Federal Register #2026-11134

Proposed Exemption for IBEW Local 99 JATC Fund to Purchase Training Facility in Cranston, RI

This opportunity involves a proposed exemption for the purchase of real property by the IBEW Local Union No. 99 Joint Apprenticeship Training Committee Fund in Cranston, Rhode Island. - Government Buyer: - Department of Labor, Employee Benefits Security Administration - Vendors and OEMs: - Local Union 99 Realty Corporation (current property owner) - Products/Services Requested: - Purchase of a one-story metal and masonry office building - Location: 40 Western Industrial Drive, Cranston, RI - Quantity: 1 building - Purpose: Office, classroom, and laboratory space for apprenticeship training - The Fund has invested approximately $900,000 in improvements to the property - Unique/Notable Requirements: - Transaction subject to independent fiduciary oversight - Updated independent appraisal required - No payment of fees or commissions to parties in interest - Purchase expected to save the Fund about $45,000 per year in expenses - The property is critical to the Fund's training mission - The Fund has sufficient assets to complete the purchase

Description

This proposed exemption would allow the International Brotherhood of Electrical Workers Local Union No. 99 Joint Apprenticeship Training Committee Fund (the Fund) to purchase property from Local Union 99 Realty Corporation. The property is a one-story metal and masonry office building located at 40 Western Industrial Drive, Cranston, Rhode Island, which has been leased by the Fund since 2011. The purchase would otherwise violate certain provisions of the Employee Retirement Income Security Act of 1974 (ERISA). The purchase is expected to save the Fund approximately $45,000 per year in expenses related to the property.

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