Prohibited Transaction Exemptions and Grant of Individual Exemptions involving: D-11428, Heico Holding Inc. Pension Plan (the Plan), 2009-04; D-11450, Brewster Dairy, Inc. 401(k) Profit Sharing Plan (the Plan), 8570-8571 [E9-3998]
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8570
Federal Register / Vol. 74, No. 36 / Wednesday, February 25, 2009 / Notices
for the proper performance of the
functions of the agency, including
whether the information will have
practical utility;
—Evaluate the accuracy of the agency’s
estimate of the burden of the
proposed collection of information,
including the validity of the
methodology and assumptions used;
—Enhance the quality, utility, and
clarity of the information to be
collected; and
—Minimize the burden of the collection
of information on those who are to
respond, including through the use of
appropriate automated, electronic,
mechanical, or other technological
collection techniques or other forms
of information technology, e.g.,
permitting electronic submission of
responses.
pwalker on PROD1PC71 with NOTICES
Overview of This Information
(1) Type of Information Collection:
Extension of a currently approved
collection.
(2) The Title of the Form/Collection:
Grants Management System Online
Application.
(3) The Agency Form Number, if any,
and the Applicable Component of the
Department Sponsoring the Collection:
There is no form number, Office of
Justice Programs, United States
Department of Justice.
(4) Affected Public Who Will be Asked
or Required to Respond, as well as a
Brief Abstract: The primary respondents
are State, Local or Tribal Governments
applying for grants. GMS is used to
implement the statutory requirements of
the Grant Management System (GMS)
Online Application; Grant Adjustment
Notice (GAN); Progress and Financial
Reports of applications, awards, and
closeouts.
(5) An Estimate of the Total Number
of Respondents and the Amount of Time
Estimated for an Average Respondent to
Respond: An estimated 34,097 grantees
will respond to Grants Management
System Online Application and on
average it will take each of them 12
hours to complete the 4 applications.
(6) An Estimate of the Total Public
Burden (in hours) Associated with the
collection: The estimated public burden
associated with this application is
137,238 hours.
If additional information is required
contact: Ms. Lynn Bryant, Department
Clearance Officer, United States
Department of Justice, Justice
Management Division, Policy and
Planning Staff, Patrick Henry Building,
Suite 1600, 601 D Street, NW.,
Washington, DC 20530.
VerDate Nov<24>2008
18:09 Feb 24, 2009
Jkt 217001
Dated: February 19, 2009.
Lynn Bryant,
Department Clearance Officer, PRA, United
States Department of Justice.
[FR Doc. E9–3988 Filed 2–24–09; 8:45 am]
BILLING CODE 4410–18–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
Prohibited Transaction Exemptions
and Grant of Individual Exemptions
involving: D–11428, Heico Holding Inc.
Pension Plan (the Plan), 2009–04; D–
11450, Brewster Dairy, Inc. 401(k)
Profit Sharing Plan (the Plan)
Statutory Findings
In accordance with section 408(a) of
the Act and/or section 4975(c)(2) of the
Code and the procedures set forth in 29
CFR Part 2570, Subpart B (55 FR 32836,
32847, August 10, 1990) and based upon
the entire record, the Department makes
the following findings:
(a) The exemption is administratively
feasible;
(b) The exemption is in the interests
of the plan and its participants and
beneficiaries; and
(c) The exemption is protective of the
rights of the participants and
beneficiaries of the plan.
Heico Holding Inc. Pension Plan (the
Plan), Located in Downers Grove, IL
AGENCY:
[Prohibited Transaction Exemption 2009–04;
Exemption Application Number: D–11428]
SUMMARY: This document contains
exemptions issued by the Department of
Labor (the Department) from certain of
the prohibited transaction restrictions of
the Employee Retirement Income
Security Act of 1974 (ERISA or the Act)
and/or the Internal Revenue Code of
1986 (the Code).
A notice was published in the Federal
Register of the pendency before the
Department of a proposal to grant such
exemption. The notice set forth a
summary of facts and representations
contained in the application for
exemption and referred interested
persons to the application for a
complete statement of the facts and
representations. The application has
been available for public inspection at
the Department in Washington, DC. The
notice also invited interested persons to
submit comments on the requested
exemption to the Department. In
addition the notice stated that any
interested person might submit a
written request that a public hearing be
held (where appropriate). The applicant
has represented that it has complied
with the requirements of the notification
to interested persons. No requests for a
hearing were received by the
Department. Public comments were
received by the Department as described
in the granted exemption.
