What is the purpose of Form SSA?

[Guest capitol_hill]

SSA requires reporting of various items related to "deferred vested" particpants.

Any clues, ideas, insights, as to why there is a need for plans to report this info?

I'm not trying to avoid filing it, just curious what purpose it serves to DOL, IRS and/or PBGC.

Note, I checked the preamble to 301.6057-1 (the regs that instituted Form SSA reporting) without any luck.

Thanks in advance to any who share comments!

Andrea

[JanetM]

The information is reported to the SSA. They send out notices to folks to remind them of possible benefits.

[pmacduff]

minor correction...I don't think the Social Security Administration sends out notices. They wait until a person applies for their Social Security benefits and then advise them that they MIGHT have a benefit in "such & such" a plan based on the SSA data.

I've recently had a minor "rash" of these come up with a few different clients. Luckily all had either the balance still in the Plan or forfeiture account enough to cover the payout. All were legit, though, believe it or not and had not previously been paid out. I was amazed.