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.
Rosetree & Company 401(k) Plan and Trust (the Plan)
Permits the guarantee by Richard Rosenbaum, the Plan trustee, a disqualified person with respect to the Plan, of: (1) a loan made by the Great Lakes Credit Union, an unrelated third party lender, to Kurtson Realy, LLC, a real estate company that is wholly owned by the Plan; and (2) a future loan made by an unrelated third party lender to Kurtson.
Aon Pension Plan (the Plan)
Permits the in-kind contribution by Aon Corporation to the Plan of a 3.5% limited partnership interest in the Trident V, L.P. Fund.
JPMorgan Chase Co. (JPMC)
Permits, for the period January 10, 2018, through January 9, 2023, certain entities with specified relationships to JPMC to continue to rely on the exemptive relief provided by PTE 84–14, notwithstanding JPMC’s criminal conviction.
Deutsche Bank AG (Deutsche Bank AG), et al.
Permits, for the period April 18, 2018, through April 17, 2021, certain entities with specified relationships to Deutsche Bank AG to continue to rely on the exemptive relief provided by PTE 84–14, notwithstanding: (1) the Korean criminal conviction against Deutsche Securities Korea Co., a South Korean affiliate of Deutsche Bank AG; and (2) the U.S. criminal conviction against DB Group Services (UK) Limited, an affiliate of Deutsche Bank AG based in the United Kingdom.
Citigroup, Inc. (Citigroup)
Permits, for the period January 10, 2018, through January 9, 2023, certain entities with specified relationships to Citigroup to continue to rely on the exemptive relief provided by PTE 84–14, notwithstanding Citigroup’s criminal conviction.
Barclays Capital Inc.
Permits, for the period January 10, 2018, through January 9, 2023, certain entities with specified relationships to Barclays PLC (BPLC) to continue to rely on the exemptive relief provided by PTE 84–14, notwithstanding BPLC’s criminal conviction.
UBS Assets Management (Americas) Inc., et al.
Permits, for the period January 10, 2018, through January 9, 2021, certain entities with specified relationships to UBS AG (UBS) to continue to rely on the exemptive relief provided by PTE 84–14, notwithstanding: (1) the 2013 criminal conviction of UBS Securities Japan Co. Ltd., and (2) the 2017 criminal conviction of UBS.
The Grossberg, Yochelson, Fox & Beyda LLP Profit Sharing Plan (the Plan)
Would permit the proposed sale by the Plan of a limited liability company interest to GYFB-Commons, LLC (GYFB Commons), an entity that will be owned by the current partners of the law firm, Grossberg, Yochelson, Fox & Beyda, LLP.
Toledo Electrical Joint Apprenticeship & Training Fund (the Training Plan)
Would permit the purchase by the Training Plan of certain unimproved real property from the International Brotherhood of Electrical Workers Local Union No. 8 Building Corporation, a party in interest with respect to the Training Plan.
D-11929 and D-11930
Health Management Associates, Inc. Retirement Savings Plan (the HMA Plan) and The Mooresville Retirement Savings Plan (the Mooresville Plan)
Would permit effective January 27, 2014, (1) the acquisition by the Plans of contingent value rights (CVRs) received by the Plans in connection with the merger of FWCT–2 Acquisition Corporation, a wholly-owned subsidiary of Community Health Systems, Inc. (CHS), with and into Health Management Associates, Inc. (HMA), with HMA surviving as a wholly owned subsidiary of CHS; and (2) the holding of the CVRs by the Plans.
