Withdrawal of Notice of Proposed Amendments to Prohibited Transaction Exemption (PTE 93-69) Involving the Navistar International Transportation Corporation (Navistar); Located in Chicago, IL and the Supplemental Program Committee of the Navistar International Transportation Corporation Retiree Health Benefit and Life Insurance Plan (Supplemental Program Committee) Located in Euclid, OH [Notices] [07/08/1998]

EBSA (Formerly PWBA) Federal Register Notice

Withdrawal of Notice of Proposed Amendments to Prohibited Transaction Exemption (PTE 93-69) Involving the Navistar International Transportation Corporation (Navistar); Located in Chicago, IL and the Supplemental Program Committee of the Navistar International Transportation Corporation Retiree Health Benefit and Life Insurance Plan (Supplemental Program Committee) Located in Euclid, OH [07/08/1998]

[PDF Version]

Volume 63, Number 130, Page 36946

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DEPARTMENT OF LABOR

Pension and Welfare Benefits Administration

 
Withdrawal of Notice of Proposed Amendments to Prohibited 
Transaction Exemption (PTE 93-69) Involving the Navistar International 
Transportation Corporation (Navistar); Located in Chicago, IL and the 
Supplemental Program Committee of the Navistar International 
Transportation Corporation Retiree Health Benefit and Life Insurance 
Plan (Supplemental Program Committee) Located in Euclid, OH

[Exemption Application Nos. D-10470 and D-10576]
AGENCY: Pension and Welfare Benefits Administration, Department of 
Labor.

ACTION: On June 19, 1998 the Department of Labor (Department) published 
a notice of proposed amendments (the Notice) to PTE 93-69 (63 FR 
33732). The Notice concerned proposed amendments to PTE 93-69 to permit 
the Supplemental Benefit Program Trust (Trust) to sell Navistar 
International Corporation (NIC) common stock to either NIC or Navistar 
after the expiration of the lockup period (July 1, 1998) and to allow 
William Craig, a member of the Supplemental Program Committee, to serve 
on the NIC board of directors.

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    In a comment letter dated June 18, 1998, Navistar's representative 
informed the Department that the Trust sold all of the shares which 
would have been the subject of the amendments. Since the Trust no 
longer holds the stock it no longer has the right to appoint any 
members of the board of directors of NIC.<SUP>1</SUP>
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    \1\ PTE 93-69 provided, in part, an exemption from certain 
prohibited transaction restrictions of the Employee Retirement 
Income Security Act of 1974 for the acquisition and holding by the 
Navistar International Transportation Corporation Retiree Health 
Benefit and Life Insurance Plan of shares of Class B common stock 
and Series A preference stock of NIC.
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    Due to the above noted changes regarding the facts and 
representations contained in the applications, the Department has 
determined to withdraw this notice of proposed amendments from the 
Federal Register. Accordingly, this notice of pendency is hereby 
withdrawn.

    Signed at Washington, DC this 30th day of June, 1998.
Ivan L. Strasfeld,
Director of Exemption Determinations, Pension and Welfare Benefits 
Administration, U.S. Department of Labor.
[FR Doc. 98-18009 Filed 7-7-98; 8:45 am]
BILLING CODE 4510-29-P