Prior exemptions may not reflect current policies or procedures. The Department, for example, may require terms and conditions that were not required in prior exemptions. Persons considering filing for an exemption or EXPRO authorization may find it very helpful to discuss the facts or issues in their cases with the Department before preparing the filing. The Department welcomes all inquiries and is available to answer any questions you may have. Call us at 202-693-8540.
United States Steel and Carnegie Pension Fund
Permits, effective December 24, 2003, the in kind contribution of certain timber rights (the Timber Rights) under two timber purchase and cutting agreements (the Agreements) to The United States Steel Corporation Plan for Employee Pension Benefits (the Plan) by the United States Steel Corporation (US Steel), the Plan sponsor and a party in interest with respect to the Plan. Also permits, effective December 24, 2003, the following ancillary transactions between the Plan and US Steel arising from certain rights retained by US Steel related to the timberland on which the Timber Rights are based: (1) the receipt of compensation by the Plan from US Steel under the Timber Rights Agreements in the event that either (a) US Steel exercises its right to early termination of an Agreement, or with respect to a portion of the Property covered by an Agreement, which requires a termination payment to the Plan at a premium over the fair market value of the Timber Rights as determined by a qualified, independent appraiser, which has been selected by the independent fiduciary (the Independent Fiduciary); or (b) US Steel owes compensation to the Plan for mineral activities that interfere with the Plan's use of the land for timber purposes; (2) the guarantee by US Steel to make the Plan whole in the event of a decline in value of the Timber Rights after five years; (3) any ongoing obligation incurred by US Steel to maintain the Property in a fashion that does not unreasonably interfere with the Plan's use thereof; (4) the indemnity given by US Steel to the Plan for any environmental claims arising out of activities engaged in prior to the execution and closing of the proposed Timber Rights contribution; and (5) certain additional ancillary transactions.
Bank of America, N.A.
Permits, effective January 1, 2003, (1) the granting to Bank of America (the Bank), either as an agent (the Agent) for a group of financial institutions (Lender(s)), or as a sole Lender, that will fund a so-called “credit facility” (Credit Facility) providing credit to certain investment funds (Funds(s)), by the Fund of a security interest in and lien on the capital commitments, reserve amounts, and capital contributions (Capital Contributions) of certain investors, including employee benefit plans investing in the Fund; (2) any collateral assignment and pledge by the Fund to the Agent, or to the Bank as sole Lender, of its security interest in each Investor’s equity interest, including a Covered Plan’s equity interest, in the Fund; (3) the granting by the Fund to the Agent, or to the Bank as sole Lender, of a security interest in a Borrower Collateral Account to which all Capital Contributions in the Fund will be deposited when paid (except in certain limited circumstances); (4) the granting by the Fund to the Agent, or to the Bank as sole Lender, of its right to make calls on Investors for Capital Contributions (Capital Calls), which shall be in cash, under the operative Fund Agreements; (5) the execution by a Covered Plan of an agreement consenting to the Fund’s assignment to the Agent, or to the Bank as sole Lender, of the Fund’s right to make Capital Calls, which may contain: (a) an acknowledgement by the Covered Plan of the Fund’s assignment to the Agent, or the Bank as a sole Lender, of the right to make Capital Calls upon the Covered Plan, enforce the Capital Calls, collect the Capital Contributions, and apply them to any amount due under the Credit Facility; (b) a consent (as either part of the Fund Agreements or as a separate agreement) by the Covered Plan to make Capital Contributions to the Fund without counterclaim, setoff, or defense, for the purpose of repayment of the Credit Facility; (c) a representation that the Covered Plan has no knowledge of claims, offsets or defenses that would adversely affect its obligation to fund Capital Contributions under the Fund Agreements; and (d) an agreement that the Covered Plan will fund Capital Contributions only into the Borrower Collateral Account.
