Form 5500 Alert: Filing Deadline Extended for New Form 8955-SSA

July 2010Newsletters For Your Benefit

Until this year, plan administrators have used Schedule SSA of Form 5500 to report participants who separate from service with deferred vested benefits. Schedule SSA has been eliminated, beginning with returns for the 2009 plan year, because that form cannot be filed through the new EFAST2 electronic filing system, and the IRS had intended a new form, Form 8955-SSA, would replace Schedule SSA.

Due to delays in the release of the new form, the IRS just announced, in a special edition of IRS Employee Plan News, that plan administrators will not be required to file Form 8955-SSA for the 2009 plan year until the form, instructions and additional guidance are issued. It is expected the guidance will establish a special due date, presumably in 2011, for the 2009 Form 8955-SSA.

The information to be reported on the new form will be similar to that previously required by Schedule SSA. The IRS has indicated that reasonable time will be accorded to plan administrators, after the Form 8955-SSA and related instructions are made available, to complete and file the form by the special due date.

For more information, please contact Susan Foreman Jordan at 412.391.1334 or [email protected].