Exemptions From Certain Prohibited Transaction Restrictions, 61775-61777 [2010-25119]

Download as PDF mstockstill on DSKH9S0YB1PROD with NOTICES Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices may be obtained from the RegInfo.gov Web site, http://www.reginfo.gov/ public/do/PRAMain or by contacting Michel Smyth by telephone at 202–693– 4129 (this is not a toll-free number) or sending an e-mail to DOL_PRA_PUBLIC@dol.gov. Submit comments about this request to the Office of Information and Regulatory Affairs, Attn: OMB Desk Officer for the Department of Labor, Bureau of Labor Statistics, Office of Management and Budget, Room 10235, Washington, DC 20503, Telephone: 202–395–7314/Fax: 202–395–7245 (these are not toll-free numbers), e-mail: OIRA_submission@omb.eop.gov. FOR FURTHER INFORMATION: Contact Michel Smyth by telephone at 202–693– 4129 (this is not a toll-free number) or by e-mail at DOL_PRA_PUBLIC@dol.gov. SUPPLEMENTARY INFORMATION: The DOL is seeking OMB reauthorization of the Annual Refiling Survey (ARS) information collection. While the primary purpose of the ARS is to verify or to correct the North American Industry Classification System (NAICS) code assigned to establishments, there are other important purposes of the ARS. The ARS seeks accurate mailing and physical location addresses of establishments as well as geographic codes such as county and township (independent city, parish, or island in some States). The ARS constitutes an information collection within the meaning of the PRA. Under the PRA, a Federal agency generally cannot conduct or sponsor a collection of information unless it is currently approved by the OMB under the PRA and displays a currently valid OMB control number. Furthermore, the public is generally not required to respond to a collection of information unless it displays a currently valid OMB control number. In addition, notwithstanding any other provisions of law, no person shall generally be subject to penalty for failing to comply with a collection of information if the collection of information does not display a currently valid OMB control number. See 5 CFR 1320.5(a) and 1320.6. The DOL obtains OMB approval for this information collection under OMB Control Number 1220–0032. The current OMB approval is scheduled to expire on October 31, 2010. For additional information, see the related notice published in the Federal Register on May 27, 2010 (75 FR 29782). Interested parties are encouraged to send comments to the OMB, Office of Information and Regulatory Affairs at the address shown in the ADDRESSES VerDate Mar<15>2010 19:00 Oct 05, 2010 Jkt 223001 section within 30 days of publication of this notice in the Federal Register. In order to ensure the appropriate consideration, comments should reference OMB Control Number 1220– 0032. The OMB is particularly interested in comments that: • Evaluate whether the proposed collection of information is necessary 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. Agency: Bureau of Labor Statistics. Type of Review: Extension without change of currently approved collection. Title of Collection: Annual Refiling Survey Forms. Form Numbers: Forms BLS–3023– (NVS), BLS–3023–(NVM), and BLS– 3023–NCA. OMB Control Number: 1220–0032. Affected Public: Business or other forprofit; Not-for-profit institutions, and farms. Total Estimated Number of Respondents: 1,296,334. Total Estimated Number of Responses: 1,296,334. Total Estimated Annual Burden Hours: 128,838. Total Estimated Annual Costs Burden: $0. Dated: September 30, 2010. Michel Smyth, Departmental Clearance Officer. [FR Doc. 2010–25106 Filed 10–5–10; 8:45 am] BILLING CODE 4510–24–P DEPARTMENT OF LABOR Employee Benefits Security Administration Exemptions From Certain Prohibited Transaction Restrictions Employee Benefits Security Administration, Labor. ACTION: Grant of Individual Exemptions. AGENCY: PO 00000 Frm 00084 Fmt 4703 Sfmt 4703 61775 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). This notice includes the following: 2010–28, John D. Simmons Individual Retirement Act (the IRA), D–11597; and 