The notice of proposed exemption
was issued and the exemption is being
granted solely by the Department
because, effective December 31, 1978,
section 102 of Reorganization Plan No.
4 of 1978, 5 U.S.C. App. 1 (1996),
transferred the authority of the Secretary
of the Treasury to issue exemptions of
the type proposed to the Secretary of
Labor.
Exemption
The restrictions of section
406(a)(1)(A) and (D), and section
406(b)(1) and (b)(2) of the Act, and the
sanctions resulting from the application
of section 4975 of the Code, by reason
of section 4975(c)(1)(A), (D), and (E) of
the Code, shall not apply to the sale by
the Plan of a non-marketable limited
partnership interest (the Interest) in
Trident Equity Fund, II, L.P. (the
Partnership) to Heico Holding Inc. (the
Applicant), a party in interest with
respect to the Plan, provided that the
following conditions are satisfied:
(a) The sale is a one-time transaction
for cash;
(b) The Plan pays no commissions,
fees or other expenses in connection
with the sale;
(c) The terms and conditions of the
sale are at least as favorable as those
obtainable in an arm’s length
transaction with an unrelated third
party;
(d) As a result of the sale, the Plan
receives the greater of: (i) $1,050,000;
(ii) The value of the Interest as
determined by the General Partner of
the Partnership and reported on the
most recent quarterly account
statements of the Partnership available
at the time of the sale; (iii) The fair
market value of the Interest as
determined on the date of the sale by a
qualified, independent appraiser; or (iv)
The total amount of the Plan’s
contributions to the Partnership made
on or after January 21, 2005 (i.e., the
Plan’s investment cost basis in the
Interest); and
(e) Upon Plan termination, it is
determined that the Plan is overfunded.
For a complete statement of the facts
and representations supporting the
Department’s decision to grant this
exemption, refer to the Notice of
Employee Benefits Security
Administration, Labor.
ACTION: Grant of individual exemptions.
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Federal Register / Vol. 74, No. 36 / Wednesday, February 25, 2009 / Notices
Proposed Exemption published on
November 20, 2008 at 73 FR 70372.
For Further Information Contact: Mr.
Mark Judge of the Department,
telephone (202) 693–8339. (This is not
a toll-free number.)
Brewster Dairy, Inc. 401(k) Profit
Sharing Plan (the Plan), Located in
Brewster, OH
pwalker on PROD1PC71 with NOTICES
[Prohibited Transaction Exemption 2009–05;
Exemption Application No. D–11450]
Exemption
The restrictions of sections
406(a)(1)(A) and (D), 406(b)(1) and (b)(2)
of the Act, and the sanctions resulting
from the application of section 4975(a)
and (b) of the Code, by reason of section
4975(c)(1)(A), (D) and (E) of the Code,
shall not apply to the November 18,
2008 sale (the Sale) by the Plan of 2.5
limited partnership units (the Units) in
the Heartland California Clayton
Limited Partnership (the Partnership) to
Brewster Dairy, Inc. (Brewster), the
Plan’s sponsor and a party in interest
with respect to the Plan, for the greater
of: (1) $57,000; (2) the net proceeds for
the Units in the event the Partnership
sells its real estate (the Property) to a
third party; or (3) the net proceeds from
foreclosure for the Units in the event the
Property is foreclosed to pay back real
estate taxes, provided the following
conditions are satisfied:
(a) The Sale of the Units was a onetime transaction for cash;
(b) The Plan paid no commissions,
fees or other expenses in connection
with the Sale;
(c) The terms of the transaction were
at least as favorable to the Plan as those
the Plan could obtain in a similar
transaction with an unrelated party;
(d) The fair market value of the Units
on the date of the Sale was determined
by a qualified independent appraiser;
(e) The Plan fiduciaries determined
whether it was in the best interest of the
Plan to go forward with the Sale,
reviewed and approved the
methodology used in the appraisal that
was relied upon, and ensured that the
methodology was applied by a qualified,
independent appraiser in determining
the fair market value of the Units as of
the date of the Sale; and
(f) The proceeds from the Sale of the
Units to Brewster will be allocated only
to the participants who are defined in
the Consent Order and Judgment (File
No. 5:98CV744, July 1, 1999) entered by
the United States District Court for the
Northern District of Ohio Eastern
Division (the Court).
