Form 8955-SSA Participant Notice Requirements

Today, the IRS website was updated to provide important guidance on how plan administrators can meet the requirement to timely furnish participants the information included on Form 8955-SSA so they can answer "yes" to question 8.  The new FAQ expressly states that benefit statements and distribution forms provided to participants can meet this requirement.  Specifically, any statement or document provided to participants that includes the following information will be sufficient:

• Name of the plan
• Name and address of the plan administrator
• Name of the participant
• Nature, amount, and form of the deferred vested benefit to which such participant is entitled.

This is welcomed relief for plan sponsors who must file the 2009 (and generally 2010) Form 8955-SSA by January 17th, which expressly includes a line as to whether the participant notice has been provided.  Click here to view the new FAQ.

You may also view our July 6, 2011 alert for additional information: http://www.groom.com/resources-600.html.