 62763 (10/19/00) |
|
Butler-Johnson Corporation Profit
Sharing Plan
|
|
Permits (1) the past sale on October
25, 1996, by the Plan of four residential mortgage notes
(the Purchased Notes) to the Greater Bay Trust Company
(the Trustee), the trustee of the Plan and, as such, a
party in interest with respect to the Plan; (2) the past
sale on October 25, 1996, by the Plan of a seventy-one
percent (71%) interest in a certain parcel of real
property located in Oakland, California to the Trustee;
(3) the "makewhole" payment made by the
Trustee to the Plan on October 25, 1996 in connection
with the Plan's investment losses with respect to
certain other real property previously owned by the Plan
which was sold to an unrelated party on June 28, 1996;
and (4) the proposed payment to the Plan of the accrued
but unpaid interest (the Accrued Interest Payment) that
was due on the Purchased Notes at the time of the past
sale to the Trustee, as well as two other mortgage notes
that were in default while held by the Plan which
resulted in foreclosures on the underlying properties,
and the proposed payment to the Plan of an additional
interest payment for the period from October 25, 1996,
until the date that the Accrued Interest Payment is made
to the Plan, based on the total amount of the Accrued
Interest Payment.
|
|
|
Grant; PTE 2000-68 |
D-10800 & D-10801 |
|
G: 65 FR 80465 (12/21/00) |
P: 65 FR 57389 (09/22/00) |
|
The Masters, Mates and Pilots
Pension Plan and Individual Retirement Plan
|
|
Permits (1) the transfer and sale by
the Plans of their shares of stock (the AHL Stock or the
Stock) in American Heavy Lift Shipping Company (AHL) to
AHL Holdings, Inc. (AHL Holdings), in exchange for a
note (the Note) from AHL Holdings to the Plans; (2) the
holding of the Note by the Plans; (3) the guarantee (the
Guarantee) of the Note to the Plans by AHL; (4) the
continued holding of the AHL Stock by the Plans for the
period from January 1, 1999 until the date of the sale
of the Stock by the Plans to AHL Holdings; and (5) the
holding by the Plans for a period of two years of any
collateral, including the Stock, received by the Plans
as a result of the exercise of their rights in the event
of a default under the Note or under the Guarantee.
|
|
|
Grant; PTE 2000-69 |
D-10880 |
|
G: 65 FR 80466 (12/21/00) |
P: 65 FR 65015 (10/31/00) |
|
Gillespie Real Estate Professional
Corporation Defined Benefit Plan
|
|
Permits the sale of a certain
residential lot by the Plan to Bruce and Ann Gillespie,
disqualified persons with respect to the Plan.
|
|
|
Grant; PTE 2000-70 |
D-10910
|
|
G: 65 FR 80466 (12/21/00) |
P: 65 FR 60466 (10/11/00) |
|
HSBC Holdings plc (HSBC)
|
|
Permits HSBC and affiliates of HSBC
that now or in the future become eligible to serve as
a qualified professional asset manager to function as
a QPAM for a period of ten years, notwithstanding the
fact that one of HSBC's affiliates cannot satisfy
Section I(g) of PTE 84-14 because it plead guilty to
four criminal offenses.
|
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