The 8955-SSA Export Menu enables users to calculate data pertinent to the Form 8955-SSA and export that data directly from the Compliance Menu to the 5500 System.
The system uses the following data to determine who should be on the SSA (as applicable):
- Participant’s termination date
- Participant’s vested account balance (statements must be run for the account balance to be recognized)
- Participant forfeitures/distributions (from the Transaction/Statement Menu)
Click the “8955-SSA Export” option from the Compliance Menu under Miscellaneous Tasks. Here you will have the option to create SSA transfer records, view/edit SSA transfer records and transfer the SSA data.
Select Plan Month/Year End
The Plan Month/Year End that the user selects determines the Form 8955-SSA that the data will be exported to. The participant account balance information is also taken from the same year from the Compliance software. Please note that if the plan year end is a fiscal year end, the current year will only be available if the month selected is less than or equal to the current month in the year. For example, if today were 9/24/2013, users will only be able to select months 1-9 in 2013. If months greater than 9 (10-12) were selected, the 2013 year will not appear as an option.
Select Termination Year
If “Current Year” is selected, the Entry Codes for Page 2, Part III, column (a) will be determined as follows:
- Code A: Participants with a vested balance that terminated in the current year in which the Form 8955-SSA is being filed.
- Code D: Participants that terminated in any prior year and distributed/forfeited entire balance in current year.
- None: Participants whose entire balance has been forfeited/distributed in the current year and who were rehired during the current year. These participants will not be exported to the Form 8955-SSA.
If “Prior Year” is selected, the Entry Code for Page 2, Part III, column (a) will be determined as follows:
- Code A: Participants with a vested balance that terminated in the year prior to the year in which the Form 8955-SSA is being filed.
- Code D: Participants that terminated two years or more prior to the year in which the Form 8955-SSA is being filed and distributed/forfeited entire balance in the current year.
- None: Participants whose entire balance has been forfeited/distributed in the current or prior year and who were rehired in the current year. These participants will not be exported to the Form 8955-SSA.
*If prior year was a conversion year all results must be reviewed with care.
*A “year” is defined as the 12 month period that precedes the month/year the user selected above.
Calculate for This Plan/Calculate for All Plans
With the click of a button, this menu option will first calculate transfer records based on service history and transactions posted in the system. Then the system will print the results and create transfer records with the following information either for a single plan or for all plans as selected by user:
- Entry Code
- Annuity Type – System will default the annuity type to code A. Will only transfer if the entry code is set to A or B.
- Payment Frequency– System will default the annuity frequency to code A. Will only transfer if the entry code is set to A or B.
- Participant Name
- Social Security Number
- Termination Date
- Termination Reason
- Ending balance
- Vested balance - Will only transfer if the entry code is set to A or B.
- Status - Status messages will be shown here (e.g. no statements, rehire date, or OK)
Please Note: Any existing SSA transfer records for the plan or for all plans (as selected by user) will be overwritten when new transfer records are created.
View/Edit
If the csv file option is selected, the system prints all SSA Transfer records to a csv (excel) file, either for a single plan or for all plans as selected by user.
If the web page option is selected, the system prints all SSA Transfer records, either for a single plan or for all plans as selected by user to a web page for the user to review. This option also permits the user to edit all data in the SSA Transfer records for that participant by clicking the link available in each record. When editing data, please be sure to click the update button in the edit screen to save your changes then press the refresh button in the 8955-SSA list to view changes.
Transfer Records
If the csv file option is selected, the system will print the results to a csv (excel) file. This file can then be uploaded into the system. Please refer to the 8955-SSA instructions for additional information for uploading this data.
Choosing Push transfers all calculated SSA data to the 5500 system with the push of a button, either by plan or for All Plans as selected by user. If there is existing data already in the form all plan level data will remain intact and all participant data will be replaced. If there is no prior Form 8955-SSA, the system will create one.
Warning: If you have completed 8955-SSA’s already you may not want to Transfer SSA Data for All Plans as this will overwrite all SSA’s previously completed!
