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.
The United Association of Journeymen and Apprentices of the Plumbers and Pipefitters Local Union No. 189 Pension Plan, as Amended (the Plan)
Permits the sale of certain improved real property by the Plan to Local #189 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.
The Camco Financial & Subsidiaries Salary Savings Plan (the Plan) and Huntington Bancshares, Inc.
Permits the acquisition and holding by the individually-directed Plan accounts of certain participants, of warrants (the Warrants) to purchase additional shares of common stock (Common Stock) issued by Camco Financial Corporation (Camco), the Plan sponsor, in connection with an offering of Camco Common Stock. The exemption is effective from November 1, 2012, until the Warrants are exercised or expire.
Teamsters Union Local No. 727 Pension Fund (the Fund)
Allows the Fundto sell three separate 25 percent interests in 1300 Higgins Road LLC (the LLC), a limited liability company of which the Fund is the sole member (each, an LLC Interest, and collectively, the LLC Interests), respectively, to each of Teamsters Local Union No. 700, Teamsters Local Union No. 727, and the Teamsters Joint Council No. 25 (together, the Unions). The Fund will also receive and be able to exercise a put right, pursuant to which the Unions will purchase the Fund’s remaining 25 percent LLC Interest. The sole asset of the LLC is a piece of real property called the O’Hare Corporate Center, which is located at 1300 Higgins Road in Park Ridge, Illinois.
Craftsman Independent Union Local #1 Health, Welfare & Hospitalization Trust Fund (the Plan)
Permits the sale by the Plan of a parcel of improved real property, located at 2709 Bloomfield Road, Cape Girardeau, Missouri, to the Craftsman Independent Union Local #1, a party in interest with respect to the Plan.
Local 268 Sheet Metal Workers, Local 268, Sheet Metal Workers International Association, AFL-CIO (the Union)
Allows the Union to purchase a building and real property (Building A) from the Local 268 Joint Apprenticeship and Training Fund (the Fund). At the time of the sale (the Sale), the Fund will receive the greater of either: (1) $ $110,226.48; or (2) the fair market value of Building A, as established by a qualified independent appraiser in its appraisal of Building A, as updated on the date of the Sale.
BNP Paribas, S.A. (BNP Paribas)
Allows certain entities with specified relationships to BNP to continue to rely upon the relief provided by PTE 84-14 notwithstanding judgments of conviction against BNP in: (1) Case Number 14-cr-00460 (LGS) in the District Court for the Southern District of New York for conspiracy to commit an offense against the United States in violation of Title 18, United States Code, Section 371, by conspiring to violate the International Emergency Economic Powers Act, codified at Title 50, United States Code, Section 1701 et seq., and regulations issued thereunder, and the Trading with the Enemy Act, codified at Title 50, United States Code Appendix, Section 1 et seq., and regulations issued thereunder; and (2) Case Number 2014 NY 051231 in the Supreme Court of the State of New York, County of New York for falsifying business records in the first degree, in violation of Penal Law §175.10, and conspiracy in the fifth degree, in violation of Penal Law §105.05(1).
Rock Wool Manufacturing Company Salaried Retirement Plan (the Plan)
Permits the in-kind contribution to the Plan of a parcel of unimproved real property by Rock Wool Manufacturing Company, the Plan sponsor and a party in interest with respect to the Plan.
Wells Fargo Company (WFC)
Permits, effective as of July 27, 2015, asset management affiliates of WFC to purchase certain securities for plan clients (i.e., single client plans, as well as client plans and in-house plans whose assets are invested in pooled funds) during the existence of an underwriting or selling syndicate where affiliates of WFC serve as trustees, servicers, or broker-dealers with respect to the offering.
Robert W. Baird & Co. Incorporated (Baird)
Permits: (1) the acquisition, sale or exchange by a Separately Managed Account or a Pooled Fund (the Account) of shares of an open-end investment company registered under the Investment Company Act of 1940, where the investment adviser for the investment company is also a fiduciary for the Account; (2) the in-kind redemptions of shares or acquisitions of shares of the Fund in exchange for Account assets transferred in-kind from an Account; and (3) the receipt of fees by Baird from the Fund for acting as an investment adviser to the Fund with respect to the investment of the Account's assets in the Fund. Additionally, the exemption would permit the receipt of fees for providing secondary services to the Funds in connection with the investment by the Accounts in shares of the Funds. The relief requested is similar to relief already provided in a line of older exemptions stretching back several years – stemming from PTE 77-4 – except for the allowance of a "purchase fee" paid by the Account investor in connection with its investment in the Fund, and the permission of in-kind purchases and sales of shares involving section 144A Securities.
