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Employee Benefits Security Administration

2008 Individual Exemptions

PTE 2008-01

D-11318

G: 73 FR 3274 (01/17/08)

P: 72 FR 51668 (09/10/07)

Barclays Global Investors, N.A., and Its Investment Advisory Affiliates, Including Barclays Global Fund Advisors

Permits, effective September 10, 2007, the acquisition, sale or exchange by a Separately Managed Account or Pooled Fund (Accounts) of shares, including through in-kind redemptions of shares or acquisitions of shares in exchange for Account assets transferred in-kind from an Account of an open-end investment company (the Fund) registered under the Investment Company Act of 1940 (the 1940 Act), other than an exchange-traded fund (ETF), the Investment Adviser for which is also a fiduciary with respect to the Account, and the receipt of fees for acting as an investment adviser for such Funds, as well as fees for providing other services to the Funds (i.e., “Secondary Services” such as custodial, accounting, brokerage or administrative services), in connection with the investment by the Accounts in shares of the Funds. In addition, this exemption permits the following transactions involving an Account and an ETF, the Investment Adviser for which is also a fiduciary with respect to the Account (or an affiliate of such fiduciary) (i.e., the Investment Adviser), and the receipt of fees for acting as an investment adviser for such ETF, as well as fees providing other services to the Funds which are “Secondary Services” (such as custodial, accounting, brokerage or administrative services), in connection with the investment by the Accounts in shares of the ETF: (a) the acquisition, sale or exchange by an Account of ETF shares, including through in-kind exchanges, in a principal transaction with a broker-dealer not an affiliate of the Investment Adviser, registered under the Securities Exchange Act of 1934, including an Authorized Participant; (b) the acquisition or sale by an Account of ETF shares on a national securities exchange when a broker-dealer not an affiliate of the Investment Adviser, registered under the Securities Exchange Act of 1934, including an Authorized Participant, acts as agent for the Account and (c) the acquisition, sale or exchange by an Account of ETF shares, including through an Authorized Participant, acting as an agent dealing directly with the ETF, and the Account is exchanging securities and/or cash for the ETF shares during a Creation process, or exchanging ETF shares for securities and/or cash during a Redemption process.

PTE 2008-02

D-11417

G: 73 FR 3280 (01/17/08)

P: 72 FR 60905 (10/26/07)

Citigroup, Inc. (Citigroup)

Permits the receipt of services at reduced or no cost by an individual for whose benefit an IRA or, if self-employed, a Keogh Plan, is established or maintained, or by members of his or her family, from Citigroup pursuant to an arrangement in which the account value of, or the fees incurred for services provided to, the IRA or Keogh Plan is taken into account for purposes of determining eligibility to receive such services.

PTE 2008-03

D-11343

G: 73 FR 13582 (03/13/08)

P: 72 FR 60891 (10/26/07)

Wellington Management Company, LLP (Wellington Management) and Its Subsidiaries (together, Wellington)

Permits, (1) retroactively, from January 1, 2001 through December 31, 2003, and (2) prospectively, from the date the notice granting the final exemption is published in the Federal Register, (A) the acquisition, from an offshore corporation (the Offshore Corporation) of certain non-voting equity securities, which represent interests in the economic value of the Offshore Corporation by an ERISA-covered client plan (the Client Plan), where the Offshore Corporation is a party in interest with respect to the Client Plan, due to the ownership of all of the voting equity shares of the Offshore Corporation by Wellington Global Administrator, Ltd., a subsidiary of Wellington Management, which is (or may become) a fiduciary and a service provider with respect to the Client Plan; and (B) the redemption of the Client Plan’s Shares by the Offshore Corporation either in cash or in kind.

PTE 2008-04

D-11389

G: 73 FR 13585 (03/13/08)

P: 72 FR 60899 (10/26/07)

GE Asset Management Incorporated (GEAM)

Permits, effective March 1, 2006, to certain in-kind redemptions, by plans sponsored by the General Electric Company or an affiliate, of shares of certain proprietary mutual funds for which GEAM provides investment advisory and other services.

PTE 2008-05

D-11421

G: 73 FR 13586 (03/13/08)

P: 73 FR 3281 (01/17/08)

Toeruna Widge IRA (the IRA)

Permits the sale of approximately 59.99 acres of unimproved real property located at Fredericksville Road and Sweitzer Road, Rockland Township, Berks County, Pennsylvania by the IRA to Dr. Toeruna Widge, a disqualified person with respect to the IRA.

