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IRS Clarifies Participant Notice Requirements for Form 8955-SSA

The IRS issued a FAQ on Question 8 on the Form 8955-SSA, regarding the required notice to participants who have terminated employment with vested plan benefits payable in a future year. The question may be answered ?Ç£yes?Ç¥ if the individual statement was timely furnished to participants in other documentation such as benefit statements or distribution forms. A separate statement is not required, and the participant?ÇÖs social security number, codes used to identify previously reported participants, or any information regarding forfeitable benefits on death need not be included. Retirement Plan FAQs Regarding Form 8955-SSA can be found here.

The due date for filing the Form 8955-SSA for both the 2009 and 2010 plan years is the later of (1) January 17, 2012 or (2) the due date that generally applies for filing the Form 8955-SSA for 2010.

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