Grant; PTE 1999-39

D-10643

G: 64 FR 53737 (10/04/99)

P: 64 FR 43742 (08/11/99)

Fleet Bank (RI), National Association (Fleet)

Permits, effective August 11, 1999, employee benefit plans to acquire certificates issued by trusts holding credit card receivables which are sponsored by Fleet. The exemption is similar in structure and format to the Department’s other exemptions for “asset-backed securities.” However, this exemption has additional conditions and definitions relating to, among other things, additions and removals of credit card receivables from a trust as well as the trust’s use of swap transactions. The exemption is substantially similar to two exemptions for asset-backed securities involving credit card receivables issued in 1998 to MBNA and Citibank.

Grant; PTE 1999-11

D-10695

G: 64 FR 11046 (03/08/99)

P: 64 FR 3344 (01/21/99)

Mellon Financial Markets, Inc. (Mellon)

Permits the following transactions involving trusts and certificates evidencing interests therein: (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.

Grant; PTE 1999-31

D-10722

G: 64 FR 40627 (07/27/99)

P: 64 FR 29908 (06/03/99)

The Unaka Company, Incorporated Employees’ Profit Sharing Plan and Trust

Permits: (1) the assignment by the Plan to the Unaka Company, Inc. (Unaka), the Plan sponsor and a party in interest with respect to the Plan, of any and all claims, demands, and/or causes of action which the plan may have against certain members of the Plan Administrative Committee and other involved parties (the Responsible Fiduciaries) for breach of fiduciary duty under the Act, during the period from July 1, 1996 to July 31, 1998. Notwithstanding the assignment by the Plan of its rights against the Responsible Fiduciaries, the plan did not release any causes of action against Unaka and/or its affiliates; (2) in exchange for the assignment, an interest-free, non-recourse loan (the Loan) by Unaka to the Plan in an amount equal to the difference between $413 and the fair market value per share for the common stock of Unaka held by the Plan in connection with the sale of such stock by the Plan to Unaka, pursuant to section 408(e) of the Act; (3) the possible repayment of such Loan to Unaka from the cash proceeds of the recovery, if any, from a judgment or settlement of the litigation against the Responsible Fiduciaries; (4) an interest-free, non-recourse extension of credit by Unaka to the Plan of certain expenses arising out of the litigation against the Responsible Fiduciaries, effective as of May 1, 1999, the date when expenses incurred by the Plan in bringing such litigation were first paid by Unaka; and (5) the possible receipt by Unaka of reimbursement of such litigation expenses solely from cash proceeds of the recovery, if any, from any judgment or settlement of the litigation against the Responsible Fiduciaries.

Grant; PTE 1999-22

L-10645

G: 64 FR 28842 (05/27/99)

P: 64 FR 3356 (01/21/99)

Operating Engineers Labor Union 324 Journeyman and Apprentice Training Fund

See summary for the Fund under Loan to Plan.

Grant; PTE 1999-47

D-10688

G: 64 FR 70748 (12/17/99)

P: 64 FR 51794 (09/24/99)

Bankers Trust Company (BTC)

Permits the execution by certain employee benefit plans investing in Transwestern Office Partners II, L.P. (the LP), of a partner agreement and estoppel under which the Plans agree to honor capital calls made to the Plans by BTC as the representative of certain lenders that will fund a so-called “credit facility” providing credit to the LP in connection with the Plans’ capital commitments to the LP where the LP has granted to BTC security interests in the capital commitments, and where the Lenders are parties in interest with respect to the Plans.

Grant; PTE 1999-08

D-10592

G: 64 FR 7669 (02/16/99)

P: 63 FR 65249 (11/25/98)

Bankers Trust Company (BTC)

Permits: (1) the granting to BTC by certain employee benefit plans investing in Hometown America L.L.C. (the LLC) of security interests in the capital commitments of the Plans to the LLC, where BTC is the representative of certain lenders (the Lenders) that will fund a “credit facility” providing loans to the LLC, and the Lenders are parties in interest with respect to the Plans; and (2) the proposed agreements by the Plans to honor capital calls made to the Plans by BTC, in lieu of the LLC’s sole managing member, in connection with the Plans’ capital commitments to the LLC where such capital calls relate to the security interests in the capital commitments previously granted to BTC.

