Prior exemptions may not reflect current policies or procedures. The Department, for example, may require terms and conditions that were not required in prior exemptions. Persons considering filing for an exemption or EXPRO authorization may find it very helpful to discuss the facts or issues in their cases with the Department before preparing the filing. The Department welcomes all inquiries and is available to answer any questions you may have. Call us at 202-693-8540.
PTE 2000-01; D-10755
G: 65 FR 4853 (02/01/00)
P: 64 FR 70740 (12/17/99)
South Central New York District Council of Carpenters Pension Fund
Permits the sale of improved real property to the Fund by the Local 281 Carpenters Property Corporation, a party in interest with respect to the Fund.
PTE 2000-02; D-10807
G: 65 FR 4853 (02/01/00)
P: 64 FR 70742 (12/17/99)
S&S Partnership, Inc. Profit Sharing Plan
Permits the loan of $200,000 by the Plan to Hiramco Realty Corporation, a disqualified person with respect to the Plan.
PTE 2000-03; D-10810 & D-10811
G: 65 FR 4854 (02/01/00)
P: 64 FR 66208 (11/24/99)
Les Olson Company, Inc. Money Purchase Pension Plan and Les Olson Company, Inc. Profit Sharing Plan
Permits a series of loans, originated within a five-year period, by the Plans to Les Olson Company, Inc., the Plans’ sponsor and a party in interest with respect to the Plans.
PTE 2000-04; D-10821
G: 65 FR 4854 (02/01/00)
P: 64 FR 66210 (11/24/99)
TMI Systems Design Corporation Profit Sharing Plan
Permits the sale by the Plan of certain limited partnership interests to Northern Capital Trust Company, the Plan's trustee and a party in interest with respect to the Plan.
PTE 2000-05; D-10542
G: 65 FR 6223 (02/08/00)
P: 64 FR 70733 (12/17/99)
Business Men's Assurance Company of America (BMA)
Permits (1) the sales and transfers of assets of a Plan to BMA pursuant to the terms of a benefit- responsive or a non-benefit responsive synthetic guaranteed investment contract (the Benefit-Responsive BMA Synthetic GIC or the Non-Benefit Responsive BMA Synthetic GIC) entered into by the Plan sponsor with BMA; (2) advances made by BMA to a Plan in order to make unanticipated benefit payments, if applicable, under a Benefit-Responsive BMA Synthetic GIC; and (3) the sweeping of interest and other proceeds to BMA from a Plan’s Contractholder Custodial Account established under either type of Synthetic GIC.
PTE 2000-06; D-10718
G: 65 FR 6224 (02/08/00)
P: 64 FR 57136 (10/22/99)
John Hancock Mutual Life Insurance Company (John Hancock)
Permits (1) the receipt of common stock of John Hancock Financial Services, Inc., the holding company for John Hancock (the Holding Company), or (2) the receipt of cash or policy credits, by or on behalf of any eligible policyholder (the Eligible Policyholder) of John Hancock which is an employee benefit plan, other than certain Eligible Policyholders which are Plans maintained by John Hancock or an affiliate for their own employees (the John Hancock Plans), in exchange for such Eligible Policyholder’s membership interest in John Hancock, in accordance with a plan of reorganization (the Reorganization Plan) adopted by John Hancock and implemented pursuant to Chapter 175 of the Massachusetts General Laws. Also permits the receipt or holding, by the John Hancock Plans, of employer securities in the form of excess Holding Company stock, in accordance with the Reorganization Plan.
PTE 2000-07; D-10734
G: 65 FR 6228 (02/08/00)
P: 64 FR 61134 (11/09/99)
Cassano's, Inc. 401(k) Plan and Trust
Permits the sale of an improved parcel of real property by the Plan to Cassano's, Inc., the Plan's sponsor.
PTE 2000-08; D-10676 & D-10677
G: 65 FR 10825 (02/29/00)
P: 64 FR 61133 (11/09/99)
Anvil Construction Company, Inc. Employees' Money Purchase Pension Plan and Employee Profit Sharing Plan, et al.
Permits the sale of a certain parcel of unimproved real property from certain accounts in the Plans to the Anvil Construction Company, Inc., a party in interest with respect to the Plans.
PTE 2000-09; D-10763
G: 65 FR 10825 (02/29/00)
P: 65 FR 526 (01/05/00)
The FINA, Inc. Capital Accumulation Fund
Permits, as of June 4, 1999, the acquisition, holding and exercise of certain warrants that were issued by Total, S.A., pursuant to a tender offer made on May 6, 1999 to all shareholders of Petrofina S.A., including the Plan.
