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As a plan sponsor, who should I call to prepare the Form 8955-SSA?

The entity or person that prepares your Form 5500. They will work with your recordkeeping service provider to gather the required information.

DWC prepares the Form 8955-SSA for all active clients for which we provide government reporting services.


What information must be reported?

The Form requires the filer to report any participant who terminated in a prior year and is still due a vested benefit from the plan as of the reporting date. For each participant who must be reported, the Form must include the social security number, name and the vested benefit amount.

Example: The 2010 Form must report participants who terminated in 2009 and still have balances at the time of filing. As an option, the 2010 Form could also include those who terminated in 2010.

In each subsequent year, any previously reported participant who has received a full distribution must be reported again with a code indicating the plan no longer owes them further benefits.


How is the information used?

The information is shared with the Social Security Administration (the "SSA") who maintains it in a database. When individuals apply for Social Security benefits, SSA queries its database and notifies applicants that they are entitled to benefits from the plan.


What is the filing deadline? Can I extend the Form 8955-SSA?

Although it is a completely separate filing from the Form 5500, the deadline to file is the same as the Form 5500 deadline, i.e. seven months after the close of the plan year.

The first year the Form 8955-SSA was required was 2009 and was due no later than January 17, 2012. At that time, most plan sponsors filed the forms for 2009 and 2010 simultaneously.


How do I file the Form 8955-SSA?

At present, the IRS allows both electronic and paper filing.


Do I have to file if I have no terminated participants with balances in 2009 or 2010?

You do not need to file Form 8955-SSA if you have no terminated participant balances in the applicable filing years.


Where can I find out more information about Form 8955-SSA?

If you have questions about the Form 8955-SSA filing requirement, please contact DWC at 651.204.2600. The IRS has also posted an FAQ on its website.



The content of this website is general in nature and is for informational purposes only. It should not be used as a substitute for specific tax, legal and/or financial advice that considers all relevant facts and circumstances.