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.
J.C.O., Inc. Retirement Plan and Trust (the Plan)
Permits (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.
Roy A. Herberger Defined Benefit Pension Plan (the Plan)
Permits 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.
National Electrical Benefit Fund (the Plan)
Permits, 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.
Wheeling-Pittsburgh Corporation (WPC) and Wheeling Pittsburgh Steel Corporation (WPSC)
Permits (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.
R. G. Dailey Company, Inc. Defined Benefit Plan (the Plan)
Permits the in kind contributions made to the Plan on August 12, 1999, June 12, 2000, May 17, 2001, and March 21, 2002 by the R. G. Dailey Company, Inc., a disqualified person with respect to the Plan, of certain publicly-traded securities.
Riggs Bank N.A. (Riggs) and the PNC Financial Services Group, Inc. (PNC)
Permits Riggs to not be precluded from functioning as a “qualified professional asset manager” pursuant to Prohibited Transaction Exemption 84-14 (49 FR 9494, March 13, 1984) (PTE 84-14) beginning on the date of the acquisition of Riggs National Corporation, the parent of Riggs, by PNC, solely because of a failure to satisfy Section I(g) of PTE 84-14 as a result of the conviction of Riggs for the felony described in the January 27, 2005 felony information entered in the U.S. District Court for the District of Columbia.
PAMCAH-UA Local 675 Pension Plan (the Pension Plan) and the PAMCAH-UA Local 675 Training Plan (the Training Fund; collectively, the Plans)
Permits (1) the Training Fund’s purchase of an improved parcel of real property located at 731 Kamehameha Highway, Pearl City, Hawaii from the Plan; and (2) a loan from the Pension Plan to the Training Fund to finance the purchase.
Mutual Service Life Insurance Company (MSL)
Permits, effective January 1, 2005, the receipt of cash or policy credits by any eligible member (Eligible Member), including an Eligible Member which is an employee benefit plan (within the meaning of section 3(3) of Act), an individual retirement annuity (within meaning of section 408(b) or 408(A) of the Code), or a tax sheltered annuity (within the meaning of section 403(b) of the Code) (each a Plan), including Plans sponsored by MSL for its employees, in exchange for the termination of such Eligible Member’s membership interest in MSL, in accordance with the terms of a plan of conversion adopted by MSL and implemented pursuant to Minnesota Statutes Section 60A.075 (2003).
Liberty Media International Inc. (LMI)
Permits, effective July 26, 2004, (1) the acquisition by the Liberty Media 401(k) Savings Plan – Puerto Rico (the Plan) of certain stock rights (the Rights) pursuant to a stock rights offering (the Offering) by LMI, the Plan sponsor and a party in interest with respect to the Plan; (2) the holding of the Rights by the Plan during the subscription period of the Offering; and (3) the disposition or exercise of the Rights by the Plan.
The North Texas Electrical Joint Apprenticeship and Training Trust Fund (the Plan)
Permits the sale of (1) 1.112 acres of land to the North Texas Chapter, National Electrical Contractors Association, a party in interest to the Plan; and (2) 5.383 acres of land to Local Union #20, International Brotherhood of Electrical Workers, a party bin interest to the Plan.
The UNITE National Retirement Fund (the Fund)
Permits 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 a wholly-owned entity of the Fund.
BNP Paribas S.A. (BNP Paribas) and Its French Affiliates (the French Affiliates)
Permits the purchase or sale of a security between BNP Paribas, a bank established under the laws of France, and any French Affiliate or branch of BNP Paribas which is a bank regulated by the Commission Bancaire or a broker-dealer holding a securities dealer's license issued by the Comité des Etablissements de Crédit et des Enterprises d'Investissement or registered with the Autorité des Marchés Financiers (each a BNP Entity), and employee benefit plans (the Plans) with respect to which the BNP entity is a party in interest, including options written by a Plan or the BNP Entity. Would also permit any extension of credit to a Plan by a BNP Entity to permit the settlement of securities transactions, regardless of whether they are effected on an agency or a principal basis, or in connection with the writing of options contracts. Further, would permit the lending of securities that are assets of a Plan to a BNP Entity.
Best Business Products, Inc. Employee Stock Ownership Plan (the ESOP)
Permits, effective July 7, 2004, (1) the purchase from the ESOP by Best Business Products, Inc. (BBP), a party in interest with respect to the ESOP, of shares of the voting common stock of BBP (the Stock) which were allocated to the accounts of the participants in the ESOP; and (2) the transfer to BBP of shares of the Stock which were held by the ESOP in a suspense account in exchange for the assumption by BBP of the ESOP's obligation to pay the balance of a note to Betty B. Best, a party in interest with respect to the ESOP.
Milan Uremovich, D.D.S., P.C. Profit Sharing Plan and Trust (the Plan)
Permits the leasing by the individual account in the Plan of Dr. Milan Uremovich, of certain office space to Milan Uremovich, D.D.S., P.C., a party in interest with respect to the Plan.
Dakotas and Western Minnesota Electrical Workers Apprenticeship Plan (the Plan)
Permits the lease of a portion of a parcel of improved real property by the Plan from the Dakotas Chapter of the National Electrical Contractors Association, a party in interest with respect to the Plan.
