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2014 Individual Exemptions

Grant Notices

PTE 2014-01; D-11729

G: 79 FR 19925 (04/10/14)
P: 78 FR 66769 (11/06/13)

Bank of America Corporation (BAC)
Permits the receipt of certain relationship benefits by an individual for whose benefit a covered plan is established or maintained, or by such individual’s family members, from BAC, pursuant to an arrangement in which the account value of, or the fees incurred for services provided to the covered plan is taken into account for purposes of determining eligibility to receive such relationship benefits.

This exemption seeks to expand upon the relief provided in class PTEs 93-33 and 97-11, which generally give relief from the prohibited transactions provisions of ERISA and the Code to the beneficial owners of certain individual retirement accounts (IRAs) when banks or broker-dealers consider the account value, and fees charged to, IRAs as part of a relationship banking or brokerage program offered to its customers. BAC’s requested exemption would allow BAC to combine its customers’ banking accounts and brokerage accounts into one overarching relationship benefits program. Additionally, it would expand the list of accounts that could be included in the relationship benefits program (e.g., to Archer MSAs and HSAs). Finally, the requested exemption permits BAC to offer certain relationship benefits that were not specifically called out in the previous class exemptions, but which may have been permitted separately by a bank or broker-dealer.


PTE 2014-02; D-11742 through D-11746

G: 79 FR 19926 (04/10/14)
P: 78 FR 43945 (07/22/13)

The ABB Inc. Cash Balance Pension Plan; the Cash Balance Pension Plan for Certain Represented Employees of ABB Inc.; the Pension Plan for Employees of the Process Analytics Division of ABB Inc. Represented by the Laborer’s International Union of North America (AFL-CIO), Local No. 1304; the Pension Plan of Fischer & Porter Company; and the ABB Inc. Pension Plan (UE 625 & UE 626) (collectively, the Plans)
Permits the in-kind contribution of certain U.S. Treasury Bills to the Plans by ABB Inc., a party in interest with respect to the Plans, on September 14, 2012.


PTE 2014-03; L-11760

G: 79 FR 19927 (04/10/14)
P: 78 FR 66773 (11/06/13)

Intel Corporation (Intel)
Permits, effective January 1, 2013, (1) the reinsurance of risks and the receipt of premiums therefrom by Technology Assurance Limited (TAL), a captive insurance company that is wholly-owned by Intel, in connection with basic and supplemental group term life insurance sold by the Minnesota Life Insurance Company (MN Life), or any successor insurance company which is unrelated to Intel (the Fronting Insurer), to the Intel Group Life Insurance Plan; and (2) The reinsurance of risks and the receipt of premiums therefrom by TAL, in connection with basic and supplemental accidental death and dismemberment (AD&D) insurance sold by the Fronting Insurer to the Intel Group AD&D Plan.


PTE 2014-04; D-11496

G: 79 FR 43070 (07/24/14)
P: 79 FR 19642 (04/09/14)

Northwestern Mutual Investment Services, Inc. and Its Affiliates (Northwestern Mutual)
Permits, effective February 1, 2008, (1) the sale or exchange of an Auction Rate Security by an ERISA Title I and Title II Plan (the Title I/Title II Plan) to its Sponsor; or (2) the lending of money or other extension of credit to such plan in connection with the holding of an Auction Rate Security by the Title I/Title II Plan, from (1) Northwestern Mutual; (2) an Introducing Broker; or (3) a Clearing Broker, where the loan is (i) repaid in accordance with the terms; and (ii) guaranteed by the Sponsor.  This exemption would also permit, effective February 1, 2008, the (1) the sale or exchange of an Auction Rate Security by an ERISA Title II Only Plan (the Title II Plan) to its Beneficial Owner; or (2) the lending of money or other extension of credit to such plan in connection with the holding of an Auction Rate Security by the Title II Plan, from (1) Northwestern Mutual; (2) an Introducing Broker; or (3) a Clearing Broker, where the loan is (i) repaid in accordance with the terms; and (ii) guaranteed by the Beneficial Owner.


PTE 2014-05; D-11756

G: 79 FR 43071 (07/24/14)
P: 79 FR 19653 (04/09/14)

Liberty Media 401(k) Savings Plan (the Plan)
Permits, effective August 9, 2012, until October 9, 2012, (1) the acquisition by the individually-directed accounts (the Accounts) in the Plan of certain participants (the Invested Participants) of stock subscription rights (the Rights) pursuant to a stock rights offering by Liberty Interactive Corporation, a party in interest with respect to the Plan; and (2) the holding of the Rights by the Invested Participants’ Accounts during the subscription period.


