Plumbers and Pipe Fitters National Pension Fund
	Fiduciary Counselors named as independent fiduciary as requirement of prohibited transaction exemption
	Prohibited Transaction Exemption (PTE) 1999-46, issued by the Department of Labor on November 15, 1999, permits, effective October 9, 1997, (1) the transfer to the Plumbers and Pipefitters National Pension 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 sole asset of which is the Diplomat Resort and Country Club, a resort hotel and country club complex; and (2) the transfer to the fund of the union’s holding of stock in Diplomat Properties, Inc., the corporate 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 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 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. The trustees agreed to take the actions required, including the amendment of the Trust Agreement and entry into a services contract to appoint ASA Fiduciary Counselors as named fiduciary of the Fund account which holds the assets of the Fund invested in or awaiting investment in the Property.
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