Model Notice of Blackout Periods under Individual Account Plans
Description Notice Blackout
How to fill out Enter Notice During?
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Blackout Periods Statement Other Form Names
Notice Blackout Under FAQ
Under the DOL's 2002 wired at work safe harbor, employers can electronically distribute 401(k) notices to current employees at their work e-mail address if the following requirements are met:Access to the e-mail account is an integral part of the employee's job responsibilities.
FAB 2008-03, which lets administrators that provide QDIA notices electronically rely on either DOL's 2002 e-delivery safe harbor or the Treasury Department's rules for using electronic media.
The length of time for a blackout is not limited by law. If the blackout is expected to last for more than three days, a notice of it must be given to the employees. 1 However, the blackout period can last for weeks or even months. A blackout period may be imposed because a plan is being restructured or altered.
You can't have access to your 401k plan during the time when the assets and/or records are moved from one provider to another. This period of time, the blackout, can be a short as overnight or as long as two months. Generally during this time you can't select new investments, take a loan or make withdrawals.
BLACKOUT NOTICE. EXPLANATION. DEFINITION OF A. BLACKOUT PERIOD. A blackout period is defined by the Department of Labor as a period of more than three consecutive business days during which participants will not be able to direct of diversify their investments, obtain a loan or take a distribution.
A description of the circumstances under which a participant's account may be invested in a qualified default investment alternative (QDIA). That is, the notice must tell employees that, if they do not file affirmative investment elections, the accounts will be invested by the fiduciaries on their behalf.
The length of time for a blackout is not limited by law. If the blackout is expected to last for more than three days, a notice of it must be given to the employees. 1 However, the blackout period can last for weeks or even months. A blackout period may be imposed because a plan is being restructured or altered.
A blackout period is an amount of time during which a 401k plan goes dark or is turned off for all practical purposes. You can't adjust your investment options or percentages, request loans or distributions, make trades or do much of anything else.
Trend 3: Blackout periods are typically two weeks to a month in length. Quarterly blackout periods coincide with the end of fiscal quarters and are lifted shortly after earnings are released.