2010–29, Boston Carpenters Apprenticeship and Training Fund (the Fund), L–11624. SUPPLEMENTARY INFORMATION: 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. SUMMARY: 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. John D. Simmons Individual Retirement Account (the IRA) Located in West Chester, PA E:\FR\FM\06OCN1.SGM 06OCN1 61776 Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices [Prohibited Transaction Exemption 2010–28; Exemption Application No. D–11597] appraiser in an updated appraisal on the date of the Sale; Exemption The sanctions resulting from the application of section 4975(c)(1)(A)–(E) of the Code, shall not apply to the sale (the Sale) by the IRA to John D. Simmons, a disqualified person with respect to the IRA,* of a 50 percent interest (the Interest) in a condominium, provided that the following conditions are satisfied: (a) The terms and conditions of the Sale are at least as favorable to the IRA as those obtainable in an arm’s length transaction with an unrelated party; (b) The Sale is a one-time transaction for cash; (c) As consideration, the IRA receives the fair market value of the Interest as determined by a qualified, independent appraiser in an updated appraisal on the date of Sale; and (d) The IRA pays no commissions, costs, fees, or other expenses with respect to the Sale. 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 August 6, 2010 at 75 FR 47642. FOR FURTHER INFORMATION CONTACT: Mr. Anh-Viet Ly of the Department at (202) 693–8648. (This is not a toll-free number.) mstockstill on DSKH9S0YB1PROD with NOTICES Written Comment In the notice of proposed exemption, the Department invited all interested persons to submit written comments and requests for a hearing within 30 days from the date of publication of the notice of proposed exemption in the Federal Register. All comments and requests for a hearing were due by September 5, 2010. Although the Department received no comments or requests for a hearing during the comment period, the Department noticed that Condition (c) of the proposal needed to be revised for technical accuracy. As drafted in the proposal, Condition (c) states that as consideration for the Sale of the Interest, the IRA will receive the lesser of $192,500 or the fair market value of the Interest as determined by a qualified, independent appraiser in an updated appraisal on the date of the Sale. The Department intended that the IRA should receive the fair market value for the Interest on the date of the Sale. Therefore, it has deleted the words ‘‘the lesser of $192,500 or’’ in Condition (c) of the final exemption and notes a corresponding change in Representation 11(b) in the notice of proposed exemption. The revised condition now reads as follows: (c) As consideration, the IRA receives the fair market value of the Interest as determined by a qualified, independent * Pursuant to 29 CFR 2510.3–2(d), the IRA is not within the jurisdiction of Title I of the Employee Retirement Income Security Act of 1974 (the Act). However, there is jurisdiction under Title II of the Act pursuant to section 4975 of the Code. VerDate Mar<15>2010 19:00 Oct 05, 2010 Jkt 223001 Boston Carpenters Apprenticeship and Training Fund (the Fund) Located in Boston, Massachusetts [Prohibited Transaction Exemption No. PTE 2010–29; Exemption Application No. L– 11624] Exemption The restrictions of 406(b)(1), and 406(b)(2) of the Act shall not apply effective for the period from January 29, 2010, through June 30, 2010, to the lease (the Lease) by the Fund from the NERCC, LLC (the Building Corporation), a party in interest with respect to the Fund, of a condominium unit (the Condo) in a building (the Building) owned by the Building Corporation, where the New England Regional Council of Carpenters (the Union), also a party in interest with respect to the Fund, indirectly owns the only other condominium unit in the Building; provided that, at the time the transaction was entered into, the following conditions were satisfied: (a) The exemption is conditioned upon satisfaction at all times of the terms