PTE 2008-06

D-11369

G: 73 FR 27564 (05/13/08)

P: 72 FR 30634 (06/01/07)

The Swedish Health Services Pension Plan (the Plan)

Permits, effective April 14, 2005, two contributions in kind to the Plan of securities made on April 14th and 15th, 2005 by Swedish Health Services, the Plan sponsor, a party in interest with respect to the Plan.

PTE 2008-07

 

G: 73 FR 27565 (05/13/08)

P: 73 FR 3282 (01/17/08)

Credit Suisse (CS) and Its Current and Future Affiliates

Permits the purchase of certain securities (the Securities) by an asset management affiliate of CS, from any person other than such asset management affiliate of CS or any affiliate thereof, during the existence of an underwriting or selling syndicate with respect to such Securities, where a broker-dealer affiliated with CS is a manager or member of such syndicate and the asset management affiliate of CS purchases such Securities, as a fiduciary: (1) on behalf of an employee benefit plan or plans (Client Plans); or (2) on behalf of Client Plans and/or In-House Plans, which are invested in a pooled fund or pooled funds. These transactions are called “affiliated underwriter transactions,” or “AUTs.”

PTE 2008-08

D-11446

G: 73 FR 27570 (05/13/08)

P: 73 FR 13576 (03/13/08)

Amendment to Prohibited Transaction Exemption (PTE) 93-31, et al.

On October 1, 2007, Bank of America acquired ABN Amro North America Holding Company, the holding company of LaSalle Bank Corporation (The Acquisition). LaSalle Bank, N.A. (LaSalle) is a subsidiary of LaSalle Bank Corporation. LaSalle is the Trustee in certain securitization transactions that include Bank of America. This amendment to PTE 93-31, an Underwriter Exemption (UE), provides a six month period to resolve certain affiliations between LaSalle and Bank of America as members of the Restricted Group, as those terms are defined in the UEs. The Acquisition caused 37 commercial or residential mortgage-backed securitizations (Securitizations) to fail to satisfy the requirement under the UE that the Trustee not be an Affiliate of any member of the Restricted Group other than an Underwriter. LaSalle is the Trustee in each of the Securitizations and Bank of America is a party to each of the Securitizations in the capacity or capacities of Underwriter, Sponsor, Servicer or Swap Counterparty. In addition, the amendment provides similar relief for certain Securitizations where LaSalle is Trustee and Bank of America is a member of the Restricted Group, other than the Underwriter. In those transactions, the Underwriter, who is unrelated to Bank of America, relies upon an UE other than PTE 93-31. Accordingly, Citigroup Global Market, Inc., Deutsche Bank Securities, and Goldman, Sachs & Co. have agreed to coverage under the amendment.

PTE 2008-09

D-11416

G: 73 FR 55527 (09/25/08)

P: 73 FR 13587 (03/13/08)

Wholesale Electronic Supply Employees Profit Sharing Plan and Trust (the Plan)

Permits the cash sale of a note by the Plan to Levco Enterprises, Inc., a party in interest with respect to the Plan.

PTE 2008-10

D-11435

G: 73 FR 55527 (09/25/08)

P: 73 FR 26418 (05/09/08)

Merrill Lynch & Co., Inc. (ML&Co.) and BlackRock, Inc. (BlackRock) (collectively, the Applicants)

On September 29, 2006, ML&Co. and BlackRock consummated a transaction (the Merger), in which ML&Co. contributed Merrill Lynch Investment Managers, LLC (MLIM) and various other assets and subsidiaries that comprised its investment management business to BlackRock in exchange for approximately 45% of the outstanding voting securities of BlackRock. Prior to the Merger, ML&Co. and its affiliates engaged in various types of transactions, involving employee benefit plans, in reliance on, and in accordance with the conditions of various class exemptions, including Parts III and IV of PTE 75-1, PTE 77-3, PTE 77-4, PTE 79-13, PTE 86-128 and PTE 2002-12 (the Applicable Exemptions) issued by the Department. Also, prior to the Merger, affiliates of ML&Co. engaged in the same transactions as described in the Applicable Exemptions, involving plans, with affiliates of BlackRock for which no exemption was required because ML&Co. had, at most, a de minimis ownership interest in BlackRock. As a result of the Merger, certain transactions involving companies affiliated with ML&Co. and companies affiliated with BlackRock may now be prohibited transactions as defined in section 406 of the Act. However, the ownership interest existing between ML&Co. and its affiliates and BlackRock and its affiliates may nevertheless not result in the various entities being considered “affiliates” of each other as defined in the Applicable Exemptions. As the Applicable Exemptions extend relief only to affiliated entities, as defined thereunder, ML&Co. and its affiliates, and BlackRock and its affiliates may not be able to take advantage of the relief provided by the Applicable Exemptions.

