SEC Division of Investment Management staff letter: Owens-Illinois, Inc.

The staff of the Division of Investment Management declines to recommend enforcement action if the Owens-Illinois Master Retirement Trust reorganizes as a Group Trust and relies on section 3(c)(1) of the Investment Company Act of 1940, provided no more than 100 plans participate. The staff concludes that the Retirement Group Trust may rely on this exclusion because the participating plans are involuntary and noncontributory, meaning their beneficiaries do not count toward the 100-investor limit. Conversely, the staff will not provide assurance for the SPASP Group Trust, as the participant-directed nature of those plans requires counting all beneficiaries toward the 100-investor limit. The staff also determines that Owens-Illinois and its former subsidiaries are not related companies, preventing reliance on the section 3(c)(11) single trust exception.

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JUN 2 4 \994

Our Ref. No. 93-723-CC

RESPONSE Owens-Illinois, Inc. DIVISION File No. 132 - 3 Your letter of November 4, 1993 requests our assurance that

we would not recommend that the Commission take enforcement

action if Owens-Illinois (1I0-III) establishes two Group Trusts as

described in your letter without registering the Trusts under the

Investment Company Act of 1940 (111940 Act
II ), in reliance on either section 3 (c) (11) or section 3 (c) (1) of the 1940 Act. 0- I operates two IIMaster Trusts II that are funding and investment vehicles for employee benefit plans sponsored by O-I

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Source: Securities and Exchange Commission — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works