Proposed Exemption From Certain Prohibited Transaction Restrictions, 20384-20388 [2017-08687]

Agencies

• Employee Benefits Security Administration
• DEPARTMENT OF LABOR

[Federal Register Volume 82, Number 82 (Monday, May 1, 2017)]
[Notices]
[Pages 20384-20388]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2017-08687]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration


Proposed Exemption From Certain Prohibited Transaction 
Restrictions

AGENCY: Employee Benefits Security Administration, Labor.

ACTION: Notice of proposed exemption.

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SUMMARY: This document contains notices of pendency before the 
Department of Labor (the Department) of proposed exemption 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 
proposed exemption: D-11845, Rosetree & Company 401(k) Plan and Trust.

DATES: All interested persons are invited to submit written comments or 
requests for a hearing on the pending exemption within May 31, 2017.

ADDRESSES: Comments and requests for a hearing should state: (1) The 
name, address, and telephone number of the person making the comment or 
request, and (2) the nature of the person's interest in the exemption 
and the manner in which the person would be adversely affected by the 
exemption. A request for a hearing must also state the issues to be 
addressed and include a general description of the evidence to be 
presented at the hearing.
    All written comments and requests for a hearing (at least three 
copies) should be sent to the Employee Benefits Security Administration 
(EBSA), Office of Exemption Determinations, U.S. Department of Labor, 
200 Constitution Avenue NW., Suite 400, Washington, DC 20210. 
Attention: Application No. __, stated in each Notice of Proposed 
Exemption. Interested persons are also invited to submit comments and/
or hearing requests to EBSA via email or FAX. Any such comments or 
requests should be sent either by email to: moffitt.betty@dol.gov, or 
by FAX to (202) 693-8474 by the end of the scheduled comment period. 
The applications for exemption and the comments received will be 
available for public inspection in the Public Documents Room of the 
Employee Benefits Security Administration, U.S. Department of Labor, 
Room N-1515, 200 Constitution Avenue NW., Washington, DC 20210.
    Warning: All comments will be made available to the public. Do not 
include any personally identifiable information (such as Social 
Security number, name, address, or other contact information) or 
confidential business information that you do not want publicly 
disclosed. All comments may be posted on the Internet and can be 
retrieved by most Internet search engines.

SUPPLEMENTARY INFORMATION: 
    The proposed exemption was requested in an application filed 
pursuant to section 408(a) of the Act and/or section 4975(c)(2) of the 
Code, and in accordance with procedures set forth in 29 CFR part 2570, 
subpart B (76 FR 66637, 66644, October 27, 2011).\1\ 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 requested to the Secretary of 
Labor. Therefore, this notice of proposed exemption is issued solely by 
the Department.
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    \1\ The Department has considered exemption applications 
received prior to December 27, 2011 under the exemption procedures 
set forth in 29 CFR part 2570, subpart B (55 FR 32836, 32847, August 
10, 1990).
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    The application contains representations with regard to the 
proposed exemption which are summarized below. Interested persons are 
referred to the applications on file with the Department for a complete 
statement of the facts and representations.

Rosetree & Company 401(k) Plan and Trust (the Plan)

Located in Skokie, IL

[Application No. D-11845]

PROPOSED EXEMPTION
    Based on the facts and representations set forth in the 
application, the Department is considering granting an exemption under 
section 4975(c)(2) of the Code and in accordance with the procedures 
set forth in 29 CFR part 2570, subpart B (76 FR 66637, 66644, October 
27, 2011).
SECTION I. COVERED TRANSACTION
    If the proposed exemption is granted, the sanctions resulting from 
the application of section 4975(c)(1)(B) of the Code, shall not apply 
to the proposed guarantee (the Guarantee) by

[[Page 20385]]

