A.O. Smith Electrical Products Company, Scottsville, KY; Notice of Termination of Investigation, 65603 [E7-22751]
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Federal Register / Vol. 72, No. 224 / Wednesday, November 21, 2007 / Notices
(2) the non-cash assets are specifically
described in writing as part of the
settlement and valued at their fair
market value, as determined in
accordance with section 5 of the
Voluntary Fiduciary Correction (VFC)
Program, 71 FR 20262, 20270 (Apr. 19,
2006). The methodology for determining
fair market value, including the
appropriate date for such determination,
must be set forth in the written
agreement;
(3) Benefits enhancements are
specifically described in writing as part
of the settlement. Benefits
enhancements may be included as part
of the settlement without an
independent appraisal. In deciding
whether to approve the release of a
claim in exchange for benefits
enhancements, the Authorizing
Fiduciary shall take into account all
aspects of the settlement, including the
cash or other assets to be received by the
plan, the solvency of the party in
interest, and the best interests of the
class of participants harmed by the acts
that are the subject of the plan’s claims;
(4) The Authorizing Fiduciary, or
another independent fiduciary, acts on
behalf of the plan and its participants
and beneficiaries for all purposes
related to any property, including
employer securities as defined by
407(d)(1) of the Act, received by the
plan from the employer as part of the
settlement. The Authorizing Fiduciary
or another independent fiduciary
continues to act on behalf of the plan
and its participants and beneficiaries for
the period that the plan holds the
property, including employer securities,
received from the employer as part of
the settlement. The Authorizing
Fiduciary or another independent
fiduciary shall have sole responsibility
relating to the acquisition, holding,
disposition, ongoing management, and
where appropriate, exercise of all
ownership rights, including the right to
vote securities, except that, in the case
of an individual account plan which
permits participant direction, the
Authorizing Fiduciary or other
independent fiduciary may delegate to
the individual participants to whose
accounts the assets have been allocated,
the decision to hold, exercise ownership
rights, or dispose of the assets;
(j) The plan does not pay any
commissions in connection with the
acquisition of the assets;
(k) The Authorizing Fiduciary acting
on behalf of the plan has acknowledged
in writing that it is a fiduciary with
respect to the settlement of the litigation
on behalf of the plan;
(l) The plan fiduciary maintains or
causes to be maintained for a period of
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six years the records necessary to enable
the persons described below in
paragraph (m) to determine whether the
conditions of this exemption have been
met, including documents evidencing
the steps taken to satisfy section II (c),
such as correspondence with attorneys
or experts consulted in order to evaluate
the plan’s claims, except that:
(1) if the records necessary to enable
the persons described in paragraph (m)
to determine whether the conditions of
the exemption have been met are lost or
destroyed, due to circumstances beyond
the control of the plan fiduciary, then
no prohibited transaction will be
considered to have occurred solely on
the basis of the unavailability of those
records; and
(2) No party in interest, other than the
plan fiduciary responsible for recordkeeping, shall be subject to the civil
penalty that may be assessed under
section 502(i) of the Act or to the taxes
imposed by section 4975(a) and (b) of
the Code if the records are not
maintained or are not available for
examination as required by paragraph
(m) below;
(m)(1) Except as provided below in
paragraph (m)(2) and notwithstanding
any provisions of section 504(a)(2) and
(b) of the Act, the records referred to in
paragraph (l) are unconditionally
available at their customary location for
examination during normal business
hours by—
(A) Any duly authorized employee or
representative of the Department or the
Internal Revenue Service;
(B) Any fiduciary of the plan or any
duly authorized employee or
representative of such fiduciary;
(C) Any contributing employer and
any employee organization whose
members are covered by the plan, or any
authorized employee or representative
of these entities; or
(D) Any participant or beneficiary of
the plan or the duly authorized
employee or representative of such
participant or beneficiary.
(2) Nothing in this exemption
supersedes any restriction on the
disclosure of trade secrets or other
commercial or financial information
which is privileged or confidential and
this exemption does not authorize any
of the persons described in paragraph
(m)(1)(B)–(D) to examine trade secrets or
such commercial or financial
information.
or a plan described in section 4975(e)(1)
of the Code.
For purposes of this exemption, the
term ‘‘employer security’’ refers to
employer securities described in section
407(d)(1) of ERISA.
IV. Effective Dates
This amendment to the class
exemption is effective for settlements
occurring on or after the date of
publication of the final exemption in the
Federal Register. For settlements
occurring before the date of publication
of the final exemption in the Federal
Register, see the original grant of the
Class Exemption for Release of Claims
and Extensions of Credit in Connection
with Litigation, 68 FR 75632 (Dec. 31,
2003).
Signed at Washington, DC, this 14th day of
November, 2007.
Ivan L. Strasfeld,
Director, Office of Exemption Determinations,
Employee Benefits Security Administration,
U.S. Department of Labor.
[FR Doc. E7–22718 Filed 11–20–07; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Employment and Training
Administration
[TA–W–62,411]
A.O. Smith Electrical Products
Company, Scottsville, KY; Notice of
Termination of Investigation
Pursuant to Section 221 of the Trade
Act of 1974, as amended, an
investigation was initiated on November
5, 2007 in response to a petition filed by
a company official on behalf of workers
at A.O. Smith Electrical Products
Company, Scottsville, Kentucky.
The petitioner has requested that the
petition be withdrawn. Consequently,
the investigation has been terminated.
Signed in Washington, DC, this 14th day of
November 2007.
Linda G. Poole,
Certifying Officer, Division of Trade
Adjustment Assistance.
[FR Doc. E7–22751 Filed 11–20–07; 8:45 am]
BILLING CODE 4510–FN–P
Section III. Definition
For purposes of this exemption, the
terms ‘‘employee benefit plan’’ and
‘‘plan’’ refer to an employee benefit plan
described in section 3(3) of ERISA and/
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]]>Agencies
[Federal Register Volume 72, Number 224 (Wednesday, November 21, 2007)]
[Notices]
[Page 65603]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-22751]
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DEPARTMENT OF LABOR
Employment and Training Administration
[TA-W-62,411]
A.O. Smith Electrical Products Company, Scottsville, KY; Notice
of Termination of Investigation
Pursuant to Section 221 of the Trade Act of 1974, as amended, an
investigation was initiated on November 5, 2007 in response to a
petition filed by a company official on behalf of workers at A.O. Smith
Electrical Products Company, Scottsville, Kentucky.
The petitioner has requested that the petition be withdrawn.
Consequently, the investigation has been terminated.
Signed in Washington, DC, this 14th day of November 2007.
Linda G. Poole,
Certifying Officer, Division of Trade Adjustment Assistance.
[FR Doc. E7-22751 Filed 11-20-07; 8:45 am]
BILLING CODE 4510-FN-P
