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Federal Register/Vol. 80, No. 143/Monday, July 27, 2015/Notices

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Federal Register/Vol. 80, No. 143/Monday, July 27, 2015/Notices 44702 Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices DEPARTMENT OF LABOR 5700, U.S. Department of Labor, 200 proposed exemptions which are Constitution Avenue NW., Washington, summarized below. Interested persons Employee Benefits Security DC 20210. Attention: Application No. are referred to the applications on file Administration lll, stated in each Notice of with the Department for a complete Proposed Exemption. Interested persons statement of the facts and Proposed Exemptions from Certain are also invited to submit comments representations. Prohibited Transaction Restrictions and/or hearing requests to EBSA via The Les Schwab Tire Centers of AGENCY: Employee Benefits Security email or FAX. Any such comments or Washington, Inc. (Les Schwab Administration, Labor. requests should be sent either by email Washington), the Les Schwab Tire ACTION: Notice of proposed exemptions. to: [email protected], or by FAX to Centers of Idaho, Inc. (Les Schwab (202) 219–0204 by the end of the Idaho), and the Les Schwab Tire SUMMARY: This document contains scheduled comment period. The Centers of Portland, Inc. (Les Schwab notices of pendency before the applications for exemption and the Portland), (Collectively, With Their Department of Labor (the Department) of comments received will be available for Affiliates, Les Schwab or the proposed exemptions from certain of the public inspection in the Public Applicant), Located in Bothell, prohibited transaction restrictions of the Documents Room of the Employee Washington; Lacey, Washington; Employee Retirement Income Security Benefits Security Administration, U.S. Renton, Washington; Twin Falls, Idaho; Act of 1974 (ERISA or the Act) and/or Department of Labor, Room N–1515, and Sandy, Oregon the Internal Revenue Code of 1986 (the 200 Constitution Avenue NW., Code). This notice includes the Washington, DC 20210. [Application Nos. D–11699, D–11700, D– following proposed exemptions: D– Warning: All comments will be made 11701, D–11702, and D–11703] 11788, D–11789, D–11790, D–11791, available to the public. Do not include Proposed Exemption and D–11792, The Les Schwab Tire any personally identifiable information Center of Washington, Inc., the Les The Department is considering (such as Social Security number, name, granting an exemption under the Schwab Tire Centers of Idaho, Inc., and address, or other contact information) or authority of section 408(a) of the Act (or the Les Schwab Tire Centers of confidential business information that ERISA), and section 4975(c)(2) of the Portland, Inc.; L–11795, New England you do not want publicly disclosed. All Code, and in accordance with the Carpenters Training Fund; D–11818, comments may be posted on the Internet procedures set forth in 29 CFR part Virginia Bankers Association Defined and can be retrieved by most Internet 2570, subpart B (76 FR 66637, 66644, Contribution Plan for First Capital Bank; search engines. October 27, 2011).2 D–11823, Idaho Veneer Company/Ceda- SUPPLEMENTARY INFORMATION: Pine Veneer, Inc. Employees’ Section I. Transactions Retirement Plan; D–11835, United Notice to Interested Persons If the proposed exemption is granted, States Steel and Carnegie Pension Fund; Notice of the proposed exemptions the restrictions of sections 406(a)(1)(A), D–11836, Roberts Supply, Inc. Profit will be provided to all interested 406(a)(1)(D), 406(b)(1) and 406(b)(2) of Sharing Plan and Trust; D–11763, D– persons in the manner agreed upon by the Act, and the sanctions resulting 11764 and D–11765, Red Wing Shoe the applicant and the Department from the application of section 4975 of Company Pension Plan for Hourly within 15 days of the date of publication the Code, by reason of sections Employees, The Red Wing Shoe in the Federal Register. Such notice 4975(c)(1)(A), 4975(c)(1)(D) and Company Retirement Plan and the S.B. shall include a copy of the notice of 4975(c)(1)(E) of the Code, shall not Foot Tanning Company Employees’ proposed exemption as published in the apply to the sales (the Sales) by the Les Pension Plan; and D–11781, Frank Federal Register and shall inform Schwab Profit Sharing Retirement Plan Russell Company and Affiliates. interested persons of their right to (the Plan) of the following parcels of DATES: All interested persons are invited comment and to request a hearing real property (each, a ‘‘Parcel’’ and to submit written comments or requests (where appropriate). together, ‘‘the Parcels’’) to the for a hearing on the pending The proposed exemptions were Applicant: exemptions, unless otherwise stated in requested in applications filed pursuant (a) The Parcel located at 19401 the Notice of Proposed Exemption, to section 408(a) of the Act and/or Bothell Everett Highway in Bothell, within 45 days from the date of section 4975(c)(2) of the Code, and in Washington (the Bothell Parcel); publication of this Federal Register accordance with procedures set forth in (b) The Parcel located at 150 Marvin Notice. 