Form 8955-SSA: Important Dates and more

Form 8955-SSA, or the Annual Registration Statement Identifying Separated Participants with Deferred Vested Benefits, serves a key purpose: it informs the IRS about employees who have left a company but still have vested benefits awaiting them. The “SSA” in the form’s name refers to the Social Security Administration, which uses this information to notify those former employees about their future retirement benefits.

Who is required to file this form? If you are a plan sponsor required to file Form 5500, and you have any employees who have left but are still entitled to vested benefits, you must also file Form 8955-SSA.

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If a terminated participant’s status changes—that is, if they receive their benefit or lose their eligibility—they must also file this form. It’s always “better safe than sorry,” and submitting this form ensures that IRS rules are followed.

The importance of Form 8955-SSA for former workers

Regarding the deadline, Form 8955-SSA is due seven months after the plan year ends, the same time as Form 5500. The deadline for both forms is nine months after the plan year ends if you submitted an extension request using Form 5558. It is important to note that Form 5500 is sent to the Department of Labor, whereas Form 8955-SSA is filed with the IRS. It’s crucial to remember these deadlines in order to stay out of trouble.

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The IRS website provides all the necessary resources for those looking to access forms like Form 8955-SSA or gain additional details on filing procedures. For those who find retirement plan administration daunting, services such as Pinnacle Plan Design offer valuable assistance.

As a third-party administrator (TPA), they specialize in designing and managing employer-sponsored qualified retirement plans. Their expertise covers a range of plans, including defined benefit plans, 403(b) plans, cash balance plans, and 401(k)/profit-sharing plans, helping employers navigate the complexities of retirement plan management.