For a more complete statement of the
facts and representations supporting the
Department’s decision to grant this
VerDate Nov<24>2008
18:09 Feb 24, 2009
Jkt 217001
exemption, refer to the notice of
proposed exemption (the Notice)
published on November 20, 2008 at 73
FR 70375.
Effective Date: This exemption is
effective November 18, 2008.
Written Comments and Hearing
Requests: The Department received one
written comment and no hearing
requests with respect to the Notice. The
one comment letter was submitted by
Brewster. In its letter, Brewster
informed the Department that the
subject Sale of the 2.5 Units was
consummated on November 18, 2008,
and Brewster requested that the
exemption be made retroactive to that
date. The Sale price was $57,000.
Brewster represented that the
transaction had to be completed prior to
the granting of the exemption by the
Department to facilitate the sale of the
Property by the Partnership’s General
Partners prior to the county filing a
foreclosure action for real estate taxes
unpaid by the Partnership. Brewster
further represented that it will follow
the terms of the Notice in all matters
including allocation and adjustment of
the purchase price if the Units
previously owned by the Plan are sold
by Brewster for more than $57,000 (or
bring more than $57,000 in proceeds
from foreclosure).
The Department has considered, the
entire record, including the comment
letter submitted by Brewster and has
determined that the subject transaction
satisfied the criteria of section 408(a) of
the Act on the date of the transaction.
Accordingly, the Department herein
grants the exemption, effective
November 18, 2008.
For Further Information Contact: Gary
H. Lefkowitz of the Department,
telephone (202) 693–8546. (This is not
a toll-free number.)
General Information
The attention of interested persons is
directed to the following:
(1) The fact that a transaction is the
subject of an exemption under section
408(a) of the Act and/or section
4975(c)(2) of the Code does not relieve
a fiduciary or other party in interest or
disqualified person from certain other
provisions to which the exemption does
not apply and the general fiduciary
responsibility provisions of section 404
of the Act, which among other things
require a fiduciary to discharge his
duties respecting the plan solely in the
interest of the participants and
beneficiaries of the plan and in a
prudent fashion in accordance with
section 404(a)(1)(B) of the Act; nor does
it affect the requirement of section
401(a) of the Code that the plan must
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
8571
operate for the exclusive benefit of the
employees of the employer maintaining
the plan and their beneficiaries;
(2) This exemption is supplemental to
and not in derogation of, any other
provisions of the Act and/or the Code,
including statutory or administrative
exemptions and transactional rules.
Furthermore, the fact that a transaction
is subject to an administrative or
statutory exemption is not dispositive of
whether the transaction is in fact a
prohibited transaction; and
(3) The availability of this exemption
is subject to the express condition that
the material facts and representations
contained in the application accurately
describes all material terms of the
transaction which is the subject of the
exemption.
Signed at Washington, DC, this 19th day of
February, 2009.
Ivan Strasfeld,
Director of Exemption Determinations,
Employee Benefits Security Administration,
U.S. Department of Labor.
[FR Doc. E9–3998 Filed 2–24–09; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
[Application Nos. and Proposed
Exemptions; D–11447, Verizon
Investment Management Company; D–
11470, M&T Bank Corporation Pension
Plan; D–11493, Schloer Enterprises,
Inc. 401(k) Profit Sharing Plan (the
Plan); and D–11501, Morgan Stanley &
Co. Incorporated, et al.]
AGENCY: Employee Benefits Security
Administration, Labor.
ACTION: Notice of Proposed Exemptions.
SUMMARY: This document contains
notices of pendency before the
Department of Labor (the Department) of
proposed exemptions from certain of the
prohibited transaction restrictions of the
Employee Retirement Income Security
Act of 1974 (ERISA or the Act) and/or
the Internal Revenue Code of 1986 (the
Code).
Written Comments and Hearing
Requests
All interested persons are invited to
submit written comments or requests for
a hearing on the pending exemptions,
unless otherwise stated in the Notice of
Proposed Exemption, within 45 days
from the date of publication of this
Federal Register Notice. Comments and
requests for a hearing should state: (1)
The name, address, and telephone
E:\FR\FM\25FEN1.SGM
25FEN1
]]>Agencies
[Federal Register Volume 74, Number 36 (Wednesday, February 25, 2009)]
[Notices]
[Pages 8570-8571]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-3998]
=======================================================================
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Employee Benefits Security Administration
Prohibited Transaction Exemptions and Grant of Individual
Exemptions involving: D-11428, Heico Holding Inc. Pension Plan (the
Plan), 2009-04; D-11450, Brewster Dairy, Inc. 401(k) Profit Sharing
Plan (the Plan)
AGENCY: Employee Benefits Security Administration, Labor.