Richard Rosenbaum (Mr. Rosenbaum), the Plan trustee, a disqualified 
person with respect to the Plan, of: (1) a loan (the Loan) made by the 
Great Lakes Credit Union (GLCU), an unrelated third party lender, to 
Kurtson Realty, LLC (Kurtson), a real estate company that is wholly 
owned by the Plan; \2\ and (2) a future Loan made by an unrelated third 
party lender (hereinafter, GLCU and any third party lender is referred 
to as a ``Lender'') to Kurtson, provided that the general conditions 
that are set forth below in Section II are met.
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    \2\ Because Mr. Rosenbaum is the sole owner of Rosetree & 
Company, Ltd. (Rosetree), the Plan sponsor, and the only participant 
in the Plan, there is no jurisdiction under Title I of the Employee 
Retirement Income Security Act of 1974 (the Act), pursuant to 29 CFR 
2510.3-3(b). However, there is jurisdiction under Title II of the 
Act pursuant to section 4975 of the Code.
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SECTION II. GENERAL CONDITIONS
    (a) The Loan is made for purposes of the Plan acquiring and 
rehabilitating investment property from an unrelated third party 
through Kurtson;
    (b) The Loan is made on commercially reasonable terms;
    (c) The debt service and value to loan ratio for the Loan, and for 
any future Loan, are based primarily on the characteristics of the 
property serving as collateral for such Loan (the Collateral Property);
    (d) The Lender and the Loan servicer (the Loan Servicer) are 
unrelated to Mr. Rosenbaum and the Plan;
    (e) The Lender has a pre-existing Loan service arrangement with the 
Loan Servicer, and maintains this relationship for the duration of the 
Loan;
    (f) Mr. Rosenbaum does not receive any compensation or derive any 
personal benefit from the Collateral Property;
    (g) For the duration of the Loan or any future Loan, the Collateral 
Property is not used by or leased to: (1) any other disqualified 
persons with respect to the Plan; (2) Rosetree or any affiliate of 
Rosetree; or (3) any person or entity in which Mr. Rosenbaum may have 
an interest that would affect his best judgment as a Plan fiduciary;
    (h) The Guarantee is a condition that is: (1) customarily required 
in similar transactions between Kurtson and the Lender, and is not 
unique to the Loan or to the specific parties to the Loan; and (2) 
solely due to a regulatory requirement of the National Credit Union 
Administration that is imposed upon credit unions, including GLCU;
    (i) If the Plan defaults on a Loan, Mr. Rosenbaum pays the balance 
of such Loan, and has no recourse against the Plan for repayment;
    (j) No interest or any fee is charged to Kurtson or the Plan in 
connection with the Guarantee; and
    (k) The Guarantee is not part of an agreement, arrangement, or 
understanding in which Mr. Rosenbaum causes the assets of the Plan to 
be used in a manner that is designed to benefit himself or any person 
who has an interest which would affect the exercise of Mr. Rosenbaum's 
best judgment as a fiduciary of the Plan.
SUMMARY OF FACTS AND REPRESENTATIONS \3\
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    \3\ The Summary of Facts and Representations is based on the 
Applicant's representations and does not reflect the views of the 
Department, unless indicated otherwise.
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The Parties

    1. The Plan is a 401(k) Plan sponsored by Rosetree, a licensed CPA 
firm, insurance agency, and registered investment adviser. Mr. 
Rosenbaum (the Applicant) is the sole shareholder and employee of 
Rosetree. He performs all of Rosetree's operations and receives 
periodic compensation. Mr. Rosenbaum is also the sole participant in 
the Plan, as well as the Plan administrator and trustee. As of March 
31, 2016, the Plan had approximately $480,000 in total assets.
    2. Kurtson is a real estate operating company that is wholly owned 
by the Plan. Kurtson currently owns three investment properties, 
including a 3-unit apartment building located at 1842 S. Drake, 
Chicago, Illinois (the Collateral Property), which is rented to 
unrelated parties. Mr. Rosenbaum performs administrative duties for 
Kurtson, but he receives no compensation for his services.
    3. The Plan contemplates entering into a Loan from GLCU, a credit 
union based in Bannockburn, Illinois. As of December 31, 2015, GLCU had 
$719 million in assets.
    4. Spectrum Business Resources, LLC (Spectrum) is GLCU's loan 
servicing agent in Lisle, Illinois. As the Loan Servicer for several 
member credit unions, Spectrum identifies potential borrowers, prepares 
loan write-ups for the credit union loan committees, prepares loan 
documents and maintains correspondence and relationships with the 
borrowers. Both GLCU and Spectrum are unrelated to the Plan and Mr. 
Rosenbaum.\4\
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    \4\ Mr. Rosenbaum also represents that he has no relationship 
with any of Spectrum's member credit unions other than as a 
depositor or borrower.
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The Loans

