The Hawaii Model Notice of Blackout Periods under Individual Account Plans is a detailed document that provides important information regarding blackout periods in individual account plans in the state of Hawaii. Blackout periods are temporary periods during which participants are unable to access or make changes to their retirement or investment accounts. The purpose of this notice is to inform plan participants about the upcoming blackout periods, the reasons behind them, and the impact they may have on their accounts. It is essential for participants to be aware of these blackout periods, as they may affect their ability to manage their investments or make contributions. The Hawaii Model Notice of Blackout Periods under Individual Account Plans outlines the duration of the blackout period, the specific dates on which it will occur, and the activities that will be restricted during this time. It also specifies the alternative arrangements that will be made available to participants, such as online access to account information or a toll-free number for inquiries. There are different types of blackout periods that may be mentioned in the Hawaii Model Notice. One type is the "Pre-plan blackout period" which occurs before the implementation of a new retirement plan or during a plan conversion. During this period, participants may not be able to view or alter their accounts until the new plan is fully operational. Another type of blackout period is the "Plan termination blackout period". This occurs when a retirement plan is being terminated or merged with another plan. Participants may experience restricted access to their accounts until the termination process is completed or the accounts have been transferred to another plan. The notice also includes important information regarding the reasons for the blackout period, such as scheduled system maintenance or regulatory changes. It emphasizes the importance of considering any blackout period restrictions when planning investments or distributions. In summary, the Hawaii Model Notice of Blackout Periods under Individual Account Plans is a crucial document that ensures plan participants are notified about upcoming blackout periods, their durations, and the impact they may have on account activities. By providing this information, participants can effectively manage their investment strategies and make informed decisions during blackout periods.
Hawaii Model Notice of Blackout Periods under Individual Account Plans
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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.
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.
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. Regardless, you must give advance notice to your employees that a blackout is on the horizon.
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.
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.
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