Accordingly, the Department has granted an individual exemption which will enable the Applicants to engage in the transactions described in the Applicable Exemptions, provided the conditions contained herein are met.

PTE 2008-11

D-11449

G: 73 FR 55540 (09/25/08)

P: 73 FR 39175 (07/08/08)

Pileco, Inc. Employees Profit Sharing Plan (the Plan)

Permits the proposed sale of certain unimproved real property by the Plan to Pileco, Inc., the sponsor of the Plan and a party in interest with respect to the Plan.

PTE 2008-12

D-11460

G: 73 FR 55540 (09/25/08)

P: 73 FR 39177 (07/08/08)

Mellon Bank N.A. (Mellon)

Permits, as of January 18, 2008, the cash sale of certain medium term notes for $28,584,601.46 by the EB Daily Liquidity Money Market Fund (the Fund) to The Bank of New York Mellon Corporation, a party in interest with respect to employee benefit plans invested in the Fund.

PTE 2008-13

D-11263

G: 73 FR 70378 (11/20/08)

P: 73 FR 39168 (07/08/08)

Banc One Investment Advisors Corporation and J.P. Morgan Investment Management Inc.

Applies (1) as of January 14, 2004 until November 20, 2008, to the acquisition, holding, and disposition of the common stock of JPMorganChase & Co. (JPMorgan; JPM Stock) by Index and Model-Driven Funds managed by JPMorgan; and (2) as of the date November 20, 2008, to the acquisition, holding, and disposition of JPM Stock by Index and Model-Driven Funds managed by JPMorgan.

PTE 2008-14

D-11424

G: 73 FR 70381 (11/20/08)

P: 73 FR 51521 (09/03/08)

Fidelity Brokerage Services, LLC and Fidelity Management Corporation (together, Fidelity)

Permits, effective November 20, 2008, the receipt of an Applicable Benefit by an individual for whose benefit an Covered Plan is established or maintained, or by is or her Family Members, with respect to a Tiered Product, pursuant to an arrangement offered by Fidelity under which the Account Value of the Covered Plan is taken into account for purposes of determining eligibility to receive such Applicable Benefit.

PTE 2008-15

D-11396

G: 73 FR 78837 (12/23/08)

P: 73 FR 51517 (09/03/08)

Popular, Inc., et al. (collectively, the Applicants)

Permits, effective November 23, 2005, (1) the acquisition of stock rights (the Rights) by certain plans (the Plans), sponsored by the Applicants, in connection with the offering of such Rights by Popular, Inc., a party in interest with respect to such Plans; and (2) the holding of the rights by the Plans until the expiration of the Rights. In addition, the exemption permits, effective November 23, 2005, the acquisition of the Rights by certain other Plans sponsored by the Applicants that are subject to the provisions of section 4975 of the Code only.

PTE 2008-16

D-11453

G: 73 FR 78838 (12/23/08)

P: 73 FR 60325 (10/10/08)

BlackRock, Inc (BlackRock) and the PNC Financial Services Group (PNC)

Permits the purchase of certain securities (the Securities), during the existence of an underwriting or selling syndicate with respect to such Securities, by PNC or BlackRock or a related entity (collectively, a PNC/BlackRock Related Entity), which is acting as a fiduciary (Asset Manager) on behalf of certain employee benefit plans (Client Plans and In-House Plans), including such plans invested in pooled funds, from any person other than such Asset Manager or any other PNC/BlackRock Related Entity, under the following circumstances: (a) where a related broker-dealer (a PNC/BlackRock Related Broker-Dealer) is a manager or member of such syndicate (AUT)); or (b) where a PNC/BlackRock Related Broker-Dealer is a manager or member of such syndicate and an affiliated servicer (Affiliated Servicer) serves as servicer of a trust that issued the Securities (whether or not debt securities) (AUT and AST); or (c) where an Affiliated Servicer serves as servicer of a trust that issued the Securities (whether or not debt securities) (AST).

