What is a 'blackout period' in the context of this filing?

A 'blackout period' is a temporary suspension of a retirement plan's operations that prevents participants from accessing their accounts. This allows for necessary administrative or system changes to be made without interruption or risk of error.

Why is BNY Mellon instituting this blackout period?

BNY Mellon is instituting this blackout period to merge its existing 401(k) plans into a single 'BNY Mellon 401(k) Savings Plan', to introduce new investment options, and to transition the administration of the plans to a new recordkeeper.

What impact does this blackout period have on my 401(k) account if I am a BNY Mellon employee?

During the blackout period, you will be unable to access your 401(k) account. This means you cannot make any changes to your investments, diversify your holdings, take a loan, or request a distribution until the blackout period ends.

Are BNY Mellon's executives and directors prohibited from trading the company's stock during this period?

Yes, BNY Mellon issued a notice to its directors and executive officers on February 23, 2009, prohibiting them from directly or indirectly purchasing, exercising, selling, or otherwise transferring BNY Mellon's equity securities during the blackout period, in compliance with Sarbanes-Oxley Act regulations.

Bank of New York Mellon Corp 8-K SEC Disclosure

Summary

This Form 8-K filing by The Bank of New York Mellon Corporation (BK) on February 23, 2009, primarily concerns the implementation of a temporary "blackout period" for its employee retirement savings plans. This period is necessary to merge two existing plans into a single BNY Mellon 401(k) Savings Plan, introduce new investment options, and transition to a new plan administrator. The blackout period is scheduled to begin on March 25, 2009, and is expected to conclude during the week of April 6, 2009. Crucially for investors, especially those holding BK stock within these plans, this filing informs them that during the blackout period, participants will be unable to access or make any changes to their 401(k) accounts. This includes directing investments, diversifying assets, or initiating loans or distributions. Furthermore, BNY Mellon issued a separate notice to its directors and executive officers, restricting their ability to trade BK securities during this blackout period, in compliance with Sarbanes-Oxley Act regulations.

Key Highlights

1BNY Mellon is implementing a temporary blackout period for its 401(k) retirement savings plans, beginning March 25, 2009, and ending the week of April 6, 2009.
2The purpose of the blackout period is to merge existing plans, introduce new investment options, and transition to a new recordkeeper for the consolidated BNY Mellon 401(k) Savings Plan.
3During the blackout period, participants will have no access to their plan accounts, including the inability to make investment changes, direct diversification, or process loans/distributions.
4The company notified participants and beneficiaries of the blackout period on February 17, 2009.
5BNY Mellon also issued a specific notice to its directors and executive officers on February 23, 2009, prohibiting them from trading BK equity securities during the blackout period, as required by Sarbanes-Oxley.
6Information regarding the blackout period, including its actual end date, can be obtained by contacting Richard Pearlman at BNY Mellon.

Bank of New York Mellon Corp 8-K Report, Temporary Suspension of Trading Under Employee Benefit Plans (Feb 23, 2009)

Summary

Key Highlights

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