Exemption From Certain Prohibited Transaction Restrictions Involving the Electrical Insurance Trustees Insurance Fund and the Electrical Joint Apprenticeship and Training Trust (the Plans or the Applicants) Located in Alsip, Illinois, 34054-34056 [2021-13680]

Download as PDF 34054 Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices khammond on DSKJM1Z7X2PROD with NOTICES is invested in the Fund. In the case of multiple plans maintained by the same employer, or by members of a controlled group, whose assets are invested on a commingled basis (e.g., through a master trust), the 5% limit applies to the aggregate assets of the commingled entity; (e) Neither Mitsubishi Bank, nor any Lender, has discretionary authority or control with respect to a Covered Plan’s investment in the Fund nor renders investment advice (within the meaning of 29 CFR 2510.3–21(c)) with respect to such investment; (f) Upon request, the Covered Plan fiduciaries must receive from Mitsubishi Bank, a copy of this notice of proposed exemption and a copy of the final exemption, as published in the Federal Register; (g) Mitsubishi Bank receives from the Covered Plan fiduciaries a written representation, or a written authorization, that permits Mitsubishi Bank to rely on a written representation made to the Fund, that the conditions set forth above in Section III(a), (c), and (d) are satisfied for such transaction with respect to the Covered Plan for which they are fiduciaries; (h) No Covered Transaction is part of an arrangement, agreement or understanding, designed to benefit a party in interest or disqualified person with respect to a Covered Plan. (i) The Funds will not hold ‘‘plan assets’’ for purposes of ERISA or Code section 4975; 8 (j) Any service covered by the exemption must be necessary for the establishment or operation of the plan, and no more than reasonable compensation may be paid; (k) No Lender will have any influence, authority, or control over a Client Plan’s investment in the Fund; and (l) All the facts and representations set forth in the Summary of Facts and Representations are true and accurate. Effective Date: The proposed exemption, if granted, will be effective as of the date that the notice of final exemption is published in the Federal Register. Signed at Washington, DC, this 22nd day of June, 2021. Christopher Motta, Chief, Division of Individual Exemptions, Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor. [FR Doc. 2021–13676 Filed 6–25–21; 8:45 am] BILLING CODE 4510–29–P 8 See the Department’s Plan Assets Regulation. 29 CFR part 2510.3–101 (51 FR 41280, Nov. 13, 1986), as amended at 51 FR 47226, (Dec. 31, 1986). VerDate Sep<11>2014 17:39 Jun 25, 2021 Jkt 253001 DEPARTMENT OF LABOR Employee Benefits Security Administration [Prohibited Transaction Exemption 2021– 03; Exemption Application Nos. L–12000 & L–12001] Exemption From Certain Prohibited Transaction Restrictions Involving the Electrical Insurance Trustees Insurance Fund and the Electrical Joint Apprenticeship and Training Trust (the Plans or the Applicants) Located in Alsip, Illinois Employee Benefits Security Administration, Labor. ACTION: Notice of Exemption. AGENCY: This document contains a notice of an exemption 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). The exemption permits: (a) The sale (the Sale) by the Electrical Joint Apprenticeship and Training Trust (the EJAT Trust) of 5.11 acres of unimproved real property (the Property) to the Electrical Insurance Trustees Insurance Fund (the EIT Fund), a party in interest with respect to the EJAT Trust; and (b) the EIT Fund’s granting of a right of first offer (the Right of First Offer) to the EJAT Trust to purchase the Property back from the EIT Fund, provided all of the conditions described below are satisfied. DATES: This exemption will be in effect on the date that this grant notice is published in the Federal Register. FOR FURTHER INFORMATION CONTACT: Mr. Joseph Brennan of the Department at (202) 693–8456. (This is not a toll-free number.) SUPPLEMENTARY INFORMATION: On March 22, 2021, the Department published a notice of proposed exemption in the Federal Register at 86 FR 15258, permitting: (a) The Sale by the EJAT Trust of the Property to the EIT Fund, a party in interest with respect to the EJAT Trust; and (b) the EIT Fund’s granting of the Right of First Offer to the EJAT Trust to purchase the Property back from the EIT Fund. This exemption provides only the relief specified in the text of the exemption. It provides no relief from violations of any law other than the prohibited transaction provisions of ERISA. The Department makes the requisite findings under ERISA section 408(a) based on adherence to all of the conditions of the exemption. SUMMARY: PO 00000 Frm 00088 Fmt 4703 Sfmt 4703 Accordingly, affected parties should be aware that the conditions incorporated in this exemption are, taken as a whole, necessary for the