Withdrawal of Proposed Exemption From Certain Prohibited Transaction Restrictions, 59445-59446 [2011-24530]
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Federal Register / Vol. 76, No. 186 / Monday, September 26, 2011 / Notices
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(d) Royal Assurance has received a
Certificate of Authority from its
domiciliary state (Arizona), which has
neither been revoked nor suspended;
(e) The Plan will pay no more than
adequate consideration for the
insurance. In addition, in the initial year
of the proposed reinsurance transaction,
there will be an immediate and
objectively determined benefit to the
Plan’s participants and beneficiaries in
the form of increased benefits; and
(f) No commissions will be paid by
the Plan with respect to the reinsurance
arrangement with Royal Assurance, as
described herein.
In addition, the Plan’s interests will
be represented by a qualified,
Independent Fiduciary (i.e., Milliman or
its successor), who has initially
determined that the proposed
reinsurance transactions will be in the
interest of, and protective of, the Plan
and its participants and beneficiaries.
The Independent Fiduciary will also
confirm on an annual basis that the Plan
is paying a rate comparable to that
which would be charged by a
comparably-rated insurer for a program
of the approximate size of the Plan with
comparable claims experience.
15. In summary, the applicants
represent that the proposed reinsurance
transactions will meet the criteria of
section 408(a) of the Act because:
(a) The Plan’s participants and
beneficiaries are afforded insurance
protection by Unum, a carrier with a
current rating of ‘‘A’’ from A. M. Best,
at competitive market rates arrived at
through arm’s length negotiations;
(b) Unum will enter into a reinsurance
agreement with Royal Assurance, a
sound, viable insurance company which
has been in business since 2008;
(c) The protections described in
Representation 14, above, provided to
the Plan and its participants and
beneficiaries under the proposed
reinsurance transactions are based on
those required for direct insurance by a
‘‘captive’’ insurer, under the conditions
of PTE 79–41 (notwithstanding certain
other requirements related to, among
other things, the amount of gross
premiums or annuity considerations
received from customers who are not
related to, or affiliated with the
insurer); 17
17 The proposal of this exemption should not be
interpreted as an endorsement by the Department
of the transactions described herein. The
Department notes that the fiduciary responsibility
provisions of Part 4 of Title I of the Act apply to
the fiduciary’s decision to engage in the reinsurance
arrangement. Specifically, section 404(a)(1) of the
Act requires, among other things, that a plan
fiduciary act prudently, solely in the interest of the
plan’s participants and beneficiaries, and for the
exclusive purpose of providing benefits to
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(d) The Independent Fiduciary has
reviewed the proposed reinsurance
transaction and has determined that the
transaction is appropriate for, and in the
interests of, the Plan and that there will
be an immediate benefit to the Plan’s
participants as a result thereof by reason
of an improvement in benefits under the
terms of the Plan; and
(e) The Independent Fiduciary will
monitor compliance by the parties with
the terms and conditions of the
exemption, and will take whatever
action is necessary and appropriate to
safeguard the interests of the Plans and
of their participants and beneficiaries.
Notice To Interested Persons: A copy
of this Notice of Proposed Exemption
(the Notice) shall be provided to all
interested persons via first-class mail
within thirty (30) days of the date of
publication of the Notice in the Federal
Register. Comments and requests for a
hearing are due no later than sixty (60)
days after publication of the Notice in
the Federal Register.
For Further Information Contact: Mr.
Gary Lefkowitz of the Department at
(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 of the Act and/or the Code,
including any prohibited transaction
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
participants and beneficiaries when making
investment decisions on behalf of the plan. In this
regard, the Department is not providing any opinion
as to whether a particular insurance or investment
product, strategy or arrangement would be
considered prudent or in the best interests of a plan,
as required by section 404 of the Act. The
determination of the prudence of a particular
product or arrangement must be made by a plan
fiduciary after appropriate consideration to those
facts and circumstances that, given the scope of
such fiduciary’s investment duties, the fiduciary
knows or should know are relevant to the particular
product or arrangement involved, including the
plan’s potential exposure to losses and the role a
particular insurance or investment product plays in
that portion of the plan’s investment portfolio with
respect to which the fiduciary has investment
duties and responsibilities (see 29 CFR 2550.404a–
1).
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59445
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) Before an exemption may be
granted under section 408(a) of the Act
and/or section 4975(c)(2) of the Code,
the Department must find that the
exemption is administratively feasible,
in the interests of the plan and of its
participants and beneficiaries, and
protective of the rights of participants
and beneficiaries of the plan;
(3) The proposed exemptions, if
granted, will be supplemental to, and
not in derogation of, any other
provisions of the Act and/or the Code,
including statutory or administrative
exemptions and transitional 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
(4) The proposed exemptions, if
granted, will be subject to the express
condition that the material facts and
representations contained in each
application are true and complete, and
that each application accurately
describes all material terms of the
transaction which is the subject of the
exemption.