PTE 2000-10; D-10837
G: 65 FR 10826 (02/29/00)
P: 65 FR 528 (01/05/00)
Bankers Trust Company (BTC)
Permits (1) the granting to BTC (a) by Aslan Realty Partners, L.P. (the LP), and by Aslan GP, LLC (the General Partner) of security interests in the capital commitments of certain employee benefit plans investing in the LP, (b) by the LP of a borrower account funded by the plans’ capital contributions, and (c) by the LP and the General Partner of the right to make capital calls (Capital Calls), and provide notice thereto under the agreement under which the LP is organized and operated, where BTC is the representative of certain lenders (the Lenders) that will fund a so-called “credit facility” providing loans to the LP and where the Lenders are parties in interest with respect to the Plans; and (2) the execution of an agreement and estoppel under which the Plans agree to honor Capital Calls made to the Plans by BTC.
PTE 2000-11; D-10721
G: 65 FR 13326 (03/13/00)
P: 64 FR 66201 (11/24/99)
Metropolitan Life Insurance Company (MetLife)
Permits (1) the receipt, by any eligible policyholder (the Eligible Policyholder) of MetLife that is an employee benefit plan, subject to applicable provisions of the Act and/or the Code, including any Eligible Policyholder that is a Plan covering employees of MetLife or its affiliates, of an interest (the Interest) in a trust (the Trust), whose corpus consists of common stock (the Common Stock) issued by MetLife, Inc. (the Holding Company), the parent of MetLife; or (2) the receipt of cash or policy credits by such Plans, in exchange for such Eligible Policyholder’s membership interest in MetLife, pursuant to a plan of conversion (the Plan of Reorganization) adopted by MetLife and implemented in accordance with section 7312 of the New York Insurance Law.
Also permits the receipt and holding, by a MetLife Plan, of Trust Interests, whose fair market value exceeds 10% of the value of the total assets held by such Plan. Further, this exemption permits: (1) the sale by a Plan to the Holding Company of Holding Company Common Stock, which is held in the Trust for the benefit of such participating Plan and is evidenced by the Trust Interests, following the effective date of the demutualization or upon the termination of the Trust; and (2) the withdrawal by a plan of Holding Company Common Stock, as evidenced by the Trust Interests, beginning on the first anniversary of the effective date of the demutualization until the termination of the Trust.
PTE 2000-12; D-10819
G: 65 FR 13331 (03/13/00)
P: 64 FR 70742 (12/17/99)
First American Capital Management, Inc. (FACM)
Permits the same relief as granted in class exemption PTE 86-128, except it provides a different definition of "affiliate." Thus, if there is a broker-dealer in which investment manager FACM owns a 40% non-controlling interest, the exemption applies when it otherwise would not under PTE 86-128.
PTE 2000-13; D-10384
G: 65 FR 13333 (03/13/00)
P: 65 FR 4844 (02/01/00)
O: 65 FR 6228 (02/08/00) (Tech. Corr.)
Deutsche Bank AG, et al. (Deutsche Bank)
Permits (1) the sale to Plans of a synthetic guaranteed investment contract offered by Deutsche Bank which is or may become a party in interest with respect to the Plans; and (2) extensions of credit by Deutsche Bank to the Plans for the purpose of funding benefit withdrawals.
PTE 2000-15; D-10679 – D-10682
G: 65 FR 18133 (04/06/00)
P: 64 FR 46728 (08/26/99)
General Electric Pension Trust
Permits, as of October 1, 1998, the lease by the Trust of office space in a certain commercial office building to Transport International Pool, Inc., a party in interest with respect to employee benefit plans of General Electric Company and/or an affiliate whose assets are held in the Trust.
PTE 2000-16; D-10823 & D-10824
G: 65 FR 18133 (04/06/00)
P: 65 FR 4851 (02/01/00)
Cullen Incorporated Profit Sharing Plan and Trust and Employees Defined Contribution Plan and Trust
Permits, as of November 6, 1998, the cash sale of real property by the plans to Robert C. O'Neill, the Plans' trustee and a party interest with respect to the Plans.
PTE 2000-17; D-10730
G: 65 FR 25949 (05/04/00)
P: 65 FR 10828 (02/29/00)
Earl R. Waddell & Sons Profit Sharing Plan and Trust
Permits the arrangement between the Plan and Earl R. Waddell & Sons, Inc. (Waddell) involving the sale by the Plan of 5,183,840 shares of Waddell Holdings Stock to Waddell.
PTE 2000-18; D-10739 & L-10740
G: 65 FR 25949 (05/04/00)
P: 65 FR 10829 (02/29/00)
Rhode Island Carpenters Local No. 94 Pension Fund (the Pension Plan), the Rhode Island Carpenters Local No. 94 Apprenticeship Fund (the Apprenticeship Plan), and the Rhode Island Carpenters Local No. 94 Union (the Union)
Permits (1) the cash sale of a parking lot by the Apprenticeship Plan to the Union; and (2) the cash sale of a building by the Pension Plan to the Union.
PTE 2000-19; D-10834
G: 65 FR 25950 (05/04/00)
P: 65 FR 13844 (03/14/00)
BOSC, Inc. (BOSC)
Permits the sale, exchange or transfer of certificates between the sponsor or underwriter and an employee benefit plan when the sponsor, servicer, trustee or insurer of a trust, the underwriter of the certificates representing an interest in the trust, or an obligor is a party in interest with respect to the plan. This is another in our series of “underwriter” proposed exemptions involving asset-backed securities, and it incorporates the amendments of PTE 97-34.
