The introduction of EFAST2 for 2009 Form 5500 filings ushered in a number of changes to the Form 5500, accompanying schedules, and attachments. One of these changes was the removal of the Schedule SSA from the Form 5500. The Schedule SSA is where the benefits for terminated employees with a vested accrued benefit or vested account balance are collected for the Social Security Administration.
The Form 8955-SSA to be filed with the IRS is the successor to the Schedule SSA that used to be filed with the DOL along with rest of the Form 5500. IRS Announcement 2011-21 issued March 6, 2011 provided some long-awaited guidance regarding the Form 8955-SSA. Neither the 2009 Form 8955-SSA nor the 2010 Form 8955-SSA are available yet.
- For plan years prior to 2009, the old Schedule SSA should be filed with the IRS.
- Through April 20, 2011, the IRS will accept 2009 and 2010 filings on the old Form SSA instead of the Form 8955-SSA.
- The unextended due date for the 2009 Form 8955-SSA is August 1, 2011.
- The unextended due date for the 2010 Form 8955-SSA is August 1, 2011.
- The IRS is revising Form 5558 so that employers can file for extensions for the Form 8955-SSA.
- The 2009 and 2010 filings may not be combined.
- In future years, Form 8955- SSA must be filed by the last day of the seventh month following the end of the plan year unless an extension is filed.