"kastnna" <kastnna@[EMAIL PROTECTED]
> wrote
> When changing
> qualified plans (new company or not) the IRS requires a
> blackout
> period of not less than 30 days.
Are you referring to the Sarbanes-Oxley Act? If so, in
general, it requires that at least 30 days notice to
participants yada prior to any blackout period, where
"blackout period" is defined to be a suspension of usual
privileges yada for a period of more than three business
days.
Also, I believe this law applies only to public companies
(namely, those held by shareholders etc.). Private companies
are encouraged to comply with this law, but I do not think
they currently are required to do so.
> Contrary to some of the statements here, an employer
> cannot transfer
> your assets independent of your wishes.
Depends on the meaning of "transfer."
> When you enrolled in the 401k
> you enrolled with a specific provider, under a specific
> set of T&Cs,
> and with a specific set of investments. That can't
> typically be
> changed without your approval.
I believe what it boils down to is the companies have to be
reasonable. They can't go exchanging one's specific stock or
mutual fund positions willy-nilly, for example. If they do,
and the employees can show harm, there most certainly may be
a case. The 1999 lawsuit between Signet employees and their
subsequent employer, First Union. is worth googling, since
it was settled in favor of the employees about 2001.
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