Department to grant the relief requested by the Applicants. Absent these or similar conditions, the Department would not have granted this exemption. The Applicants requested an individual exemption pursuant to ERISA section 408(a) in accordance with the procedures set forth in 29 CFR part 2570, subpart B (76 FR 66637, 66644, October 27, 2011). Effective December 31, 1978, section 102 of the Reorganization Plan No. 4 of 1978, 5 U.S.C. App. 1 (1996), transferred the authority of the Secretary of the Treasury to issue administrative exemptions under section 4975(c)(2) of the Code to the Secretary of Labor. Accordingly, the Department grants this exemption under its sole authority. Written Comments In the proposed exemption, the Department invited all interested persons to submit written comments and/or requests for a public hearing with respect to the notice of proposed exemption. All comments and requests for a hearing were due to the Department by May 6, 2021. The Department received one written comment and one request for a public hearing. The commenter raised no substantive issues regarding the proposed transactions, and the hearing requestor provided no reasons for requesting the hearing.1 Accordingly, after considering the entire record developed in connection with the Applicants’ exemption requests, the Department has determined to grant the exemption described below. The exemption contains minor clarifications to the proposal. The complete application files (L–12000 & L–12001) are available for public inspection in the Public Disclosure Room of the Employee Benefits Security Administration, Room N–1515, 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 March 22, 2021, at 86 FR 15258. General Information The attention of interested persons is directed to the following: 1 The Department made several attempts to contact the requestor for further information. However, no response was received. E:\FR\FM\28JNN1.SGM 28JNN1 Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices (1) The fact that a transaction is the subject of an exemption under ERISA section 408(a) does not relieve a fiduciary or other party in interest from certain requirements of other ERISA provisions, including any prohibited transaction provisions to which the exemption does not apply and the general fiduciary responsibility provisions of ERISA section 404, which, among other things, require a fiduciary to discharge his or her duties respecting the plan solely in the interest of the plan’s participants and beneficiaries and in a prudent fashion in accordance with ERISA section 404(a)(1)(B). (2) As required by ERISA section 408(a), the Department hereby finds that the exemption is (1) administratively feasible, (2) in the interests of affected plans and of their participants and beneficiaries, and (3) protective of the rights of participants and beneficiaries of such plans; (3) The exemption is supplemental to, and not in derogation of, any other ERISA provisions, 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 determining whether the transaction is in fact a prohibited transaction; and (4) The availability of this exemption is subject to the express condition that the material facts and representations contained in the application accurately describe all material terms of the transaction that are the subject of the exemption. Accordingly, the following exemption is granted under the authority of ERISA section 408(a)and in accordance with the procedures set forth in 29 CFR part 2570, subpart B (76 FR 66637, 66644, October 27, 2011): Exemption khammond on DSKJM1Z7X2PROD with NOTICES Section I. Covered Transactions The restrictions of ERISA sections 406(a)(1)(A), 406(a)(1)(D), 406(b)(1), and 406(b)(2) shall not apply to: (a) EJAT Trust’s sale of the Property to the EIT Fund, which is a party in interest with respect to the EJAT Trust; 2 and (b) the EIT Fund’s grant of the Right of First Offer to the EJAT Trust to purchase the Property back from the EIT Fund, provided conditions set forth in (a) through (l) below are satisfied: (a) The Sale is a one-time transaction for cash; 2 The EIT Fund is a party in interest with respect to the EJAT Trust under section 3(14)(C) of the Act because it is an employer whose employees participate in the EJAT Fund. VerDate Sep<11>2014 17:39 Jun 25, 2021 Jkt 253001 (b) The terms and conditions of the Sale are at least as favorable to the EJAT Trust and the EIT Fund as an arm’slength transaction between unrelated and independent parties each of whom have full knowledge of the relevant facts and are not under any compulsion to buy or sell; (c) The EJAT Trust Independent Fiduciary has not and will not enter into any agreement or instrument that violates section 410 of ERISA, and prudently: (1) Represents the EJAT Trust’s interests for all purposes with respect to the Sale; (2) Determines that the Sale is in the interest and protective of the EJAT Trust