Auto Rollovers and Form 8955-SSA
As a Recordkeeper, you're always looking to attract new retirement plan clients. Along with retaining your existing base, new sales are the lifeblood of your business.
All plans subject to ERISA's minimum vesting requirements must file a Form 8955-SSA, which contains terminated participants and their vested balances. Plan sponsors with a high number of low-balance terminated employees can save money on their plan by incorporating Automatic Rollovers.
This gives Recordkeeping firms like yours two options:
- Find the 8955-SSAs for your prospects and use the information against their current provider.
- Use the 8955-SSA to illustrate the value you're bringing to your current clients.