Legal Alert: Form 5500 Schedule SSA Update

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Section 6057 of the Internal Revenue Code requires reporting of plan participants who separate from service with a right to a deferred vested benefit. The form for filing these reports has been the Schedule SSA (Form 5500), Annual Registration Statement for Deferred Vested Participants. When the new EFAST-2 electronic filing system for Forms 5500 went into effect — for 2009 returns — the Schedule SSA was eliminated. The information previously contained on Schedule SSA (i.e., names, