Form 8955-SSA Filing Deadline Approaching: An Article Authored by Anthony Mangiarelli, CPA from KLR - Accounting Firm Boston, Massachusetts, Providence, Rhode Island

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Form 8955-SSA Filing Deadline Approaching

posted Jan 6, 2012 by Anthony Mangiarelli, CPA

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If you maintain a retirement plan that is subject to the Employee Retirement Income Security Act of 1974 (ERISA) and file an annual Form 5500, (Annual Return/Report of Employee Benefit Plan), you should note that January 17, 2012 is a key date for you. It is the filing deadline for Form 8955-SSA for 2009 and 2010 plan year returns. There is no further extension available for this deadline.

Form 8955-SSA is filed with the Internal Revenue Service (IRS) and reports participants, who have separated from the service of the Plan’s Sponsor, but are entitled to a deferred benefit under the Plan. This information is generally provided to the Social Security Administration and reported to participants when they file for social security benefits.

Prior to 2009, this form was included with the annual Form 5500 filing to the Department of Labor (DOL), but with the introduction of the EFAST 2 system and mandatory electronic filing, inclusion of this form with the DOL filing was suspended. The reason is that the annual Form 5500 filing is available online for the public to view, while the Form 8955-SSA filing is not open to public viewing, thus necessitating the need for the two separate filings.

As it took time for the IRS to develop this filing, the 2009 and 2010 information can be filed together. Additionally, January 17, 2012 represents a one-time special filing deadline as in subsequent years, this form is to be filed by the last day of the seventh month following the last day of the plan year (which can further be extended 2 ½ months).The Form 8955-SSA must be filed with the IRS either electronically or paper filings can be sent to the Department of Treasury, Ogden, UT 84201-0020. This form should not be included with the annual Form 5500 electronic filing completed through the EFAST 2 system.

Please email or call our Employee Benefit Plan Advisors if additional information is needed.