and the EJAT Trust participants based on, among other things, an updated appraisal report described in (c)(5) below; (3) Reviews and approves the terms and conditions of the Sale; (4) Engages the EJAT Trust Independent Appraiser, ensures the Appraiser’s independence, and ensures that the Appraiser bases its opinions upon complete, current, and accurate information; (5) Ensures that the EJAT Trust’s Independent Appraiser renders an updated fair market valuation of the Property, which is current as of the date of the Sale; (6) Reviews the EJAT Independent Appraisal Report and the updated appraisal described in (c)(5), confirms that the underlying methodologies are reasonable and accurate, and prudently concludes that the appraisals can reasonably be relied upon; and (7) Determines whether it is appropriate for the EJAT Trust to proceed with the Sale and whether the Sale is consistent with each condition of this exemption; (d) The EIT Fund Independent Fiduciary has not and will not enter into any agreement or instrument that violates section 410 of ERISA, and prudently: (1) Represents the EIT Fund’s interests for all purposes with respect to the Sale; (2) Determines that the Sale is in the interest and protective of the EIT Fund and the EIT Fund participants based on, among other things, an updated appraisal report described in (d)(5) below; (3) Reviews and approves the terms and conditions of the Sale; (4) Engages the EIT Fund Independent Appraiser for the Sale, ensures the Appraiser’s Independence, and ensures that the Appraiser bases its opinions upon complete, current, and accurate information; PO 00000 Frm 00089 Fmt 4703 Sfmt 4703 34055 (5) Ensures that the EIT Fund’s Independent Appraiser renders an updated fair market valuation of the Property, which is current as of the date of the Sale; (6) Reviews the EIT Fund Independent Appraisal Report and the updated appraisal described in (d)(5), confirms that the underlying methodologies are reasonable and accurate, and prudently concludes that the appraisals can reasonably be relied upon; and (7) Determines whether it is appropriate for the EIT Fund to proceed with the Sale consistent with each condition of this exemption; (e) The Sale is not part of an agreement, arrangement, or understanding designed to benefit any party other than the EJAT Trust and the EIT Fund; (f) Any use of the Property by the EIT Fund and the Related Plans that is described in PTEs 76–1 and 77–10 complies with the conditions of those exemptions; (g) No later than 90 days after the Sale is completed, the EJAT Trust and the EIT Fund Independent Fiduciaries each will submit a written statement to the Department documenting that the Sale has met all of the exemption requirements; (h) The EIT Fund Independent Fiduciary may not enter, and has not entered, into any agreement, arrangement or understanding regarding the Sale that indemnifies the EIT Fund Independent Fiduciary, in whole or in part, or waives any liability for negligence or for violation of state or federal law by the EIT Fund Independent Fiduciary; (i) The Independent Appraiser selected by the EIT Fund Independent Fiduciary may not enter, and has not entered, into any agreement, arrangement or understanding regarding the Sale that indemnifies the EIT Fund Independent Appraiser, in whole or in part, or waives any liability for negligence or for any violation of state or federal law by the Independent Appraiser; (j) The EJAT Trust Independent Fiduciary may not enter, and has not entered, into any agreement, arrangement or understanding regarding the Sale that indemnifies the EJAT Trust Independent Fiduciary, in whole or in part, or waives any liability for negligence or for any violation of state or federal law by the EJAT Trust Independent Fiduciary; (k) The Independent Appraiser selected by the EJAT Trust Independent Fiduciary may not enter, and has not entered, into any agreement, E:\FR\FM\28JNN1.SGM 28JNN1 34056 Federal Register / Vol. 86, No. 121 / Monday, June 28, 2021 / Notices arrangement or understanding regarding the Sale that indemnifies the Independent Appraiser, in whole or in part, for negligence or for any violation of state or federal law by the Independent Appraiser; and (l) The EJAT Trust may not repurchase the Property from the EIT Fund absent an individual exemption granted by the Department. Effective Date: This exemption will become effective on the date that this grant notice is published in the Federal Register. NATIONAL AERONAUTICS AND SPACE ADMINISTRATION Signed at Washington, DC, this 22nd day of June, 2021. Christopher Motta, Chief, Division of Individual Exemptions, Office of Exemption Determinations, Employee Benefits Security Administration, U.S. Department of Labor. The National Aeronautics and Space Administration (NASA) published a document in the Federal Register of June 15, 2021, concerning a request for information on the Agency’s mission