PTE 2000-20; D-10859
G: 65 FR 25953 (05/04/00)
P: 65 FR 15368 (03/22/00)
Taylor M. Cole IRA Rollover
Permits the sale of certain unimproved real property by the IRA to Taylor M. Cole, the IRA participant and a disqualified person with respect to the IRA.
PTE 2000-21; D-10777
G: 65 FR 33376 (05/23/00)
P: 65 FR 15367 (03/22/00)
Texas Iron Workers and Employers Apprenticeship Training and Journeyman Pension Fund
Permits the purchase of a classroom/office building and a shop building and an adjacent lot by the Plan from Local Union No. 66 of the International Association of Bridge, Structural, Ornamental and Reinforcing Iron Workers, the Plan’s sponsoring union, for $63,000 in cash.
PTE 2000-22; D-10838
G: 65 FR 33376 (05/23/00)
P: 65 FR 13855 (03/14/00)
Bankers Trust Company (BTC)
Permits (1) the granting to BTC (a) by the Cheslock-Bakker Opportunity Fund, L.P. (the LP) of security interests in (i) the capital commitments and capital contributions (Capital Contributions) of certain employee benefit plans (the Plans) investing in the LP, and (ii) a borrower collateral account to which all Capital Contributions will be deposited when paid and (b) by the LP and its general partner of the right to make calls for contributions (Contribution Calls) under the LP’s limited partnership agreement, where BTC is the representative of certain lenders (the Lenders) that will fund a so-called “credit facility” providing credit to the LP, and where the Lenders are parties in interest with respect to the Plans; and (2) the execution of a partner agreement and estoppel under which the Plans agree to honor the Contribution Calls.
PTE 2000-23; D-10847
G: 65 FR 33377 (05/23/00)
P: 65 FR 13858 (03/14/00)
Bay Internists, Inc. Profit Sharing Plan
Permits the sale by the Plan of certain unimproved real property to Bay-Med, a general partnership which is a party in interest with respect to the Plan.
PTE 2000-24; D-10864
G: 65 FR 33377 (05/23/00)
P: 65 FR 15369 (03/22/00)
Foodcraft, Inc. Defined Benefit Pension Plan
Permits the cash sale of certain improved real property by the Plan to Ernest and Caryl Lieblich, the Plan's trustees.
PTE 2000-25 – 29; D-10119 – D-10120 D-10587; D-10779; D-10820; D-10832
G: 65 FR 35129 (06/01/00)
P: 65 FR 6229 (02/08/00)
O: 65 FR 39431 (06/26/00) (Tech. Corr.)
Morgan Stanley Dean Witter
Permits purchases of securities in an underwriting where the plan’s fiduciary is affiliated with a manager of the underwriting syndicate. (This relief was excluded from PTCE 75-1, Part III.) The exemption expands PTCE 75-1 to cover certain transactions where the fiduciary is affiliated with the managing underwriter. In addition, the exemption permits the purchase of certain securities (including foreign securities) that do not have to be registered under federal securities laws. Further, to address the concern that plans could provide a ready market for the less attractive securities offerings of an affiliated underwriter, the exemption contains more extensive conditions than PTCE 75-1. To facilitate monitoring, the exemption requires that quarterly reports be provided to the independent fiduciary. Finally, in an effort to provide a better understanding of the market, the discussion of the proposed exemption explains the underwriting business in detail and cautions fiduciaries about the investment risks involved in IPOs, especially in situations where there is also a potential for a conflict of interest.
PTE 2000-30; D-10188
G: 65 FR 37166 (06/13/00)
P: 65 FR 13836 (03/14/00)
Barclays Bank PLC (Barclays)
Permits (1) effective December 31, 1995 until June 13, 2000, the acquisition, holding and disposition of common stock issued by Barclays PLC by Index and Model-Driven Funds maintained by Barclays; and (2) prospectively, essentially the same transaction, except that the Funds can acquire stock of Barclays’ affiliate as well, and different conditions will apply.
This exemption (1) clarifies which conditions should relate specifically to the so-called "buy-up" period; (2) permits Index or Model-Driven Funds to acquire an investment manager's own stock from sources other than the national exchange on which the stock is primarily traded; (3) sets a new precedent for certain key percentage limitations involving the investment manager's stock; and (4) addresses investments in an Index or Model-Driven Fund made by the investment manager's own plan. The exemption also sets in place a new framework for future exemptions involving Index and Model-Driven Funds acquiring their investment manager's own stock.
PTE 2000-31; D-10678
G: 65 FR 37170 (06/13/00)
P: 65 FR 18354 (04/07/00)
H. Ray McPhail and H. Ray McPhail Profit Sharing Plan
Permits the sale of four parcels of unimproved real property and a loan by the Plan to Mr. McPhail, the sole owner of the Plan sponsor and a disqualified person with respect to the Plan.
