IRS Provides Certain Form 8955-SSA Relief


January 11, 2012 – The IRS has issued an article explaining how to complete Line 8 of Form 8955-SSA, Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits. Line 8 of this new IRS form asks whether a plan’s administrator has furnished required information to each separated participant with a deferred vested benefit. This concerned many in the industry, who requested that this requirement be deemed met if necessary information had been delivered in another document(s) or statement(s).

The IRS article confirms that the IRS has agreed to this request. Furthermore, one of the items originally required in such a deferred vested benefit communication–the participant’s Social Security number–may be omitted.

Information still required to be provided includes the
• name of the plan,
• name and address of plan administrator, and
• nature, amount, and form of the deferred vested benefit.
This guidance means that, for example, a plan may have provided the necessary information to answer “yes” to Line 8 of Form 8955-SSA by having provided the distribution notice required at the time the participant left employment (the 402(f) notice) and a benefit statement.

Access to the IRA article follows.

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