Eli Lilly and Company (Lilly) and Elco Insurance Company Limited (Elco)
Permits American United Life Insurance (AUL) or any successor insurance company, i.e., a "fronting insurer" to provide optional group term life insurance to the participants in the Eli Lilly Company Employee Welfare Plan (Plan) and for Elco, a wholly-owned subsidiary of Lilly, to reinsure the optional group term life insurance benefits for 75% of the risks. Lilly sponsors the Plan for its employees in order to provide medical, life insurance, dental, disability, death benefits, and other welfare benefits to eligible participants. Conditions include: An increase in sponsor-paid enhancements to the Wellness component of the Health Plan approximating $500,000 per year (plus $50 per employee who participates in a biometric screening program); continuous yearly enhancements of at least the same amount; substantial IF oversight; and a requirement that the fronting insurer must have A or better rating from A.M. Best Company.
Robert A. Handelman Roth IRA No. 2 (the New IRA)
Permits the purchase by the New IRA of a 100% ownership interest in RAH Properties Mill Street, Ltd. from Robert A. Handelman, the New IRA owner and a disqualified person with respect to the New IRA.
Roofers Local 195 Pension Fund (the Pension Fund) and Roofers Local 195 Joint Apprenticeship Training Fund (the Training Fund)
Permits the sale (Sale) of a building (the Building), located in Cicero, New York, by the Pension Fund to the Training Fund in exchange for a one-time cash payment equal to the fair market value of the Building as determined in an appraisal by a qualified independent appraiser updated on the date of Sale. The Pension Fund is a terminated, qualified, multiemployer defined benefit pension plan established by and between the Roofers Contractors' Association, Inc. and the United Union of Roofers, Waterproofers and Allied Workers, Local Union No. 195 (the Union). The Training Fund is a multiemployer welfare benefit plan established pursuant to collective bargaining agreements between various employers and the Union.
First Security Group, Inc. 401(k) and Employee Stock Ownership Plan (the Plan)
Permits, for the period beginning August 21, 2013, and ending on September 20, 2013: (1) the acquisition of certain stock subscription rights (the Rights) by the individually-directed accounts (the Accounts) in the Plan of certain participants in the Plan (the Invested Participants) in connection with an offering (the Offering), by First Security Group, Inc. (FSG), the sponsor of the Plan and a party in interest with respect to the Plan, of shares of common stock of FSG; and (2) the holding of the Rights received by the Accounts of Invested Participants during the subscription period of the Offering.
Credit Suisse AG
Permits certain entities with specified relationships to Credit Suisse AG (i.e., Credit Suisse Affiliated QPAMs and Credit Suisse Related QPAMs) to continue to rely upon the relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding the judgment of conviction against Credit Suisse AG for one count of conspiracy to violate section 7206(2) of the Internal Revenue Code in violation of Title 18, United States Code, section 371, entered in the District Court for the Eastern District of Virginia in Case Number 1:14-cr-188-RBS on November 21, 2014.
Deutsche Bank AG
Permits certain entities with specified relationships to Deutsche Bank AG (i.e., Deutsche Bank QPAMs), to continue to rely upon the relief provided by Prohibited Transaction Class Exemption 84-14, notwithstanding the judgment of conviction against Deutsche Securities Korea Co. (DSK), to be entered in Seoul Central District Court, South Korea, relating to charges filed against DSK under Articles 176, 443, and 448 of South Korea's Financial Investment Services and Capital Markets Act for spot/futures-linked market price manipulation.
Red Wing Shoe Company Pension Plan for Hourly Employees, the Red Wing Shoe Company Retirement Plan and the S.B. Foot Tanning Company Employees’ Pension Plan (collectively, the Plans)
Permits: (1) the in-kind contribution (the Contribution) of shares (the Shares) in Red Wing International, Ltd. (RWI) to the Plans by Red Wing Shoe Company, Inc. (Red Wing), a party in interest with respect to the Plans; (2) the sale of the Shares by the Plans to Red Wing or an affiliate of Red Wing in connection with the exercise of the Terminal Put Option, the Call Option, or the Liquidity Put Option in accordance with the terms thereof; and (3) the deferred payment of: (i) the price of the Shares by the Plans to Red Wing or its affiliate in connection with the exercise of the Liquidity Put Option, the Terminal Put Option and the Call Option; and (ii) any Make-Whole Payments by Red Wing.
