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Missouri Model Notice of Blackout Periods under Individual Account Plans

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US-356EM
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This model notice informs employees of blackout periods under individual investment account plans.

The Missouri Model Notice of Blackout Periods under Individual Account Plans is a document that provides important information to participants and beneficiaries regarding blackout periods that may occur within their individual account plan. Blackout periods refer to a temporary restriction or suspension of participants' ability to direct their investments, obtain loans, or make withdrawals from their accounts. This notice is mandated by the Missouri model, which serves as an example for other states in creating their own blackout period notice requirements. It outlines the terms and conditions of blackout periods to ensure transparency and compliance with the law. The notice aims to inform participants about the reasons behind the blackout period and its potential impact on their investment decisions and account transactions. Keywords: Missouri Model, Notice, Blackout Periods, Individual Account Plans, participants, beneficiaries, temporary restriction, suspension, direct investments, obtain loans, make withdrawals, terms and conditions, transparency, compliance, law, impact, investment decisions, account transactions. Different types of Missouri Model Notice of Blackout Periods under Individual Account Plans may include: 1. Planned Maintenance Blackout Period Notice: This type of notice is issued when a plan administrator schedules a blackout period for routine system maintenance or upgrades. It informs participants about the specific dates and times the blackout will occur and provides details on the restricted transactions during that period. 2. Investment Transition Blackout Period Notice: When there is a change in investment options or the plan transfers to a new provider, this notice is issued to inform participants about the blackout period that will occur during the transition. It explains the rationale for the change, provides details about the transfer process, and outlines the limitations on investment changes during the blackout. 3. Company Merger or Acquisition Blackout Period Notice: In the event of a company merger or acquisition, this notice is issued to notify participants about the blackout period that may occur due to the integration of employee benefit plans. It outlines the blackout period's duration, the reasons behind it, and any restrictions on transactions during that time. 4. Legal or Regulatory Compliance Blackout Period Notice: This type of notice is issued when the plan sponsor needs to implement changes to comply with new legal or regulatory requirements. It informs participants about the blackout period that will be in effect during these updates and the limitations it imposes on account transactions. Keywords: Planned Maintenance, Investment Transition, Company Merger, Acquisition, Legal Compliance, Regulatory Compliance, routine system maintenance, upgrades, change in investment options, transfer process, integration, employee benefit plans, legal requirements, regulatory requirements, limitations, account transactions.

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FAQ

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.

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.

Employers must distribute the SAR to each plan participant covered under the plan during the applicable plan year, including COBRA participants and terminated employees who were covered under the plan. For instance, the Form 5500 (and the associated SAR) filed in 2020 pertain the to the plan that was offered in 2019.

A blackout period is a time when participants are not able to access their 401(k) accounts because a major plan change is being made. During this time, they are not allowed to direct their investments, change their contribution rate or amount, make transfers, or take loans or distributions.

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.

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.

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.

A blackout period in financial markets is a period of time when certain peopleeither executives, employees, or bothare prohibited from buying or selling shares in their company or making changes to their pension plan investments. With company stock, a blackout period usually comes before earnings announcements.

There is a mandatory 2 week blackout period for all employees of the Company prior to the release of quarterly and annual financial statements which shall continue until two trading days after the time such information has been released to the public.

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Missouri Model Notice of Blackout Periods under Individual Account Plans