According to the wireless website:

Time Restrictions

2. Can I manage time restrictions on my family’s lines? Yes, you can set up to 10 restricted time periods for each child on Usage Controls. It will restrict the user from sending or receiving messages (including Mobile IM), downloading content such as ringtones or games or using applications including Chaperone and Backup Assistant. Note: Text messages sent designated Trusted Numbers and the child’s phone will be accepted even during time restrictions.
   
   Voice calls are not stopped during time restricted periods (numbers on the Block Number list are always restricted from calling or being called by the child). You cannot set an allowance for or restrict premium messages (messages that a user pays an additional charge to receive, such as sports alerts or other content like wallpaper or ringtones).
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4. Will Chaperone work when the child on Usage Controls is in a time restriction? No. A parent will not be able to locate a child or receive child zone alerts using Chaperone services when the child’s line is subject to time restrictions.

2. Which phone numbers can be added to the Trusted Numbers list? At this time, only numbers within your Verizon Wireless account can be added to the Trusted Numbers list. A Usage Controls subscriber and a number on the Trusted Numbers list can send or receive text messages with each other, regardless of time restrictions or message allowance limits.
   
   You must designate which numbers on your account are Trusted Numbers.