In early March, the IRS released Announcement 2011-21, announcing that it would “soon” release the 2009 version of Form 8955-SSA, which is the replacement for the old Schedule SSA to Form 5500. The 2010 form was promised “later.” As of June 18, 2011, the IRS released the 2009 Form 8955-SSA, but to date still has not released the 2010 version of this form.
In general, a plan sponsor must file the 2009 Form 8955-SSA (for a single employer plan) if the participant separates from service covered by the plan in a plan year and the participant is entitled to a deferred vested benefit under the plan. Form 8955-SSA must be filed no later than the plan year following the plan year in which the participant terminates employment with the employer.
It is anticipated that the 2010 Form will also require disclosure of individuals whose benefits were transferred in 2010 from another plan into the reporting plan, and individuals whose benefits ceased to be payable by the reporting plan during 2010 (because they received a distribution of their entire vested benefits in 2010).
As of now, what options does an employer have for satisfying the 2010 Form 8955-SSA filing requirement?
At present, there are three options:
- List the individuals on the 2009 8955-SSA. In that case, the employer files only one 2009 Form. Show the date of the 2009 plan year as the date of the form.
- Complete two 2009 Forms 8955-SSA, one for 2009 and one for 2010. Use the date of the 2010 plan year at the top of the Form for the 2010 plan year.
- Complete a 2009 Form 8955-SSA for the 2009 data and wait for the IRS to release the 2010 Form.**
Lastly, here are some highlights from the FAQs published by the IRS to keep in mind:
Due date: The due date of both the 2009 and 2010 Form 8955-SSA is now the later of (1) January 17, 2012, or (2) the due date that generally applies for filing the 2010 Form 8955-SSA.
Extensions: A plan sponsor may NOT use Form 5558 to obtain an extension of the January 17, 2012 due date. However, if a 2 ½ month extension is obtained by the plan to file its 2010 Form 5500, the plan sponsor may use the Form 5558 to obtain the same extended filing period for the 2010 Form 8955-SSA.
Single form: Plans can file a single 2009 form covering all employees who would otherwise be reported on the 2009 and 2010 forms. The form would show 2009 dates, not 2010 dates.
No participants to report: There is no need to file Form 8955-SSA for a year in which there are no participants to report.
PTIN: You do not need a PTIN to prepare Form 8955-SSA.
Paper filing: Administrators must file Form 8955-SSA on paper with the IRS and not through the EFAST2 filing system. The mailing address for filing is as follows:
Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201-0024
