You are on page 1of 2

Federal Register / Vol. 68, No.

41 / Monday, March 3, 2003 / Notices 10047

telephone (202) 693–8546. (This is not DEPARTMENT OF LABOR the entire record, the Department makes
a toll-free number.) the following findings:
Employee Benefits Security (a) The exemption is administratively
General Information Administration feasible;
(b) The exemption is in the interests
The attention of interested persons is
[Prohibited Transaction Exemption 2003– of the plan and its participants and
directed to the following:
03; Exemption Application No. D–11095 et beneficiaries; and
(1) The fact that a transaction is the al.] (c) The exemption is protective of the
subject of an exemption under section rights of the participants and
408(a) of the Act and/or section Grant of Individual Exemptions; beneficiaries of the plan.
4975(c)(2) of the Code does not relieve Reagent Chemical & Research, Inc.
a fiduciary or other party in interest or Reagent Chemical & Research, Inc.
Employees’ Profit Sharing Plan and Employees’ Profit Sharing Plan and
disqualified person from certain other Trust (the Plan)
provisions of the Act and/or the Code, Trust (the Plan); Located in Middlesex,
including any prohibited transaction AGENCY: Employee Benefits Security New Jersey
provisions to which the exemption does Administration, Labor. [Prohibited Transaction Exemption No.
not apply and the general fiduciary ACTION: Grant of individual exemptions. 2003–03; Exemption Application No. D–
responsibility provisions of section 404 11095]
of the Act, which, among other things, SUMMARY: This document contains
Exemption
require a fiduciary to discharge his exemptions issued by the Department of
Labor (the Department) from certain of The restrictions of sections 406(a),
duties respecting the plan solely in the
the prohibited transaction restrictions of 406(b)(1) and (b)(2) of the Act and the
interest of the participants and
the Employee Retirement Income sanctions resulting from the application
beneficiaries of the plan and in a
Security Act of 1974 (the Act) and/or of section 4975 of the Code, by reason
prudent fashion in accordance with
the Internal Revenue Code of 1986 (the of section 4975(c)(1)(A) through (E) of
section 404(a)(1)(b) of the Act; nor does
Code). the Code, shall not apply to the
it affect the requirement of section
A notice was published in the Federal proposed sale of a 73.4815% tenancy-in-
401(a) of the Code that the plan must
Register of the pendency before the common interest (the Property Interest)
operate for the exclusive benefit of the by the Plan to Brian Skeuse, a vice
employees of the employer maintaining Department of a proposal to grant such
exemption. The notice set forth a president and shareholder of Reagent
the plan and their beneficiaries; Chemical & Research, Inc., and his
summary of facts and representations
(2) Before an exemption may be contained in the application for spouse, Jan Skeuse, parties in interest
granted under section 408(a) of the Act exemption and referred interested with respect to the Plan, provided that
and/or section 4975(c)(2) of the Code, persons to the application for a the following conditions are satisfied:
the Department must find that the complete statement of the facts and (a) The sale is a one-time cash
exemption is administratively feasible, representations. The application has transaction;
in the interests of the plan and of its (b) The Plan receives the greater of
been available for public inspection at
participants and beneficiaries, and either: (i) $180,029.68; or (ii) the current
the Department in Washington, DC. The
protective of the rights of participants fair market value for the Property
notice also invited interested persons to
and beneficiaries of the plan; Interest established at the time of the
submit comments on the requested
sale by an independent qualified
(3) The proposed exemptions, if exemption to the Department. In
appraiser; and
granted, will be supplemental to, and addition the notice stated that any (c) The Plan pays no commissions or
not in derogation of, any other interested person might submit a other expenses associated with the sale.
provisions of the Act and/or the Code, written request that a public hearing be For a more complete statement of the
including statutory or administrative held (where appropriate). The applicant facts and representations supporting the
exemptions and transitional rules. has represented that it has complied Department’s decision to grant this
Furthermore, the fact that a transaction with the requirements of the notification exemption, refer to the Notice of
is subject to an administrative or to interested persons. No requests for a Proposed Exemption published on
statutory exemption is not dispositive of hearing were received by the December 30, 2002 at 67 FR 79654.
whether the transaction is in fact a Department. Public comments were FOR FURTHER INFORMATION CONTACT:
prohibited transaction; and received by the Department as described Khalif Ford of the Department,
(4) The proposed exemptions, if in the granted exemption. telephone (202) 693–8540 (this is not a
granted, will be subject to the express The notice of proposed exemption toll-free number).
condition that the material facts and was issued and the exemption is being
representations contained in each granted solely by the Department Michigan Conference of Teamsters
application are true and complete, and because, effective December 31, 1978, Welfare Fund (the Plan); Located in
that each application accurately section 102 of Reorganization Plan No. Detroit, MI
describes all material terms of the 4 of 1978, 5 U.S.C. App. 1 (1996), [Prohibited Transaction Exemption 2003–04;
transaction which is the subject of the transferred the authority of the Secretary Exemption Application No. L–11058]
exemption. of the Treasury to issue exemptions of
the type proposed to the Secretary of Exemption
Signed at Washington, DC this 26th day of Labor. The restrictions of sections
February, 2003. 406(a)(1)(A) and (D) of the Act shall not
Ivan Strasfeld, Statutory Findings apply to the cash sale, by the Plan, of
Director of Exemption Determinations, In accordance with section 408(a) of certain parcels of real estate (the
Employee Benefits Security Administration, the Act and/or section 4975(c)(2) of the Property) to the Detroit Teamsters
Department of Labor. Code and the procedures set forth in 29 Temple Association (DTTA), a party in
[FR Doc. 03–4921 Filed 2–28–03; 8:45 am] CFR part 2570, subpart B (55 FR 32836, interest with respect to the Plan and a
BILLING CODE 4510–29–M 32847, August 10, 1990) and based upon lessee of a portion of such Property.

