Do you have to file the new Form 8955-SSA? If so, you may be able to breathe — and file — a little more easily. The IRS recently provided Announcement 2011-21 clarifying how the form is to be used, including how it is to be signed and electronically filed. The IRS also has provided additional information concerning the Form 8955-SSA in the retirement plan questions and answers it provides on the IRS website.
Form 8955-SSA, “Annual Registration Statement Identifying Separated Participants With Deferred Vested Benefits,” is the new form the IRS developed that replaced the Schedule SSA to the Form 5500.
Electronic Filing
You cannot submit the Form 8955-SSA through EFAST2, the system by which the Form 5500 is submitted electronically. Instead, the IRS has developed alternative ways you can submit the Form 8955-SSA electronically:
1) through a third party’s software; or
2) by using the IRS’ Filing Information Returns Electronically (FIRE) system.
If you use the FIRE system, you will need the following:
1) Software to create files in the proper format for filing electronically to the IRS.
2) A transmitter control code (TCC) obtained by submitting Form 4419, “Application for Filing Information Returns Electronically.” However, if the transmitter already uses FIRE for submitting other forms the transmitter will need to get an additional TCC used only for Form 8955-SSA.
3) A FIRE account so as to be able to log in to and use the FIRE system. If the transmitter already uses FIRE for submitting other forms, an additional FIRE account is not required.
Don’t try using the FIRE system between Dec. 16, 2011 and Jan. 2, 2012. It won’t be available then because the IRS will be shutting down the system so it can update FIRE’s programming.
Signatures
The Form 8955-SSA requires the signature of the plan administrator and a plan sponsor. But what if the plan administrator and the plan sponsor are the same person? The IRS announced on July 20 that in that case, only the signature of the plan administrator is required.
Note that while the Form 8955-SSA is filed electronically, it does not have to be signed electronically. Instead, it is enough if you type the name of the plan administrator or plan sponsor in the signature line.
You can obtain further information about the From 8955-SSA in the following ways.
- The IRS’ frequently asked questions about the Form 8955-SSA are available.
- The IRS Employee Plans office taxpayer assistance number is (877) 829-5500 or e-mail questions to Robert M. Walsh of the Employee Plans (etc.) Division, at retirementplanquestions@irs.gov.