Summary
Truist Financial Corporation (TFC) has filed an 8-K report to announce a temporary suspension of trading under its employee benefit plans, specifically the heritage SunTrust and heritage BB&T 401(k) savings plans. This "blackout period" is scheduled to commence on July 24, 2020, and is expected to conclude by August 14, 2020. The primary purpose of this suspension is to facilitate the consolidation of these two legacy plans into a single Truist Financial Corporation 401(k) savings plan and to transition to a new recordkeeper, Fidelity Investments. During this period, participants in the heritage 401(k) plans will be unable to make investment transfers, diversifications, loans, withdrawals, or distributions. Furthermore, in accordance with the Sarbanes-Oxley Act, Truist has notified its directors and executive officers about these restrictions and the related limitations on their trading of Truist equity securities. Investors should note this operational change, which, while temporary, impacts employee access to their retirement funds and restricts insider trading during the specified dates.
Key Highlights
- 1Temporary suspension of trading in heritage SunTrust and BB&T 401(k) plans announced.
- 2Blackout period is scheduled from July 24, 2020, to no later than August 14, 2020.
- 3The suspension is to facilitate the consolidation of two legacy 401(k) plans into one Truist plan.
- 4Transition to Fidelity Investments as the new recordkeeper for the 401(k) plans.
- 5Participants will be unable to make transfers, diversifications, loans, withdrawals, or distributions during the blackout period.
- 6Directors and executive officers are subject to trading restrictions on Truist equity securities during this period, as per Sarbanes-Oxley Act regulations.
- 7Contact information for inquiries regarding the blackout period is provided for stockholders and interested persons.