Exemption From Certain Prohibited Transaction Restrictions Involving United Brotherhood of Carpenters and Joiners of America (UBC or the Applicant) Located in Washington, DC
Published Date: 1/13/2025
Notice
Summary
The United Brotherhood of Carpenters (UBC) in Washington, DC, got the green light to buy 19.25 acres of land from their own pension fund for cash. This special exemption starts January 13, 2025, letting the sale happen without breaking any rules. It’s a win-win move that helps the union manage its assets smartly and legally.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 1 costs, 0 mixed.
Plan Gets Millions More from Sale
The pension plan will likely receive approximately $4,317,500 to $4,620,000 more in net proceeds by selling the 19.25-acre property to the United Brotherhood of Carpenters (UBC) than it would receive from an unrelated third-party sale.
Minimum Sale Price Requirement
UBC must pay the greater of $34,090,000 or the fair market value of the 19.25-acre property (including an Assemblage Increase and Contributory Costs as set by an updated appraisal) at the time of the sale.
10-Year Clawback if UBC Resells at Profit
If UBC sells the property within 10 years after purchase for more than the Sale Proceeds, UBC must contribute the excess profit in cash to the Plan by the end of the Plan year following that subsequent sale.
Removal of 51% Revenue-Sharing Requirement
The Department removed a proposed condition that would have required UBC to contribute 51 percent of any gross revenue earned from using or leasing the property for purposes inconsistent with UBC's stated training‑center expansion, effective for a 10-year period.
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