Does the relief provided by EBSA Notice 2020-01 extend to blackout notices?

Posted by: Bonita Hatchett-Bodle    May 6, 2020 2:11:57 PM

Yes. The Notice provides individual account plan administrators with relief from the requirement that 30 days' advance written notice be provided to participants before implementing a blackout period that restricts participants' ability to direct investments and to obtain loans and other distributions from the plan. The relief is available when a plan administrator is unable to comply with the advance notice requirement due to events beyond the reasonable control of the plan administrator. The Department of Labor (DOL) will not require plan administrators to make a written determination when seeking relief from the 30 days' advance notice requirement due to a pandemic, such as COVID-19.

Topics: EBSA Notice 2020-1, ERISA Title I Reporting and Disclosure, blackout notices