Signed at Washington, DC, this 21st day of
August 2011.
Ivan Strasfeld,
Director of Exemption Determinations,
Employee Benefits Security Administration,
U.S. Department of Labor.
[FR Doc. 2011–24656 Filed 9–23–11; 8:45 am]
BILLING CODE 4510–29–P
DEPARTMENT OF LABOR
Employee Benefits Security
Administration
Withdrawal of Proposed Exemption
From Certain Prohibited Transaction
Restrictions
In the Federal Register dated May 5,
2011 (76 FR 25719), the Department of
Labor (the Department) published a
notice of proposed exemption from the
prohibited transaction restrictions of the
Employee Retirement Income Security
Act of 1974 and from certain taxes
imposed by the Internal Revenue Code
of 1986. The notice concerned an
application, D–11639, filed on behalf of
Wolverine Bronze Company Profit
Sharing Plan and Trust (the Plan) and
BDR Oil, LLC located in Roseville,
Michigan, involving the proposed sale,
for cash at fair market value, of a note
receivable and royalty interests
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59446
Federal Register / Vol. 76, No. 186 / Monday, September 26, 2011 / Notices
(ORRIs)—collectively, the Alternative
Investments, by the Plan to BDR Oil,
LLC, an entity owned by three officers/
employees of the Plan.
On May 19, 2011, the Department was
informed by a representative of the
Applicant that BDR Oil, LLC no longer
intended to purchase the Alternative
Investments from the Plan. Accordingly,
on its own motion, the Department
hereby withdraws the foregoing notice
of proposed exemption.
Signed at Washington, DC, this 19th day of
August, 2011.
Ivan L. Strasfeld,
Director, Office of Exemption Determinations,
Employee Benefits Security Administration,
U.S. Department of Labor.
[FR Doc. 2011–24530 Filed 9–23–11; 8:45 am]
BILLING CODE 4510–29–P
NATIONAL AERONAUTICS AND
SPACE ADMINISTRATION
[Notice11–084]
NASA Advisory Council; Science
Committee; Meeting
National Aeronautics and
Space Administration.
ACTION: Notice of meeting.
AGENCY:
In accordance with the
Federal Advisory Committee Act, Public
Law 92–462, as amended, the National
Aeronautics and Space Administration
(NASA) announces a meeting of the
Science Committee of the NASA
Advisory Council (NAC). This
Committee reports to the NAC. The
meeting will be held for the purpose of
soliciting, from the scientific
community and other persons, scientific
and technical information relevant to
program planning.
DATES: Monday, October 31, 8:30 a.m. to
4 p.m., Local Time, and Tuesday,
November 1, 2011, 8:30 a.m. to 2 p.m.,
Local Time.
ADDRESSES: NASA Headquarters, 300 E
Street, SW., Room 3H46, Washington,
DC 20546.
FOR FURTHER INFORMATION CONTACT: Ms.
Marian Norris, Science Mission
Directorate, NASA Headquarters,
Washington, DC 20546, (202) 358–4452,
fax (202) 358–1377, or
mnorris@nasa.gov.
SUMMARY:
The
meeting will be open to the public up
to the capacity of the room. This
meeting is also available telephonically
and by WebEx. Any interested person
may call the USA toll free conference
call number 888–989–4491, pass code
Science Committee, to participate in
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SUPPLEMENTARY INFORMATION:
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this meeting by telephone. The WebEx
link is https://nasa.webex.com/,
meeting number on October 31 is 993
667 684, and password Science@Oct31;
the meeting number on November 1 is
994 724 148, and password
.Science@Nov1. The agenda for the
meeting includes the following topics:
—Program and Subcommittee Updates.
—James Webb Space Telescope Program
Replan.
It is imperative that the meeting be
held on these dates to accommodate the
scheduling priorities of the key
participants. Attendees will be
requested to sign a register and to
comply with NASA security
requirements, including the
presentation of a valid picture ID to
Security before access to NASA
Headquarters. Foreign nationals
attending this meeting will be required
to provide a copy of their passport, visa,
or resident alien card in addition to
providing the following information no
less than 10 working days prior to the
meeting: full name; gender; date/place
of birth; citizenship; visa/green card
information (number, type, expiration
date); passport information (number,
country, expiration date); employer/
affiliation information (name of
institution, address, country,
telephone); title/position of attendee;
home address; driver’s license number
and state of issue; and Social Security
number to Marian Norris via e-mail at
mnorris@nasa.gov or by fax at (202)
358–1377. U.S. citizens are requested to
submit their name and affiliation 3
working days prior to the meeting to
Marian Norris.