directorates’ programs, procurements, grants, regulations and policies. The document contained incorrect dates. FOR FURTHER INFORMATION CONTACT: Issues regarding submission or questions on this RFI can be sent to Dorice Kenely, Procurement Analyst, Office of Procurement at (202) 358–0443 or dorice.m.kenely@nasa.gov. SUPPLEMENTARY INFORMATION: In the Federal Register of June 15, 2021, in FR Doc. 2021–12668, on page 31735, in the first column, correct the DATES caption to read: DATES: Comments are requested on or before August 31, 2021. Early comments and responses to questions in the RFI are encouraged. Comments and responses received after this date will be considered for future advisory, communicative and outreach efforts to the extent practicable. A public meeting discussing the questions detailed in the RFI will be held on July 13, 2021, from 1:00 p.m. to 3:30 p.m. On page 31738, in the third column, correct the second sentence of the last paragraph to read: To that end, NASA will hold a public meeting on July 13, 2021, from 1:00 p.m. to 3:30 p.m. [FR Doc. 2021–13680 Filed 6–25–21; 8:45 am] BILLING CODE 4510–29–P MORRIS K. AND STEWART L. UDALL FOUNDATION Sunshine Act Meetings Electronic Board Meeting to be held via email exchanges Thursday, July 8, 2021, 8:00 a.m. (PDT), through Wednesday, July 21, 2021. TIME AND DATE: Board of Trustees Meeting held via email. PLACE: This special meeting of the Board of Trustees, to be held Electronically (in accordance with the Operating Procedures of the Board of Trustees of the Morris K. Udall and Stewart L. Udall Foundation), is open to the public. Members of the public who would like to participate in this electronic meeting should email Elizabeth E. Monroe, Executive Assistant, Morris K. Udall and Stewart L. Udall Foundation, at monroe@ udall.gov, no later than Thursday, July 8, 2021, 8:00 a.m. (PDT). khammond on DSKJM1Z7X2PROD with NOTICES STATUS: [Document Number NASA–21–038; Docket Number–NASA–2021–0002] Request for Information on Advancing Racial Equity and Support for Underserved Communities in NASA Programs, Contracts and Grants; Correction Process National Aeronautics and Space Administration. ACTION: Request for information; correction. AGENCY: SUMMARY: Draft Udall Foundation 2022–2026 Strategic Plan. Nanette Smith, Team Lead, NASA Directives and Regulations. CONTACT PERSON FOR MORE INFORMATION: [FR Doc. 2021–13725 Filed 6–25–21; 8:45 am] David P. Brown, Executive Director, 130 South Scott Avenue, Tucson, AZ 85701, (520) 901–8500. BILLING CODE 7510–13–P [FR Doc. 2021–13871 Filed 6–24–21; 4:15 pm] BILLING CODE 6820–FN–P VerDate Sep<11>2014 17:39 Jun 25, 2021 Jkt 253001 Agenda NSF will provide the Zoom coordinates for each meeting (All times are Eastern Daylight Time (EDT)). August 18, 2021 10:30 a.m.–11:00 a.m. Executive Session (Closed) 11:00 a.m.–5:00 p.m. Presentations on the ATLAS upgrade (Open) 5:00 p.m.–6:00 p.m. Executive (closed) Session (Closed) 6:00 p.m.–6:30 p.m. Closeout presentation by Review Panel (Open) Reason for Closing: The work being reviewed during closed portions of the virtual site visit include information of a proprietary or confidential nature, including technical information; financial data, such as salaries and personal information concerning individuals associated with the project. These matters are exempt under 5 U.S.C. 552b(c), (4) and (6) of the Government in the Sunshine Act. Dated: June 23, 2021. Crystal Robinson, Committee Management Officer. [FR Doc. 2021–13674 Filed 6–25–21; 8:45 am] BILLING CODE 7555–01–P MATTERS TO BE CONSIDERED: Dated: June 24, 2021. David P. Brown, Executive Director, Morris K. Udall and Stewart L. Udall Foundation, and Federal Register Liaison Officer. Name and Committee Code: Virtual Site Review of construction progress of the ATLAS High Luminosity Detector Upgrade (1208). Date and Time: August 18, 2021; 10:30 a.m.—6:30 p.m. EDT. Place: Columbia University, 538 West 120th Street, 704 Pupin Hall, MC 5255, New York, NY 10027|Virtual Site Visit via Zoom. Type of Meeting: Part-Open. Contact Person: Mark Coles, Program Director, Division of Physics, National Science Foundation, 2415 Eisenhower Avenue, Room 9219, Alexandria, VA 22314; Telephone: (703) 292–4432. Purpose of Meeting: Virtual site visit to provide an evaluation of the progress of the project at the host site for the Division of Physics at the National Science Foundation. NUCLEAR REGULATORY COMMISSION [NRC–2021–0001] NATIONAL SCIENCE FOUNDATION Sunshine Act Meetings Proposal Review Panel for Physics; Notice of Meeting TIME AND DATE: In accordance with the Federal Advisory Committee Act (Pub. L. 92–463, as amended), the National Science Foundation (NSF) announces the following meeting: PO 00000 Frm 00090 Fmt 4703 Sfmt 4703 Weeks of June 28, July 5, 12, 19, 26, August 2, 2021. PLACE: Commissioners’ Conference Room, 11555 Rockville Pike, Rockville, Maryland. STATUS: Public. E:\FR\FM\28JNN1.SGM 28JNN1