Proposed Exemptions

Proposal

D-11363

FR Citation: 73 FR 26415 (05/09/08)

Citation Box and Paper Co. Profit Sharing Plan and Retirement Trust (the Plan)

Would permit the proposed sale of improved real property by the Plan to a partnership comprised of Anthony J. Kostiuk, Edmund Chmiel, Andre Frydl, and David Marinier, each of whom is a party in interest with respect to the Plan.

Proposal

D-11082 and D-11109

FR Citation: 73 FR 39158 (07/08/08)

Deutsche Bank, AG (Deutsche Bank)

Would permit the following foreign exchange transactions involving less developed currencies, that are executed by Deutsche Bank or a current or future affiliate (domestic or foreign) thereof that is a bank or broker-dealer, acting as a local subcustodian in connection with a determination by Deutsche Bank or its affiliates to invest the assets of a client plan, an in-house plan whose assets are invested in a separately managed account with Deutsche Bank, or a pooled fund, in foreign securities: (1) a trade-related currency conversion, or (2) an income item conversion.

Proposal

L-11407

FR Citation: 73 FR 42828 (07/23/08)

General Motors Corporation and Its Wholly-Owned Subsidiaries (together, GM)

Would permit, effective December 16, 2005, (1) monthly cash advances to GM by the DC VEBA to reimburse GM for the estimated mitigation of certain health care expenses (the Mitigation) and for the payment of dental expenses incurred by participants in the DC VEBA; and (2) an annual “true up” of the Mitigation payments and dental expenses against the actual expenses incurred, with the result that (a) if GM has been underpaid by the DC VEBA, GM receives the balance outstanding from the DC VEBA with interest, or (b) if the DC VEBA has overpaid GM, GM reimburses the DC VEBA for the amount overpaid, with interest.

Proposal

D-11459

FR Citation: 73 FR 51524 (09/03/08)

Calpine Corporation (the Applicant)

Would permit the past acquisition by the Calpine Corporation Retirement Savings Plan (the Plan) of warrants issued by the Applicant that would permit, under certain conditions, the purchase of shares of newly-issued Calpine Common Stock pursuant to certain bankruptcy proceedings; (2) the holding of the Warrants by the Plan; and the (3) the disposition of the Warrants.

Proposal

D-11467

FR Citation: 73 FR 51525 (09/03/08)

Merritts Antiques, Inc. Employees Pension Plan (the Plan)

Would permit the cash sale by the Plan of improved real property located at 1172 Old Swede Road, Amity Township, Berks County, PA to Merritts Antiques, Inc., a party in interest with respect to the Plan.

Proposal

D-11471

FR Citation: 73 FR 63200 (10/23/08)

Notice of Proposed Amendment; Prohibited Transaction Exemption (PTE) 99-34 Involving the Chase Manhattan Bank/JPMorgan Chase Bank, National Association (JPMCB)

Would amend PTE 99-34 (64 FR 46419, August 15, 1999), an exemption granted to The Chase Manhattan Bank (CMB). PTE 99-34 permits the lending of securities to affiliates of The Chase Manhattan Corporation (CMC) by employee benefit plans, including commingled investment funds holding plan assets for which CMC affiliates act as directed trustee or custodian and securities lending agent or subagent, and the receipt of compensation in connection with the transactions. The amendment, if granted, would apply to JPMCB, a successor organization to CMB, and would extend the provisions of PTE 99-34 to certain transactions with affiliates of the Bear Stearns Companies, Inc. If granted, the amendment would be effective as of August 25, 1999.

Proposal

D-11481

FR Citation: 73 FR 66260 (11/07/08)

Citigroup, Inc.

With respect to transactions involving employee benefit plans (the Plans) that are described in both Title I and Title II of ERISA, this exemption would permit, effective February 1, 2008, the (a) the sale or exchange of an Auction Rate Security by a Plan to the Sponsor of such Plan; or (b) a lending of money or other extension of credit to a Plan in connection with the holding of an Auction Rate Security by the Plan, from: (1) Citigroup or an affiliate (Citigroup); (2) an Introducing Broker; or (3) a Clearing Broker; where the loan is: (i) repaid in accordance with its terms; and (ii) guaranteed by the Plan Sponsor. In addition, with respect to transactions involving Plans described in Title II of ERISA only, this exemption would permit, effective February 1, 2008, (a) the sale or exchange of an Auction Rate Security by a Title II Only Plan to the Beneficial Owner of such Plan; or (b) a lending of money or other extension of credit to a Title II Only Plan in connection with the holding of an Auction Rate Security by the Title II Only Plan, from: (1) Citigroup; (2) an Introducing Broker; or (3) a Clearing Broker; where the loan is: (i) repaid in accordance with its terms; and (ii) guaranteed by the Beneficial Owner.

