Retirement Plans Subject to ERISA Vesting Standards Must File Form 8955-SSA by January 17, 2012
Section 6057(a) of the Internal Revenue Code (the “Code”) requires plan administrators of retirement plans subject to the vesting standards under the Employee Retirement Income Security Act of 1974 (“ERISA”) to report information regarding separated participants with deferred vested benefits that have not commenced. Plan administrators previously met this requirement by filing Schedule SSA as an attachment to the plan’s Form 5500 annual return/report. The Department of Labor (“DOL”) removed Schedule SSA from Form 5500 for plan years beginning on or after January 1, 2009.
The IRS, in coordination with the Social Security Administration, developed Form 8955-SSA as a stand-alone form that is to be used to comply with Code Section 6057(a) for plan years beginning on or after January 1, 2009. Plan administrators of plans, including 403(b) plans, subject to the ERISA vesting standards must file Form 8955-SSA. In addition, plan administrators of government, church, and other plans that are not subject to ERISA’s vesting standards may elect to voluntarily file the Form 8955-SSA.
Generally, the due date for filing a Form 8955-SSA is the last day of the seventh month following the end of the plan year (the same as the due date for a Form 5500). Plans required to file Form 8955-SSA for the 2009 and/or 2010 plan years, however, have until the later of January 17, 2012 or the due date for filing the Form 8955-SSA for the 2010 plan year to do so. A plan sponsor may not obtain an extension of the January 17, 2012 due date. For subsequent plan years, plan administrators may file Form 5558 to obtain a 2-1/2 month extension of the time to file a Form 8955-SSA.