    5. Kurtson seeks an initial Loan from GLCU in order to acquire and 
rehabilitate a new investment property that will serve as the 
Collateral Property for the Loan. A Loan proposal (the Loan Proposal) 
from Spectrum, which specifies the terms and conditions under which the 
requested financing will be provided to Kurtson, states that ``GLCU 
will provide up to a $90,000, secured, guaranteed commercial mortgage 
on the [Collateral Property], [which will require] 60 monthly payments 
of principal and interest through maturity in 5 years, based on a 20-
year amortization schedule, at a 5.95% fixed interest rate.'' The Loan 
Proposal also provides that ``the Loan amount will not exceed 75% of 
the appraised value of the [Collateral Property].''
    6. In addition to the Collateral Property, the collateral for the 
Loan will consist of an assignment of rents on the Collateral Property 
by Kurtson to GLCU. Other terms of the Loan Proposal require an 
appraisal of the Collateral Property prior to the formal approval of 
such Loan, to confirm a minimum market value of $120,000. Further, 
pursuant to credit union regulations, the Loan will require a written 
Guarantee from Mr. Rosenbaum.\5\
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    \5\ Mr. Rosenbaum represents that he is also a guarantor of 
other loans made to entities he controls for transactions that are 
substantially similar to the proposed exemption transaction. He 
states that the outstanding loan amounts for which he serves as a 
guarantor are approximately $767,000 on properties having an 
appraised value of $1,240,000.
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    7. With respect to fees and other expenses associated with the 
Loan, the Applicant represents that there will be a processing fee of 
$250. In addition, Kurtson will be required to reimburse GLCU for all 
costs associated with the transaction, including but not limited to 
attorney's fees, appraisal fees, recording fees, title insurance costs, 
survey costs, searches, documentation fees, and any other costs and 
fees associated with the transaction. The Loan will not have any 
prepayment penalties.
    Although the Loan Proposal allows for a Loan amount of up to 
$90,000, Kurtson will obtain a Loan for $80,000, resulting in a value 
to loan ratio of 150%. The Loan would represent approximately 14.29% of 
the Plan's assets.
    8. The Applicant anticipates that the Plan will engage in 
additional Loans of a similar nature in the future. Accordingly, 
Kurtson will obtain all future Loans from the Lender under similar, 
commercially-reasonable terms, subject to changes in market conditions 
that would affect the interest rate. The debt service and value to loan 
ratio for the Loan, and for any future Loan, will be based primarily on 
the characteristics of the Collateral Property.

[[Page 20386]]

    In addition, the Lender and the Loan Servicer will be unrelated to 
Mr. Rosenbaum and the Plan. Although, the Lender may not have a pre-
existing loan service arrangement with the Loan Servicer, it will 
maintain this relationship with Spectrum for the duration of a Loan. 
Further, Mr. Rosenbaum will not receive any compensation or derive any 
personal benefit from the Collateral Property. Finally, the Collateral 
Property for the Loan or any future Loan, may not be used by or leased 
to: (a) any other disqualified persons with respect to the Plan; (b) 
Rosetreee or any affiliate of Rosetree; or (c) any person or entity in 
which Mr. Rosenbaum may have an interest that would affect his best 
judgment as a Plan fiduciary.

