Employers who used the Department of Labor Delinquent Filer Voluntary Compliance program to file late Form 5500s any time after December 31, 2009 have only until December 1, 2014 to file with the IRS any Form 8955-SSAs that relate to those Form 5500s.
Form 8955-SSA is the IRS form used by employers each year to report retirement plan participants who terminated employment in the prior year and still have vested Plan benefits. Specifically, a participant must be reported on Form 8955-SSA for a particular plan year if a participant (1) terminated employment during the preceding plan year, (2) is entitled to vested benefits under the Plan as of the end of the plan year for which the Form 8955-SSA is filed, and (3) did not receive (or begin to receive) benefit payments as of the end of that plan year. For example, if a participant terminated employment in the 2009 plan year and, as of the end of the 2010 plan year, has a vested benefit under the Plan and has not received or begun to receive a distribution of that benefit, that participant must be reported on the Form 8955-SSA for the 2010 plan year.
In addition, if a participant was previously reported on a Form 8955-SSA (or the former Schedule SSA) but has been paid out or is no longer entitled to a vested benefit under the Plan (e.g., in the case of a missing participant whose benefits under the Plan are forfeited), then the participant must be reported on Form 8955-SSA for the plan year in which this change occurs.
THEREFORE, IF YOU FILED LATE 5500s (FOR ANY YEAR) USING THE DFVC PROGRAM AFTER DECEMBER 31, 2009, YOU SHOULD CONSULT WITH YOUR 5500 PREPARER TO DETERMINE WHETHER YOU HAVE FORM 8955-SSAs THAT MUST BE PREPARED AND FILED WITH THE IRS BY DECEMBER 1, 2014.
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