PTE 2000-32; D-10708
G: 65 FR 37170 (06/13/00)
P: 65 FR 18356 (04/07/00)
Triumph Capital Group, Inc. (TCG)
Permits, effective July 22, 1997, the making, by an employee benefit plan subject to ERISA, of capital contributions to any private equity fund (the Triumph Fund) that is organized, sponsored and/or managed by TCG and/or any of its affiliates pursuant to a contractual obligation by a Plan having an interest in the Triumph Fund.
PTE 2000-33; D-10857
G: 65 FR 37171 (06/13/00)
P: 65 FR 18365 (04/07/00)
McDonald Investments, Inc. (McDonald)
Permits, effective January 4, 2000, the sale, exchange or transfer of certificates between the sponsor or underwriter and an employee benefit plan when the sponsor, servicer, trustee or insurer of a trust, the underwriter of the certificates representing an interest in the trust, or an obligor is a party in interest with respect to the plan. This is another in our series of “underwriter” proposed exemptions involving asset-backed securities, and it incorporates the amendments of PTE 97-34.
PTE 2000-34; D-10712
G: 65 FR 41732 (07/06/00)
P: 65 FR 18359 (04/07/00)
The Fidelity Mutual Life Insurance Company (FML)
Permits (1) the receipt of certain stock (Plan Stock) issued by Fidelity Mutual Group, Inc. (the Group), a wholly owned subsidiary of FML; or (2) the receipt of plan credits, by or on behalf of a mutual member (the Mutual Member) of FML, which is an employee benefit plan, other than the Employee Pension Plan of Fidelity Mutual Life Insurance Company, in exchange for such Mutual Member’s membership interest (the Membership Interest) in FML, in accordance with the terms of a plan of rehabilitation, approved by the Pennsylvania Commonwealth Court (the Court) and supervised by both the Court and a rehabilitator appointed by the Pennsylvania Insurance Commissioner.
PTE 2000-35; D-10789
G: 65 FR 41735 (07/06/00)
P: 65 FR 25954 (05/04/00)
Fortis, Inc. Employees’ Uniform Profit Sharing Plan
Permits (1) the restoration payment by Fortis, Inc. to the Plan with respect to a certain counterfeit certificate of deposit (the CD); and (2) the potential future payment to Fortis, Inc. of recapture payments made to the Plan pursuant to proceedings involving the issuer of the CD.
PTE 2000-36; D-10790
G: 65 FR 41735 (07/06/00)
P: 65 FR 25956 (05/04/00)
Canada Life Assurance Company (Canada Life)
Permits, effective November 4, 1999, (1) the receipt of common shares of Canada Life Financial Corporation, the holding company for Canada Life; or (2) the receipt of cash or policy credits, by or on behalf of any eligible policyholder (the Eligible Policyholder) of Canada Life which is an employee benefit plan, subject to applicable provisions of the Act and/or the Code, other than a Plan established by Canada Life or an affiliate for its own employees, in exchange for such Eligible Policyholder’s membership interest in Canada Life, in accordance with the terms of a conversion proposal adopted by Canada Life and implemented under the insurance laws of Canada and the State of Michigan.
PTE 2000-37; D-10624
G: 65 FR 49019 (08/10/00)
P: 65 FR 33360 (05/23/00)
The Banc Funds Company, LLC (TBFC)
Permits, effective July 15, 1998, (1) the purchase or redemption of interest in the Banc Fund V, L.P. (the Partnership) by employee benefit plans investing in the Banc Fund V Group Trust (the BF V Group Trust), where TBFC, a party in interest with respect to the Plans, is the general partner of MidBanc V, L.P., which is, in turn, the general partner (the General Partner) of the Partnership; (2) the sale, for cash or other consideration, by the Partnership, of certain securities that are held as Partnership assets, to a party in interest with respect to a Plan participating in the Partnership through the BF V Group Trust, where the party in interest proposes to acquire or merge with the portfolio company that issued such securities; and (3) the payment to the General Partner, by Plans participating in the Partnership through the BF V Group Trust, of an incentive fee which is intended to reward the General Partner for the superior performance of investments in the Partnership.
PTE 2000-38; D-10705
G: 65 FR 49022 (08/10/00)
P: 65 FR 33370 (05/23/00)
Standard Insurance Company (Standard)
Permits, effective April 21, 1999, (1) the receipt of common stock (the Stock) of the StanCorp Financial Group, Inc. (the Holding Company), the parent of Standard, or (2) the receipt of cash or policy credits, by or on behalf of any eligible policyholder (the Eligible Member) of Standard which is an employee benefit plan (the Plan), including the Standard Group Life, Supplemental Life and AD&D Plan for Employees and Agents and the Standard Group Term and Short Term Disability Employees Plan (together, the Standard Welfare Plan), in exchange for such Eligible Member’s interest in Standard, in accordance with the terms of a plan of demutualization (the Demutualization Plan) adopted by Standard and implemented under Oregon law. Also permits, effective April 21, 1999, the receipt or holding, by the Standard Welfare Plans, in accordance with the terms of the Demutualization Plan, of employer securities in the form of excess Holding Company Stock, which would violate the provisions of sections 406(a)(1)(E) and 407(a)(2) of ERISA.