and conditions of this exemption, and upon adherence to the material facts and representations, as described in the Notice of Proposed Exemption (the Notice), and, as set forth in application D–11624, and in application D–11558, including those representations that are required by 29 CFR 2570.34 and 29 CFR 2570.35 of the Department’s regulations; (b) Prior to entering into the Lease, the Fund sought legal advice from Aaron D. Krakow, Esq. (Mr. Krakow), acting as legal counsel on behalf of the Fund, who advised the Fund that it was permissible for the Fund to enter into a short term lease with the Building Corporation, and the Board of Trustees PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 of the Fund (the Board) relied on Mr. Krakow’s advice; (c) The Lease which is the subject of this exemption and any other leasing arrangement of the Condo between the Fund and the Building Corporation and/ or the Union terminated on June 30, 2010; and the Fund shall have no obligation to pay rent to the Union or to the Building Corporation after the date of such termination; (d) Before the Fund entered into the Lease of the Condo, James F. Grosso, Esq. (Mr. Grosso), of O’Reilly, Grosso & Gross, PC, acting as attorney for the Fund, assisted in the negotiation of the terms of the Lease, reviewed and approved the terms of such Lease to ensure that such terms were at least as favorable to the Fund as an arm’s length transaction with an unrelated party, determined that such terms were fair and reasonable, and selected an independent, qualified appraiser to determine the fair market rental value of the Condo; (e) Mr. Grosso was responsible throughout the duration of the Lease for: (i) Monitoring the rent payments made by the Fund to ensure that such payments were consistent with the amount of rental specified under the terms of such Lease, (ii) monitoring the payments of the Fund’s share of the expenses for taxes, insurance, and operating expenses (including repairs) to ensure that such payments represent a fair apportionment of such expenses; and (iii) determining that the Fund had sufficient assets to pay the rental amount and its portion of taxes, insurance, and operating expenses (including repairs); (f) Throughout the duration of the Lease, the terms of the Lease of the Condo between the Fund and the Building Corporation were at all times satisfied; (g) The rent paid by the Fund for the Condo under the terms of the Lease was at no time greater than the fair market rental value of the Condo, as determined by an independent, qualified appraiser selected by Mr. Grosso; (h) Under the provisions of the Lease, the subject transaction was on terms and at all times remained on terms that were at least as favorable to the Fund as those that would have been negotiated under similar circumstances at arm’s length with an unrelated third party; (i) The transaction was appropriate and helpful in carrying out the purposes for which the Fund is established or maintained; (j) The Board maintains, or causes to be maintained within the United States for a period of six (6) years in a manner that is convenient and accessible for E:\FR\FM\06OCN1.SGM 06OCN1 mstockstill on DSKH9S0YB1PROD with NOTICES Federal Register / Vol. 75, No. 193 / Wednesday, October 6, 2010 / Notices audit and examination, such records as are necessary to enable the persons described, below, in paragraph (k)(1) of this exemption to determine whether the conditions of this exemption have been met; except that— (1) If the records necessary to enable the persons described, below, in paragraph (k)(1) of this exemption to determine whether the conditions of this exemption have been met are lost or destroyed, due to circumstances beyond the control of the Board, 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 Board 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 (j) of this exemption; and (k)(1) Except as provided, below, in paragraph (k)(2) of this exemption and notwithstanding any provisions of sections (a)(2) and (b) of section 504 of the Act, the records referred to in