VerDate Jan<31>2003 19:53 Feb 28, 2003 Jkt 200001 PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 E:\FR\FM\03MRN1.SGM 03MRN1
10048 Federal Register / Vol. 68, No. 41 / Monday, March 3, 2003 / Notices

This exemption is subject to the comments had been extended until (2) This exemption is supplemental to
following conditions: February 14, 2003. On January 8, 2003, and not in derogation of, any other
(a) DTTA pays the fair market value a notice was posted on the Plan’s provisions of the Act and/or the Code,
as determined by a qualified, website stating that the period for including statutory or administrative
independent appraiser on the date of the submitting comments had been exemptions and transactional rules.
transaction. extended until February 14, 2003. Furthermore, the fact that a transaction
(b) The sale transaction has been is subject to an administrative or
reviewed and approved by an Written Comments
statutory exemption is not dispositive of
Independent Fiduciary, who was During the comment period, the whether the transaction is in fact a
appointed by the United States District Department received two written prohibited transaction; and
Court for the Eastern District of comments with respect to the proposed (3) The availability of this exemption
Michigan, Southern Division for exemption. The first comment is subject to the express condition that
purposes of enforcing a settlement expressed approval of the exemption the material facts and representations
agreement dated January 21, 1998. transaction. The second comment, contained in the application accurately
(c) The sale is a one-time transaction which was submitted by a Plan describes all material terms of the
for cash. participant who chose to remain transaction which is the subject of the
(d) The Plan pays no fees or anonymous, stated matters that were not exemption.
commissions in connection with the germane to the exemption request.
sale. Signed at Washington, DC, this 26th day of
For further information regarding the February, 2003.
For a more complete statement of the comments received and other matters
facts and representations supporting the Ivan Strasfeld,
discussed herein, interested persons are Director of Exemption Determinations,
Department’s decision to grant this encouraged to obtain copies of the
exemption, refer to the notice of Employee Benefits Security Administration,
exemption application file (Exemption Department of Labor.
proposed exemption published on Application No. L–11058) the
November 18, 2002 at 67 FR 69566. [FR Doc. 03–4922 Filed 2–28–03; 8:45 am]
Department is maintaining in this case. BILLING CODE 4510–29–P
Extension of Comment Period The complete application file, as well as
The notice of proposed exemption all supplemental submissions received
invited interested persons to submit by the Department, are made available DEPARTMENT OF LABOR
comments to the Department on or for public inspection in the Public
before December 28, 2002. The Disclosure Room of the Employee Mine Safety and Health Administration
applicant agreed to provide notice to Benefits Security Administration, Room
N–1513, U.S. Department of Labor, 200 Petitions for Modification
interested persons by personal delivery
or first class mail within ten days of the Constitution Avenue, NW., Washington, The following parties have filed
date that the proposal appeared in the DC 20210. petitions to modify the application of
Federal Register. A total of 23,511 Accordingly, after giving full existing safety standards under section