PTE 2000-39; D-10720
G: 65 FR 49024 (08/10/00)
P: 65 FR 15361 (03/22/00)
Standard & Poor’s (S&P) and Standard and Poor’s Investment Advisory Services LLC (SPIAS)
Permits the provision of asset allocation services by SPIAS to plan participants and the receipt of fees by SPIAS from service providers in connection with the provision of such asset allocation services.
PTE 2000-40; D-10839
G: 65 FR 49028 (08/10/00)
P: 65 FR 37182 (06/13/00)
Washington County Hospital Association Employees’ Cash Balance Plan
Permits, effective June 18, 1998, the contribution-in-kind of publicly-traded third party securities to the Plan by Washington County Hospital Association, the Plan’s sponsor and a party in interest with respect to the Plan.
PTE 2000-41; D-10898
G: 65 FR 51040 (08/22/00)
P: 65 FR 42259 (07/07/00)
First Tennessee National Corporation
Permits (1) the direct or indirect sale, exchange or transfer of certificates in the initial issuance of certificates between the sponsor or underwriter and an employee benefit plan when the sponsor, servicer, trustee or insurer of a trust, the underwriter of the certificates representing an interest in the trust, or an obligor is a party in interest with respect to such plan; (2) the direct or indirect acquisition or disposition of certificates by a plan in the secondary market for such certificates; and (3) the continued holding of certificates acquired by a plan pursuant to subsection I.A.(1) or (2).
Notwithstanding the foregoing, section I.A. does not provide an exemption from the restrictions of ERISA sections 406(a)(1)(E), 406(a)(2) and 407 for the acquisition or holding of a certificate on behalf of an Excluded Plan by any person who has discretionary authority or renders investment advice with respect to the assets of that Excluded Plan.
PTE 2000-42; D-10539 & D-10540
G: 65 FR 51043 (08/22/00)
P: 65 FR 39432 (06/26/00)
Pension Plan for Employees of Southco, Inc. (the Pension Plan) and Southco, Inc. Employee Stock Ownership Plan (the ESOP)
Permits (1) the proposed purchase and holding by the Pension Plan of common stock (the Company Stock) issued by South Chester Tube Company (the Company), an affiliate of Southco, Inc. (the Employer), from the ESOP or the Employer; and (2) the acquisition, holding and exercise of an irrevocable put option permitting the Pension Plan to sell the Company Stock back to the Employer for cash in an amount that is greater of either (i) the fair market value of the Company Stock at the time of the transaction (as established by a qualified, independent appraiser, or (ii) the Pension Plan's original acquisition cost for the Company Stock.
PTE 2000-43; D-10842
G: 65 FR 51044 (08/22/00)
P: 65 FR 39434 (06/26/00)
Robert P. Yoo, MD, P.C. Profit Sharing Plan
Permits the sale by the Plan of a parcel of unimproved real property to Robert P. Yoo, M.D., a party in interest with respect to the Plan.
PTE 2000-44; L-10872
G: 65 FR 51044 (08/22/00)
P: 65 FR 39940 (06/26/00)
United Food and Commercial Workers Union Local 789 and St. Paul Food Employers Health Care Plan
Permits the purchase of prescription drugs, at discount prices, by Plan participants and beneficiaries from Rainbow Pharmacies and Rainbow Food Group, Inc., parties in interest with respect to the Plan.
PTE 2000-45; D-10809 & D-10865
G: 65 FR 54315 (09/07/00)
P: 65 FR 35138 (06/01/00)
O: 65 FR 57401 (09/22/00) (Tech. Corr.)
Salomon Smith Barney, Inc. (Salomon Smith Barney)
Modifies and replaces PTE 99-15, an asset allocation exemption issued to Salomon Smith Barney. The exemption amends and clarifies the terms "affiliate" and "officer," as used in PTE 99-15 and permits an independent sub-adviser, under certain circumstances, to exceed a one percent limitation on the acquisition of securities that are issued by Salomon Smith Barney and/or its affiliates, notably in the sub-adviser's replication of a third party index. The exemption is effective as of April 1, 2000.
PTE 2000-46; D-10590
G: 65 FR 56338 (09/18/00)
P: 65 FR 42248 (07/07/00)
Bank of Oklahoma (the Bank)
Permits the purchase or redemption of shares by an employee benefit plan of shares of certain affiliated or third party mutual funds, in connection with the participation by such Plan in the Bank-sponsored Foundations Program.
Also permits the provision, by the Bank, of asset allocation services to an independent fiduciary of a participating plan (the Primary Independent Fiduciary) or to a participant (the Directing Independent Fiduciary) of a Plan that provides for participant investment direction, which may result in the selection of portfolios in the Foundation Program for the investment of Plan assets by the Primary Independent Fiduciary or the Directing Independent Fiduciary, and the receipt of fees by the Bank and/or its affiliates.
