Compliance August 16, 2010

IRS Replaces Form 5500 Schedule SSA

Beginning with returns for the 2009 plan year, the Schedule SSA has been eliminated as a schedule of the Form 5500 annual return/report and is replaced with Form 8955-SSA.

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According to the IRS’ Web site, plan administrators are not required to file the Form 8955-SSA for the 2009 plan year and subsequent years until guidance is issued by the IRS. The IRS anticipates the guidance will establish a special due date, expected to occur in 2011, for the 2009 Form 8955-SSA.  

The agency said after the Form 8955-SSA and related instructions are available for filing, plan administrators should expect to have a reasonable amount of time to complete and file the form by the special due date. The information reported on the new form will be similar to the information previously required for Schedule SSA.  

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The form reports plan participants who separate from service with a right to a deferred vested benefit. The Social Security Administration (SSA) uses the data to alert retirees filing for Social Security benefits of any benefits available to them under an employer plan.  

More information is here. 

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