Lodgian, Inc. 401(k) Plan and Trust Agreement (the Plan)
Permits, effective December 3, 2002, (1) the past acquisition and holding by the Plan of certain warrants (the Warrant(s)) issued by Lodgian, Inc. (Lodgian), a party in interest with respect to the Plan, which would permit the purchase of new common stock (New Lodgian Stock); (2) the cancellation payment by Lodgian to the Plan in exchange for the Warrants (a) at the election of active participants (b) at the election of the terminated vested participants whose vested interests exceed $5,000, or (c) in accordance with the procedures for the automatic cash out of the value of Warrants held in the accounts of terminated vested participants whose vested interests are $5,000 or less, for an amount that represents the highest value of the Warrants determined by an independent, qualified, appraiser between December 31, 2002 and the date of the individual election; (3) the sale of the Warrants from Plan participants to Lodgian to cash out active and terminated vested participants; and (4) the potential exercise of the Warrants into the New Lodgian Stock.
Bangs, McCullen, Butler, Foye & Simmons, LLP Employees Profit Sharing Plan (the Plan)
Permits the proposed lease by the Plan of certain improved real property located in Rapid City, South Dakota, to Bangs, McMullen, Butler, Foye & Simmons, LLP, the Plan’s sponsor and a party in interest with respect to the Plan.
John Hancock Life Insurance Company (JHLIC)
Permits the proposed purchases and sales of farmland assets or entire farmland accounts, between various accounts that are managed by Hancock Natural Resource Group, Inc. or the affiliates of JHLIC.
Painters District Council No. 4 Apprenticeship, Upgrading & Retraining Trust Fund (the Plan)
Permits the lease of certain space in a building owned by the Plan to Lipsitz, Green, Fahringer, Roll, Salisbury & Cambria, LLP, a party in interest with respect to the Plan.
Kinder Morgan Inc. (the Employer)
Permits (1) the acquisition of publicly-traded Employer stock (the Employer Stock) by certain trusts (the Trusts) through the voluntary in-kind contribution of such Employer Stock by the Employer for the purposes of pre-funding welfare benefits provided by welfare plans sponsored by the Employer; and (2) the holding by the Trusts of Employer Stock acquired pursuant to the contribution.
Landerholm, Memovich, Lansverk & Whitesides, P.S. 401(k) Profit Sharing Plan (the Plan)
Permits, effective January 1, 1998, the past acquisition by the Plan, through its real estate contract fund (the Fund) of real estate mortgage (the Contracts) from American Equities, Inc. (AE), a party in interest with respect to the Plan. Also permits (1) the future acquisition by the Plan, through the Fund, of additional Contracts from AE; (2) the sale by the Plan of any of the Contracts to AE; and (3) the exchange by the Plan of certain Contracts with AE for other AE contracts and/or cash.
DuPont Capital Management Corporation (DCMC)
Permits the in kind transfer of certain debt securities (Debt Securities) that are held in the DuPont and Related Companies Defined Contribution Plan Master Trust (the Master Trust), in which three employee benefit plans that are sponsored by E.I. duPont de Nemours and Company (DuPont) and its subsidiaries invest, in exchange for units in a group trust (the Group Trust), where DCMC, a wholly owned subsidiary of DuPont, acts as a fiduciary for both the Master Trust and the Group Trust.
Pan-American Life Insurance Corporation (Pan-American)
Permits the cash sale, on November 17, 2003, by certain defined contribution plans, which invest in Separate Account V (the Account), a pooled separate account, whose assets are invested in units of the Dreyfus-Certus Stable Value Fund (the Fund), of Fund units, to Pan-American, the Account’s investment manager and a fiduciary with respect to such Account.
Svenska Cellulosa Aktiebolaget SCA (publ) (SCA)
Permits the reinsurance of risks and receipt of premiums therefrom by SCA Reinsurance Limited, through its United States Virgin Islands Branch, in connection with insurance contracts sold by Aetna, Inc. (Aetna), or any successor company to Aetna which is unrelated to SCA, to provide long-term disability, accidental death and dismemberment, and basic and supplemental life insurance benefits to participants in programs maintained by SCA North America, Inc. to provide such benefits to its employees.