notices was sent to Plan participants consideration to the entire record, 101(c) of the Federal Mine Safety and
and other interested persons by first including the written comments, the Health Act of 1977.
class mail. Of that total, 14,234 notices Department has decided to grant the
exemption. 1. Jim Walter Resources, Inc.
were sent on November 27, 2002 and
8,951 notices were sent on November FOR FURTHER INFORMATION CONTACT: Ms. [Docket No. M–2003–010–C]
29, 2002 (November 28, 2002 being a Anna M.N. Mpras of the Department, Jim Walter Resources, Inc., P.O. Box
federal holiday). On December 3, 2002, telephone (202) 693–8565. (This is not 133, Brookwood, Alabama 35444 has
the applicant learned that 266 notices a toll-free number.) filed a petition to modify the
had not been included in the original application of 30 CFR 75.1002
General Information
mailings and that 66 envelopes from (Installation of electric equipment and
these mailings had been damaged. The attention of interested persons is conductors; permissibility) to its No. 7
These remaining 332 notices were sent directed to the following: Mine (MSHA I.D. No. 01–01401) located
by first class mail on December 4, 2002. (1) The fact that a transaction is the in Tuscaloosa County, Alabama. The
To ensure that Plan participants subject of an exemption under section petitioner proposes to use a 2,400-volt
would have a sufficient amount of time 408(a) of the Act and/or section power center with a high-voltage
in which to provide their comments to 4975(c)(2) of the Code does not relieve trailing cable to power a continuous
the Department, the applicant decided a fiduciary or other party in interest or miner inby the last open crosscut and
to extend the comment period for disqualified person from certain other within 150 feet of pillar workings. The
another 46 days, or until February 14, provisions to which the exemption does petitioner has listed in this petition for
2003. In this regard, the applicant not apply and the general fiduciary modification specific terms and
represents that on December 27, 2002, responsibility provisions of section 404 conditions that would be followed when
postcards were sent to the Plan’s 5,662 of the Act, which among other things its proposed alternative method is
retired participants by first class mail require a fiduciary to discharge his implemented. The petitioner asserts that
informing them that the period for duties respecting the plan solely in the the proposed alternative method would
submitting comments had been interest of the participants and provide at least the same measure of
extended until February 14, 2003. In beneficiaries of the plan and in a protection as the existing standard.
addition, on January 7, 2003, the prudent fashion in accordance with
applicant states that letters were sent by section 404(a)(1)(B) of the Act; nor does Request for Comments
first class mail to the principal officers it affect the requirement of section Persons interested in these petitions
of the 19 Local Unions comprising the 401(a) of the Code that the plan must are encouraged to submit comments via
Michigan Conference of Teamsters operate for the exclusive benefit of the e-mail to comments@msha.gov, or on a
instructing them to post an enclosure employees of the employer maintaining computer disk along with an original
stating that the period for submitting the plan and their beneficiaries; hard copy to the Office of Standards,

VerDate Jan<31>2003 19:53 Feb 28, 2003 Jkt 200001 PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 E:\FR\FM\03MRN1.SGM 03MRN1