West Virginia 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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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.
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.
Practically speaking, block out periods are an entirely lawful and often necessary practice in the retail industry. However, like any rule, there are exceptions.
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.
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.