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Contact:
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Robert Schmermund
(202) 857-3104
Jim Eberle
(202) 857-3145
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Jim Eberle
(202) 857-3145 (work)
(703) 893-2593 (home)
[email protected]
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For Immediate Release
November 22, 2002
#02-57 |
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E-mail:
[email protected] |
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ACB URGES CLARIFICATION OF BLACKOUT PERIOD RULES
WASHINGTON, D.C. — America’s Community Bankers has urged the Labor Department to clarify its interim final rule requiring notice of blackout periods to participants and beneficiaries of pension plans.
In comments to the Pension and Welfare Benefits Administration, ACB commended the agency for quickly issuing guidance on the new notification requirements of the Sarbanes-Oxley Act. But ACB said some clarifications are needed.
ACB suggested that PWBA adjust the timing of notifications, from at least 30 days but not more than 60 days in the interim rule. Pension plan administrators often do not know when blackout periods will begin and end, ACB said, possibly causing inadvertent violations or longer blackout periods than necessary.
ACB suggested a wider date range with plus or minus range dates — perhaps seven days — on either side of the specific beginning and ending dates. ACB also suggested giving plan administrators the option of a 90-day notification period so that the notices could be sent with quarterly statements, and the option of setting up a telephone/computer notification systems.
America’s Community Bankers represents the nation’s community banks of all charter types and sizes. ACB members, whose aggregate assets are more than $1 trillion, pursue progressive, entrepreneurial and service-oriented strategies in providing financial services to benefit their customers and communities.
The comment letter is attached.
America’s Community Bankers is the national trade association committed to shaping the future of
banking by being the innovative industry leader strengthening the competitive position of
community banks. To learn more about ACB, visit
www.AmericasCommunityBankers.com.
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