Employee Benefits-IRS Says That Form 8822-B Must Be Used By A Retirement Plan To Report A Change In Identity Of Responsible Party

November 20, 2013

Employee Benefits

Share/Bookmark

According to Employee Plans News, Issue 2013-8, November 18, 2013, beginning January 1, 2014, any entity with an EIN, such as a plan sponsor, must report a change in the identity of their plan’s responsible party on Form 8822-B, Change of Address or Responsible Party – Business, within 60 days of the change. If the change is made before 2014, and the sponsor has not previously reported the change, the sponsor should file Form 8822-B prior to March 1, 2014.

For retirement plans, the “responsible party” is the person who has a level of control, directly or indirectly, over the funds or assets in the retirement plan. See the instructions to Form 8822-B, page 2, for a detailed definition of “responsible party” and an explanation of who must sign the form.

Comments are closed.