Agencies

[Federal Register Volume 86, Number 121 (Monday, June 28, 2021)]
[Notices]
[Pages 34054-34056]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2021-13680]


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DEPARTMENT OF LABOR

Employee Benefits Security Administration

[Prohibited Transaction Exemption 2021-03; Exemption Application Nos. 
L-12000 & L-12001]


Exemption From Certain Prohibited Transaction Restrictions 
Involving the Electrical Insurance Trustees Insurance Fund and the 
Electrical Joint Apprenticeship and Training Trust (the Plans or the 
Applicants) Located in Alsip, Illinois

AGENCY: Employee Benefits Security Administration, Labor.

ACTION: Notice of Exemption.

-----------------------------------------------------------------------

SUMMARY: This document contains a notice of an exemption 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). The exemption permits: (a) The sale (the 
Sale) by the Electrical Joint Apprenticeship and Training Trust (the 
EJAT Trust) of 5.11 acres of unimproved real property (the Property) to 
the Electrical Insurance Trustees Insurance Fund (the EIT Fund), a 
party in interest with respect to the EJAT Trust; and (b) the EIT 
Fund's granting of a right of first offer (the Right of First Offer) to 
the EJAT Trust to purchase the Property back from the EIT Fund, 
provided all of the conditions described below are satisfied.

DATES: This exemption will be in effect on the date that this grant 
notice is published in the Federal Register.

FOR FURTHER INFORMATION CONTACT: Mr. Joseph Brennan of the Department 
at (202) 693-8456. (This is not a toll-free number.)

SUPPLEMENTARY INFORMATION: On March 22, 2021, the Department published 
a notice of proposed exemption in the Federal Register at 86 FR 15258, 
permitting: (a) The Sale by the EJAT Trust of the Property to the EIT 
Fund, a party in interest with respect to the EJAT Trust; and (b) the 
EIT Fund's granting of the Right of First Offer to the EJAT Trust to 
purchase the Property back from the EIT Fund.
    This exemption provides only the relief specified in the text of 
the exemption. It provides no relief from violations of any law other 
than the prohibited transaction provisions of ERISA.
    The Department makes the requisite findings under ERISA section 
408(a) based on adherence to all of the conditions of the exemption. 
Accordingly, affected parties should be aware that the conditions 
incorporated in this exemption are, taken as a whole, necessary for the 
Department to grant the relief requested by the Applicants. Absent 
these or similar conditions, the Department would not have granted this 
exemption.
    The Applicants requested an individual exemption pursuant to ERISA 
section 408(a) in accordance with the procedures set forth in 29 CFR 
part 2570, subpart B (76 FR 66637, 66644, October 27, 2011). Effective 
December 31, 1978, section 102 of the Reorganization Plan No. 4 of 
1978, 5 U.S.C. App. 1 (1996), transferred the authority of the 
Secretary of the Treasury to issue administrative exemptions under 
section 4975(c)(2) of the Code to the Secretary of Labor. Accordingly, 
the Department grants this exemption under its sole authority.