Grant; PTE 1999-41

D-10738

G: 64 FR 53744 (10/04/99)

P: 64 FR 39539 (07/22/99)

The Manufacturers Life Insurance Company (Manulife)

Permits, effective Permits: (1) the receipt of common stock (the Common Shares) of Manulife Financial Corporation, a newly-formed company that will be the holding company for Manulife; or (2) the receipt of cash or policy credits, by any plan policyholder (the Eligible Policyholder) that is an employee benefit plan, other than a policyholder which is a plan established by Manulife or an affiliate for its own employees, in exchange for such Eligible Policyholder’s membership interest in Manulife, in accordance with a plan or reorganization adopted by Manulife and implemented under the laws of Canada and the State of Michigan.

Grant; PTE 1999-14

D-10661

G: 64 FR 16497 (04/05/99)

P: 63 FR 69314 (12/16/98)

MONY Life Insurance Co. (MONY)

Permits, effective March 30, 1999, (1) the receipt of common stock of the MONY Group, Inc. (the Holding Company), the parent company of MONY, or (2) the receipt of cash or policy credits, by or on behalf of any eligible policyholder (the Eligible Policyholder) of MONY which is a plan, subject to applicable provisions of the Act and/or the Code, other than an Eligible Policyholder which is a plan maintained by MONY or an affiliate for its employees, in exchange for such Eligible Policyholder’s membership interest in MONY, in accordance with the terms of a plan of reorganization adopted by MONY and implemented pursuant to section 7312 of the New York Insurance Law.

Grant; PTE 1999-49

D-10244

G: 65 FR 532 (01/05/00)

P: 64 FR 43738 (08/11/99)

Massachusetts Mutual Life Insurance Company (MM)

See summary for MM under Purchase by Plan of Other Assets.

Grant; PTE 1999-46

D-10514

G: 64 FR 61944 (11/15/99)

P: 63 FR 29453 (05/29/98)

Plumbers and Pipe Fitters National Pension Fund

Permits, effective October 9, 1997, (1) the transfer to the Fund, from its sponsor, the United Association of Journeymen and Apprentices of the Plumbing and Pipe Fitting Industry of the United States and Canada AFL-CIO (the Union), of the Union’s interests in a limited partnership (the Partnership), the sole asset of which is the Diplomat Resort and Country Club, a resort hotel and country club complex (the Property); and (2) the transfer to the Fund of the Union’s holding of stock in Diplomat Properties, Inc., the corporate general partner (the General Partner) of the Partnership. The transfers were made in consideration for (1) a capital contribution by the Fund to the Partnership in the amount of $40 million, plus reimbursement to the Union of the reasonable costs incurred by the Union in purchasing the Property; and (2) the release of a loan obligation of the Partnership on the Property which was guaranteed by the Union and collateralized by Union assets.

In response to concerns raised by commentators, the trustees of the Fund (the Trustees) agreed to a number of additional requirements, including the retention of an independent named fiduciary to oversee the Fund’s investment in the Property. A term sheet dated October 13, 1999, attached as part of the representations made to the Department in a letter dated October 29, 1999, on behalf of the Trustees, details these additional requirements. In this regard, the Trustees agreed to undertake such actions as are required, including the amendment of the Trust Agreement, and entry into a services contract to appoint Actuarial Sciences Associates as named fiduciary of the Fund account which holds the Partnership, the General Partner, and other assets of the Fund either invested in or awaiting investment in the Property.

Grant; PTE 1999-31

D-10722

G: 64 FR 40627 (07/21/99)

P: 64 FR 29908 (06/03/99)

The Unaka Company, Incorporated Employees’ Profit Sharing Plan and Trust

See summary for the Plan under Assignment by Plan of Chose in Action.

Grant; PTE 1999-03

D-10660

G: 64 FR 3319 (01/21/99)

P: 63 FR 65260 (11/25/99)

Sprinx Inc. Retirement Plan

See summary for the Plan under Loan by Plan.

Grant; PTE 1999-33

D-10473 – D-10476 

G: 64 FR 42723 (08/05/99)

P: 64 FR 29914 (06/03/99)

General Motors Hourly Rate Employees Pension Plan, et al.