PTE 2000-47; D-10758
G: 65 FR 56341 (09/18/00)
P: 65 FR 37176 (06/13/00)
Goldman Sachs & Co. (Goldman)
Permits, effective April 15, 1999, (1) any purchase or sale of securities between certain affiliates of Goldman which are foreign broker-dealers or banks (the Foreign Affiliates) (based in Canada, the United Kingdom, Germany, Japan, Australia, and Switzerland) and employee benefit plans (the Plans) with respect to which the Foreign Affiliates are parties in interest, including options written by a Plan, Goldman or a Foreign Affiliate; (2) the settlement of securities transactions, regardless of whether they are effected on an agency or a principal basis, or in connection with the writing of options contracts; and (3) the lending of securities to the Foreign Affiliates by the Plans.
PTE 2000-48; D-10802
G: 65 FR 60453 (10/11/00)
P: 65 FR 50237 (08/17/00)
Columbia Energy Group (Columbia)
Permits the reinsurance of risks and the receipt of premiums therefrom by Columbia Insurance Corporation, Ltd., a subsidiary of Columbia, in connection with an insurance contract sold by Employers Insurance of Wassau, or any successor insurance company to Wassau which is unrelated to Columbia, to provide long-term disability benefits to participants in Columbia's Long Term Disability Plan. This case is distinguishable from the many cases OED has granted over the years involving reinsurance because the applicants could not satisfy the 50% of premiums test that had been included in all of the prior exemptions. In this case, the applicants have substituted an independent fiduciary as a safeguard and have also demonstrated an immediate benefit to participants and beneficiaries as a result of the transaction.
PTE 2000-49; D-10879
G: 65 FR 60454 (10/11/00)
P: 65 FR 39435 (06/26/00)
O: 65 FR 62755 (10/19/00) (Tech. Corr.)
Actuarial Scientists Associates, Inc. (ASA) and ASA Fiduciary Counselors Inc. (ASA Counselors)
Temporarily permits certain transactions between a party in interest with respect to the Plumbers and Pipe Fitters National Pension Fund (the Fund) and an account (the Account) that holds certain assets of the Fund managed by ASA or ASA Counselors, while serving as the independent named fiduciary (the Named Fiduciary) in connection with PTE 99-46 (64 FR 61944, November 15, 1999). Also permits, effective November 8, 1999, the furnishing of services, facilities, and any goods incidental thereto by a place of public accommodation owned by the Account managed by the Named Fiduciary.
PTE 2000-50; D-10871
G: 65 FR 62755 (10/19/00)
P: 65 FR 54313 (09/07/00)
IRA FBO Floyd A. Ross
Permits the proposed purchase by the IRA of certain closely-held common stock from the Ross Family Trust, a disqualified person with respect to the IRA.
PTE 2000-51; D-10875
G: 65 FR 62755 (10/19/00)
P: 65 FR 54314 (09/07/00)
Platt Orthopedics Retirement Plan
Permits the sale by the Plan of certain improved real property to Morris and Arthur Platt, disqualified persons with respect to the Plan.
PTE 2000-52; D-10667
G: 65 FR 65332 (11/01/00)
P: 65 FR 50224 (08/17/00)
Kwik-Kopy Corporation Employees Welfare Plan
Permits the cash sale by the Plan of certain recreational facilities to the International Center for Entrepreneurial Development, Inc., the parent of Kwik-Kopy Corporation, the Plan's sponsor and a party in interest with respect to the Plan.
PTE 2000-53; D-10874
G: 65 FR 65332 (11/01/00)
P: 65 FR 50240 (08/17/00)
American Mutual Holding Company (AMHC)
Permits, effective September 20, 2000, (1) the receipt of certain common stock issued by AMHC, or (2) the receipt of cash or policy credits, by or on behalf of a policyowner (the Eligible Member) of AmerUs Life Insurance Company, which is an employee benefit plan (the Plan), other than a Plan maintained by AMHC and/or its affiliates, in exchange for such Eligible Member's membership interest in AMHC, in accordance with the terms of a plan of conversion, implemented under Iowa law.
PTE 2000-54; D-10895
G: 65 FR 65334 (11/01/00)
P: 65 FR 57396 (09/22/00)
Richard E. Lobenherz Profit Sharing Plan
Permits the cash sale of certain unimproved real property by the Plan to Mr. Richard E. Lobenherz, a disqualified person with respect to the Plan.
PTE 2000-55; D-10863
G: 65 FR 67774 (11/13/00)
P: 65 FR 56720 (09/19/00)
Countrywide Securities Corporation (Countrywide)
Permits the sale, exchange or transfer of certificates between the sponsor or underwriter and an employee benefit plan when the sponsor, servicer, trustee or insurer of a trust, the underwriter of the certificates representing an interest in the trust, or an obligor is a party in interest with respect to the plan. This is another in our series of “underwriter” proposed exemptions involving asset-backed securities, and it incorporates the amendments of PTE 97-34.
