I have never heard of this compound, neither has my search engine ... if I were to make a guess, it could be an equimolar mixture of Formalin and Potassium Metabisulfite together forming Formalin Potassium Bisulfite Adduct.
As it just so happens, United States Patent 3162534 assigned to Powers Chemco Inc. describes a lith developer formula with a formula just like the one, with the exact same ingredient list except for "Potassium Formaldehyde" that is replaced with "Formaldehyde Potassium Bisulfite Monohydrate".