The Prudential Insurance Company of America
Permits, effective November 21, 2003, the Prudential Insurance Company of America and its current and future affiliates (collectively, Prudential) to continue functioning as a “qualified professional asset manager,”pursuant to Prohibited Transaction Class Exemption 84-14 (PTCE 84-14), 49 FR 9494 (March 13, 1984), solely because of a failure to satisfy Section I(g) of PTCE 84-14 as a result of Prudential’s affiliation with an entity convicted of violating a dual-penalty law of Korea, Japan or Taiwan.
Les Olson Company, Inc. Profit Sharing Plan (the Plan)
Permits (1) the proposed series of loans (the Loans), originated within a five-year period, by the Plan to REVCO Leasing Company, LLC, a party in interest with respect to the Plan; and (2) a guarantee of the Loans by Les Olson Company, Inc., the Plan’s sponsor.
The Employees’ Retirement Plan of Storytown U.S.A., Inc. and Participating Affiliated Companies (the Plan)
Permits, effective July 29, 2004, (1) the making of a loan (the Loan) to the Plan in an original principal amount sufficient to cover the Plan’s unfunded liability upon termination, by Storytown U.S.A., Inc. (Storytown), the Plan sponsor and a party in interest with respect to the Plan; (2) the assignment by the Plan to Storytown of all rights, title and interest the Plan has in claims (the Claims) against certain investment advisers (the Responsible Parties), in connection with losses the Plan incurred during 2003 and 2004; and (3) the potential repayment, by the Plan to Storytown, of the Loan obligation from proceeds recovered on the Claims against the Responsible Parties.
Linda Ann Smith, M.D. Profit Sharing Plan and Trust (the Plan)
Permits the exchange of an unimproved tract of land located in Nathrop, Colorado, which is owned by the Plan and allocated to the individually-directed account in the Plan of Linda Ann Smith, M.D., for one unimproved tract of land located in San Pedro Creek Estates, New Mexico, which is owned jointly by Dr. Smith and her spouse, Mr. Harold G. Fields.
Carpenters’ Joint Training Fund of St. Louis (the Plan)
Permits (1) the purchase of a parcel of improved real property located at 8300 Valcour Avenue, St. Louis County, Missouri by the Plan from the Carpenters District Council of Greater St. Louis (the CDC), a party in interest to the Plan; (2) the guarantee, by the CDC, of a $6 million loan from an unrelated bank for the benefit of the Plan; and (3) an unsecured loan for up to $1 million from the CDC to the Plan.
ARINC Incorporated Retirement Income Plan (the Plan)
Permits (1) the in kind contribution of the property described as the 27.5 acre headquarters of ARINC Incorporated (ARINC) situated in Annapolis, MD or the ownership interests of a special purpose entity whose only asset is the property (collectively, the Property) to the Plan by ARINC, the Plan sponsor and a party in interest with respect to the Plan (the Contribution); (2) the holding of the Property by the Plan; (3) the leaseback of the Property by the Plan to ARINC; (4) the repurchase of the Property by ARINC pursuant to (a) a right of first offer to ARINC should the Plan wish to sell the Property to a third party or (b) a voluntary agreement under which the Plan agrees to sell the Property to ARINC at any time during the Lease; and (5) any payments to the Plan by ARINC made pursuant to a make whole obligation.
Permits the receipt of fees by Comerica Bank and its affiliates (collectively, Comerica) from the Munder Funds (the Funds), open-end investment companies registered under the Investment Company Act of 1940, for acting as an investment adviser for the Funds, as well as for providing any other services to Funds which are not investment advisory services (i.e., Secondary Services), in connection with the purchase and sale of shares of the Funds by certain defined benefit and defined contribution pension plans and funded employee welfare benefit plans for which Comerica serve as fiduciary with investment discretion.