PTE 2014-06; D-11758

G: 79 FR 43072 (07/24/14)
P: 78 FR 55103 (09/09/13)

AT&T Inc. (together with AT&T Inc.’s Affiliates, AT&T)
Permits, effective September 1, 2013:  (a) the one-time, in-kind contribution (the Contribution) by AT&T of 320 million series A Cumulative Perpetual Preferred Membership Interests (the Preferred Interests) of AT&T Mobility II LLC (the Issuer) to the SBC Master Pension Trust (the Trust), which holds assets of the AT&T Pension Benefit Plan (the Plan) in accordance with the terms of the Contribution Agreement (the Contribution Agreement) between Brock Fiduciary Services LLC, JPMorgan Chase Bank, N.A., as Directed Trustee of the Trust, AT&T Inc. and AT&T Mobility II LLC, dated August 30, 2013; (b) the holding of the Preferred Interests by the Trust on behalf of the Plan; (c) the disposition of the Preferred Interests by the Trust in connection with the exercise of the put option (the Put Option) by Brock Fiduciary Services LLC or its successor (the Independent Fiduciary), in accordance with the terms of the Contribution Agreement; (d) the disposition of the Preferred Interests by the Independent Fiduciary on behalf of the Trust in connection with the exercise of the call option (the Call Option), in accordance with the terms of the Contribution Agreement; (e) the disposition, restructuring, adjustment, or recapitalization of the Preferred Interests resulting from a change of control of the Issuer, in accordance with the terms of the Contribution Agreement; (f) the acquisition and holding by the Trust of shares in AT&T common stock received in connection with the exercise of the Put Option or the Call Option, in accordance with the terms of the Contribution Agreement, to the extent such acquisition and holding is not permitted by section 407(a) of ERISA; and (g) the deferred payment by AT&T to the Trust of any amounts due under the Call Option or the Put Option, in accordance with the terms of the Contribution Agreement.


PTE 2014-07; D-11773

G: 79 FR 43080 (07/24/14)
P: 79 FR 19645 (04/09/14)

The Delaware County Bank and Trust Company Employee 401(k) Retirement Plan (the Plan)
Permits, effective October 16, 2012, to November 26, 2012, (1) the acquisition by the Plan of subscription rights (the Stock Rights) in connection with an offering (the Offering) of shares of common stock (the Stock) of DCB Financial Corp. (DCBF), the corporate parent of the Plan sponsor and a party-in-interest with respect to the Plan; and (2) the holding of the Stock Rights received by the Plan during the subscription period of the Offering.


PTE 2014-08; D-11780

G: 79 FR 43080 (07/24/14)
P: 79 FR 19649 (04/09/14)

The Home Savings and Loan Company 401(k) Savings Plan (the Plan), United Community Financial Corporation (UCFC), and the Home Savings and Loan Company
Permits, effective for the period beginning April 30, 2013, and ending May 31, 2013, (1) the acquisition of certain subscriptions rights (the Rights) by the individually-directed accounts (the Accounts) of certain participants in the Plan, in connection with an offering (the Offering) of shares of common stock (the Stock) of UCFC, by UCFC, the parent of the Plan sponsor and a party in interest with respect to the Plan; and (2) the holding of the Rights received by the Accounts during the subscription period of the Offering.


PTE 2014-09; D-11730

G: 79 FR 66409 (11/07/14)
P: 79 FR 47674 (08/14/14)

Renaissance Technologies, LLC (Renaissance or the Applicant)
Amends PTE 2012-10 (77 FR 23756, April 20, 2012) in order to allow for the investment in the Medallion Funds, through the New Medallion Vehicles, by employees of Renaissance participating in the new Renaissance Technologies, LLC 401(k) Plan (the 401(k) Plan), through such employees' 401(k) plan accounts (the 401(k) Accounts).  PTE 2012-10 provides relief from 406(a)(1)(A) and 406(a)(1)(D) of the Act and  4975(c)(1)(A) and (D) of the Code for: (1) the direct or indirect acquisition by the individual retirement account (the IRA) of a Renaissance employee/participant (Participant) or the spouse (Spouse) of such Participant of interests in a Renaissance-established Medallion Master Fund through the IRA’s investment in the New Medallion Feeder Fund or New Kaleidscope (another feeder fund) (together, the New Medallion Vehicles), which were created to hold plan assets; (2) the acquisition by the Participant’s or Spouse’s IRA of additional interests in the New Medallion Vehicles; and (3) the redemption, by the Participant’s or Spouse’s IRA, of all or a portion of their respective interests in the New Medallion Vehicles.


