Prohibited Transaction Exemptions and Grant of Individual Exemptions Involving: 2009-33, Cotter Merchandise Storage Company Defined Benefit Pension Plan (the Plan), D-11423; and 2009-34, Unaka Company Incorporated Employees Profit Sharing Plan (the Plan), D-11445, 67925-67926 [E9-30263]
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Federal Register / Vol. 74, No. 243 / Monday, December 21, 2009 / Notices
Mine: No. 58 Mine, MSHA I.D. No.
46–08884, located in McDowell County,
West Virginia.
Regulation Affected: 30 CFR 75.1101–
1(b) (Type and quality of firefighting
equipment).
Modification Request: The petitioner
requests a modification of the existing
standard to permit weekly inspection
and functional testing of its complete
deluge-type water spray system and
removal of blow-off dust cover from the
nozzles. The petitioner states that the
results of the examination and
functional test and any malfunction or
clogged nozzle detected, will be
recorded in a book and maintained on
the surface for that purpose. The
petitioner states that the record will be
retained at the mine for one year. The
petitioner further states that: (1) Blowoff dust covers are currently provided
for each nozzle; (2) in view of frequent
inspections and functional testing of the
system, the dust covers are not
necessary because nozzles can be
maintained in an unclogged condition
through weekly use; and (3) it is
burdensome to recap the large number
of covers weekly after each inspection
and functional test. The petitioner
asserts that the alternative method will
at all times guarantee no less than the
same measure of protection afforded the
miners employed at the No. 58 Mine by
the existing standard.
Dated: December 15, 2009.
Patricia W. Silvey,
Director, Office of Standards, Regulations and
Variances.
[FR Doc. E9–30159 Filed 12–18–09; 8:45 am]
BILLING CODE 4510–43–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
erowe on DSK5CLS3C1PROD with NOTICES
Prohibited Transaction Exemptions
and Grant of Individual Exemptions
Involving: 2009–33, Cotter
Merchandise Storage Company
Defined Benefit Pension Plan (the
Plan), D–11423; and 2009–34, Unaka
Company Incorporated Employees
Profit Sharing Plan (the Plan), D–11445
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)
VerDate Nov<24>2008
14:14 Dec 18, 2009
Jkt 220001
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.
Exemption
The restrictions of sections 406(a),
406(b) 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) through (E) of
the Code, shall not apply to (1) the
proposed sale by the Plan to the Cotter
Merchandise Storage Company (Cotter
or the Applicant), the Plan sponsor and
a party in interest with respect to the
Plan, of certain promissory notes (the
Notes) which are currently held by the
PO 00000
Frm 00076
Fmt 4703
Sfmt 4703
67925
Plan; and (2) the assignment, by the
Plan to Cotter, of a civil judgment (the
Judgment) against the Plan’s former
trustee, Robert Geib (Mr. Geib).
This exemption is subject to the
following conditions:
(a) The terms and conditions of the
proposed sale transaction are at least as
favorable to the Plan as those that the
Plan could obtain in an arm’s length
transaction with an unrelated party;
(b) As consideration for the Notes, the
Plan receives either (1) the greater of
$372,197 or (2) the fair market of the
Notes (based upon the value of the
Plan’s proportionate share of Mr. Geib’s
ownership interest in Cotter common
stock), as determined by a qualified,
independent appraiser on the date of the
sale transaction;
(c) The proposed sale is a one-time
transaction for cash;
(d) The Plan pays no fees,
commissions, costs or other expenses in
connection with the proposed sale;
(e) Cotter pays the Plan all future
recoveries resulting from the Judgment;
and
(f) An independent fiduciary
(1) determines that the sale is an
appropriate transaction for the Plan and
is in the best interests of the Plan and
its participants and beneficiaries; (2)
monitors the sale on behalf of the Plan;
and (3) ensures that the Plan receives all
future recoveries resulting from the
Judgment.