Written Comments

    In the proposed exemption, the Department invited all interested 
persons to submit written comments and/or requests for a public hearing 
with respect to the notice of proposed exemption. All comments and 
requests for a hearing were due to the Department by May 6, 2021. The 
Department received one written comment and one request for a public 
hearing. The commenter raised no substantive issues regarding the 
proposed transactions, and the hearing requestor provided no reasons 
for requesting the hearing.\1\ Accordingly, after considering the 
entire record developed in connection with the Applicants' exemption 
requests, the Department has determined to grant the exemption 
described below. The exemption contains minor clarifications to the 
proposal.
---------------------------------------------------------------------------

    \1\ The Department made several attempts to contact the 
requestor for further information. However, no response was 
received.
---------------------------------------------------------------------------

    The complete application files (L-12000 & L-12001) are available 
for public inspection in the Public Disclosure Room of the Employee 
Benefits Security Administration, Room N-1515, 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 March 22, 2021, at 86 FR 15258.

General Information

    The attention of interested persons is directed to the following:

[[Page 34055]]

    (1) The fact that a transaction is the subject of an exemption 
under ERISA section 408(a) does not relieve a fiduciary or other party 
in interest from certain requirements of other ERISA provisions, 
including any prohibited transaction provisions to which the exemption 
does not apply and the general fiduciary responsibility provisions of 
ERISA section 404, which, among other things, require a fiduciary to 
discharge his or her duties respecting the plan solely in the interest 
of the plan's participants and beneficiaries and in a prudent fashion 
in accordance with ERISA section 404(a)(1)(B).
    (2) As required by ERISA section 408(a), the Department hereby 
finds that the exemption is (1) administratively feasible, (2) in the 
interests of affected plans and of their participants and 
beneficiaries, and (3) protective of the rights of participants and 
beneficiaries of such plans;
    (3) The exemption is supplemental to, and not in derogation of, any 
other ERISA provisions, 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 determining whether the transaction is in fact a 
prohibited transaction; and
    (4) The availability of this exemption is subject to the express 
condition that the material facts and representations contained in the 
application accurately describe all material terms of the transaction 
that are the subject of the exemption.
    Accordingly, the following exemption is granted under the authority 
of ERISA section 408(a)and in accordance with the procedures set forth 
in 29 CFR part 2570, subpart B (76 FR 66637, 66644, October 27, 2011):

Exemption

Section I. Covered Transactions

    The restrictions of ERISA sections 406(a)(1)(A), 406(a)(1)(D), 
406(b)(1), and 406(b)(2) shall not apply to: (a) EJAT Trust's sale of 
the Property to the EIT Fund, which is a party in interest with respect 
to the EJAT Trust; \2\ and (b) the EIT Fund's grant of the Right of 
First Offer to the EJAT Trust to purchase the Property back from the 
EIT Fund, provided conditions set forth in (a) through (l) below are 
satisfied:
---------------------------------------------------------------------------

    \2\ The EIT Fund is a party in interest with respect to the EJAT 
Trust under section 3(14)(C) of the Act because it is an employer 
whose employees participate in the EJAT Fund.
---------------------------------------------------------------------------