Wachovia Corporation (Wachovia)
Permits, effective January 2, 2002, (1) the in kind transfer by the Wachovia Retirement Savings Plan (the Plan) of its shares in the Wachovia Equity Index Fund (the Index Fund), a mutual fund in which Evergreen Investment Company, LLC, a wholly owned subsidiary of Wachovia, the Plan sponsor, serves as the investment adviser, to the Wachovia Enhanced Stock Market Fund (the Enhanced Fund), a bank collective investment fund, also maintained by Wachovia in exchange for Enhanced Fund units; and (2) the in kind redemption by the Enhanced Fund of the Index Fund shares received on behalf of the Plan in return for a pro rata distribution of cash and transferable securities held by the Index Fund.
George N. Newton, Individual Retirement Account (the IRA)
Permits the proposed arrangement involving the in kind distributions by the IRA to Mr. George F. Newton, a disqualified person with respect to the IRA, in two installments of 50 percent (50%) each, of the IRA’s ownership interest in an unencumbered, improved parcel of real property located in San Antonio, Texas, in connection with the required minimum distribution rules under the Internal Revenue Code of 1986, as amended.
Bankers Trust Company (BT), Deutsche Bank Trust Company Americas (DBTCA), and Deutsche Bank, AG
Amends PTE 99-29 (64 FR 40623, July 27, 1999), an exemption granted to BT. PTE 99-29 permits DBTCA (formerly known as BT) to continue to function as a qualified professional asset manager (QPAM) under PTE 84-14 (49 FR 9494, March 13, 1984), for the period March 11, 1999 and ending July 27, 2004, despite the fact that it had been convicted of several felonies. The amendment is effective January 31, 2003.
A condition of PTE 99-29 requires that Bankers Trust be subject to an annual audit.
In January 2003, Deutsche Bank sold its custodial business to State Street, and as of January 31, 2004, DBTCA no longer had custody of ERISA assets. The amendment would limit the auditing requirements to any year or part thereof in which DBTCA held ERISA covered plan assets in custody. The effective date of PTE 99-29 was extended to July 27, 2009.
Lastly, the applicant sought clarification on whether the relief provided by the exemption would continue to be available now that records are maintained by State Street, and if so, whether or not State Street must maintain these records for fifteen years. As noted in the summary of facts and representations of the notice of proposed exemption for PTE 99-29, (64 FR 30360, 30364, June 7, 1999), the applicant represented that check ledgers, cancelled checks and class action records are to be maintained for 15 years. Further, all escheatment records are to be kept indefinitely. In the proposed amendment to 99-29, the Department concurred with the applicant that as a result of Deutsche Bank’s sale to State Street, the fifteen-year record retention policy described in PTE 99-29 would no longer be feasible. The Department stated that it believed that the six-year period described in section 107 of ERISA would provide a sufficient time period to enable individuals to obtain the information contained in these records.
Proposed Exemption; D-11216
Edward D. Jones & Co., L.P. (the Applicant)
Would permit the extension of credit to the Applicant by certain IRAs whose assets are held in custodian accounts by the Applicant, a party in interest and a disqualified person with respect to the IRAs, in connection with the Applicant's use of uninvested IRA cash balances in such accounts.
Proposed Exemption; L-11293
Anchorage Area Pipe Trades 367 Joint Apprenticeship Committee (the Plan)
Would permit the proposed loan (the Loan) to the Plan, to finance a training facility constructed by the Plan, in the amount of $750,000, by the Local No. 367 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.
Proposed Exemption; D-11306
Pennsylvania Institute of Neurological Disorders, Inc. Profit Sharing Plan (the Plan)
Would permit the proposed sale by the Plan of a parcel of unimproved real property known as Lot 20, Section “F”, Monroe Manor, Inc., to Mahmood Nasir, M.D., a party in interest with respect to the Plan.
Proposed Exemption; D-11313
The Zieger Health Care Corporation Retirement Fund (the Plan)
Would permit, (1) the in-kind contribution and transfer to the Plan by Zieger Health Care Corporation (ZHCC), acting through its wholly-owned subsidiary, Botsford General Hospital (the Hospital), both of which are party in interest with respect to the Plan, of the Hospital’s right, title and interest in five (5) limited liability corporations (collectively, the LLCs or individually an LLC) where the sole asset of each such LLC is one of five (5) parcels of improved real property situated in southern Michigan (individually, an Underlying Property, collectively, the Properties); (2) the holding by the Plan of ownership interests in the LLCs that own the Properties; (3) the leaseback by the Plan to the Hospital of the Underlying Property held by each of the LLCs (individually, the Leases or collectively, the Leases); (4) the sale of an Underlying Property (or ownership interest in an LLC, as the case may be) by the Plan to ZHCC or its affiliates, pursuant to a right of first offer (the RFO), as described in each Lease, at any time during the term of such Lease; and (5) any payment or payments to the Plan by the Hospital, pursuant to contingent rent payments, as described in each Lease, during the term of such Lease.
Proposed Exemption; D-11325
The Donlar Corporation Profit Sharing Plan (the Plan)
Would permit, in connection with the termination of the Plan, the cash sale of a parcel of improved real property (the Property) owned by the Plan to Mr. Donald A. Kainz, a party in interest with respect to the Plan.