PTE 2014-10; D-11777

G: 79 FR 66414 (11/07/14)
P: 79 FR 43082 (07/24/14)

Family Dynamics, Inc., Pension Plan (the Plan)
Permits, effective as of September 15, 2011, through December 28, 2012: (a) the contribution in-kind to the Plan of two (2) promissory notes (Note#1 and Note#2), of a series of twenty‑nine (29) numbered promissory notes (collectively, the Notes), by Family Dynamics, Inc. (FDI), the sponsor of the Plan, for the purpose of satisfying the minimum funding obligation of FDI to the Plan for the plan year ending December 31, 2010; (b) the holding by the Plan of Note#1 and Note#2 until December 28, 2012; (c) the extension of credit by the Plan to Minneola AG, LLC (Minneola), the issuer of the Notes and a party in interest with respect to the Plan, resulting from the holding of Note#1 and Note#2 by the Plan; (d) the extension of credit to the Plan: (1) by certain stockholders of FDI; and (2) by the members of Minneola, by reason of each such stockholder’s and/or each such member’s personal guaranty of all or a portion of the face amounts, plus accrued interest thereon, of Note#1 and Note#2; and (e) the redemption of Note#1 and Note#2 on December 28, 2012, by Minneola for a cash payment that equaled the fair market value of such notes, including principal and all accrued interest thereon through the date of redemption.

The amendment also permits, as of November 7, 2014, and ending on the last day certain of the Notes (the Subsequent Notes) are held by the Plan, the following transactions:  (a) the contribution in‑kind to the Plan of the Subsequent Notes for the purpose of satisfying FDI’s minimum funding obligations to the Plan; (b) the holding of the Subsequent Notes until the maturity date of such notes; (c) the extension of credit by the Plan to Minneola resulting from the holding of the Subsequent Notes by the Plan; (d) the extension of credit to the Plan by:  (1) certain major stockholders of FDI; and (2) the members of Minneola that are family trusts, by reason of each such stockholder’s and/or each such member’s personal guaranty of all or a portion of the face amount, plus accrued interest thereon, of any of the Subsequent Notes; and (e) the redemption by FDI, Family Dynamics Land Company, LLC, Minneola, or any affiliate thereof, of any of the Subsequent Notes on or before the maturity date of such notes for the greater of: (1) the aggregate principal plus accrued interest thereon of such notes, as of the date of redemption; or (2) the fair market value of such notes, as determined by an independent, qualified appraiser, as of the date of redemption.


PTE 2014-11; D-11819

G: 79 FR 68716 (11/18/14)
P: 79 FR 52365 (09/03/14)
O: 79 FR 68711 (11/18/14) (Notice of Hearing)

Notice of Temporary Exemption Involving Credit Suisse AG (hereinafter, either Credit Suisse AG or the Applicant)
Grants temporary relief for certain entities with specified relationships to Credit Suisse AG, the Credit Suisse Affiliated QPAMs and the Credit Suisse Related QPAMs, to continue to rely upon the relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding a judgment of conviction against Credit Suisse AG for one count of conspiracy to violate section 7206(2) of the Internal Revenue Code in violation of Title 18, United States Code, section 371, effective for the period beginning as of the date a judgment of conviction is entered against Credit Suisse AG, and expiring November 18, 2015, one year from the date of publication of the temporary exemption in the Federal Register. This temporary exemption accommodates requests for a public hearing on whether to grant longer term relief without risking the immediate loss of exemptive relief upon entry of a judgment of conviction. Concurrently with the issuance of this temporary exemption, the Department also published a proposed permanent exemption for longer term relief (D-11837, at 79 FR 68712) and a notice of a public hearing (D-11819, at 79 FR 68711) on whether to grant such longer term relief to the Credit Suisse Affiliated QPAMs and the Credit Suisse Related QPAMs.


Proposed Exemptions

D-11837

FR Citation: 79 FR 68712 (11/18/14)

Notice of Proposed Exemption Involving Credit Suisse AG (hereinafter, either Credit Suisse AG or the Applicant)
Would permit, if granted, certain entities with specified relationships to Credit Suisse AG, the Credit Suisse Affiliated QPAMs and the Credit Suisse Related QPAMs, to continue to rely upon the relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding a judgment of conviction against Credit Suisse AG for one count of conspiracy to violate section 7206(2) of the Internal Revenue Code in violation of Title 18, United States Code, section 371. This proposed exemption would provide, on a longer term basis, essentially the same relief as that proposed in the Notice of Proposed Exemption Involving Credit Suisse AG, published on September 3, 2014 at 79 FR 52365 (Application No. D-11819). The Department will base its decision whether to grant the exemptive relief described in this proposed exemption on the entirety of the record attributable to this proposed exemption, including the record attributable to PTE 2014-11 (November 18, 2014, at 79 FR 68716) and the record attributable to the Hearing on Proposed Individual Exemption involving Credit Suisse AG (November 18, 2014, at 79 FR 68711).


