We all know what the letter of the law(restriction) says, consequently don't trade. However, that being said, a little rational thought might be warranted. They obviously don't want folks who work in in revenue management front running trades(insider info). They also don't want someone with really deep pockets (or a group of people) making a concerted push to buy up controlling interest. (Speaking out of me ole 'arse here but......) If I remember correctly, when Delta was going down the tubes(circa 2004) and the stock price had tanked, it was said that if ALL the Delta pilots ponied up 20K they could buy > 51% of the company and then have considerable influence over how things would progress going into a possible bankruptcy.(This may be inaccurate and somebody can /will correct me if I'm wrong). But essentially all I'm saying is they are trying to stop nefarious/debilitating stock trading, resulting in a blanket restriction.

BTW.....(not that it makes it right or legitimizes it) but I traded DAL stock in all kinds of accounts(not 401) ......and never lost a second of sleep over it. I put it into the realm of the speed limit is 45mph and you are going 47. Are you violating the speed limit? Absolutely. Do I worry about it? Hmm....You make the call for yourself.

BTWx2... I also remember Delta "investing " my 401 company contribution into Delta stock(preferred??) at $60/share(no avenue for employee to sell)..... and they rode it down to roughly $1/share before the sold to "preserve my investment . That was great fiduciary responsibility on their part ! Maybe that ,in conjunction with the pilot buyout possibility above, led to the current restriction.