If a plan does not have any reportable participants for a given year, then the plan does not need to file a Form 8955-SSA for that year.
Nova401k
Do all terminated employees need to be reported on the Form 8955-SSA?
No. All terminated employees do not need to be reported on the Form 8955-SSA. Only those employees who have a vested account balance or vested accrued benefit in the plan.
What special rules apply in 410(b) testing for union employees?
There are several special rules that apply to union employees when doing coverage testing under IRC 410(b). The most significant of these rules is that if a plan covers only union employees, the plan is deemed to pass coverage testing. See IRC 1.410(b)-2.
Nova 401(k) Associates featured in the “Forum Advantage”
An interview with Nova 401(k) Associates’ Practice Manager Arasely Colchado is featured in this edition of John Hancock’s Forum Advantage. The Forum Advantage is a quarterly e-newsletter that John Hancock produces for its Forum Third Party Administrators. The article focuses on Nova 401(k) efforts to better communicate with clients and how our strategy has evolved … Read more
Who must be reported on the Form 8955-SSA?
Terminated participants with a vested accrued benefit or vested account balance must be reported on the Form 8955-SSA.
Which employers are required to file a Form 8895-SSA?
Private employers who sponsor any type of qualified retirement plan such as a 401(k) plan, profit sharing plan, defined benefit plan or cash balance plan must file a Form 8895-SSA unless the plan is an “owner-only” plan.
Why is the Form 8955-SSA filed separately from the Form 5500?
Effective with the 2009 Form 5500, the Form 5500 is electronically filed and the entire filing is almost immediately available on the DOL website.
What does NYT poll tell us about retirement policy?
On June 29, 2011, the New York Times published the results of a New York Times/CBS News poll. Many of the questions were political in nature, but one question has caught the eye of 401(k) professionals.
What does the SSA do with the Form 8955-SSA?
The Social Security Administration (‘SSA’) uses the information to notify individuals that they may be eligible
Problem #3(cont): Examples
Below are some examples of compensation errors in 401(k) plans. If a 401(k) plan sponsor has made compensation errors in their 401(k) plan, the plan sponsor should consult with their 401(k) provider tand ERISA attorney on how to correct the errors.