Filing Deadline Looms for New IRS Form 8955-SSA

1/10/2012 Anthony J. Kolenic

The filing deadline for the new IRS Form 8955-SSA (Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits) is January 17, 2012. The IRS extended the deadline several times, but it is now fast approaching for many plans.

As we previously reported, Schedule SSA, which had been part of the Form 5500, was dropped by the IRS for plan years beginning in 2009 or later. The IRS had announced that the new form - Form 8955-SSA - would apply to plan years beginning on or after January 1, 2009. The form may be filed with the IRS, either in hard copy or in the new voluntary electronic filing system (separate from the one used by the DOL for Form 5500).

View the form and additional instructions from the IRS here

An exception applies for plans for which the deadline for filing the 2010 Form 5500 is later than January 17. Those plans have until that Form 5500 deadline to file the Form 8955-SSA for 2009 and 2010. By the same deadline, you must also furnish an individual statement to each separated participant with deferred benefits describing those benefits.

On an ongoing basis, the filing deadline for new Form 8955-SSA will be the same as the deadline for the plan’s Form 5500 – the last day of the seventh month after the close of the plan year (with extensions).

If you have questions or would like additional information, please contact Tony Kolenic (akolenic@wnj.com or 616.752.2412), chair of the Employee Benefits/Executive Compensation Practice Group at Warner Norcross & Judd, or any other member of the group.
 
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