paragraph (j) of this exemption are unconditionally available at their customary location for examination during normal business hours by: (A) Any duly authorized employee or representative of the Department, the Internal Revenue Service, or any other applicable federal or state regulatory agency; (B) Any fiduciary of the Fund, or any duly authorized representative of such fiduciary; (C) Any contributing employer to the Fund and any employee organization whose members are covered by the Fund, or any duly authorized employee or representative of these entities; or (D) Any participant or beneficiary of the Fund, or any duly authorized representative of such participant or beneficiary. (2) None of the persons described, above, in paragraph (k)(1)(B)–(D) of this exemption are authorized to examine trade secrets or commercial or financial information that is privileged or confidential. For a more complete statement of the facts and representations supporting the Department’s decision to grant this exemption refer to the Notice published on June 11, 2010, at 75 FR 33350. FOR FURTHER INFORMATION CONTACT: Angelena C. Le Blanc of the Department, telephone (202) 693–8551 (This is not a toll-free number.) VerDate Mar<15>2010 19:00 Oct 05, 2010 Jkt 223001 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 1st day of October 2010. Ivan Strasfeld, Director of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor. [FR Doc. 2010–25119 Filed 10–5–10; 8:45 am] BILLING CODE 4510–29–P NATIONAL AERONAUTICS AND SPACE ADMINISTRATION [Notice: (10–119)] Notice of Information Collection National Aeronautics and Space Administration (NASA). ACTION: Notice of information collection. AGENCY: The National Aeronautics and Space Administration, as part of its continuing effort to reduce paperwork and respondent burden, invites the general public and other Federal agencies to take this opportunity to comment on proposed and/or SUMMARY: PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 61777 continuing information collections, as required by the Paperwork Reduction Act of 1995 (Pub. L. 104–13, 44 U.S.C. 3506(c)(2)(A)). DATES: All comments should be submitted within 60 calendar days from the date of this publication. ADDRESSES: All comments should be addressed to Lori Parker, National Aeronautics and Space Administration, Washington, DC 20546–0001. FOR FURTHER INFORMATION CONTACT: Requests for additional information or copies of the information collection instrument(s) and instructions should be directed to Lori Parker, NASA Clearance Officer, NASA Headquarters, 300 E Street SW., JF0000, Washington, DC 20546, (202) 358–1351, Lori.Parker@nasa.gov. SUPPLEMENTARY INFORMATION: I. Abstract NASA Johnson Space Center (JSC) regularly employs cooperative (Co-op) and Intern employees. This information is collected from public citizens (landlords) in and around the JSC area, who may have rooms, residences, or apartments available for rent by the coops and interns. Contact information for these landlords is compiled and made available to co-ops and interns who are travelling into the JSC area from distant Texas cities or from out-of-state. Access to this information, prior to co-op and intern arrival, would facilitate advance housing arrangements, and ease the burden of securing housing after arrival. II. Method of Collection NASA does not prescribe a format for submission, though encourages the use of computer technology for submission. III. Data Title: JSC Cooperative Education Program—Housing Availability. OMB Number: 2700-xxxx. Type of review: Existing Collection in use w/o an OMB number. Affected Public: Individuals/ households. Estimated Number of Respondents: 101. Estimated Time per Response: 5 minutes. Estimated Total Annual Burden Hours: 8.4 hours. Estimated Total Annual Cost: $0.00. IV. Request for Comments Comments are invited on: (1) Whether the proposed collection of information is necessary for the proper performance of the functions of NASA, including whether the information collected has practical utility; (2) the accuracy of E:\FR\FM\06OCN1.SGM 06OCN1