Permits, effective December 11, 1998, any transaction between AEW Industrial, L.L.C. (the LLC), an entity which currently holds “plan assets” of the Plans, or any subsidiary of the LLC which may hold “plan assets” of the Plans in the future, as a result of investments made by the Plans in the LLC or any subsidiary through the First Plaza Group Trust, and a party in interest with respect to any of the Plans. Although General Motors Investment Management Corporation, a wholly owned subsidiary of General Motors Corporation has discretionary authority over the Plans’ assets and qualifies as an in-house asset manager (an INHAM) for the Plans within the meaning of PTCE 96-23 (61 FR 15975, April 10, 1996), the applicant notes that this exemption might not apply to transactions engaged in by the LLC. The applicant states that in the discussion of comments relating to PTCE 96-23, section A.1. of the Preamble suggests that the exemption would not apply to a transaction where an INHAM retains a qualified professioinal asset manager to locate and negotiate the terms of a possible transaction even though the INHAM performs its own due diligence review of each investment opportunity presented and evaluates the appropriateness of the investment for the Plan’s particular investment needs.

Grant; PTE 1999-23

D-10021

G: 64 FR 34293 (06/25/99)

P: 64 FR 19807 (04/22/99)

First Security Corporation (FSC)

Permits the in-kind transfers, that occurred on December 28, 1994, to any open-end investment company (the Fund or Funds) registered under the Investment Company Act of 1940 to which FSC or any of its affiliates (collectively, First Security) serves as investment adviser and/or may provide other services, of the assets of various employee benefit plans that are held in collective investment funds maintained by First Security, in exchange for shares of such Funds.

Grant; PTE 1999-13

D-10468

G: 64 FR 16493 (04/05/99)

P: 64 FR 4132 (01/27/99)

Wells Fargo Bank, N.A. (Wells Fargo)

Permits, effective September 16, 1996, the exchange of the assets of various employee benefit plans that are either held in certain collective investment funds maintained by Wells Fargo, or otherwise held by Wells Fargo as trustee, investment manager or in any other capacity as fiduciary on behalf of the Plans, for shares of any open-end investment company (the Fund or Funds) registered under the Investment Company Act of 1940 to which Wells Fargo or any of its affiliates serves as investment adviser and may provide other services. Also permits the receipt of fees by Wells Fargo from the Funds for acting as the investment adviser, as well as for acting as the custodian, sub-administrator, or for providing any “secondary” service to the Funds, in connection with the investment in the Funds by the Plans for which Wells Fargo acts as a fiduciary.

Grant; PTE 1999-07

D-10372

G: 64 FR 7667 (02/16/99)

P: 64 FR 65249 (11/25/98)

Keystone Financial, Inc.

Permits, effective December 2, 1996, February 3, 1997 and July 1, 1997, the in-kind transfer of assets of various employee benefit plans for which Keystone served as a fiduciary, that were held in certain collective investment funds maintained by Keystone, in exchange for shares of the KeyPremier Funds, an open-ended investment company registered under the Investment Company Act of 1940, for which Keystone is an investment adviser and may provide other services.

Grant; PTE 1999-24

D-10581 & L-10582

G: 64 FR 34295 (06/25/99)

P: 64 FR 19813 (04/22/99)

San Diego Electrical Pension Trust and San Diego Joint Apprenticeship and Training Trust

See summary for the Plans under Purchase by Plan.

Grant; PTE 1999-17

D-10700 & L-10709

G: 64 FR 24423 (05/06/99)

P: 64 FR 4142 (01/27/99)

Plumbers and Pipefitters National Pension Fund and Pipefitters Local No. 211 Joint Educational Trust

See summary for the Plans under Sale by Plan of Real Property.

Grant; PTE 1999-40

D-10663 & D-10664

G: 64 FR 53742 (10/04/99)

P: 64 FR 25921 (05/13/99)

UNOVA, Inc. (UNOVA)

Permits, effective December 17, 1998, (1) the acquisition by the UNOVA, Inc. Pension Plan and the Landis Tool Pension Plan (together, the Plans) of certain improved real property (the Property) from an unrelated party for a sales price of $15,250,000; and (2) the leasing of a portion of the Property by the Plans to UNOVA, a party in interest with respect to the Plans.