ACTION: Grant of individual exemptions.
-----------------------------------------------------------------------
SUMMARY: This document contains exemptions issued by the Department of
Labor (the Department) from certain of the prohibited transaction
restrictions of the Employee Retirement Income Security Act of 1974
(ERISA or the Act) and/or the Internal Revenue Code of 1986 (the Code).
A notice was published in the Federal Register of the pendency
before the Department of a proposal to grant such exemption. The notice
set forth a summary of facts and representations contained in the
application for exemption and referred interested persons to the
application for a complete statement of the facts and representations.
The application has been available for public inspection at the
Department in Washington, DC. The notice also invited interested
persons to submit comments on the requested exemption to the
Department. In addition the notice stated that any interested person
might submit a written request that a public hearing be held (where
appropriate). The applicant has represented that it has complied with
the requirements of the notification to interested persons. No requests
for a hearing were received by the Department. Public comments were
received by the Department as described in the granted exemption.
The notice of proposed exemption was issued and the exemption is
being granted solely by the Department because, effective December 31,
1978, section 102 of Reorganization Plan No. 4 of 1978, 5 U.S.C. App. 1
(1996), transferred the authority of the Secretary of the Treasury to
issue exemptions of the type proposed to the Secretary of Labor.
Statutory Findings
In accordance with section 408(a) of the Act and/or section
4975(c)(2) of the Code and the procedures set forth in 29 CFR Part
2570, Subpart B (55 FR 32836, 32847, August 10, 1990) and based upon
the entire record, the Department makes the following findings:
(a) The exemption is administratively feasible;
(b) The exemption is in the interests of the plan and its
participants and beneficiaries; and
(c) The exemption is protective of the rights of the participants
and beneficiaries of the plan.
Heico Holding Inc. Pension Plan (the Plan), Located in Downers Grove,
IL
[Prohibited Transaction Exemption 2009-04; Exemption Application
Number: D-11428]
Exemption
The restrictions of section 406(a)(1)(A) and (D), and section
406(b)(1) and (b)(2) of the Act, and the sanctions resulting from the
application of section 4975 of the Code, by reason of section
4975(c)(1)(A), (D), and (E) of the Code, shall not apply to the sale by
the Plan of a non-marketable limited partnership interest (the
Interest) in Trident Equity Fund, II, L.P. (the Partnership) to Heico
Holding Inc. (the Applicant), a party in interest with respect to the
Plan, provided that the following conditions are satisfied:
(a) The sale is a one-time transaction for cash;
(b) The Plan pays no commissions, fees or other expenses in
connection with the sale;
(c) The terms and conditions of the sale are at least as favorable
as those obtainable in an arm's length transaction with an unrelated
third party;
(d) As a result of the sale, the Plan receives the greater of: (i)
$1,050,000; (ii) The value of the Interest as determined by the General
Partner of the Partnership and reported on the most recent quarterly
account statements of the Partnership available at the time of the
sale; (iii) The fair market value of the Interest as determined on the
date of the sale by a qualified, independent appraiser; or (iv) The
total amount of the Plan's contributions to the Partnership made on or
after January 21, 2005 (i.e., the Plan's investment cost basis in the
Interest); and
(e) Upon Plan termination, it is determined that the Plan is
overfunded.
For a complete statement of the facts and representations
supporting the Department's decision to grant this exemption, refer to
the Notice of
[[Page 8571]]
Proposed Exemption published on November 20, 2008 at 73 FR 70372.
For Further Information Contact: Mr. Mark Judge of the Department,
telephone (202) 693-8339. (This is not a toll-free number.)