Camino Medical Group, Inc. Matching 401(k) Plan and the Camino Medical Group, Inc. Employee Retirement Plan (the Retirement Plan)
Permits, effective July 1, 2003, (1) the leasing (the New Lease) of a medical treatment center by the Retirement Plan to Camino Medical Group, Inc. (CMG), the sponsor of the Retirement Plan and a party in interest with respect to such Retirement Plan; and (2) the exercise, by CMG, of options to renew the New Lease for two additional terms.
Withdrawn Proposed Exemption
Withdrawn Proposal; D-11108
Comerica Bank and Its Affiliates (collectively, Comerica)
Would have permitted the acquisition, holding and disposition of Comerica Incorporated Stock by Index and Model-Driven Funds managed by Comerica. Comerica informed the Department that it wished to withdraw the notice of proposed exemption. Therefore, the proposed exemption was withdrawn from the Federal Register.
Proposed Exemption; D-11185
The UNITE National Retirement Fund (the Fund)
Would permit the proposed purchase by the Union of Needletrades, Industrial and Textile Employees (UNITE) and certain regional entities affiliated with and chartered by UNITE from the Fund of shares of perpetual cumulative convertible preferred stock representing fifteen percent (15%) of the outstanding equity interests in the ALICO Services Corporation (ASC), a wholly-owned entity of the Fund.
Proposed Exemption; D-11165
National Electrical Benefit Fund (the Plan)
Would permit, effective April 1, 2003, (1) the collateral assignment, by the Plan, of its rights and interests in the Stonegate at Bellefaire, LLC (the LLC), a real estate operating company, to M&T Real Estate, Inc. (the Senior Lender), a party in interest with respect to the Plan; and (2) the guaranty by the Plan, executed in favor of the Senior Lender, requiring the Plan to reimburse the Senior Lender for any losses the Senior Lender may incur as a result of certain affirmative “bad acts” that are committed by the Plan as a member of the LLC.
Proposed Exemption; D-11259
Roy A. Herberger Defined Benefit Pension Plan (the Plan)
Would permit the three past in kind contributions to the Plan of common stock of Pinnacle West Capital Corporation by Roy A. Herberger, Jr., a disqualified person with respect to the Plan.
Proposed Exemption; L-11245
The North Texas Electrical Joint Apprenticeship and Training Trust Fund (the Plan)
Would permit the sale of (1) 1.112 acres of land to the North Texas Chapter, National Electrical Contractors Association, a party in interest with respect to the Plan; and (2) 5.383 acres of land to Local Union #20, International Brotherhood of Electrical Workers, a party in interest with respect to the Plan.
Proposed Exemption; D-11211
J.C.O., Inc. Retirement Plan and Trust (the Plan)
Would permit (1) the cash sale of certain improved real property (the Property) to the Plan by Cynthia G. Vogels, a party in interest with respect to the Plan and a 50% shareholder of J.C.O., Inc., (JCO), the Plan sponsor; and (2) the simultaneous lease of the Property by the Plan to JCO.
Proposed Exemption; L-11200
Wheeling-Pittsburgh Corporation (WPC) and Wheeling Pittsburgh Steel Corporation (WPSC)
Would permit (1) the initial acquisition of 4 million shares, on August 1, 2003 (the Initial Shares), of publicly-traded Employer Stock through the in kind contribution of such Initial Shares, and subsequent in kind acquisitions of Employer Stock, by the Wheeling-Pittsburgh Steel Corporation Retiree Benefits Plan (the Plan) for the purpose of pre-funding welfare benefits provided by the Plan; (2) the holding by the Plan of Employer Stock acquired pursuant to the contributions; and (3) the extension of credit between WPC, WPSC and the Plan, which will occur in conjunction with WPC’s and WPSC’s contributions of Employer Stock and cash for the benefit of the retirees.