D-11750

FR Citation: 79 FR 70624 (11/26/14)

The United Association of Journeymen and Apprentices of the Plumbers and Pipefitters Local Union No. 189 Pension Plan, as Amended (the Plan)
Would permit the proposed sale of certain improved real property by the Plan to Local #189 of the United Association of Journeymen and Apprentices of the Plumbing and Pipefitting Industry of the United States and Canada, a party in interest with respect to the Plan.


D-11751

FR Citation: 79 FR 70628 (11/26/14)

The Camco Financial & Subsidiaries Salary Savings Plan (the Plan) and Huntington Bancshares, Inc.
Would permit the acquisition and holding by the individually-directed accounts in the  Plan of certain participants, of warrants (the Warrants) to purchase additional shares of common stock (Common Stock) issued by Camco Financial Corporation (Camco), the Plan sponsor, in connection with an offering of Camco Common Stock.  If granted, the exemption would be effective from November 1, 2012, until the Warrants are exercised or expire.


D-11752    

FR Citation: 79 FR 70631 (11/26/14)

Wells Fargo Company (WFC)
Would permit asset management affiliates of WFC to purchase certain securities for plan clients during the existence of an underwriting or selling syndicate where affiliates of WFC serve as trustee or servicer with respect to the offering (ATT and AST).  This relief is in addition to the revised language of the relief (AUT) obtained by WFC in PTE 2007-14 for such purchases in situations where an affiliate of WFC is an manager or member of an underwriter syndicate with respect to such securities.


L-11775

FR Citation: 79 FR 70645 (11/26/14)

Craftsman Independent Union Local #1 Health, Welfare & Hospitalization Trust Fund (the Plan)
Would permit the sale by the Plan of a parcel of improved real property, located at 2709 Bloomfield Road, Cape Girardeau, Missouri, to the Craftsman Independent Union Local #1, a party in interest with respect to the Plan.


D-11782

FR Citation: 79 FR 70648 (11/26/14)

Robert W. Baird & Co. Incorporated
Would permit:  (1) the acquisition, sale or exchange by a Separately Managed Account or a Pooled Fund (the Account) of shares of an open-end investment company registered under the Investment Company Act of 1940, where the investment adviser for the investment company is also a fiduciary for the Account; (2) the in-kind redemptions of shares or acquisitions of shares of the Fund in exchange for Account assets transferred in-kind from an Account; and (3) the receipt of fees by Baird from the Fund for acting as an investment adviser to the Fund with respect to the investment of the Account's assets in the Fund.  Additionally, the exemption would permit the receipt of fees for providing secondary services to the Funds in connection with the investment by the Accounts in shares of the Funds.  The relief requested is similar to relief already provided in a line of older exemptions stretching back several years – stemming from PTE 77-4 – except for the allowance of a "purchase fee" paid by the Account investor in connection with its investment in the Fund, and the permission of in-kind purchases and sales of shares involving section 144A Securities.


D-11826

FR Citation: 79 FR 70658 (11/26/14)

First Security Group, Inc. 401(k) and Employee Stock Ownership Plan (the Plan)
Would permit, for the period beginning August 21, 2013, and ending on September 20, 2013:  (1) the acquisition of certain stock subscription rights (the Rights) by the individually-directed accounts (the Accounts) in the Plan of certain participants in the Plan (the Invested Participants) in connection with an offering (the Offering), by First Security Group, Inc. (FSG), the sponsor of the Plan and a party in interest with respect to the Plan, of shares of common stock of FSG; and (2) the holding of the Rights received by the Accounts of Invested Participants during the subscription period of the Offering.


D-11827

FR Citation: 79 FR 70661 (11/26/14)

BNP Paribas, S.A. (BNP Paribas)
Would allow certain affiliates of BNP Paribas to continue utilizing the relief in PTE 84-14 following a conviction (the Conviction) for conspiring to violate the International Emergency Economic Powers Act and falsifying business records under New York State Law, which would cause such affiliates to fail to satisfy Section I(g) of PTE 84-14.  The conditions of relief and the major policy issues were largely determined and/or considered in connection with the QPAM exemption proposals for Credit Suisse AG.