Appraisal of the Collateral Property

    9. The Collateral Property for the initial Loan has been appraised 
by Steven F. Eggler, a Certified Residential Real Estate Appraiser, of 
C.A. Benson and Associates, Inc., which is located in La Grange Park, 
Illinois. Mr. Eggler represents that he has no interest in the 
Collateral Property and no bias with respect to the participants in the 
proposed transaction, or with respect to Rosetree, the Plan, or 
Kurtson. Mr. Eggler also represents that his employment and/or 
compensation for performing the appraisal or any future appraisals was 
not conditioned on any agreement or understanding that he would report 
(or present analysis, supporting), among other things, a predetermined 
specific value, a predetermined minimum value, a range or direction in 
value, or a value that favors the cause of any party.
    10. In an appraisal report dated September 30, 2014 (the 2014 
Appraisal), Mr. Eggler certifies that he developed his opinion of the 
market value of the Collateral Property based solely on the Sales 
Comparison and Income Approaches to valuation. As of September 23, 
2014, Mr. Eggler placed the fair market value of the Collateral 
Property at $120,000, under the Sales Comparison Approach, and at 
$117,000, under the Income Approach. After reconciling both valuations, 
Mr. Eggler ultimately determined that the Collateral Property was worth 
$120,000, as of September 30, 2014.
    11. In a statement dated May 31, 2016, Charles A. Benson, Jr., SRA 
of C. A. Benson and Associates, Inc., who was the supervisory appraiser 
for the 2014 Appraisal, provided an update to the sales data discussed 
in the 2014 Appraisal, as it applies to the Collateral Property. As 
noted in the 2014 Appraisal, Mr. Benson represents that the average 
sale price of a 2-4 unit [in the $100,000-200,000 price range] in the 
North Lawndale community, where the Collateral Property is located, was 
$136,171 over the 12-month period prior to the 2014 Appraisal. 
According to Mr. Benson, in the ensuing 12 month period, the average 
sale price for properties in the same price range as the Collateral 
Property was $131,287, which represented a 3.6% decline in value. Mr. 
Benson also represents that from September 25, 2015 to May 10, 2016, 
the average sale price of properties that were comparable to the 
Collateral Property was $137,953. According to Mr. Benson, this amount 
represents a 1.3% increase from the average sale price noted in the 
2014 Appraisal. Mr. Benson explains that this price difference reflects 
a small decrease in the year after the 2014 Appraisal, followed by an 
increase to a level that was slightly higher than what was noted in the 
2014 Appraisal. Overall, Mr. Benson represents that market conditions 
in the area have stabilized since the 2014 Appraisal.
    The Applicant represents that any investment property used by the 
Applicant as Collateral Property to support a future Loan will be 
similarly valued by a qualified, independent appraiser.

Rationale for the Loans

    13. Mr. Rosenbaum represents that he is an experienced real estate 
investor. As a former Partner in charge of the Chicago Real Estate 
practice of Coopers & Lybrand (now Price Waterhouse Coopers), Mr. 
Rosenbaum states that he has been a senior executive at other real 
estate industry entities, and that he personally owns ten properties 
that are similar to the Collateral Property.
    It is Mr. Rosenbaum's opinion that, given the current investment 
environment, real estate investments of this type provide higher rates 
of return and less risk than other investments available. Mr. Rosenbaum 
is also of the view that the proposed Loans will enable the Plan to 
earn a higher rate of return by investing in an additional property, 
which would not be obtainable if the exemption request is denied.