Proposal

D-11484

FR Citation: 73 FR 66263 (11/07/08)

Robert W. Baird & Co., Incorporated

With respect to transactions involving employee benefit plans (the Plans) that are described in both Title I and Title II of ERISA, this exemption would permit, effective February 1, 2008, the (a) the sale or exchange of an Auction Rate Security by a Plan to the Sponsor of such Plan; or (b) a lending of money or other extension of credit to a Plan in connection with the holding of an Auction Rate Security by the Plan, from: (1) Robert W. Baird & Co. Incorporated or any of its current or future affiliates or subsidiaries (Baird); (2) an Introducing Broker; or (3) a Clearing Broker; where the loan is: (i) repaid in accordance with its terms; and (ii) guaranteed by the Plan Sponsor. In addition, with respect to transactions involving Plans described in Title II of ERISA only, this exemption would permit, effective February 1, 2008, (a) the sale or exchange of an Auction Rate Security by a Title II Only Plan to the Beneficial Owner of such Plan; or (b) a lending of money or other extension of credit to a Title II Only Plan in connection with the Plan’s holding of an Auction Rate Security, from: (1) Baird; (2) an Introducing Broker; or (3) a Clearing Broker; where the loan is: (i) repaid in accordance with its terms; and (ii) guaranteed by the Beneficial Owner.

Proposal

D-11490

FR Citation: 73 FR 66266 (11/07/08)

Raymond James & Associates, Inc.

With respect to transactions involving employee benefit plans (the Plans) that are described in both Title I and Title II of ERISA, this exemption would permit, effective February 1, 2008, the (a) the sale or exchange of an Auction Rate Security by a Plan to the Sponsor of such Plan; or (b) a lending of money or other extension of credit to a Plan in connection with the Plan’s holding of an Auction Rate Security: (1) Raymond James & Associates, Inc. or any of its current or future affiliates or subsidiaries (Raymond James); (2) an Introducing Broker; or (3) a Clearing Broker; where the loan is: (i) repaid in accordance with its terms; and (ii) guaranteed by the Plan Sponsor. In addition, with respect to transactions involving Plans described in Title II of ERISA only, this exemption would permit, effective February 1, 2008, (a) the sale or exchange of an Auction Rate Security by a Title II Only Plan to the Beneficial Owner of such Plan; or (b) a lending of money or other extension of credit to a Title II Only Plan in connection with the Plan’s holding of an Auction Rate Security, from: (1) Raymond James; (2) an Introducing Broker; or (3) a Clearing Broker; where the loan is: (i) repaid in accordance with its terms; and (ii) guaranteed by the Beneficial Owner.

Proposal

D-11505

FR Citation: 73 FR 66268 (11/07/08)

Northwestern Mutual Investment Services, LLC (NMIS)

Would permit, effective September 30, 2008, the sale by a plan of an Auction Rate Security to NMIS.

Proposal

D-11428

FR Citation: 73 FR 70373 (11/20/08)

 

Heico Holding, Inc. Pension Plan (the Plan)

Would permit the proposed sale by the Plan of a non-marketable limited partnership interest in Trident Equity Fund, II, L.P. to Heico Holding Inc., a party in interest with respect to the Plan.

Proposal

D-11450

FR Citation: 73 FR 70375 (11/20/08)

Brewster Dairy, Inc. 401(k) Profit Sharing Plan (the Plan)

Would permit the proposed sale by the Plan of 2.5 limited partnership units in the Heartland California Clayton Limited Partnership to Brewster Dairy, Inc., the Plan’s sponsor and a party in interest with respect to the Plan.

Proposal

D-11473

FR Citation: 73 FR 70377 (11/20/08)

 

Starrett Corporation Pension Plan (the Plan)

Would permit the proposed cash sale by the Plan to the Starrett Corporation, a party in interest with respect to the Plan, of a $25,000 face amount 7.797% secured senior note issued by the Osprey Trust, an Enron related entity.

Proposal

D-11341

FR Citation: 73 FR 78846 (12/24/08)

Notice of Proposed Individual Exemption to Replace Prohibited Transaction Exemption (PTE) 2000-45, Involving Citigroup Global Markets, Inc. (CGMI), formerly Salomon Smith Barney Inc.

