Sunshine Act; Notice of Agency Meeting, 59012 [E9-27591]
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59012
Federal Register / Vol. 74, No. 219 / Monday, November 16, 2009 / Notices
Exemption
The restrictions of sections 406(a),
406(b)(1) and (b)(2) of the Act shall not
apply to the purchase by the Plan of
certain unimproved real property (the
Property) from the Alaska Construction
& General Laborers 942 Building
Association, Inc. (the Building
Association), an entity owned by Local
942, Laborers International Union of
North America, a party in interest with
respect to the Plan, provided that the
following conditions are satisfied:
(a) The terms and conditions of the
proposed transaction are no less
favorable to the Plan than those which
the Plan would receive in an arm’s
length transaction with an unrelated
party.
(b) The purchase of the Property is a
one-time transaction for cash.
(c) The Plan does not pay any real
estate commissions, fees, or other
similar expenses to any party as a result
of the proposed transaction.
(d) The Plan purchases the Property
from the Building Association for the
lesser of (1) $62,791 or (2) the fair
market value of the Property as
determined on the date of such
transaction by a qualified, independent
appraiser.
(e) The proposed transaction is
consummated only after an independent
fiduciary (1) determines that proceeding
with the transaction is in the best
interests of the Plan and its participants
and beneficiaries and (2) negotiates the
relevant terms and conditions of such
transaction.
(f) The independent fiduciary
calculates, on the date of the transaction
(using the applicable certificate of
deposit rate in effect), the amount of
interest owed to the Plan based upon its
earnest money deposit for the Property.
(g) On the date of the transaction, the
Plan’s legal counsel pays all interest
owed the Plan resulting from counsel’s
placement of the Plan’s earnest money
deposit for the Property in a noninterest bearing account.
(h) The independent fiduciary
monitors the proposed transaction on
behalf of the Plan to ensure compliance
with the agreed upon terms.
mstockstill on DSKH9S0YB1PROD with NOTICES
Written Comments
In the notice of proposed exemption,
the Department invited all interested
persons to submit written comments
and requests for a hearing with respect
to the proposed exemption within (60)
sixty days of the publication of the
notice of pendency in the Federal
Register on August 28, 2009. All
comments and requests for a hearing
were due by October 27, 2009.
VerDate Nov<24>2008
16:41 Nov 13, 2009
Jkt 220001
During the comment period, the
Department received one written
comment from a Plan participant, who
expressed approval of the proposed
exemption, and no requests for a public
hearing. The Department also received
four telephone inquiries from
participants concerning the substance of
the proposed transaction and the effect
the exemption might have on the
participants’ benefits.
Accordingly, the Department has
considered the entire record and has
determined to grant the exemption. 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 published on
August 28, 2009 at 74 FR 44396.
For Further Information Contact: Ms.
Jan D. Broady of the Department,
telephone (202) 693–8556. (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.
PO 00000
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Signed at Washington, DC, this 10th day of
November 2009.
Ivan Strasfeld,
Director of Exemption Determinations,
Employee Benefits Security Administration,
U.S. Department of Labor.
[FR Doc. E9–27405 Filed 11–13–09; 8:45 am]
BILLING CODE 4510–29–P
NATIONAL CREDIT UNION
ADMINISTRATION
Sunshine Act; Notice of Agency
Meeting
TIME AND DATE: 10 a.m., Thursday,
November 19, 2009.
PLACE: Board Room, 7th Floor, Room
7047, 1775 Duke Street, Alexandria, VA
22314–3428.
STATUS: Open.
MATTERS TO BE CONSIDERED:
1. NCUA’s 2010/2011 Operating
Budget.
2. NCUA’s Overhead Transfer Rate.
3. NCUA’s Operating Fee Scale.
4. Proposed Rule—Parts 704 and 747
of NCUA’s Rules and Regulations,
Corporate Credit Unions.
5. Final Rule—Parts 701 and 741 of
NCUA’s Rules and Regulations,
National Credit Union Share Insurance
Fund Premium and One Percent
Deposit.
6. Insurance Fund Report.
RECESS: 11:15 a.m.
TIME AND DATE: 11:30 a.m., Thursday,
November 19, 2009.
PLACE: Board Room, 7th Floor, Room
7047, 1775 Duke Street, Alexandria, VA
22314–3428.
STATUS: Closed.
MATTERS TO BE CONSIDERED:
1. Creditor Claim Appeals (2). Closed
pursuant to Exemption (6).
2. Consideration of Supervisory
Activities. Closed pursuant to
Exemptions (8), (9)(A)(ii) and 9(B).
3. Personnel. Closed pursuant to
Exemptions (2) and (6).
FOR FURTHER INFORMATION CONTACT:
Mary Rupp, Secretary of the Board,
Telephone: 703–518–6304.
Mary Rupp,
Secretary of the Board.
[FR Doc. E9–27591 Filed 11–12–09; 4:15 pm]
BILLING CODE P
NATIONAL SCIENCE FOUNDATION
Proposal Review Panel for Materials
Research; Notice of Meeting
In accordance with the Federal
Advisory Committee Act (Pub. L. 92–
E:\FR\FM\16NON1.SGM
16NON1
]]>Agencies
[Federal Register Volume 74, Number 219 (Monday, November 16, 2009)]
[Notices]
[Page 59012]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-27591]
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NATIONAL CREDIT UNION ADMINISTRATION
Sunshine Act; Notice of Agency Meeting
TIME AND DATE: 10 a.m., Thursday, November 19, 2009.
PLACE: Board Room, 7th Floor, Room 7047, 1775 Duke Street, Alexandria,
VA 22314-3428.
STATUS: Open.
MATTERS TO BE CONSIDERED:
1. NCUA's 2010/2011 Operating Budget.
2. NCUA's Overhead Transfer Rate.
3. NCUA's Operating Fee Scale.
4. Proposed Rule--Parts 704 and 747 of NCUA's Rules and
Regulations, Corporate Credit Unions.
5. Final Rule--Parts 701 and 741 of NCUA's Rules and Regulations,
National Credit Union Share Insurance Fund Premium and One Percent
Deposit.
6. Insurance Fund Report.
RECESS: 11:15 a.m.
TIME AND DATE: 11:30 a.m., Thursday, November 19, 2009.
PLACE: Board Room, 7th Floor, Room 7047, 1775 Duke Street, Alexandria,
VA 22314-3428.
STATUS: Closed.
MATTERS TO BE CONSIDERED:
1. Creditor Claim Appeals (2). Closed pursuant to Exemption (6).
2. Consideration of Supervisory Activities. Closed pursuant to
Exemptions (8), (9)(A)(ii) and 9(B).
3. Personnel. Closed pursuant to Exemptions (2) and (6).
FOR FURTHER INFORMATION CONTACT: Mary Rupp, Secretary of the Board,
Telephone: 703-518-6304.
Mary Rupp,
Secretary of the Board.
[FR Doc. E9-27591 Filed 11-12-09; 4:15 pm]
BILLING CODE P
