Massachusetts Model Notice of Blackout Periods under Individual Account Plans
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How to fill out Model Notice Of Blackout Periods Under Individual Account Plans?
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FAQ
Practically speaking, block out periods are an entirely lawful and often necessary practice in the retail industry. However, like any rule, there are exceptions.
Electronic distribution is permitted as long as you provide the mechanism being used, and participants are required to access that mechanism as part of their jobs. A company-provided email address that participants are required to check is one example.
Black-out periods. occur when the ability of plan participants to take certain actions is temporarily. suspended. Sarbanes-Oxley requires that participants receive advance written. notice of certain black-out periods, and restricts the ability of insiders to trade in.
These include Summaries of Material Modifications (SMMs), Summary Annual Reports (SARs), and notices regarding changes to investment funds and certain other information in the Annual Fee Disclosure.
How long does a blackout period last? A blackout period usually lasts about 10 business days. However, it may need to be extended due to unforeseen circumstances, which are rare; but there is no legal maximum limit for a blackout period.
A blackout period is a temporary interval during which access to certain actions is limited or denied. The primary purpose of blackout periods in publicly traded companies is to prevent insider trading. A blackout period for an employee retirement plan temporarily prevents participants from modifying their plans.
The new law says that written notice must be given to participants and beneficiaries at least 30 days before the blackout period begins and not more than 60 days before. Failure to issue notification of a blackout period may result in severe penalties.
A blackout notice should contain information on the expected beginning and end date of the blackout. The notice should also provide the reason for the blackout and what rights will be restricted as a result. The notice must specify a plan contact for answering any questions about the blackout period.
A blackout period is a duration of time when access to something usually available is prohibited. In a financial context, a blackout period is a duration of time when a company's executives and/or employees who are privy to inside information are restricted from buying or selling any corporate securities.