Written Comments
In the notice of proposed exemption
(the Notice), the Department invited all
interested persons to submit written
comments and requests for a hearing
within 35 days from the date of
publication of the Notice in the Federal
Register. All comments and requests for
a hearing were due by October 30, 2009.
During the comment period, the
Department received no requests for a
hearing. The Department did, however,
receive a comment letter from the
Applicant, dated October 6, 2009,
concerning Conditions (e) and (f)(3) of
the Notice. Condition (e) requires that
Cotter pay the Plan all future recoveries
resulting from the Judgment. Condition
(f)(3) requires the independent fiduciary
to ensure that the Plan receives all
future recoveries from the Judgment.
The Applicant explains that once it
obtains the Notes from the Plan, it will
seize the underlying common stock
collateralizing the Notes that is
currently owned by Mr. Geib. The
Applicant represents that the seized
Cotter stock will be retired as Treasury
stock. As a result, the retirement of the
seized Cotter stock will not give rise to
any cash recoveries.
E:\FR\FM\21DEN1.SGM
21DEN1
67926
Federal Register / Vol. 74, No. 243 / Monday, December 21, 2009 / Notices
The Applicant believes that the
aforementioned conditions of the Notice
should be amended to clarify that it will
apply only to future cash recoveries that
may arise from the Judgment. Therefore,
the Applicant has revised Conditions (e)
and (f)(3) of the final exemption to read
as follows:
(e) Cotter pays the Plan future cash
recoveries, if any, resulting from the
Judgment; and * * *
(f)(3) [The independent fiduciary] ensures
that the Plan receives all future cash
recoveries, if any, resulting from the
Judgment.
The Department does not concur with
the Applicant’s comment. Therefore, it
has not revised Conditions (e) and (f)(3)
of the operative language. Although the
Department is aware of Mr. Geib’s
financial circumstances, it wishes to
emphasize that to the extent Cotter
recovers any consideration (either in
cash or in kind) resulting from the
Judgment, that such consideration
should be paid to the Plan.
After giving full consideration to the
entire record, the Department has
decided to grant the exemption. The
complete application file is made
available for public inspection in the
Public Disclosure Room of the
Employee Benefits Security
Administration, Room N–1513, U.S.
Department of Labor, 200 Constitution
Avenue, NW., Washington, DC 20210.
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
September 25, 2009 at 74 FR 49025.
FOR FURTHER INFORMATION CONTACT: Mr.
Anh-Viet Ly of the Department at (202)
693–8648. (This is not a toll-free
number.)
erowe on DSK5CLS3C1PROD with NOTICES
Exemption
The restrictions of sections 406(a),
406(b)(1) and (b)(2) of the Act and the
sanctions resulting from the application
of section 4975 of the Code,1 by reason
of section 4975(c)(1)(A) through (E) of
the Code, shall not apply to the
proposed sale by the Plan (the Sale) to
Unaka Company Incorporated (Unaka),
a party in interest with respect to the
Plan, of two promissory notes (the
Notes) that are secured by deeds of trust
on certain parcels of real property.
This exemption is subject to the
following conditions:
(a) The Sale is a one-time transaction
for cash;
1 Unless otherwise noted herein, reference to
specific provisions of the Act refer also to the
corresponding provisions of the Code.
VerDate Nov<24>2008
14:14 Dec 18, 2009
Jkt 220001
(b) As consideration, the Plan receives
the greater of the current outstanding
balance of the Notes, plus all accrued
but unpaid interest to the date of the
Sale (Sale Date), or the fair market value
of the Notes as determined by qualified,
independent appraisers in updated
appraisals on the Sale Date.
(c) The Plan pays no commissions,
costs, fees, or other expenses with
respect to the Sale; and
(d) As soon as it is feasible following
the Sale, the Plan releases the deeds of
trust securing the Notes.
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
September 25, 2009 at 74 FR 49029.
FOR FURTHER INFORMATION CONTACT: Mr.
Anh-Viet Ly of the Department at (202)
693–8648. (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
Frm 00077
Fmt 4703
Sfmt 4703
Signed at Washington, DC, this 15th day of
December 2009.
