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News from, June 29, 2011
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Deadline Extended for Filing 2009 and 2010 Form 8955-SSA

 On June 21, 2011, in a special edition of Employee Plan News, the IRS announced that the deadline for filing Form 8955-SSA for the 2009 and 2010 plan years has been extended to the later of:
  • Jan. 17, 2012; and
  • The due date that generally applies for filing the Form 8955-SSA for 2010.
Form 8955-SSA is the Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits. It replaces the old Form 5500 Schedule SSA, which was discontinued due to the Department of Labor’s mandate requiring Form 5500s to file electronically for plan years beginning on or after Jan. 1, 2009.  Even though Schedule SSA was discontinued, the reporting requirements of Code §6057(a) were not eliminated for plan years beginning on or after Jan. 1, 2009, so that is the reason new Form 8955-SSA picks up when old Schedule SSA ended.

The annual filing deadline for Form 8955-SSA should be familiar – it is the last day of the seventh month following the last day of that plan year (plus extensions). This is the same filing deadline imposed on old Form 5500 Schedule SSA.

For plan years after 2009 and 2010, if you more time to complete Form 8955-SSA, the IRS, in Announcement 2011-21, states that Form 5558, the Application for Extension of Time to File Certain Employee Plan Returns, can be used for a one-time extension of the time to file Form 8955-SSA. The IRS, in Announcement 2011-21, also states that plan administrators are granted an automatic extension of time to file Form 8955-SSA (without filing Form 5558) until the due date of the federal income tax return of the employer if certain conditions are satisfies.

Form 5558 cannot be used to extend the Jan. 17, 2012 deadline for filing Form 8955-SSA for the 2009 and 2010 plan years.

If you have already submitted Schedule SSA to the IRS for the 2009 or 2010 plan year, the IRS states that it will treat that Schedule SSA as satisfying the reporting requirements of Code §6057(a) as long as it was filed no later than April 20, 2011. This means that you will not also file Form 8955-SSA for the 2009 or 2010 plan year due because you already submitted Schedule SSA by April 20, 2011.

The IRS has also extended the deadline to furnish an individual statement to the separated participant to no later than the due date for filing Form 8955-SSA for the 2009 and 2010 plan year.

For more information, check out the following links:

IRS Announcement 2011-21

IRS FAQ Regarding Form 8955-SSA

Link for IRS Employee Plan News, June 21, 2011

Suzanne L. Wynn, Esq., LLM Tax is the founder of Erisafile Inc., a plan document provider of prototype, volume submitter and individually designed plan documents. Suzanne also writes The Pension Protection Act Blog, one of the top rated ERISA blogs for the last 4 years. Prior to founding Erisafile, Suzanne worked at Accudraft, one of the largest providers of defined contribution and defined benefit plan documents, and she worked as a Tax Law Specialist for the Employee Plans Division of the IRS where her responsibilities included reviewing plan documents, determination letter applications and training IRS personnel. Suzanne earned a B.A. in Economics from the University of Cincinnati, a J.D. from the University of Cincinnati College of Law and an LLM in Taxation from Capital University College of Law. She is admitted to practice before the Supreme Court of Ohio, the U.S. District Court for the Southern District of Ohio, the U.S. Tax Court, and the United States Supreme Court.   

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