We’re pleased to announce that by the end of May, participant account balances will be updated daily instead of monthly. Read the Quick Guide to Daily Valuation and get more information below.

Daily Valuation Webinar


Watch our webinar:
“Managing Your Investments with Daily Valuation”

View webinar slides

Blackout Period


InfoExpress Blackout Period (Read the full blackout notice)

In order to complete the switch to Daily Valuation, InfoExpress will be unavailable starting May 22, 2017.

We expect the blackout period to end before or during the week of May 29, 2017, and will notify you when Daily Valuation is live and you’re able to access InfoExpress.

FAQs

Blackout Period | Daily Valuation

Blackout Period
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When is the blackout period?

The blackout period begins at 11:59PM EST on April 23rd, 2017 and is expected to end the week of May 29th, 2017. The RPB will notify you by email, or U.S. mail for those without email, and through the Reform Movement professional organizations.

What is a blackout period and why do we need one?

To facilitate the implementation of accounting and/or systems changes, it is standard industry practice to specify a period of time, called a “blackout period,” when accounts cannot be changed or updated, and systems are unavailable for normal use. As the RPB transitions from a monthly to a daily valued plan, a blackout period is mandated by our record keeper to ensure that participants’ accounts are accurately and efficiently converted (see Daily Valuation FAQ “What does daily valuation mean?”).

Can I access my account during the blackout period?

You will not be able to make changes to your investments during the blackout. However, you will still be able to view your balances, transaction history and statements through InfoExpress. During the last few days of the blackout, InfoExpress will be down completely to finalize the conversion to daily valuation. After the blackout is over, you will have full access to your account.

What is the deadline for changing my investments before the blackout period begins?

You have until 11:59PM EST on April 23, 2017, to make changes to your investments; the changes will take effect at the end of April. On April 24th, the ‘Change Investments’ function in InfoExpress will be disabled and not turned back on until the blackout period is over.

Note: Historically, you could change your investments any time during a calendar month and the change would take effect the beginning of the following month. The blackout period requires that if you want an investment change to be effective by May 1, you must enter your investment changes by 11:59 PM EST on April 23 instead of April 30.

Can I make a contribution during the blackout period and when will my money be invested?

The RPB will accept contributions during the blackout period and the money will be invested based on the schedule below. We have also notified employers directly about the contribution schedule during the blackout.

Contributions for Investment in May
  • Payment via ACH: April 20, 2017 is the last day an employer can send contributions to the RPB via ACH and have the money invested by May 1.
  • Payment by check: April 21, 2017 before 4:00 PM EST is the last day the RPB can receive a contribution by check and have the money invested by May 1.
Contributions for Investment in June
  • Contributions received from 4:00 PM EST on April 21 through May 31, 2017, will not be invested in participant accounts until the beginning of June.

Will I receive my monthly distribution during the blackout?

Yes. Monthly distributions will continue to be paid during the blackout period.

Can I make changes to my monthly distribution during the blackout period?

Yes. The deadline for requesting changes to your monthly distribution is the 8th business day of the month. This is not affected by the conversion to daily valuation.

Can I request a one-time distribution during the blackout period?

You can request a one-time distribution, but we cannot fulfill your request until the blackout period is over and normal operations are resumed.


Daily Valuation
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What does daily valuation mean?

Valuation is the process of updating participant accounts with investment gains or losses, as well as contributions, distributions, and administrative fees. For retirement plans like ours, this may occur as frequently as daily or as infrequently as annually. Until now, participant accounts have been valued monthly. Going forward accounts will be valued every day the New York Stock Exchange (NYSE) is open. Values will be updated each evening using that day’s closing price. While participants’ accounts will reflect daily market activity, contributions and distributions will continue to be processed monthly and administrative fees processed quarterly.

When will my account balance be updated?

Your account will be updated every day the New York Stock Exchange (NYSE) is open. Values will be updated each evening using that day’s closing price.

Why did the RPB change from monthly to daily valuation?

In response to participant requests for more timely account information, and after a careful evaluation, we decided to change the plan to daily valuation.

How frequently can I change my investments and when will the changes take effect?

With daily valuation, you can make investment changes once every five business days for both Tier I and Tier II funds. Changes will take effect the next day that the New York Stock Exchange (NYSE) is open. The purpose of the 5-day rule, which was recommended by our custodian bank and record keeper and approved by the RPB Board of Trustees, is to minimize transaction costs to the Plan that may result from excessive trading.

For Tier II funds, Vanguard stipulates an additional 30-day frequent trading policy. This policy states that if you own one of Vanguard’s funds directly and decide to reduce or eliminate your allocation to that fund, you cannot go back into, or increase your allocation to, that same fund for 30 days.

Can I cancel or modify an investment change that I made?

Yes, as long as you make the cancellation or modification before the NYSE closes on the day you made the investment change. If you changed your investments when the NYSE was closed, you can cancel or modify that change up until the close of the NYSE on the next business day.

How will lump sum distributions be valued after daily valuation is implemented?

After daily valuation is live, lump sum distributions will be valued on the date the distribution is processed. Previously, all lump sum distributions were processed using the last available month-end value.

What other enhancements are coming with Daily Valuation?

Along with daily balance updates, you will also be able to:

  • See daily price history
  • Invest future contributions in different funds or with different percentages from current balances
  • For retirees, request that the RPB issue distributions from specific funds
  • Change your investments more frequently and see the effect of that change the next business day
  • View fund performance information in InfoExpress

Where can I find more information?

Visit www.rpb.org/daily for up-to-date information on the status of the transition to daily valuation and to register for our upcoming webinar, “Managing Your Investments with Daily Valuation,” on Thursday, April 27 from 2PM – 3PM EST.