Ivan Strasfeld,
Director of Exemption Determinations,
Employee Benefits Security Administration,
U.S. Department of Labor.
[FR Doc. E9–30263 Filed 12–18–09; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Employment and Training
Administration
[TA–W–70,295]
Ultimizers, Inc., Boring, OR; Notice of
Revised Determination on
Reconsideration
By application dated September 21,
2009, a company official requested
administrative reconsideration of the
Department’s negative determination
regarding eligibility for workers and
former workers of Ultimizers, Inc.,
Boring, Oregon (subject firm) to apply
for Trade Adjustment Assistance (TAA).
The Department’s Notice of Affirmative
Determination Regarding Application
for Reconsideration was signed on
October 15, 2009, and published in the
Federal Register on October 27, 2009
(74 FR 55261).
The initial investigation resulted in a
negative determination issued on
September 9, 2009, was based on the
finding that imports of optimizing
lumber cut-off saws, feeders, sorters and
scanners did not contribute importantly
to worker separations at the subject firm
and no shift in production to a foreign
source occurred.
To support the request for
reconsideration, the petitioner supplied
additional information regarding lost
bids by the subject firm during the
relevant period. The Department of
Labor conducted a bid survey of the
domestic firms to which the subject
facility was the lowest domestic bidder.
The results of the survey revealed that
the bids were awarded to foreign
producers. The loss of these contracts
contributed importantly to the declines
in sales and employment at the subject
firm. The investigation further revealed
that sales, production and employment
at the subject firm declined during the
relevant period.
Conclusion
After careful review of the additional
facts obtained on reconsideration, I
determine that workers of Ultimizers,
Inc., Boring, Oregon, who are engaged in
activities related to the production of
parts feeding and assembly equipment
meet the worker group certification
E:\FR\FM\21DEN1.SGM
21DEN1
]]>Agencies
[Federal Register Volume 74, Number 243 (Monday, December 21, 2009)]
[Notices]
[Pages 67925-67926]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-30263]
-----------------------------------------------------------------------
DEPARTMENT OF LABOR
Employee Benefits Security Administration
Prohibited Transaction Exemptions and Grant of Individual
Exemptions Involving: 2009-33, Cotter Merchandise Storage Company
Defined Benefit Pension Plan (the Plan), D-11423; and 2009-34, Unaka
Company Incorporated Employees Profit Sharing Plan (the Plan), D-11445
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.
Exemption
The restrictions of sections 406(a), 406(b) 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) through (E) of the Code, shall
not apply to (1) the proposed sale by the Plan to the Cotter
Merchandise Storage Company (Cotter or the Applicant), the Plan sponsor
and a party in interest with respect to the Plan, of certain promissory
notes (the Notes) which are currently held by the Plan; and (2) the
assignment, by the Plan to Cotter, of a civil judgment (the Judgment)
against the Plan's former trustee, Robert Geib (Mr. Geib).
This exemption is subject to the following conditions:
(a) The terms and conditions of the proposed sale transaction are
at least as favorable to the Plan as those that the Plan could obtain
in an arm's length transaction with an unrelated party;
(b) As consideration for the Notes, the Plan receives either (1)
the greater of $372,197 or (2) the fair market of the Notes (based upon
the value of the Plan's proportionate share of Mr. Geib's ownership
interest in Cotter common stock), as determined by a qualified,
independent appraiser on the date of the sale transaction;
(c) The proposed sale is a one-time transaction for cash;
(d) The Plan pays no fees, commissions, costs or other expenses in
connection with the proposed sale;
(e) Cotter pays the Plan all future recoveries resulting from the
Judgment; and
(f) An independent fiduciary (1) determines that the sale is an
appropriate transaction for the Plan and is in the best interests of
the Plan and its participants and beneficiaries; (2) monitors the sale
on behalf of the Plan; and (3) ensures that the Plan receives all
future recoveries resulting from the Judgment.
