FREQUENTLY ASKED QUESTIONS:
1. What is a 401(k) blackout period?
A blackout period is a temporary time when you, as a participant, cannot make changes to your 401(k) account. This includes actions like transferring funds between investments, changing contribution levels, or taking loans or distributions.
2. Why does a blackout period happen?
Blackout periods usually occur when there are significant changes to the plan, such as:
- Updating the plan’s investment options or systems. These changes require suspending access temporarily to ensure accurate processing and recordkeeping.
- A change in the plan administrator or record keeper.
- A merger of the 401(k) plan with another plan.
3. How will I know if a blackout period is coming?
You will receive a written notice at least 30 days before the blackout begins, as required by law. This notice will explain the reason for the blackout, the exact dates it will start and end, and which account activities will be restricted.
4. What actions are restricted during a blackout period?
During the blackout, you won’t be able to:
- Transfer assets between investments.
- Change your contribution rates.
- Take loans or withdrawals from your account.
- Direct new contributions to different investment options.
5. How long does a blackout period usually last?
Blackout periods typically last between a few days to a few weeks, depending on the complexity of the changes. The Blackout Period Timeline is:
Start Date: November 29, 2024
Estimated End Date: December 20, 2024
6. Can I make changes before or after the blackout period?
Yes. You can make any necessary changes before the blackout starts and once the blackout period ends, normal account access will resume, and you can manage your account as usual.
7. Will my account continue earning returns during the blackout?
Yes, your investments will continue to grow or decline based on market performance, even though you cannot actively manage your account during the blackout.
8. What should I do to prepare for a blackout period?
Review your investments and make any necessary changes before the blackout begins.
Consider your cash flow needs. If you might need to take a loan or withdrawal, plan ahead so you are not impacted during the blackout.
9. Who can I contact if I have questions about the blackout?
If you have any questions, you can reach out to the ForUsAll Participant Advisory team at help@forusall.com or call 844-401-2253.
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