Agencies

[Federal Register Volume 75, Number 193 (Wednesday, October 6, 2010)]
[Notices]
[Pages 61775-61777]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2010-25119]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Exemptions From Certain Prohibited Transaction Restrictions

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). 
This notice includes the following: 2010-28, John D. Simmons Individual 
Retirement Act (the IRA), D-11597; and 2010-29, Boston Carpenters 
Apprenticeship and Training Fund (the Fund), L-11624.

SUPPLEMENTARY INFORMATION: 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.

John D. Simmons Individual Retirement Account (the IRA) Located in 
West Chester, PA

[[Page 61776]]

[Prohibited Transaction Exemption 2010-28; Exemption Application No. 
D-11597]

 Exemption

    The sanctions resulting from the application of section 
4975(c)(1)(A)-(E) of the Code, shall not apply to the sale (the Sale) 
by the IRA to John D. Simmons, a disqualified person with respect to 
the IRA,* of a 50 percent interest (the Interest) in a condominium, 
provided that the following conditions are satisfied:
---------------------------------------------------------------------------

    * Pursuant to 29 CFR 2510.3-2(d), the IRA is not within the 
jurisdiction of Title I of the Employee Retirement Income Security 
Act of 1974 (the Act). However, there is jurisdiction under Title II 
of the Act pursuant to section 4975 of the Code.
---------------------------------------------------------------------------

    (a) The terms and conditions of the Sale are at least as favorable 
to the IRA as those obtainable in an arm's length transaction with an 
unrelated party;
    (b) The Sale is a one-time transaction for cash;
    (c) As consideration, the IRA receives the fair market value of the 
Interest as determined by a qualified, independent appraiser in an 
updated appraisal on the date of Sale; and
    (d) The IRA pays no commissions, costs, fees, or other expenses 
with respect to the Sale.

Written Comment

    In the notice of proposed exemption, the Department invited all 
interested persons to submit written comments and requests for a 
hearing within 30 days from the date of publication of the notice of 
proposed exemption in the Federal Register. All comments and requests 
for a hearing were due by September 5, 2010. Although the Department 
received no comments or requests for a hearing during the comment 
period, the Department noticed that Condition (c) of the proposal 
needed to be revised for technical accuracy.
    As drafted in the proposal, Condition (c) states that as 
consideration for the Sale of the Interest, the IRA will receive the 
lesser of $192,500 or the fair market value of the Interest as 
determined by a qualified, independent appraiser in an updated 
appraisal on the date of the Sale. The Department intended that the IRA 
should receive the fair market value for the Interest on the date of 
the Sale. Therefore, it has deleted the words ``the lesser of $192,500 
or'' in Condition (c) of the final exemption and notes a corresponding 
change in Representation 11(b) in the notice of proposed exemption. The 
revised condition now reads as follows:

    (c) As consideration, the IRA receives the fair market value of 
the Interest as determined by a qualified, independent appraiser in 
an updated appraisal on the date of the Sale;

    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 August 6, 2010 at 75 FR 
47642.

FOR FURTHER INFORMATION CONTACT: Mr. Anh-Viet Ly of the Department at 
(202) 693-8648. (This is not a toll-free number.)

Boston Carpenters Apprenticeship and Training Fund (the Fund) 
Located in Boston, Massachusetts
[Prohibited Transaction Exemption No. PTE 2010-29; Exemption 
Application No. L-11624]