Grant; PTE 1999-30

D-10669 & D-10670

G: 64 FR 40626 (07/27/99)

P: 64 FR 29906 (06/03/99)

Premier Funding Group, Inc. Employees Profit Sharing Plan and the Money Purchase Pension Plan for Employees of Premier Funding Group, Inc.

Permits, effective February 1, 1999, a lease of certain second-floor space in a building by the Plans to LM Holdings, Inc., a party in interest with respect to the Plans.

Grant; PTE 1999-31

D-10722

G: 64 FR 40627 (07/27/99)

P: 64 FR 29908 (06/03/99)

The Unaka Company, Incorporated Employees’ Profit Sharing Plan and Trust

See summary for the Plan under Assignment by Plan of Chose in Action.

Grant; PTE 1999-03

D-10660

G: 64 FR 3319 (01/21/99)

P: 63 FR 65260 (11/25/98)

Sprinx Inc. Retirement Plan

Permits: (1) a $90,000 loan by the Plan to Sprinx, Inc., the employer and plan sponsor; and (2) the guarantee of repayment of the loan by Harry D. Spring, a party in interest with respect to the Plan.

Grant; PTE 1999-31

D-10722 

G: 64 FR 40627 (07/27/99)

P: 64 FR 29908 (06/03/99)

The Unaka Company, Incorporated Employees’ Profit Sharing Plan and Trust

See summary for the Plans under Assignment by Plan of Chose in Action.

Grant; PTE 1999-22

L-10645

G: 64 FR 28842 (05/27/99)

P: 64 FR 3356 (01/21/99)

Operating Engineers Labor Union 324 Journeyman and Apprentice Training Fund

Permits: (1) the proposed loan of $1.5 million to the Plan by the International Union of Operating Engineers Local 324, AFL-CIO (the Union), a party in interest with respect to the Plan, for the repayment of certain outstanding loans (the Original Loans) made to the Plan by the Michigan National Bank, an unrelated party; and (2) as of March 12, 1998, the pledging of certificates of deposit by the Union as security for the Original Loans.

Grant; PTE 1999-19

D-10729

G: 64 FR 24423 (05/06/99)

P: 64 FR 11063 (03/08/99)

VonRoll Isola Savings Plan

Permits: (1) the making, by State Street Bank and Trust Company, of interest-free advances of cash (the Advances) to the Plan during the period from July 8, 1997 through June 22, 1998, in the aggregate amount of $824,812.60; and (2) the repayment of the Advances by the Plan, without interest, on June 22, 1998.

Grant; PTE 1999-32

D-9708

G: 64 FR 42717 (08/05/99)

P: 64 FR 29895 (06/03/99)

RREEF America L.L.C. (RREEF)

See summary for RREEF under Provision of Services.

Grant; PTE 1999-32

D-9708

G: 64 FR 42717 (08/05/99)

P: 64 FR 29895 (06/03/99)

RREEF America L.L.C. (RREEF)

Permits: (1) as of May 16, 1994, with respect to a single client, separate account established on behalf of the Shell Pension Trust (the Shell Account), and, as of August 5, 1999, with respect to any single client separate account (Single Client Account) or any multiple client account (Multiple Client Account) formed on, or after, such date, to the payment of certain initial investment fees, annual management fees based upon net operating income, and performance fees to RREEF by employee benefit plans for which RREEF provides investment management services (the Client Plans) pursuant to an investment management agreement entered into between RREEF and the Client plans either individually, through an establishment or amendment of a Single Client Account, or collectively as participants in a newly established Multiple Client Account; and (2) any investment by a Client Plan in a Multiple Client Account managed by RREEF formed on or after August 5, 1999.

Grant; PTE 1999-13

D-10468

G: 64 FR 16493 (04/05/99)

P: 64 FR 4132 (01/27/99)

Wells Fargo Bank, N.A. (Wells Fargo)

See summary for Wells Fargo under In-Kind Purchases.

Grant; PTE 1999-24

D-10581 & L-10582

G: 64 FR 34295 (06/25/99)

P: 64 FR 19813 (04/22/99)

San Diego Electrical Pension Trust and San Diego Joint Apprenticeship and Training Trust

Permits the proposed purchase by the Training Plan from the Pension Plan of a minority interest in certain improved real property jointly owned by the Plans.