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DATE: August 14, 2020
SUBJECT: Important Notice Concerning Your Rights Under the Nonqualified Retirement Plans
You are receiving this notice because you may be a participant in one of the following plan(s):
This notice is to inform you that:
To learn more about the administrative changes, refer to the charts within this notice.
As a result of these changes, you temporarily will be unable to initiate certain transactions as of the dates listed in this notice. Transaction restrictions will include performing transfer/reallocation, beneficiary, investment, distribution, direct deposit and address changes. The period during which you will be unable to exercise these rights otherwise available under Newport is called the “blackout period.” For this reason, you are encouraged to review and consider the appropriateness of your current investments in light of your inability to diversify or direct those investments during the blackout period. Whether or not you are planning retirement in the near future, you should carefully consider how this blackout period may affect your overall financial plan.
The account transition period (“blackout period”) is expected to begin at 3 p.m. Central time on Thursday, August 27, 2020, and end no later than September 24, 2020. You can determine whether the blackout period has ended by calling Newport’s Participant Service Center at 800-230-3950 between 7 a.m. – 7 p.m. Central time. Your notional investments will continue to be subject to market gains and losses. Refer to the key dates and events related to the change on the next page.
Transition Timeline to the Newport Group for Non-Qualified Plans |
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Key Dates |
Description |
Thursday, August 27, 2020
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Last day to: - Perform transfer/reallocation changes - Make investment, distribution and beneficiary election changes - Change your direct deposit information - Make address changes (for participants termed more than 60 days) No changes will be accepted after 3 p.m. Central time on Thursday, August 27, 2020. All requests (including paper or faxed forms) must be received in good order. If your request is received after 3 p.m. Central time on August 27, 2020, your request will not be processed. You will need to initiate your request by contacting Newport’s Participant Service Center beginning September 24, 2020 (or earlier if the blackout period is completed). |
Friday, August 28, 2020 |
Prudential’s website will move to view-only access, and certain abilities you’ve had in the past will be restricted. Your access will be limited to viewing balances, historical statements and past transactions through August 31, 2020. |
Thursday, September 24, 2020 (or earlier if the blackout period transition is completed) |
Once the data conversion is complete, you will receive an email notification which will include initial login instructions to access your account via the Newport Group at newportgroup.com. |
Thursday, October 1, 2020 |
Your account at Prudential will be de-activated. |
Information About Your Plan Balance If you have questions about your Plan(s) in regard to transactions on or before August 31, 2020, you can access your account information as indicated below through September 30, 2020: |
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Record Keeper |
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Website |
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Phone |
Prudential |
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www.retirementnq.prudential.com |
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800-824-0040 |
If you have questions about this notice, the blackout period and/or the transition to Newport Group, beginning on August 28, 2020, you can call Newport’s Participant Service Center at 800-230-3950 between 7 a.m. – 7 p.m. Central time.