About 4,000 retirement plan sponsors received an erroneous penalty notice from the Internal Revenue Service in the past month because they filed a late or incomplete Form 8955-SSA.
The notices were dated between July 28 and Aug. 26, 2013, and alerted the plans that they had a balance due for incomplete or late penalties for the form, which is an annual registration statement identifying separated participants with deferred vested benefits to thousands of businesses.
The IRS said there was a programming issue at the agency that caused these plan sponsors to receive the notices, but that it has fixed the problem and informed the companies that received the notices in error.
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