Brewster Dairy, Inc. 401(k) Profit Sharing Plan (the Plan), Located in
Brewster, OH
[Prohibited Transaction Exemption 2009-05; Exemption Application No. D-
11450]
Exemption
The restrictions of sections 406(a)(1)(A) and (D), 406(b)(1) and
(b)(2) of the Act, and the sanctions resulting from the application of
section 4975(a) and (b) of the Code, by reason of section
4975(c)(1)(A), (D) and (E) of the Code, shall not apply to the November
18, 2008 sale (the Sale) by the Plan of 2.5 limited partnership units
(the Units) in the Heartland California Clayton Limited Partnership
(the Partnership) to Brewster Dairy, Inc. (Brewster), the Plan's
sponsor and a party in interest with respect to the Plan, for the
greater of: (1) $57,000; (2) the net proceeds for the Units in the
event the Partnership sells its real estate (the Property) to a third
party; or (3) the net proceeds from foreclosure for the Units in the
event the Property is foreclosed to pay back real estate taxes,
provided the following conditions are satisfied:
(a) The Sale of the Units was a one-time transaction for cash;
(b) The Plan paid no commissions, fees or other expenses in
connection with the Sale;
(c) The terms of the transaction were at least as favorable to the
Plan as those the Plan could obtain in a similar transaction with an
unrelated party;
(d) The fair market value of the Units on the date of the Sale was
determined by a qualified independent appraiser;
(e) The Plan fiduciaries determined whether it was in the best
interest of the Plan to go forward with the Sale, reviewed and approved
the methodology used in the appraisal that was relied upon, and ensured
that the methodology was applied by a qualified, independent appraiser
in determining the fair market value of the Units as of the date of the
Sale; and
(f) The proceeds from the Sale of the Units to Brewster will be
allocated only to the participants who are defined in the Consent Order
and Judgment (File No. 5:98CV744, July 1, 1999) entered by the United
States District Court for the Northern District of Ohio Eastern
Division (the Court).
For a more complete statement of the facts and representations
supporting the Department's decision to grant this exemption, refer to
the notice of proposed exemption (the Notice) published on November 20,
2008 at 73 FR 70375.
Effective Date: This exemption is effective November 18, 2008.
Written Comments and Hearing Requests: The Department received one
written comment and no hearing requests with respect to the Notice. The
one comment letter was submitted by Brewster. In its letter, Brewster
informed the Department that the subject Sale of the 2.5 Units was
consummated on November 18, 2008, and Brewster requested that the
exemption be made retroactive to that date. The Sale price was $57,000.
Brewster represented that the transaction had to be completed prior to
the granting of the exemption by the Department to facilitate the sale
of the Property by the Partnership's General Partners prior to the
county filing a foreclosure action for real estate taxes unpaid by the
Partnership. Brewster further represented that it will follow the terms
of the Notice in all matters including allocation and adjustment of the
purchase price if the Units previously owned by the Plan are sold by
Brewster for more than $57,000 (or bring more than $57,000 in proceeds
from foreclosure).
The Department has considered, the entire record, including the
comment letter submitted by Brewster and has determined that the
subject transaction satisfied the criteria of section 408(a) of the Act
on the date of the transaction. Accordingly, the Department herein
grants the exemption, effective November 18, 2008.
For Further Information Contact: Gary H. Lefkowitz of the
Department, telephone (202) 693-8546. (This is not a toll-free number.)
General Information
The attention of interested persons is directed to the following:
(1) The fact that a transaction is the subject of an exemption
under section 408(a) of the Act and/or section 4975(c)(2) of the Code
does not relieve a fiduciary or other party in interest or disqualified
person from certain other provisions to which the exemption does not
apply and the general fiduciary responsibility provisions of section
404 of the Act, which among other things require a fiduciary to
discharge his duties respecting the plan solely in the interest of the
participants and beneficiaries of the plan and in a prudent fashion in
accordance with section 404(a)(1)(B) of the Act; nor does it affect the
requirement of section 401(a) of the Code that the plan must operate
for the exclusive benefit of the employees of the employer maintaining
the plan and their beneficiaries;
(2) This exemption is supplemental to and not in derogation of, any
other provisions of the Act and/or the Code, including statutory or
administrative exemptions and transactional rules. Furthermore, the
fact that a transaction is subject to an administrative or statutory
exemption is not dispositive of whether the transaction is in fact a
prohibited transaction; and
(3) The availability of this exemption is subject to the express
condition that the material facts and representations contained in the
application accurately describes all material terms of the transaction
which is the subject of the exemption.
Signed at Washington, DC, this 19th day of February, 2009.
Ivan Strasfeld,
Director of Exemption Determinations, Employee Benefits Security
Administration, U.S. Department of Labor.
[FR Doc. E9-3998 Filed 2-24-09; 8:45 am]
BILLING CODE 4510-29-P