Liberty Mutual Insurance Company
This proposed exemption provides substantially the same relief provided by Part I of PTE 96-23 (INHAM), without the requirement that the investment manager qualify as a registered investment advisor (RIA). Relief is provided for transactions between the Liberty Mutual Retirement Benefit Plan and any other ERISA-covered plan maintained by Liberty Mutual or an affiliate of Liberty Mutual, and covering the employees of such entities (the Liberty Mutual Plan) and certain parties in interest with respect to such Liberty Mutual Plan, provided that the Liberty Mutual Asset Manager has discretionary authority or control with respect to the assets of the Liberty Mutual Plan involved in the transaction and the parties in interest may only be service providers or certain 10% or more partners, shareholders, or joint venturers with Liberty Mutual. No relief mirroring the specific exemptions of Part II of INHAM or the places of public accommodation of Part III of INHAM is being provided. The conditions are consistent with Part I of INHAM. The Liberty Mutual Asset Manager will not charge any fees to the Liberty Mutual Plan. The audit requirement is more robust than that in INHAM and resembles the QPAM I(g) audits., with the audit report unconditionally available to the Department. The Liberty Mutual Asset Manager will adopt Policies similar to those required of RIAs. Furthermore the Liberty Mutual Asset Manager will prepare and make available to all participants of, and beneficiaries entitled to receive benefits under, the Liberty Mutual Plans a Brochure that contains disclosures comparable to that required by Part 2A of Form ADV. The Liberty Mutual Asset Manager must establish an internal compliance program, with a Chief Compliance Officer, who must be knowledgeable about ERISA and have the authority to develop and enforce appropriate compliance policies and procedures for the Liberty Mutual Asset Manager, and a written code of ethics that will reflect the Liberty Mutual Asset Manager's fiduciary duties to the Liberty Mutual Plans. Finally, this proposed exemption imposes two conditions from the BIC exemption, including: (1) the Liberty Mutual Asset Manager must act in the Best Interest of the Liberty Mutual Plan; and (2) statements about material conflicts of interest and any other matters relevant to the Liberty Mutual Asset Manager’s relationship with the Liberty Mutual Plan are not materially misleading at the time they are made.
Russell Investment Management, LLC, Russell Investments Capital, LLC
The proposed transactions would allow Russell Investments to receive fees from certain affiliated mutual funds (the Affiliated Funds), in connection with the direct investment in shares of any such Affiliated Fund by employee benefit plans (the Client Plans), where Russell Investments serves as a fiduciary to such Client Plans, and where Russell Investments: (1) provides investment advisory services or similar services to any such Affiliated Fund; and (2) provides to any Affiliated Fund other services. If granted, the exemption would also permit: (1) the indirect investment by a Client Plan in shares of an Affiliated Fund through investment in a pooled investment vehicle or pooled investment vehicles (i.e., Collective Funds), where Russell Investments serves as a fiduciary with respect to such Client Plan; and (2) the receipt of fees by Russell Investments from: (a) an Affiliated Fund for the provision of investment advisory services, or similar services by Russell Investments to any such Affiliated Fund; and (b) an Affiliated Fund for the provision of Secondary Services by Russell Investments to any such Affiliated Fund.
Withdrawn Proposed Exemption
ABARTA, Inc. Pension Plan (the Plan)
Would permit: (1) the in-kind contribution by ABARTA Inc. (ABARTA) to the Plan (the Contribution) of ABARTA’s 100% ownership interests (the LLC Interests) in two special purpose entities: Delabarta Pennsylvania Real Estate, LLC (Delabarta Pennsylvania LLC); and Delabarta New York Real Estate, LLC (Delabarta New York LLC) (together, the LLCs), each of which owns, as its only asset, a parcel of improved real property (a Property); (b) Following the Contribution: (1) the Plan’s leasing of the Property owned by the Delabarta Pennsylvania LLC to an ABARTA subsidiary, Coca-Cola Bottling Company of Lehigh Valley, Inc. (Coca Cola Lehigh Valley) and a one-time renewal of that lease; and (2) the Plan’s leasing of the Property owned by the Delabarta New York LLC to another ABARTA subsidiary, Coca-Cola Bottling Company of Buffalo, Inc. (Coca Cola Buffalo), and a one-time renewal of that lease (Hereinafter, the two leases are referred to as the “Leases”, and the two renewals of those Leases are referred to as the “Lease Renewals.”); (c) the guarantees by Coca-Cola Buffalo and Coca-Cola Lehigh Valley (the Tenants) to the Plan in connection with a “make whole obligation” (the Make Whole Obligation), and any payments to the Plan in fulfillment of that obligation; (d) Each Tenant’s indemnification of the Plan in connection with a Lease and a Lease Renewal; and (e)(1) the Plan’s granting of a right of first offer (the Right of First Offer) to each Tenant, whereby the Tenant may purchase a Property or LLC interest from the Plan; and (2) a sale by the Plan of a Property or LLC Interest to a Tenant in connection with a Tenant’s exercise of that Right of First Offer.