8-KOther Events

STATE STREET CORP 8-K Report, Temporary Suspension of Trading Under Employee Benefit Plans (Aug 16, 2012)

Filed August 16, 2012For Securities:STTSTT-PG

Summary

State Street Corporation (STT) has filed an 8-K report on August 16, 2012, to announce a temporary suspension of trading under its employee benefit plans, specifically the Salary Savings Plan. This "blackout period" is necessary due to a transition in recordkeeping services for the plan. During this period, participants will be unable to make investment decisions, diversify holdings, or request loans or distributions from their accounts within the plan. Furthermore, in accordance with the Sarbanes-Oxley Act, State Street has also imposed trading restrictions on its directors and executive officers. These individuals will be prohibited from buying, selling, or otherwise transferring any State Street common stock or derivative securities acquired in connection with their employment or service during the blackout period. The blackout period is scheduled to commence on September 21, 2012, and is expected to conclude around the week of October 7, 2012. Investors should note that this is an operational change related to employee benefit plans and not indicative of broader financial distress or strategic shifts within the company.

Key Highlights

  • 1State Street Corporation is implementing a temporary "blackout period" for its Salary Savings Plan participants.
  • 2The blackout period is due to a transition in the recordkeeping services for the plan.
  • 3During the blackout, participants cannot direct investments, diversify holdings, or obtain loans/withdrawals from the plan.
  • 4The blackout period is scheduled to begin on September 21, 2012.
  • 5The blackout period is expected to end during the week of October 7, 2012.
  • 6State Street's directors and executive officers are subject to trading restrictions on company stock during this period.
  • 7These restrictions comply with Section 306(a) of the Sarbanes-Oxley Act.

Frequently Asked Questions

The blackout period is necessary to facilitate a transition in the recordkeeping services for State Street's Salary Savings Plan. This operational change requires a temporary suspension of trading to ensure a smooth and accurate transfer of data and plan administration.

Participants in State Street's Salary Savings Plan will be unable to make investment-related transactions within their plan accounts. Additionally, State Street's directors and executive officers will be restricted from buying or selling company stock acquired through their roles at the company during this time.

During the blackout period, plan participants will not be able to direct or diversify their investments within individual accounts, nor will they be able to obtain loans, withdrawals, or distributions from the plan.

The blackout period is scheduled to begin at 4:00 p.m. Eastern Time on September 21, 2012, and is expected to conclude during the week of October 7, 2012.