The Guarantee

    14. As represented above, the Loan Proposal requires Mr. 
Rosenbaum's Guarantee. Accordingly, the Applicant is requesting an 
administrative exemption from the Department that will allow Mr. 
Rosenbaum to provide a Guarantee for the Loan that Kurtson, a wholly-
owned entity of the Plan and thus, a Plan asset, is requesting from 
GLCU, as well as for future Loans from Lenders, which may include GLCU. 
The proposed Loan will be made on commercially reasonable terms, and 
both the debt service and value to loan ratios for the Loan from GLCU 
indicate that the Loan will be based primarily upon the characteristics 
of the Collateral Property that is being financed for purposes of the 
Loan. The Applicant represents that, although the Plan is dealing with 
GLCU, an independent lender, Mr. Rosenbaum is being asked by GLCU to 
participate as a Loan guarantor. The Applicant represents that the 
proposed Guarantee is solely due to a regulatory requirement of the 
National Credit Union Administration \6\ that is imposed upon credit 
unions, including GLCU. Further, the Applicant represents that it is 
not aware of any other bank or savings institution that makes non-
recourse loans at present.\7\ The Applicant represents that only 
insurance companies do not require guarantees, but only for loans over 
$1 million.
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    \6\ See 12 CFR 723.7(b)--(``Principals, other than a not for 
profit organization, as defined by the Internal Revenue Service Code 
(26 U.S.C. 501) or those where the Regional Director grants a 
waiver, must provide their personal liability and guarantee.'')
    \7\ The Applicant represents that prior to 2008, it is aware of 
only two financial institutions that made non-recourse loans to 
retirement plans. However, the Applicant explains that both 
institutions are no longer in business.
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    Notwithstanding the regulatory requirement, the Applicant believes 
that with respect to the Loan, the Collateral Property provides 
adequate collateral and cash flow to repay the Loan without relying 
upon Mr. Rosenbaum's personal credit or funds.
    No interest or any fee will be charged to Kurtson or the Plan in 
connection with the Guarantee. In addition, the Guarantee will not be 
part of an agreement, arrangement, or understanding in which Mr. 
Rosenbaum causes the assets of the Plan to be used in a manner that is 
designed to benefit himself or any person who has an interest which 
would affect the exercise of Mr. Rosenbaum's best judgment as a 
fiduciary of the Plan.
    The Applicant also requests exemptive relief for Mr. Rosenbaum's 
Guarantee of certain future Loans that may be made to Kurtson by a 
Lender. As represented above, the debt service and value to loan ratios 
for all future Loans will be based primarily upon the characteristics 
of the Collateral Property for the specific Loan.

Legal Analysis

    15. Section 4975(c)(1)(B) of the Code prohibits any direct or 
indirect lending

[[Page 20387]]

of money or other extension of credit between a plan and a disqualified 
person. Section 4975(e)(2)(A) of the Code defines the term 
``disqualified person'' to include a plan fiduciary. Section 4975(e)(3) 
of the Code defines the term ``fiduciary,'' in part, to include any 
person who exercises any discretionary authority or discretionary 
control respecting management of such plan or exercises any authority 
or control regarding management or disposition of its assets. As Plan 
trustee, with investment discretion over the assets of the Plan, Mr. 
Rosenbaum is a fiduciary and therefore, a disqualified person. Thus, in 
absence of a statutory or administrative exemption, the Guarantee would 
violate section 4975(c)(1)(B) of the Code.

Statutory Findings

    17. The Applicant states that the proposed exemption is 
administratively feasible in that it covers a specific factual 
situation that will not require ongoing monitoring by the Department. 
In addition, the Applicant states that the proposed exemption is in the 
best interests of the Plan and Mr. Rosenbaum as the sole participant 
because the Loan will allow the Plan to invest in another property in 
which the rate of return will be substantially higher for the Plan than 
investing in traditional assets, such as the stock market, and with 
less risk.\8\
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    \8\ As an example, the Applicant states that the typical 
property he acquires costs $100,000 to purchase and rehabilitate, 
which then generates $25,000 annually in cash flow and appraises for 
$150,000. The Applicant further explains that there is strong demand 
for apartments that are similar to the Collateral Property, and the 
rents are generally guaranteed by the Federal Government under the 
Section 8 Housing Program.
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    Further, the Applicant represents that the proposed exemption is 
protective of the rights of Mr. Rosenbaum as the sole Plan participant 
because the Loan is made by an unrelated, third party to the Plan and 
guaranteed by Mr. Rosenbaum in his individual capacity. In addition, 
the Applicant represents that no interest or fee is charged to Kurtson 
or the Plan in connection with the Guarantee.