PTE 2000-56; D-10781
G: 65 FR 67778 (11/13/00)
P: 65 FR 54303 (09/07/00)
Journal Company, Inc. 401(k) Savings Plan
Permits (1) the receipt by certain affiliates and predecessors of Journal Register, Inc., by Bank of America N.A. (the successor in interest to Boatmen's Trust Company), and by certain individuals alleged in a complaint to have been or to be fiduciaries of the Plan (collectively, the Defendants) of releases signed by participants in the Plan, in which such participants waive their rights to sue in connection with the acquisition and retention in such participants' accounts in the Plan of interests in certain guaranteed investment contracts issued by Confederation Life Insurance Company; and (2) the payment by the corporate Defendants of a settlement amount to be allocated to the accounts of participants in the Plan in exchange for the release from liability obtained from such participants.
PTE 2000-57; D-10814
G: 65 FR 67779 (11/13/00)
P: 65 FR 54307 (09/07/00)
Sun Life Insurance Company (Sun Life)
Permits, effective March 22, 2000, (1) the receipt of common stock issued by Sun Life Financial Services of Canada, Inc., the holding company for Sun Life, or (2) the receipt of cash or policy credits, by or on behalf of any eligible policyholder (the Eligible Policyholder) of Sun Life which is an employee benefit plan (the Plan), subject to applicable provisions of the Act and/or the Code, including any Eligible Policyholder which is a Plan established by Sun Life or an affiliate for their own employees, in exchange for such Eligible Policyholder’s membership interest in Sun Life, in accordance with the terms of a plan of conversion adopted by Sun Life and implemented under the insurance laws of Canada and the State of Michigan.
PTE 2000-58; D-10829
G: 65 FR 67765 (11/13/00)
P: 65 FR 51454 (08/23/00)
Amendment to PTE 97-34 Morgan Stanley & Co.
In PTE 97-34, OED amended a number of the individual PTEs that provide relief for the origination and operation of certain asset pool investment trusts and the acquisition, holding and disposition of certain asset-backed pass-through certificates representing undivided interests in those investment trusts. Among the changes involved in PTE 97-34 was the ability to use pre-funding of the investment trusts. This exemption permits: (1) for certain categories of transactions, the offering of “investment grade” mortgage-backed securities which are either senior or subordinated; (2) the use of eligible interest rate swaps (both ratings dependent and non-ratings dependent); and (3) the use of yield supplement agreements which involve notional principal amounts. In addition, the exemption provides exemptive relief for transactions involving: (1) an issuer of mortgage-backed securities or asset-backed securities which is a trust (including a grantor or owner trust),, REMIC, FASIT, special purpose corporation, limited liability company or partnership and (2) mortgage-backed securities or asset-backed securities which are either debt or equity investments.
PTE 2000-59; D-10770
G: 65 FR 70619 (11/24/00)
P: 65 FR 56708 (09/19/00)
Deutsche Bank AG and its Affiliates (collectively, DB)
Permits (1) effective June 4, 1999, the acquisition, holding and disposition of common stock issued by Deutsche Bank AG by Index and Model-Driven Funds maintained by DB; and (2) prospectively, essentially the same transaction, except that the Funds can acquire stock of DB’s affiliates as well, and different conditions will apply.
PTE 2000-60; D-10877
G: 65 FR 70621 (11/24/00)
P: 65 FR 57394 (09/22/00)
John L. Rust Co. Profit Sharing Plan
Permits (1) the purchases by the Plan of certain leases of equipment (the Leases) from John L. Rust Co. (Rust), the Plan’s sponsor; and (2) the agreement by Rust to indemnify the Plan against any loss relating to the Leases and also to repurchase any Leases that are in default. The exemption is temporary, and is effective from September 21, 2000 through September 21, 2005.
PTE 2000-61; D-10905
G: 65 FR 70622 (11/24/00)
P: 65 FR 56732 (09/19/00)
Maple Partners Financial Group (Maple)
Permits, effective May 31, 2000, (1) the purchase or sale of securities between certain non-U.S. affiliates of Maple, which are foreign broker-dealers or banks (the Foreign Affiliates) and employee benefit plans (the Plans) with respect to which the Foreign Affiliates are parties in interest, including options written by a Plan, Maple, or a Foreign Affiliate; (2) the extension of credit to the Plan by a Foreign Affiliate, to permit the settlement of securities transactions, regardless of whether they are effected on an agency or principal basis, or in connection with the writing of options contracts; and (3) the lending of securities to the Foreign Affiliates by the Plans.
PTE 2000-62; D-10915
G: 65 FR 70624 (11/24/00)
P: 65 FR 60469 (10/11/00)
Pembroke Construction Company, Inc. Employees 401(k) Profit Sharing Plan
Permits the sale of a condominium by Thomas N. Hunnicutt and his wife, Ann N. Hunnicutt, who are parties in interest, to Mr. Hunnicutt's self-directed individual account in the Plan.
PTE 2000-63; D-10651
G: 65 FR 76306 (12/06/00)
P: 65 FR 62756 (10/19/00)
O: 65 FR 80497 (12/21/00) (Tech. Corr.)
