The Oklahoma Model Notice of Blackout Periods under Individual Account Plans is a comprehensive document that outlines the specifics surrounding blackout periods within individual account plans in the state of Oklahoma. Blackout periods refer to specific time frames during which participants in these plans may experience restrictions on their ability to access or manage their investments. This model notice is designed to be utilized by plan administrators, employers, and fiduciaries as a template to notify plan participants and beneficiaries about blackout periods, ensuring compliance with federal regulations, particularly those stipulated by the Employee Retirement Income Security Act (ERICA). The notice provides a detailed and thorough description of what blackout periods are and why they may occur. It outlines the specific rules and regulations governing blackout periods under individual account plans, as well as the rights and responsibilities of both plan participants and administrators during these periods. The Oklahoma Model Notice of Blackout Periods under Individual Account Plans highlights the importance of providing advance notice to participants regarding impending blackout periods. By doing so, this notice helps to ensure transparency and inform participants about the impact blackout periods may have on their ability to initiate transactions, make investment choices, or obtain information related to their individual account plans. Furthermore, this model notice discusses the different types of blackout periods that may arise. Examples of blackout periods can include changes in plan administrators or service providers, conversion of investment options, or significant changes to the investment lineup within the plan. It may also encompass mergers, acquisitions, or terminations affecting the plan. The specific types of blackout periods may vary depending on the circumstances and the plan's structure. In conclusion, the Oklahoma Model Notice of Blackout Periods under Individual Account Plans is a vital tool for maintaining compliance with ERICA regulations in Oklahoma. By utilizing this comprehensive template, plan administrators and fiduciaries can effectively communicate the details and implications of blackout periods to plan participants, promoting transparency and facilitating a smooth transition during these restricted periods.
Oklahoma 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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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.
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 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.
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.
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.
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.
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.