U.S. Bancorp (USB, Financial) has announced significant changes to its 401(k) Savings Plan, impacting its executive officers and directors. The company has decided to change the recordkeeper, trustee, and investment fund options for the plan. As a result, a blackout period is scheduled to commence on December 24, 2024, and is expected to conclude during the week of January 12, 2025.
During this blackout period, participants in the 401(k) Plan will face restrictions on transferring assets between most funds, obtaining loans, paying off loans, taking distributions (including hardship distributions), and directing or diversifying investments in the plan's U.S. Bancorp stock fund. This move is in compliance with Section 306 of the Sarbanes-Oxley Act of 2002 and SEC Regulation BTR, which mandates informing executive officers and directors about such blackout periods and the associated restrictions on trading the company's common stock.
U.S. Bancorp has assured that stockholders and other interested parties can obtain detailed information about the blackout period, including its exact start and end dates, by contacting the Corporate Secretary at their Minneapolis office. This information will be available without charge during the blackout period and for two years thereafter.
These changes reflect U.S. Bancorp's ongoing efforts to optimize its retirement plan offerings and ensure compliance with regulatory requirements. Stakeholders are encouraged to stay informed about these developments and their potential implications.
Should you invest in U.S. Bancorp (USB, Financial) right now? Before you do it, it’s important to understand the business profitability and stock valuations, and find out what the warning signs are about. See the in-depth U.S. Bancorp (USB) stock research here.