Merrill Lynch & Co. Inc. (ML&Co.)
Permits the purchase or sale by employee benefit plans (the Plans), other than Plans sponsored by ML&Co. or its affiliates (collectively, the Applicants), of Market Index Target-Term Securities (the MITTS), which are debt securities issued by the Applicants; and (2) the extension of credit by the Plans to the Applicants in connection with the holding of the MITTS.
PTE 2000-64; D-10765
G: 65 FR 76308 (12/06/00)
P: 65 FR 60464 (10/11/00)
The David Mandelbaum IRA Rollover Account
Permits the cash sale, by the David Mandelbaum IRA Rollover Account to the David Mandelbaum Family Trust, which is established to benefit David Mandelbaum's grandchildren, of a 50 percent undivided interest in two parcels of improved real property subject to a long term lease.
PTE 2000-65; L-10906 & D-10907
G: 65 FR 76308 (12/06/00)
P: 65 FR 57397 (09/22/00)
I.B.E.W. LU 567 Electrical Joint Apprenticeship and Training Trust Fund (the Training Plan) and Money Purchase Retirement Plan of Local 567, I.B.E.W. (the M/P Plan)
Permits, effective August 31, 2000, the leases of certain office space and supplemental facilities to the Plans by Local 567 I.B.E.W. Building Corporation, an entity which is wholly owned by Local 567 of the International Brotherhood of Electrical Workers, a party in interest with respect to the Plans.
PTE 2000-66; D-10706
G: 65 FR 80461 (12/21/00)
P: 64 FR 57129 (10/22/99)
O: 66 FR 15896 (03/21/01) (Tech. Corr.)
Allfirst Bank (Allfirst)
Permits, effective November 13, 1998, the receipt of fees by Allfirst from the ARK Funds, open-end investment companies registered under the Investment Company Act of 1940 (the 1940 Act), for acting as an investment adviser for such Funds, as well as for providing other services to the ARK Funds which are “Secondary Services,” as defined in Section III(i), in connection with the investment by plans for which Allfirst serves as a fiduciary in shares of the ARK Funds.
PTE 2000-67; D-10780
G: 65 FR 80464 (12/21/00)
P: 65 FR 62763 (10/19/00)
Butler-Johnson Corporation Profit Sharing Plan
Permits (1) the past sale on October 25, 1996, by the Plan of four residential mortgage notes (the Purchased Notes) to the Greater Bay Trust Company (the Trustee), the trustee of the Plan and, as such, a party in interest with respect to the Plan; (2) the past sale on October 25, 1996, by the Plan of a seventy-one percent (71%) interest in a certain parcel of real property located in Oakland, California to the Trustee; (3) the "makewhole" payment made by the Trustee to the Plan on October 25, 1996 in connection with the Plan's investment losses with respect to certain other real property previously owned by the Plan which was sold to an unrelated party on June 28, 1996; and (4) the proposed payment to the Plan of the accrued but unpaid interest (the Accrued Interest Payment) that was due on the Purchased Notes at the time of the past sale to the Trustee, as well as two other mortgage notes that were in default while held by the Plan which resulted in foreclosures on the underlying properties, and the proposed payment to the Plan of an additional interest payment for the period from October 25, 1996, until the date that the Accrued Interest Payment is made to the Plan, based on the total amount of the Accrued Interest Payment.
PTE 2000-68; D-10800 & D-10801
G: 65 FR 80465 (12/21/00)
P: 65 FR 57390 (09/22/00)
The Masters, Mates and Pilots Pension Plan and Individual Retirement Plan
Permits (1) the transfer and sale by the Plans of their shares of stock (the AHL Stock or the Stock) in American Heavy Lift Shipping Company (AHL) to AHL Holdings, Inc. (AHL Holdings), in exchange for a note (the Note) from AHL Holdings to the Plans; (2) the holding of the Note by the Plans; (3) the guarantee (the Guarantee) of the Note to the Plans by AHL; (4) the continued holding of the AHL Stock by the Plans for the period from January 1, 1999 until the date of the sale of the Stock by the Plans to AHL Holdings; and (5) the holding by the Plans for a period of two years of any collateral, including the Stock, received by the Plans as a result of the exercise of their rights in the event of a default under the Note or under the Guarantee.
PTE 2000-69; D-10880
G: 65 FR 80466 (12/21/00)
P: 65 FR 65015 (10/31/00)
Gillespie Real Estate Professional Corporation Defined Benefit Plan
Permits the sale of a certain residential lot by the Plan to Bruce and Ann Gillespie, disqualified persons with respect to the Plan.
PTE 2000-70; D-10910
G: 65 FR 80466 (12/21/00)
P: 65 FR 60466 (10/11/00)
HSBC Holdings plc (HSBC)
Permits HSBC and affiliates of HSBC that now or in the future become eligible to serve as a qualified professional asset manager to function as a QPAM for a period of ten years, notwithstanding the fact that one of HSBC's affiliates cannot satisfy Section I(g) of PTE 84-14 because it plead guilty to four criminal offenses.