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Secretary of Labor Thomas E. Perez
Pacific Investment Management Company LLC (PIMCO), Located in Newport Beach, CA; Employee Benefit Plans: Prohibited Transaction Exemptions [Notices] [05/22/2002]

EBSA (Formerly PWBA) Federal Register Notice

Pacific Investment Management Company LLC (PIMCO), Located in Newport Beach, CA; Employee Benefit Plans: Prohibited Transaction Exemptions [05/22/2002]

[PDF Version]

Volume 67, Number 99, Page 36037-36038

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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration

[Prohibited Transaction Exemption (PTE) 2002-21; Exemption Application 
No. D-11005]

 
Pacific Investment Management Company LLC (PIMCO), Located in 
Newport Beach, CA; Employee Benefit Plans: Prohibited Transaction 
Exemptions

AGENCY: Pension and Welfare Benefits Administration, U.S. Department of 
Labor (the Department).

ACTION: Notice of technical correction.

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    On March 28, 2002, the Department published PTE 2002-21 in the 
Federal Register at 67 FR 14988. PTE 2002-21 permits an employee 
benefit plan (the Plan), whose assets are held by PIMCO, as trustee, 
investment manager or discretionary fiduciary, to purchase shares of 
one or more open-end management investment companies registered under 
the Investment Company Act of 1940, to which PIMCO or any affiliate of 
PIMCO serves as investment adviser and may provide other services, in 
exchange for securities held by the Plan in an account or sub-account 
with PIMCO. PTE 2002-21 is effective as of February 5, 2002.
    On page 14989 of the notice granting PTE 2002-21, the Department 
hereby corrects the last sentence of Section I(g) to read as follows in 
order to reflect standard industry practice:

    * * * Such procedures must require that all securities for which 
a current market price cannot be obtained by reference to the last 
sale price for transactions reported on a recognized securities 
exchange or NASDAQ be valued based on an average of the highest 
current independent bid and lowest current independent offer, as of 
the close of business on the day of the Purchase Transaction 
determined on the basis of reasonable inquiry from at least two 
market makers or one pricing service that is independent of PIMCO.


[[Page 36038]]



FOR FURTHER INFORMATION CONTACT: Ms. Jan D. Broady of the Department at 
(202) 693-8556. (This is not a toll-free number.)

    Signed at Washington, DC, this 17th day of May, 2002.
Ivan L. Strasfeld,
Director of Exemption Determinations, Pension and Welfare Benefits 
Administration, U.S. Department of Labor.
[FR Doc. 02-12830 Filed 5-21-02; 8:45 am]
BILLING CODE 4510-29-P