Identification Number:
RM 03253 TN BASIC
Intended Audience:See Transmittal Sheet
Originating Office:ORDP OISP
Title:General Processing Information
Type:POMS Transmittals
Program:Title II (RSI)
Link To Reference:
 

PROGRAM OPERATIONS MANUAL SYSTEM
Part RM – Records Maintenance
Chapter 032 – Pension Information Processing System
Subchapter 53 – General Processing Information
Transmittal No. BASIC, 09/24/2019

Audience

OEIO: AMRS Reference and File Clerk;

Originating Component

OISP

Effective Date

Upon Receipt

Background

We revised these Employee Retirement Income Security Act (ERISA) instructions to reflect current policies and procedures related to the Internal Revenue Service (IRS) ERISA Form 8955-SSA and the Social Security Administration (SSA) Notice of Potential Private Retirement Benefits. We revised existing sections as necessary and updated the instructions to meet the Agency’s plain language requirements.

 

Summary of Changes

RM 03253.001 Schedule SSA (Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits

We revised this main heading to reflect the current form the IRS makes available to plan administrators which is Form 8955-SSA. Accordingly, we updated items A. and B. of this section to reflect the contents of page one of Form 8955-SSA and added an item C. to reflect the contents on page two; previously both page summaries appeared together under B. For each A., B., and C. section, we also created headings because they were not there previously. We added a link in subsection A to IRS Form 8955-SSA for ease of use.

 

RM 03253.002 SSA-L99-C1, Notice of Potential Private Pension Benefits

We revised this main heading to reflect the current name of the SSA-L99-C1 notice, now called the “Potential Private Retirement Benefit Information” notice. We also revised item A. and B. to make them current and to provide more clarity. We added headings to section A. and B. because they were not there previously and inserted a note explaining that the notice recipient “MAY” be entitled to benefits and that the notice refers recipients to the Department of Labor’s Employee Benefits Security Administration. We added an embedded document containing Form SSA-L99-C1, Notice of Potential private Retirement benefit Information, to subsection A for ease of use.

RM 03253.001 Form 8955-SSA (Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits)

A. Role of Plan Administrators

  1. 1. 

    Plan administrators of private retirement plans subject to the vesting standards of section 203 of ERISA must complete Form 8955-SSA (non-ERISA plans may choose voluntarily to file the form) and submit it to the Internal Revenue Service (IRS), either electronically or on paper.

  2. 2. 

    When the IRS receives the Form 8955-SSA data from the plan administrator or the plan sponsor, the IRS then forwards the information to the Social Security Administration (SSA). If the plan administrator or plan sponsor complete the form electronically, the IRS transfers the electronic data. If the plan administrator or plan sponsor complete paper forms, then the IRS forwards SSA the paper forms for processing. See IRS Form 8955-SSA.

B. Form 8955-SSA: Page One Plan Information

  1. 1. 

    Name of plan and plan number.

  2. 2. 

    Plan sponsor information, including employer identification number (EIN), phone number, and address.

  3. 3. 

    Plan administrator information, including EIN, phone number, and address.

  4. 4. 

    Any name or EIN change of the plan administrator if there is one.

  5. 5. 

    Any name or EIN change of the plan sponsor if there is one.

  6. 6. 

    The number of separated participants with a deferred benefit required to be reported and the number for those voluntarily reported.

  7. 7. 

    Total number of separated participants with a deferred benefit reported.

  8. 8. 

    Whether the plan administrator provided an individual statement to the participants required to receive one.

C. Form 8955-SSA: Page Two Separated Participant Information

  1. 1. 

    SSN.

  2. 2. 

    Name.

  3. 3. 

    Type of Annuity (e.g., single sum, life annuity, etc.)

  4. 4. 

    Payment Frequency (e.g., monthly, quarterly, etc.).

  5. 5. 

    Amount of vested benefit (for defined benefit plans, the periodic payment amount paid monthly, annually, etc. and for defined contribution plan, the total value of account at the time of separation).

    NOTE: 

    Periodic Payment applies to Defined Benefit Plans only. An example of a defined benefit plan is the civil service retirement plan for SSA employees.

  6. 6. 

    Previous sponsor's EIN and previous plan number if there was one.

RM 03253.002 SSA-L99-C1, Notice of Potential Private Retirement Benefit Information

A. Notifying Separated Participants With Deferred Vested Pension Benefits

The Social Security Administration (SSA) is required to furnish individuals (and dependents or survivors) deferred vested benefit information upon request and automatically upon application of a claim for social security benefits.

SSA provides individuals the exact information that the Internal Revenue Service (IRS) forwards to us from the plan administrator. We furnish this pension information on Form SSA-L99-C1, Notice of Potential Private Retirement Benefit Information:

B. SSA-L99-C1: Notice Contents

  • Plan name.

  • Plan number (twelve digit number).

NOTE: 

For identification and retrieval purposes SSA combines the three digit plan number and nine digit EIN, respectively, furnished on the Form 8955-SSA to establish this twelve digit plan number.

  • Plan Admininstrator's name and address.

  • Plan Administrator's identification number (Nine digit EIN).

  • Deferred vested benefit information:

  • Year Reported (Plan year, calendar or fiscal, for which the information was submitted).

  • Estimated Amount (This is periodic payment paid monthly, annually, etc.).

  • Type of Annuity code (See back of SSA-L99-C1)

  • Payment Frequency code (See back of SSA-L99-C1).

  • Unit or Shares (Total number of units or share held at the time of separation).

  • Value of Account

NOTE: 

This notice explains that the recipient MAY be entitled to some retirement benefits from a private employer and that these are NOT Social Security benefits. It refers individuals with questions to the U.S. Department of Labor's Employee Benefits Security Administration (EBSA). We are not the source of information for this notice and therefore, in the majority of cases, we will not be able to address specific questions regarding the data provided.


RM 03253 TN BASIC - General Processing Information - 9/24/2019