On June 21, 2011, the IRS announced an extension of time to file the 2009 and 2010 Form 8955-SSA. The Form 8955-SSA replaces the Schedule SSA that used to be attached to the Form 5500. Terminated participants who are still due a benefit from a plan are reported on the Form 8955-SSA and this information is used by the Social Security Administration to notify individuals that they may be entitled to a benefit from an employer plan.
The deadline for both the 2009 and 2010 Form is extended to the later of January 17, 2012 and the general due date for the 2010 Form 8955-SSA. For calendar year plans, the deadline for both the 2009 and 2010 Forms 8955-SSA is January 17, 2012. Without the extension the 2009 and 2010 Forms 8955-SSA would have been due August 1, 2011.
This extension will be welcomed news for 401(k) TPAs and 401(k) providers as the IRS just very recently released the forms. Because of the extension, Nova 401(k) Associates is moving its internal deadline to complete the 2009 Form 8955-SSA from July 15, 2011 to August 1, 2011. However, Nova 401(k) Associates believes clients are best served by promptly completing these forms instead of waiting until the busy fourth quarter to complete them.
If you have questions regarding the Form 8955-SSA, please contact Nova 401(k) Associates.