Dated: September 20, 2011.
P. Diane Rausch,
Advisory Committee Management Officer,
National Aeronautics and Space
Administration.
[FR Doc. 2011–24684 Filed 9–23–11; 8:45 am]
BILLING CODE 7510–13–P
NATIONAL ARCHIVES AND RECORDS
ADMINISTRATION
Records Schedules; Availability and
Request for Comments
National Archives and Records
Administration (NARA).
ACTION: Notice of availability of
proposed records schedules; request for
comments.
AGENCY:
The National Archives and
Records Administration (NARA)
publishes notice at least once monthly
of certain Federal agency requests for
records disposition authority (records
SUMMARY:
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schedules). Once approved by NARA,
records schedules provide mandatory
instructions on what happens to records
when no longer needed for current
Government business. They authorize
the preservation of records of
continuing value in the National
Archives of the United States and the
destruction, after a specified period, of
records lacking administrative, legal,
research, or other value. Notice is
published for records schedules in
which agencies propose to destroy
records not previously authorized for
disposal or reduce the retention period
of records already authorized for
disposal. NARA invites public
comments on such records schedules, as
required by 44 U.S.C. 3303a(a).
DATES: Requests for copies must be
received in writing on or before October
26, 2011. Once the appraisal of the
records is completed, NARA will send
a copy of the schedule. NARA staff
usually prepare appraisal
memorandums that contain additional
information concerning the records
covered by a proposed schedule. These,
too, may be requested and will be
provided once the appraisal is
completed. Requesters will be given 30
days to submit comments.
ADDRESSES: You may request a copy of
any records schedule identified in this
notice by contacting Records
Management Services (ACNR) using one
of the following means:
Mail: NARA (ACNR), 8601 Adelphi
Road, College Park, MD 20740–6001.
E-mail: request.schedule@nara.gov.
Fax: 301–837–3698.
Requesters must cite the control
number, which appears in parentheses
after the name of the agency which
submitted the schedule, and must
provide a mailing address. Those who
desire appraisal reports should so
indicate in their request.
FOR FURTHER INFORMATION CONTACT:
Laurence Brewer, Director, Records
Management Services (ACNR), National
Archives and Records Administration,
8601 Adelphi Road, College Park, MD
20740–6001. Telephone: 301–837–1539.
E-mail: records.mgt@nara.gov.
SUPPLEMENTARY INFORMATION: Each year
Federal agencies create billions of
records on paper, film, magnetic tape,
and other media. To control this
accumulation, agency records managers
prepare schedules proposing retention
periods for records and submit these
schedules for NARA’s approval, using
the Standard Form (SF) 115, Request for
Records Disposition Authority. These
schedules provide for the timely transfer
into the National Archives of
historically valuable records and
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]]>Agencies
[Federal Register Volume 76, Number 186 (Monday, September 26, 2011)]
[Notices]
[Pages 59445-59446]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 2011-24530]
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DEPARTMENT OF LABOR
Employee Benefits Security Administration
Withdrawal of Proposed Exemption From Certain Prohibited
Transaction Restrictions
In the Federal Register dated May 5, 2011 (76 FR 25719), the
Department of Labor (the Department) published a notice of proposed
exemption from the prohibited transaction restrictions of the Employee
Retirement Income Security Act of 1974 and from certain taxes imposed
by the Internal Revenue Code of 1986. The notice concerned an
application, D-11639, filed on behalf of Wolverine Bronze Company
Profit Sharing Plan and Trust (the Plan) and BDR Oil, LLC located in
Roseville, Michigan, involving the proposed sale, for cash at fair
market value, of a note receivable and royalty interests
[[Page 59446]]
(ORRIs)--collectively, the Alternative Investments, by the Plan to BDR
Oil, LLC, an entity owned by three officers/employees of the Plan.
On May 19, 2011, the Department was informed by a representative of
the Applicant that BDR Oil, LLC no longer intended to purchase the
Alternative Investments from the Plan. Accordingly, on its own motion,
the Department hereby withdraws the foregoing notice of proposed
exemption.
Signed at Washington, DC, this 19th day of August, 2011.
Ivan L. Strasfeld,
Director, Office of Exemption Determinations, Employee Benefits
Security Administration, U.S. Department of Labor.
[FR Doc. 2011-24530 Filed 9-23-11; 8:45 am]
BILLING CODE 4510-29-P