    (a) The Sale is a one-time transaction for cash;
    (b) The terms and conditions of the Sale are at least as favorable 
to the EJAT Trust and the EIT Fund as an arm's-length transaction 
between unrelated and independent parties each of whom have full 
knowledge of the relevant facts and are not under any compulsion to buy 
or sell;
    (c) The EJAT Trust Independent Fiduciary has not and will not enter 
into any agreement or instrument that violates section 410 of ERISA, 
and prudently:
    (1) Represents the EJAT Trust's interests for all purposes with 
respect to the Sale;
    (2) Determines that the Sale is in the interest and protective of 
the EJAT Trust and the EJAT Trust participants based on, among other 
things, an updated appraisal report described in (c)(5) below;
    (3) Reviews and approves the terms and conditions of the Sale;
    (4) Engages the EJAT Trust Independent Appraiser, ensures the 
Appraiser's independence, and ensures that the Appraiser bases its 
opinions upon complete, current, and accurate information;
    (5) Ensures that the EJAT Trust's Independent Appraiser renders an 
updated fair market valuation of the Property, which is current as of 
the date of the Sale;
    (6) Reviews the EJAT Independent Appraisal Report and the updated 
appraisal described in (c)(5), confirms that the underlying 
methodologies are reasonable and accurate, and prudently concludes that 
the appraisals can reasonably be relied upon; and
    (7) Determines whether it is appropriate for the EJAT Trust to 
proceed with the Sale and whether the Sale is consistent with each 
condition of this exemption;
    (d) The EIT Fund Independent Fiduciary has not and will not enter 
into any agreement or instrument that violates section 410 of ERISA, 
and prudently:
    (1) Represents the EIT Fund's interests for all purposes with 
respect to the Sale;
    (2) Determines that the Sale is in the interest and protective of 
the EIT Fund and the EIT Fund participants based on, among other 
things, an updated appraisal report described in (d)(5) below;
    (3) Reviews and approves the terms and conditions of the Sale;
    (4) Engages the EIT Fund Independent Appraiser for the Sale, 
ensures the Appraiser's Independence, and ensures that the Appraiser 
bases its opinions upon complete, current, and accurate information;
    (5) Ensures that the EIT Fund's Independent Appraiser renders an 
updated fair market valuation of the Property, which is current as of 
the date of the Sale;
    (6) Reviews the EIT Fund Independent Appraisal Report and the 
updated appraisal described in (d)(5), confirms that the underlying 
methodologies are reasonable and accurate, and prudently concludes that 
the appraisals can reasonably be relied upon; and
    (7) Determines whether it is appropriate for the EIT Fund to 
proceed with the Sale consistent with each condition of this exemption;
    (e) The Sale is not part of an agreement, arrangement, or 
understanding designed to benefit any party other than the EJAT Trust 
and the EIT Fund;
    (f) Any use of the Property by the EIT Fund and the Related Plans 
that is described in PTEs 76-1 and 77-10 complies with the conditions 
of those exemptions;
    (g) No later than 90 days after the Sale is completed, the EJAT 
Trust and the EIT Fund Independent Fiduciaries each will submit a 
written statement to the Department documenting that the Sale has met 
all of the exemption requirements;
    (h) The EIT Fund Independent Fiduciary may not enter, and has not 
entered, into any agreement, arrangement or understanding regarding the 
Sale that indemnifies the EIT Fund Independent Fiduciary, in whole or 
in part, or waives any liability for negligence or for violation of 
state or federal law by the EIT Fund Independent Fiduciary;
    (i) The Independent Appraiser selected by the EIT Fund Independent 
Fiduciary may not enter, and has not entered, into any agreement, 
arrangement or understanding regarding the Sale that indemnifies the 
EIT Fund Independent Appraiser, in whole or in part, or waives any 
liability for negligence or for any violation of state or federal law 
by the Independent Appraiser;
    (j) The EJAT Trust Independent Fiduciary may not enter, and has not 
entered, into any agreement, arrangement or understanding regarding the 
Sale that indemnifies the EJAT Trust Independent Fiduciary, in whole or 
in part, or waives any liability for negligence or for any violation of 
state or federal law by the EJAT Trust Independent Fiduciary;
    (k) The Independent Appraiser selected by the EJAT Trust 
Independent Fiduciary may not enter, and has not entered, into any 
agreement,

[[Page 34056]]

arrangement or understanding regarding the Sale that indemnifies the 
Independent Appraiser, in whole or in part, for negligence or for any 
violation of state or federal law by the Independent Appraiser; and
    (l) The EJAT Trust may not re-purchase the Property from the EIT 
Fund absent an individual exemption granted by the Department.
    Effective Date: This exemption will become effective on the date 
that this grant notice is published in the Federal Register.

    Signed at Washington, DC, this 22nd day of June, 2021.
Christopher Motta,
Chief, Division of Individual Exemptions, Office of Exemption 
Determinations, Employee Benefits Security Administration, U.S. 
Department of Labor.
[FR Doc. 2021-13680 Filed 6-25-21; 8:45 am]
BILLING CODE 4510-29-P