Summary
Aflac Incorporated (AFL) has filed an 8-K report on June 15, 2020, to announce a temporary suspension of trading under its employee benefit plans. This "blackout period" is necessitated by a change in the recordkeeper for the Aflac Incorporated 401(k) Savings and Profit Sharing Plan. The blackout is scheduled to commence on June 23, 2020, at 3:00 p.m. Eastern Time and is expected to conclude during the week of July 19, 2020. During this period, participants in the 401(k) plan will be unable to access their accounts. This restriction includes the inability to direct or diversify investments, make withdrawals, request distributions, or obtain loans. Notably, these limitations apply to all assets within the plan, including Aflac common stock. Furthermore, executive officers and directors are prohibited from trading Aflac common stock, including exercising stock options or engaging in derivative transactions, during the blackout period, as per Sarbanes-Oxley Act regulations.
Key Highlights
- 1Temporary "blackout period" affecting Aflac's 401(k) plan participants is scheduled from June 23, 2020, to the week of July 19, 2020.
- 2The blackout is due to a change in the 401(k) plan's recordkeeper, requiring a transition of account records.
- 3During the blackout, 401(k) plan participants cannot access accounts for investment direction, diversification, withdrawals, distributions, or loans.
- 4Restrictions apply to all plan assets, including Aflac common stock.
- 5Executive officers and directors are prohibited from trading Aflac common stock during the blackout period.
- 6This trading restriction for insiders aligns with Sarbanes-Oxley Act (SOX) Section 306(a) and Regulation BTR.
- 7Information regarding the actual start and end dates of the blackout can be obtained from Aflac's Corporate Secretary.