Gannett sends 'black-out' notice on 401(k)
Gannettoid.com | firstname.lastname@example.org | Posted: Dec. 22, 2009 • Afternoon report
Gannett sent notice Tuesday employees would not be able to access their 401(k) accounts for a 24-hour period due to a bank change.
According to the memo, sent Tuesday afternoon and obtained by Gannettoid.com, the plan is changing from The Bank of New York Mellon to The Northern Trust Company.
The memo says the accounts will remain active during this period, but will not be available for 24 hours, beginning at 4 p.m. (eastern time) Dec. 30.
"You may prepare for the ‘black-out’ period by evaluating your account and whether it currently addresses your investment goals, and making any changes you deem necessary before the start of this transition," the memo said.
Here is the memo:
Gannett 401(k) Black-Out Notice
Gannett 401(K) plan
Sent: Tuesday, December 22, 2009 4:12 PM
The Gannett Co., Inc. 401(k) Savings Plan trustee will be changing from The Bank of New York Mellon to The Northern Trust Company. As a result of this trustee change, you will temporarily be unable to initiate certain plan transactions (including obtaining a loan, withdrawal, or distribution from the Plan; initiating fund transfers; or electing fund changes for future contribution). This temporary restriction is called a ‘black-out’ period and will begin at 4pm ET on Thursday, December 30, 2009 and will be lifted at 4pm ET on Friday, December 31, 2009. Any forms received after 4pm ET on Thursday, December 30, 2009 for a hardship withdrawal or rollover into the Plan will be processed on Monday, January 4, 2010.
Your account will NOT be out of the market during this time. Your investments will continue to be subject to market gains and losses. You will only be limited in your ability to make changes to your investments during this short period. You may prepare for the ‘black-out’ period by evaluating your account and whether it currently addresses your investment goals, and making any changes you deem necessary before the start of this transition.
If you have questions or need additional information, call YBR at 866.343.2333 and say “representative” after the welcome greeting. Representatives are available Monday through Friday from 9:00 a.m. to 5:00 p.m. Eastern Time. The automated telephone system is available 24 hours a day, Monday through Saturday, and after 1 p.m. Eastern Time on Sunday.Please do not respond to this email. If you reply, you will not receive a response.