The Internal Revenue Service (the “IRS”) has issued FAQs which provide guidance on new Form 8955-SSA. This form is to be used to report to the IRS retirement plan participants, who have separated from service with deferred vested benefits in the plan. It replaces Schedule SSA. According to the FAQs, Form 8955-SSA is to be used for Plan Year 2009 filings and thereafter. The due date for filing the 2009 and 2010 Forms 8955-SSA is the later of (1) January 17, 2012 or (2) the due date that generally applies for filing the Form 8955-SSA for the 2010 plan year (the last day of the seventh month after the close of the plan year (plus extensions)).
The FAQs note that:
— the January 17, 2012 due date may not be extended by filing Form 5558 (but a Form 5558 may be filed to extend a due date that falls after January 17, 2012);
— a Schedule SSA filed for Plan Year 2009 and/or Plan Year 2010 before April 20, 2011 will be treated as satisfying the applicable reporting obligations;
–Form 8955-SSA should be filed after April 20, 2011, even for years before PlanYear 2009; and
— a participant’s individual statement must be furnished to the separated participant no later than by the due date for filing the Form 8955-SSA on which he or she is being reported.