Department of the Treasury
Internal Revenue Service
SUPPORTING STATEMENT
Form 8955-SSA, Annual Registration Statement Identifying Separated
Participants With Deferred Vested Benefits
OMB No. 1545-NEW
CIRCUMSTANCES NECESSITATING COLLECTION OF INFORMATION
In 2007, the Department of Labor (DOL) published a final rule requiring plans subject to the annual reporting requirements of Title I of the Employee Retirement Income Security Act (ERISA) to electronically file the Form 5500, Annual Return/Report of Employee Benefit. In order to accommodate the DOL's mandate for electronic filing of the Form 5500 series, Schedule (SSA) has been eliminated.
For plan years beginning on or after January 2009, the Form 8955-SSA must be used to comply with the reporting requirement of IRC Section 5067(a). The IRS will no longer accept Schedule SSA (Form 5500) that is filed for a 2009 or later plan year. The general due date for filing Form 8955-SSA is the last day of the seventh month following the last day of that plan year. It is urgent that the new Form 8955-SSA be available to plan administrators as we are past the due date (July 31, 2010) for filing information required by section 6057(a) for calendar year plans for 2009 plan years.
USE OF DATA
The information provided by plan sponsors on Form 8955-SSA will be transmitted to the Social Security Administration (SSA) who will provide it to separated participants when those participants file for social security benefits.
USE OF IMPROVED INFORMATION TECHNOLOGY TO REDUCE BURDEN
IRS anticipates that electronic filing system will be available for the 2010 plan year.
EFFORTS TO IDENTIFY DUPLICATION
We have attempted to eliminate duplication within the agency whenever possible.
METHODS TO MINIMIZE BURDEN ON SMALL BUSINESSES OR OTHER SMALL ENTITIES
No applicable.
CONSEQUENCES OF LESS FREQUENT COLLECTION ON FEDERAL PROGRAMS OR POLICY ACTIVITIES
Not applicable.
SPECIAL CIRCUMSTANCES REQUIRING DATA COLLECTION TO BE INCONSISTENT WITH GUIDELINES IN 5 CFR 1320.5(d)(2)
There are no special circumstances that would cause this information collection to be conducted in a manner inconsistent with 5 CFR 1320.5(d)(2).
CONSULTATION WITH INDIVIDUALS OUTSIDE OF THE AGENCY ON AVAILABILITY OF DATA, FREQUENCY OF COLLECTION, CLARITY OF INSTRUCTIONS AND FORMS, AND DATA ELEMENTS
Periodic meetings were held between IRS personnel and representatives from Social Security Administration and Department of Labor to discuss the tax law and Form
8955–SSA. During these meetings the attendants were able to make comments regarding the form.
This is an emergency request for clearance. IRS will publish a 60-day Federal Register notice soliciting public comments upon approval of this emergency collection of information by OMB.
EXPLANATION OF DECISION TO PROVIDE ANY PAYMENT OR GIFT TO RESPONDENTS
Not applicable.
ASSURANCE OF CONFIDENTIALITY OF RESPONSES
Generally, tax returns and tax return information are confidential as required by 26 USC 6103.
JUSTIFICATION OF SENSITIVE QUESTIONS
Not applicable.
ESTIMATED BURDEN OF INFORMATION COLLECTION
Form 8955-SSA
Number of Responses |
Hours Per Response |
Total Burden Hours |
200,000 |
.83 |
166,000 |
ESTIMATED TOTAL ANNUAL COST BURDEN TO RESPONDENTS
There are no capital/start-up or ongoing operation/maintenance costs associated with this information collection.
ESTIMATED ANNUALIZED COST TO THE FEDERAL GOVERNMENT
Not applicable.
REASONS FOR CHANGE IN BURDEN
This is a new form.
PLANS FOR TABULATION, STATISTICAL ANALYSIS AND PUBLICATION
Not applicable.
REASONS WHY DISPLAYING THE OMB EXPIRATION DATE IS INAPPROPRIATE
See attachment.
EXCEPTIONS TO THE CERTIFICATION STATEMENT ON OMB PRA SUBMISSION FORM
There are no exceptions to the certification statement.
| File Type | application/msword |
| Author | US Department of Treasury |
| Last Modified By | US Department of Treasury |
| File Modified | 2010-08-17 |
| File Created | 2010-08-17 |