Summary

    18. In summary, the Applicant represents that the proposed 
transaction satisfies the statutory criteria of section 4975(c)(2) of 
the Code because:
    (a) The Loan will be made for purposes of the Plan acquiring and 
rehabilitating investment property from an unrelated third party 
through Kurtson;
    (b) The Loan will be made on commercially reasonable terms;
    (c) The debt service and value to loan ratio for the Loan, and for 
any future Loan, will be based primarily on the characteristics of the 
Collateral Property;
    (d) The Lender and the Loan Servicer will be unrelated to Mr. 
Rosenbaum and the Plan;
    (e) The Lender will have a pre-existing Loan service arrangement 
with the Loan Servicer, and will maintain this relationship for the 
duration of the Loan;
    (f) Mr. Rosenbaum will not receive any compensation or derive any 
personal benefit from the Collateral Property;
    (g) For the duration of the Loan or any future Loan, the Collateral 
Property will not be used by or leased to: (1) any other disqualified 
persons with respect to the Plan; (2) Rosetree or any affiliate of 
Rosetree; or (3) any person or entity in whom Mr. Rosenbaum may have an 
interest that would affect his best judgment as a Plan fiduciary;
    (h) The Guarantee will be a condition that is: (1) customarily 
required in similar transactions between Kurtson and the Lender, and 
will not be unique to the Loan or to the specific parties to the Loan; 
and (2) solely due to a regulatory requirement of the National Credit 
Union Administration that is imposed upon credit unions, including 
GLCU;
    (i) If the Plan defaults on a Loan, Mr. Rosenbaum will pay the 
balance of each Loan and will have no recourse against the Plan for 
repayment;
    (j) No interest or any fee will be charged to Kurtson or the Plan 
in connection with the Guarantee; and
    (k) The Guarantee will not be part of an agreement, arrangement, or 
understanding in which Mr. Rosenbaum causes the assets of the Plan to 
be used in a manner that is designed to benefit himself or any person 
who has an interest which would affect the exercise of Mr. Rosenbaum's 
best judgment as a fiduciary of the Plan.
NOTICE TO INTERESTED PERSONS
    As Mr. Rosenbaum is the sole participant and beneficiary of the 
Plan, it has been determined that there is no need to distribute the 
Notice of Proposed Exemption (Notice) to interested persons. Therefore, 
comments and requests for a hearing must be received by the Department 
within thirty (30) days of the publication of this Notice in the 
Federal Register.
    All comments will be made available to the public. Warning: Do not 
include any personally identifiable information (such as name, address, 
or other contact information) or confidential business information that 
you do not want publicly disclosed. All comments may be posted on the 
Internet and can be retrieved by most Internet search engines.

FOR FURTHER INFORMATION CONTACT: Ms. Anna Mpras Vaughan of the 
Department, telephone (202) 693-8565. (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 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 exemption, 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 exemption, if granted, will be subject to the 
express condition that the material facts and representations contained 
in the application are true and complete, and that the application 
accurately describes all material terms of the transaction which is the 
subject of the exemption.


[[Page 20388]]


    Signed at Washington, DC, this 24th day of April, 2017.
Lyssa E. Hall,
Director, Office of Exemption Determinations, Employee Benefits 
Security Administration, U.S. Department of Labor.
[FR Doc. 2017-08687 Filed 4-28-17; 8:45 am]
 BILLING CODE 4510-29-P