Form 8955-SSA / Can't get it from IRS website

[gc@chimentowebb.com]

The IRS website https://www.irs.gov/retirement-plans/form-8955-ssa-resources will not let me open the Form.

It's not my Adobe Reader, which can open other IRS Forms and instructions. It's just this Form.

Great that the IRS will penalize people for not filing a Form that they can't get from the IRS. 

Any ideas?

[Lois Baker]

Some web browsers struggle with some fillable PDF forms.  Did you try right-click and download to your computer, then open in Adobe Reader? 

Alternatively, try this link -- apparently IRS has the form posted in a couple of different places.

[gc@chimentowebb.com]

Thanks, Lois. That is the Link and this is the message I get (see below). My Reader is up to date so I will call the IT Service we use.

Hey, While I've got your attention, I'm wondering if you could answer another question I had about the required annuity disclosures for DC plans. The DOL Calculator is still geared to the proposals for annuity disclosure prior to Secure Act. It's a great calculator, but doesn't work for Secure Act because it shows jt. and 50% survivor instead of Secure Act jt and 100% survivor. It also projects to NRD instead of assuming the person is age 67. (Much better methodology, frankly, but the DOL changed it.) WHERE CAN YOU GET A CALCULATOR FOR SECURE ACT ANNUITY STATEMENTS? There must be one somewhere, but I can't find it. 

Thanks for all you do,

George

 

The document you are trying to load requires Adobe Reader 8 or higher. You may not have the
Adobe Reader installed or your viewing environment may not be properly configured to use
Adobe Reader.

For information on how to install Adobe Reader and configure your viewing environment please
see http://www.adobe.com/go/pdf_forms_configure.

[Lois Baker]

Good question, George -- I haven't seen one; my guess is that the DOL update is in the queue with all the other SECURE 2.0 regs.

Maybe post that question as a separate topic here, and see if anyone else has found it?

[RatherBeGolfing]

@gc@chimentowebb.com

The issue is that there are non-standard features in the PDF on the IRS website, and these features are not supported by the program trying to open the PDF (in this case your browser).  When you get this message in your browser window, simply download the form and open it with a PDF reader on your computer and you will have the full fillable PDF.

[gc@chimentowebb.com]

Thanks. That is exactly the advice our IT person just gave. It must be because it's a fillable form.

 

 

[gc@chimentowebb.com]

Lois,

About that Annuity question for Secure Act disclosure. I did post it recently.  Over 70 views and not a single answer.

Annuity illustrations_Secure Act

It really is disgraceful that EBSA is ready to fine you mercilessly and won't help out with this "important" project. 

The DOL rules on this are absolutely pathetic and unhelpful for participants.  What's the point of giving people who are in their 20s and 30s a calculation that asks them to pretend they are age 67 with a 67 year old spouse and are buying an IMMEDIATE annuity. No projection of earnings allowed for this required disclosure. At the least, they should take down the out of date calculator on their website. Hrrumph. 😡

[Paul I]

After we have completed the valuation, we use a table of factors for SLA and 100%J&S as of the valuation date that the actuary we work with provides to us.  The factors are prepared using the specified parameters such as the interest rate and mortality table.  We then download the participants' ending balances and birth dates, match the factors for each age, and apply them to the ending balance.  The results are provided to our report writer where they are merged into the Lifetime Income Illustration model language.

The whole process takes about 15-20 minutes, is a PITA, and many of the results are of questionable value - but it gets it done.

This was our best effort to meet the requirements using the software we already have available (basically Excel and a report writer).  Hopefully this can help provide some direction for a path forward.

Frankly, all of the magic is getting the factors.  It would be great if the EBSA would publish a table every month and just say use these factors to comply.