29 CFR Part 2570, Subpart B (76 FR Road, SE Lacey, Washington (the Lacey ADDRESSES: Comments and requests for 66637, 66644, October 27, 2011).1 Parcel); a hearing should state: (1) The name, Effective December 31, 1978, section (c) The Parcel located at 354 Union address, and telephone number of the 102 of Reorganization Plan No. 4 of Ave NE., Renton, Washington (the person making the comment or request, 1978, 5 U.S.C. App. 1 (1996), transferred Renton Parcel); (d) The Parcel located at 21 Blue and (2) the nature of the person’s the authority of the Secretary of the Lakes Boulevard North Twin Falls, interest in the exemption and the Treasury to issue exemptions of the type requested to the Secretary of Labor. Idaho (the Twin Falls Parcel); and manner in which the person would be (e) The Parcel located at 37895 adversely affected by the exemption. A Therefore, these notices of proposed exemption are issued solely by the Highway 26, Sandy, Oregon (the Sandy request for a hearing must also state the Parcel); issues to be addressed and include a Department. general description of the evidence to be The applications contain where the Applicant is a party in presented at the hearing. representations with regard to the interest with respect to the Plan, All written comments and requests for provided that the conditions set forth in a hearing (at least three copies) should 1 The Department has considered exemption applications received prior to December 27, 2011 2 For purposes of this proposed exemption, be sent to the Employee Benefits under the exemption procedures set forth in 29 CFR references to the provisions of Title I of the Act, Security Administration (EBSA), Office part 2570, subpart B (55 FR 32836, 32847, August unless otherwise specified, refer also to the of Exemption Determinations, Room N– 10, 1990). corresponding provisions of the Code. VerDate Sep<11>2014 19:44 Jul 24, 2015 Jkt 235001 PO 00000 Frm 00002 Fmt 4701 Sfmt 4703 E:\FR\FM\27JYN3.SGM 27JYN3 tkelley on DSK3SPTVN1PROD with NOTICES3 Federal Register / Vol. 80, No. 143 / Monday, July 27, 2015 / Notices 44703 Section II of this proposed exemption as those obtainable in an arm’s length 4. The Plan is a qualified multiple- are met. transaction with an unrelated party. employer, defined contribution profit- sharing plan located in Bend, Oregon. Section II. Conditions Summary of Facts and The Plan is sponsored by the Warehouse Representations 3 (a) The price paid by Les Schwab to Center. Thirteen employers, including the Plan (the Purchase Price) for each Background Les Schwab Washington, Les Schwab Parcel no less than the fair market value 1. According to the Applicant, Les Idaho, and Les Schwab Portland of each Parcel (exclusive of the participate in the Plan. As of December buildings or other improvements paid Schwab Tire Centers (together with its affiliates, Les Schwab) was founded by 31, 2013, the Plan had 6,976 for by Les Schwab, to which Les participants and beneficiaries. Also, as Schwab retains title), as determined by its namesake in 1952 in Prineville, Oregon, in order to sell tires, batteries of December 31, 2013, the Plan had total qualified independent appraisers (the assets of $653,315,345.00. The Appraisers), working for CBRE, Inc., in and other automotive equipment, and provide vehicle maintenance services. Applicant states that the Plan is the sole separate appraisal reports (the retirement plan available for Les There are now approximately 430 Les Appraisals) that are updated on the date Schwab employees. Schwab tire and automotive service of the Sale. 5. The Administrative and Investment (b) Each Sale is a one-time transaction centers located primarily in the Committee of the Plan (the Committee) for cash. Northwest and with over $1 billion has the sole discretionary investment (c) The Plan does not pay any costs, dollars in annual sales. Their facilities authority over the Plan and is a named including brokerage commissions, fees, are located in Alaska, Washington, fiduciary. The Committee has the appraisal costs, or any other expenses Oregon, Montana, Nevada, Utah and exclusive right and discretionary associated with each Sale. California. authority to control, manage and operate 2. Les Schwab, which has elected to (d) A qualified independent fiduciary the Plan. This includes the authority to be treated as a sub-chapter ‘‘S’’ (the Independent Fiduciary) represents direct the investment of the Plan’s assets corporation under the Code, is made up the interests of the Plan with respect to and to appoint and remove the Plan’s of eleven distinct entities, each with an each Sale, and in doing so: Trustees and investment managers. (1) Determines that it is prudent to go overlapping ownership structure and The Committee consists of seven forward with each Sale; part of a single controlled group.
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