Page:United States Statutes at Large Volume 116 Part 1.djvu/807

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PUBLIC LAW 107-204-^ULY 30, 2002 116 STAT. 781 "(i) NOTICE OF BLACKOUT PERIODS TO PARTICIPANT OR BENE- FICIARY UNDER INDIVIDUAL ACCOUNT PLAN. — "(1) DUTIES OF PLAN ADMINISTRATOR. — In advance of the commencement of any blackout period with respect to an individual account plan, the plan administrator shall notify the plan participants and beneficiaries who are affected by such action in accordance with this subsection. " (2) NOTICE REQUIREMENTS.— "(A) IN GENERAL. —The notices described in paragraph (1) shall be written in a manner calculated to be understood by the average plan participant and shall include— "(i) the reasons for the blackout period, "(ii) an identification of the investments and other rights affected, "(iii) the expected beginning date and length of the blackout period, "(iv) in the case of investments affected, a statement that the participant or beneficiary should evaluate the appropriateness of their current investment decisions in light of their inability to direct or diversify assets credited to their accounts during the blackout period, and "(v) such other matters as the Secretary may require by regulation. " (B) NOTICE TO PARTICIPANTS AND BENEFICL\RIES. — Except as otherwise provided in this subsection, notices described in paragraph (1) shall be furnished to all participants and beneficiaries under the plan to whom the blackout period applies at least 30 days in advance of the blackout period. " (C) EXCEPTION TO 30-DAY NOTICE REQUIREMENT. —In any case in which— "(i) a deferral of the blackout period would violate the requirements of subparagraph (A) or (B) of section 404(a)(1), and a fiduciary of the plan reasonably so determines in writing, or "(ii) the inability to provide the 30-day advance notice is due to events that were unforeseeable or circumstances beyond the reasonable control of the plan administrator, and a fiduciary of the plan reasonably so determines in writing, subparagraph (B) shall not apply, and the notice shall be furnished to all participants and beneficiaries under the plan to whom the blackout period applies as soon as reaisonably possible under the circumstances unless such a notice in advance of the termination of the blackout period is impracticable. "(D) WRITTEN NOTICE. —The notice required to be provided under this subsection shall be in writing, except that such notice may be in electronic or other form to the extent that such form is reasonably accessible to the recipient. "(E) NOTICE TO ISSUERS OF EMPLOYER SECURITIES SUB- JECT TO BLACKOUT PERIOD. —In the case of any blackout period in connection with an individual account plan, the plan administrator shall provide timely notice of such