federal_register: 03-2961
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| document_number | title | type | abstract | publication_date | pub_year | pub_month | html_url | pdf_url | agency_names | agency_ids | excerpts |
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| 03-2961 | Notice of Proposed Individual Exemption To Replace Prohibited Transaction Exemptions (PTEs) 81-56, 85-19 and 89-5 Involving the Truman Arnold Companies Retirement Plan and Trust (the Plan) Located in Texarkana, TX | Notice | This document contains a notice of pendency before the Department of Labor (the Department) of a proposed individual exemption which, if granted, will replace PTEs 81-56 (46 FR 36273, July 17, 1981), 85-19 (50 FR 3045, January 23, 1985) and PTE 89-5 (54 FR 4348, January 30, 1989). These are individual exemptions (the Prior Exemptions) that were previously issued by the Department to the Truman Arnold Companies (the Employer), a party in interest with respect to the Plan. Each of the Prior Exemptions permitted the Employer to contribute and/or lease from the Plan certain improved real property (the Properties) under the provisions of three distinct written leases. If granted, the proposed exemption will incorporate many of the facts and representations contained in the Prior Exemptions and update information to the extent there have been changes. Because it appears that PTE 81-56 expired on September 30, 1999, and the parties have been not been covered by an administrative exemption since that time, the proposed exemption will provide retroactive exemptive relief from October 1, 1999, until September 30, 2002. In addition, to resolve uncertainty regarding the expiration dates of the leases described in PTEs 81-56 and PTE 85-19, the proposed exemption merges the leases, along with the lease described in PTE 89-5, under a new master lease (the Master Lease) and provides retroactive exemptive relief, effective October 1, 2002, with respect to such past and continued lease arrangements. This will ensure that the subject Properties are, at all times, covered by an administrative exemption. Further, the proposed exemption will permit the replacement of AmSouth Bank (AmSouth), the Plan's former independent fiduciary, with Regions Bank (Regions), the Plan's current trustee. Thus, the proposed exemption will affect participants and beneficiaries of the Plan, as well as Plan fiduciaries. | 2003-02-06 | 2003 | 2 | https://www.federalregister.gov/documents/2003/02/06/03-2961/notice-of-proposed-individual-exemption-to-replace-prohibited-transaction-exemptions-ptes-81-56 | https://www.govinfo.gov/content/pkg/FR-2003-02-06/pdf/03-2961.pdf | Labor Department; Employee Benefits Security Administration | 271,131 | This document contains a notice of pendency before the Department of Labor (the Department) of a proposed individual exemption which, if granted, will replace PTEs 81-56 (46 FR 36273, July 17, 1981), 85-19 (50 FR 3045, January 23, 1985) and PTE 89-5... |