Frank Russell Company and Affiliates (Russell)
Permits the purchase and sale by plans of Russell mutual funds, where Russell is an advisor (or sub-advisor) to the fund and a plan fiduciary. The purchases and sales may occur directly or through Russell’s collective investment funds. In all cases: plan level fees, fund level fees, and collective fund level fees are offset to prevent double or triple fees being charged to affected plans. Russell also seeks to use “negative consent” as a means for plans to approve: (1) increases in mutual fund fees; and (2) the addition of new affiliated mutual funds to the portfolio of collective funds in which client plans invest. The negative consent provision is subject to notice and the right of a plan to terminate authorization at the time of a fee increase, and at the time a new affiliated mutual fund is proposed to be added to the portfolio of a collective fund in which a client plan invests.
The Les Schwab Tire Centers of Washington, Inc., the Les Schwab Tire Centers of Idaho, Inc., and the Les Schwab Tire Centers of Portland, Inc. (collectively, Les Schwab)
Permits the cash sales by the Les Schwab Profit Sharing Retirement Plan (the Plan) of certain real property, located in Bothell, Washington, Lacey, Washington, and Twin Falls, Idaho (the Properties), to Les Schwab. The Properties have been leased continuously by the Plan to Les Schwab for many years in accordance with the provisions of section 408(e) of ERISA. Each of the subject ground leases contains purchase option provisions that give the lessee the opportunity to purchase the Properties from the Plan on certain specified dates.
New England Carpenters Training Fund (the Plan)
Permits the purchase, by the Plan, of a parcel of improved real property for $1.28 million in cash, from the Connecticut Carpenters Local 24, a party in interest with respect to the Plan.
Virginia Bankers Association Defined Contribution Plan for First Capital Bank (the Plan)
Permits: (1) the acquisition of certain warrants (the Warrants) to purchase a half-share of common stock (the Stock) of First Capital Bancorp, Inc. (First Capital) by the participant-directed accounts (the Accounts) of certain participants in the Plan in connection with a rights offering of shares of Stock by First Capital, a party in interest with respect to the Plan; and (2) the holding of the Warrants received by the Accounts.
Idaho Veneer Company/Ceda-Pine Veneer, Inc. Employees’ Retirement Plan (the Plan)
Permits the in-kind contribution to the Plan of unimproved real property by Idaho Veneer Company, the Plan sponsor.
United States Steel and Carnegie Pension Fund (UCF)
Permits certain transactions that are covered by Part I of PTE 84-14 between parties in interest with respect to: (1) the “Former US Steel Related Plans”; (2) plans formerly managed by UCF under PTE 96-23, but for which PTE 96-23 is no longer available because such assets are not held under a plan maintained by an affiliate of UCF; and (3) the assets of certain “Add-On Plans” that are sponsored or may become sponsored by an entity that was, but has ceased to be an affiliate of UCF. UCF or its successor would have discretionary authority or control with respect to the plan assets involved in the subject transactions.
The exemption is effective for the period commencing January 1, 2015, and ends two years from the effective date. UCF’s counsel has been advised that the Department will no longer grant exemptions of this nature to UCF because the intent of these exemptions was to afford the parties a sufficient amount of time for UCF to become a full-fledged QPAM rather than operate as a “quasi-QPAM.”
Roberts Supply, Inc. Profit Sharing Plan and Trust (the Plan)
Permits the cash sale (Sale) of a building (the Property) located in Winter Park, Florida by the Plan to Roberts Brothers Development, LLC (Roberts Development) in exchange for a one-time cash payment equal to the greater of $900,000, or the current fair market value of the Property as determined by a qualified independent appraiser in a written appraisal that is updated on the date of Sale. The Plan is a frozen defined contribution profit sharing plan sponsored by Roberts Supply, Inc. with an original effective date of March 1, 1977. The Plan intends to sell the Property, the sole remaining illiquid asset in the Plan, in order to terminate and distribute the proceeds to the participants. The Plan has been unable to secure a third-party purchaser for the Property. Therefore, Roberts Development, jointly owned by Wayne P. Roberts and William H. Roberts, Jr., and their spouses, a party in interest to the Plan under section 3(14)(G) of ERISA, has offered to purchase the Property from the Plan.