Would replace PTE 2000-45 (65 FR 54315, September 7, 2000), which became ineffective due to a material change in this exemption. PTE 2000-45 related to the operation of the TRAK Personalized Investment Advisory Service (the TRAK Program) and the Trust for Consulting Group Capital Markets Funds. PTE 2000-45 provided exemptive relief with respect to the purchase or redemption of mutual fund shares by plans participating in CGMI’s TRAK Program. It also permitted the CGMI’s Consulting Group division to provide asset allocation advice to the investing plans.

CGMI has requested a temporary and limited exemption that would modify the definition of the term “affiliate,” as set forth in PTE 2000-45. According to PTE 2000-45, the definition of “affiliate” includes a corporation or partnership of which CGMI or an affiliate is a 10 percent or more partner or owner. In December 2005, Citigroup, Inc. (Citigroup), the parent of CGMI sold substantially all of its asset management business to Legg Mason, Inc. (Legg Mason), with the exception of the TRAK Program and the Consulting Group. In return for Legg Mason’s broker-dealer business, Citigroup received 4 percent of Legg Mason’s voting common stock and 10 percent of Legg Mason’s convertible, non-voting preferred stock.

As a result of the merger, Legg Mason became an affiliate of Citigroup since Citigroup then owned 14 percent of Legg Mason’s stock. This affiliation temporarily affected the independence of two TRAK Program sub-advisers, which were subsidiaries of Legg Mason. Under PTE 2000-45 and its predecessor exemptions, all of the TRAK Program sub-advisers were required to be independent of CGMI and its affiliates. Because of this material change in the sub-advisers’ independence, the Department decided that PTE 2000-45 would no longer be effective. So, the Department is providing a new exemption to Citigroup and CGMI, which would be retroactive to December 1, 2005, if granted. Also, the new exemption would cover a fee offset procedure that Citigroup implemented on January 1, 2008.

Proposal

D-11336

FR Citation: 73 FR 79168 (12/24/08)

Camino Medical Group, Inc. Employee Retirement Plan (the Plan)

Would permit, effective July 1, 2003 until December 14, 2007, the (1) the leasing (the 2003 Leases) of a medical facility (the Urgent Care Facility) and a single family residence converted to an office (the Residence) by the Retirement Plan to CMG, the sponsor of the Retirement Plan and a party in interest with respect to such plan; and (2) the exercise, by CMG, of options to renew the 2003 Lease with respect to the Residence for one year and the 2003 Lease with respect to the Urgent Care Facility for three years.

Proposal

D-11458

FR Citation: 73 FR 79174 (12/24/08)

The Bank of New York Mellon Corporation (BNYMC)

Would permit the purchase of certain securities (the Securities) by an asset management affiliate of BNYMC, from any person other than such asset management affiliate of BNYMC or any affiliate thereof, during the existence of an underwriting or selling syndicate with respect to such Securities, where a broker-dealer affiliated with BNYMC is a manager or member of such syndicate (an “affiliated underwriter transaction” (AUT)) and/or where an Affiliated Trustee serves as trustee of a trust that issued the Securities (whether or not debt securities) or serves as indenture trustee of Securities that are debt Securities (an “affiliated trustee transaction”' (ATT)) and the asset management affiliate of BNYMC, as a fiduciary, purchases such Securities (a) on behalf of an employee benefit plan or employee benefit plans (Client Plan(s)); or (b) on behalf of Client Plans, and/or In-House Plans, which are invested in a pooled fund or in pooled funds.

Proposal

D-11465

FR Citation: 73 FR 79186 (12/24/08)

United States Steel and Carnegie Pension Fund

Would provide (1) retroactive relief for the period February 15, 2003 through December 31, 2007, to a transaction between a party in interest with respect to the Former U.S. Steel Related Plans and an investment fund in which such plans have an interest (the Investment Fund), provided that United States Steel and Carnegie Pension Fund or its successor (collectively, UCF) has discretionary authority or control with respect to the plan assets involved in the transaction; (2) interim relief for the period beginning January 1, 2008 through the date of the publication of the proposed exemption in the Federal Register, with respect to a transaction between a party in interest with respect to the Former U.S. Steel Related Plans and the Investment Fund, provided that UCF has discretionary authority or control with respect to the plan assets involved in the transaction; and (3) prospective relief for the period beginning with the date of the publication of the final exemption in the Federal Register, and expiring five years from that date, to a transaction between a party in interest with respect to the Former U.S. Steel

Related Plans and the Investment Fund, provided that UCF has discretionary authority or control with respect to the plan assets involved in the transaction.