The Franklin Ohio Model Notice of Blackout Periods under Individual Account Plans is a comprehensive document that outlines important information regarding blackout periods for retirement plans offered under the Employee Retirement Income Security Act (ERICA) in the state of Ohio. This notice is designed to inform plan participants and beneficiaries about the temporary suspension of their rights to direct or diversify their investments during blackout periods. The notice includes key details about blackout periods, such as their purpose, duration, and potential impact on participants' ability to manage their retirement accounts. It highlights that blackout periods can occur in various circumstances, including changes in plan administrators, transfers of plan assets, or changes in investment options. The content of the Franklin Ohio Model Notice of Blackout Periods under Individual Account Plans contains important keywords to address different types of blackout periods, including: 1. Administrative Blackout Periods: This type of blackout period occurs when there are changes in the plan administrator or record-keeper, such as a transition between service providers or the implementation of new technology systems. During this period, participants may be temporarily unable to access their accounts or make investment transactions. 2. Plan Merger or Conversion Blackout Periods: This type of blackout period occurs when two or more retirement plans merge or convert into a single plan. Participants may experience restrictions on their ability to manage their investments during this period while the plan assets are being consolidated. 3. Investment Blackout Periods: These blackout periods can occur when there are significant changes in investment options within the plan, such as the addition or removal of specific funds or asset classes. Participants may be restricted from making investment changes or reallocating their assets temporarily. The Franklin Ohio Model Notice of Blackout Periods under Individual Account Plans is highly informative and provides participants with transparent information on when blackout periods may occur, their purpose, and the impact they may have on managing their retirement accounts. It is crucial for plan sponsors and administrators in Ohio to adhere to the guidelines outlined in this model notice to ensure compliance with ERICA regulations and keep plan participants well-informed about any blackout periods that may affect their retirement savings.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.