Exemption

    The restrictions of 406(b)(1), and 406(b)(2) of the Act shall not 
apply effective for the period from January 29, 2010, through June 30, 
2010, to the lease (the Lease) by the Fund from the NERCC, LLC (the 
Building Corporation), a party in interest with respect to the Fund, of 
a condominium unit (the Condo) in a building (the Building) owned by 
the Building Corporation, where the New England Regional Council of 
Carpenters (the Union), also a party in interest with respect to the 
Fund, indirectly owns the only other condominium unit in the Building; 
provided that, at the time the transaction was entered into, the 
following conditions were satisfied:
    (a) The exemption is conditioned upon satisfaction at all times of 
the terms and conditions of this exemption, and upon adherence to the 
material facts and representations, as described in the Notice of 
Proposed Exemption (the Notice), and, as set forth in application D-
11624, and in application D-11558, including those representations that 
are required by 29 CFR 2570.34 and 29 CFR 2570.35 of the Department's 
regulations;
    (b) Prior to entering into the Lease, the Fund sought legal advice 
from Aaron D. Krakow, Esq. (Mr. Krakow), acting as legal counsel on 
behalf of the Fund, who advised the Fund that it was permissible for 
the Fund to enter into a short term lease with the Building 
Corporation, and the Board of Trustees of the Fund (the Board) relied 
on Mr. Krakow's advice;
    (c) The Lease which is the subject of this exemption and any other 
leasing arrangement of the Condo between the Fund and the Building 
Corporation and/or the Union terminated on June 30, 2010; and the Fund 
shall have no obligation to pay rent to the Union or to the Building 
Corporation after the date of such termination;
    (d) Before the Fund entered into the Lease of the Condo, James F. 
Grosso, Esq. (Mr. Grosso), of O'Reilly, Grosso & Gross, PC, acting as 
attorney for the Fund, assisted in the negotiation of the terms of the 
Lease, reviewed and approved the terms of such Lease to ensure that 
such terms were at least as favorable to the Fund as an arm's length 
transaction with an unrelated party, determined that such terms were 
fair and reasonable, and selected an independent, qualified appraiser 
to determine the fair market rental value of the Condo;
    (e) Mr. Grosso was responsible throughout the duration of the Lease 
for: (i) Monitoring the rent payments made by the Fund to ensure that 
such payments were consistent with the amount of rental specified under 
the terms of such Lease, (ii) monitoring the payments of the Fund's 
share of the expenses for taxes, insurance, and operating expenses 
(including repairs) to ensure that such payments represent a fair 
apportionment of such expenses; and (iii) determining that the Fund had 
sufficient assets to pay the rental amount and its portion of taxes, 
insurance, and operating expenses (including repairs);
    (f) Throughout the duration of the Lease, the terms of the Lease of 
the Condo between the Fund and the Building Corporation were at all 
times satisfied;
    (g) The rent paid by the Fund for the Condo under the terms of the 
Lease was at no time greater than the fair market rental value of the 
Condo, as determined by an independent, qualified appraiser selected by 
Mr. Grosso;
    (h) Under the provisions of the Lease, the subject transaction was 
on terms and at all times remained on terms that were at least as 
favorable to the Fund as those that would have been negotiated under 
similar circumstances at arm's length with an unrelated third party;
    (i) The transaction was appropriate and helpful in carrying out the 
purposes for which the Fund is established or maintained;
    (j) The Board maintains, or causes to be maintained within the 
United States for a period of six (6) years in a manner that is 
convenient and accessible for

[[Page 61777]]

audit and examination, such records as are necessary to enable the 
persons described, below, in paragraph (k)(1) of this exemption to 
determine whether the conditions of this exemption have been met; 
except that--
    (1) If the records necessary to enable the persons described, 
below, in paragraph (k)(1) of this exemption to determine whether the 
conditions of this exemption have been met are lost or destroyed, due 
to circumstances beyond the control of the Board, 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 Board 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 (j) of this exemption; and
    (k)(1) Except as provided, below, in paragraph (k)(2) of this 
exemption and notwithstanding any provisions of sections (a)(2) and (b) 
of section 504 of the Act, the records referred to in paragraph (j) of 
this exemption are unconditionally available at their customary 
location for examination during normal business hours by:
    (A) Any duly authorized employee or representative of the 
Department, the Internal Revenue Service, or any other applicable 
federal or state regulatory agency;
    (B) Any fiduciary of the Fund, or any duly authorized 
representative of such fiduciary;
    (C) Any contributing employer to the Fund and any employee 
organization whose members are covered by the Fund, or any duly 
authorized employee or representative of these entities; or
    (D) Any participant or beneficiary of the Fund, or any duly 
authorized representative of such participant or beneficiary.
    (2) None of the persons described, above, in paragraph (k)(1)(B)-
(D) of this exemption are authorized to examine trade secrets or 
commercial or financial information that is privileged or confidential.
    For a more complete statement of the facts and representations 
supporting the Department's decision to grant this exemption refer to 
the Notice published on June 11, 2010, at 75 FR 33350.

FOR FURTHER INFORMATION CONTACT: Angelena C. Le Blanc of the 
Department, telephone (202) 693-8551 (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 1st day of October 2010.
Ivan Strasfeld,
Director of Exemption Determinations, Employee Benefits Security 
Administration, U.S. Department of Labor.
[FR Doc. 2010-25119 Filed 10-5-10; 8:45 am]
BILLING CODE 4510-29-P