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Tennessee Model Notice of Blackout Periods under Individual Account Plans

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This model notice informs employees of blackout periods under individual investment account plans.

The Tennessee Model Notice of Blackout Periods under Individual Account Plans is a crucial document that provides important information regarding blackout periods for participants in individual account plans. Blackout periods refer to a specific timeframe wherein participants are restricted from making certain transactions related to their retirement or investment accounts. This notice is designed to comply with the requirements set forth by the Employee Retirement Income Security Act (ERICA) and is essential for plan administrators to ensure transparency and communication with plan participants. During a blackout period, participants may be prohibited from performing activities such as changing investment options, making contributions or withdrawals, or taking loans from their accounts. This aims to protect the participants' investments during periods of significant plan changes, such as plan conversions, mergers, or implementing new investment options. By limiting transactions during these periods, the plan administrators can ensure that participants' accounts are not negatively impacted by sudden changes. There are two types of Tennessee Model Notice of Blackout Periods under Individual Account Plans. The first type is the Initial Notice, which is provided by plan administrators to participants beforehand, usually 30 days before the blackout period begins. This notice informs participants about the upcoming blackout period, its duration, and the specific limitations on transactions during that time. The second type is the Post Notice, which is sent to participants after the blackout period has ended. This notice includes details about the transactions that were prohibited during the blackout period and informs participants that they can now resume normal activities related to their accounts. The Tennessee Model Notice of Blackout Periods under Individual Account Plans is an essential tool for maintaining transparency, ensuring compliance, and safeguarding participants' investments. By providing clear and concise information about blackout periods, plan administrators can help participants make informed decisions and mitigate any potential confusion or issues that may arise during these restricted periods. It is crucial for plan administrators to adhere to the requirements of the Tennessee Model Notice to effectively communicate blackout period details and maintain the integrity of individual account plans.

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FAQ

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.

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.

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.

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 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.

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.

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.

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.

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.

More info

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Tennessee Model Notice of Blackout Periods under Individual Account Plans