Written Comments
In the notice of proposed exemption (the Notice), the Department
invited all interested persons to submit written comments and requests
for a hearing within 35 days from the date of publication of the Notice
in the Federal Register. All comments and requests for a hearing were
due by October 30, 2009.
During the comment period, the Department received no requests for
a hearing. The Department did, however, receive a comment letter from
the Applicant, dated October 6, 2009, concerning Conditions (e) and
(f)(3) of the Notice. Condition (e) requires that Cotter pay the Plan
all future recoveries resulting from the Judgment. Condition (f)(3)
requires the independent fiduciary to ensure that the Plan receives all
future recoveries from the Judgment. The Applicant explains that once
it obtains the Notes from the Plan, it will seize the underlying common
stock collateralizing the Notes that is currently owned by Mr. Geib.
The Applicant represents that the seized Cotter stock will be retired
as Treasury stock. As a result, the retirement of the seized Cotter
stock will not give rise to any cash recoveries.
[[Page 67926]]
The Applicant believes that the aforementioned conditions of the
Notice should be amended to clarify that it will apply only to future
cash recoveries that may arise from the Judgment. Therefore, the
Applicant has revised Conditions (e) and (f)(3) of the final exemption
to read as follows:
(e) Cotter pays the Plan future cash recoveries, if any,
resulting from the Judgment; and * * *
(f)(3) [The independent fiduciary] ensures that the Plan
receives all future cash recoveries, if any, resulting from the
Judgment.
The Department does not concur with the Applicant's comment.
Therefore, it has not revised Conditions (e) and (f)(3) of the
operative language. Although the Department is aware of Mr. Geib's
financial circumstances, it wishes to emphasize that to the extent
Cotter recovers any consideration (either in cash or in kind) resulting
from the Judgment, that such consideration should be paid to the Plan.
After giving full consideration to the entire record, the
Department has decided to grant the exemption. The complete application
file is made available for public inspection in the Public Disclosure
Room of the Employee Benefits Security Administration, Room N-1513,
U.S. Department of Labor, 200 Constitution Avenue, NW., Washington, DC
20210.
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 September 25, 2009 at 74
FR 49025.
FOR FURTHER INFORMATION CONTACT: Mr. Anh-Viet Ly of the Department at
(202) 693-8648. (This is not a toll-free number.)
Exemption
The restrictions of sections 406(a), 406(b)(1) and (b)(2) of the
Act and the sanctions resulting from the application of section 4975 of
the Code,\1\ by reason of section 4975(c)(1)(A) through (E) of the
Code, shall not apply to the proposed sale by the Plan (the Sale) to
Unaka Company Incorporated (Unaka), a party in interest with respect to
the Plan, of two promissory notes (the Notes) that are secured by deeds
of trust on certain parcels of real property.
---------------------------------------------------------------------------
\1\ Unless otherwise noted herein, reference to specific
provisions of the Act refer also to the corresponding provisions of
the Code.
---------------------------------------------------------------------------
This exemption is subject to the following conditions:
(a) The Sale is a one-time transaction for cash;
(b) As consideration, the Plan receives the greater of the current
outstanding balance of the Notes, plus all accrued but unpaid interest
to the date of the Sale (Sale Date), or the fair market value of the
Notes as determined by qualified, independent appraisers in updated
appraisals on the Sale Date.
(c) The Plan pays no commissions, costs, fees, or other expenses
with respect to the Sale; and
(d) As soon as it is feasible following the Sale, the Plan releases
the deeds of trust securing the Notes.
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 September 25, 2009 at 74
FR 49029.
FOR FURTHER INFORMATION CONTACT: Mr. Anh-Viet Ly of the Department at
(202) 693-8648. (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 15th day of December 2009.
Ivan Strasfeld,
Director of Exemption Determinations, Employee Benefits Security
Administration, U.S. Department of Labor.
[FR Doc. E9-30263 Filed 12-18-09; 8:45 am]
BILLING CODE 4510-29-P
