Incorrect Information on SSA Letter "Potential Private Retirement Benefit Information"

[Casey Larkin]

Thanks for the help in advance!

Has anyone run into a situation where the SSA is sending out wildly incorrect account values to retired participants receiving the "Potential Private Retirement Benefit Information" letter?

I currently have two participants who have reached out to me and sent copies of the aforementioned letter which shows their account values as their recorded account value on the 8955-SSA with two additional zeroes added onto the reported figure.  For example, one individual was reported on the 8955 as having an account value of $10,201 but the letter he received shows a reported account value of $1,020,100?

I understand that this is a "may" letter, but that seems wildly inaccurate and for it to have happened to two participants is a little disconcerting.

Thanks again!

[knhmayo]

Have you reviewed the 8955-SSA on which their benefits were reported to confirm it is an error on SSA's end?  

[Casey Larkin]

Thanks for the comment and I should have made that point clear.  Yes, I took a look at the 8955-SSA that we filed and the amounts entered were correct.  But the letter mailed to the participant is the one that added the two trailing zeroes.

[CuseFan]

Was the form filed with 10021.00 or simply 10021? If the former, scanning/screening application may not have been expecting dollars and cents.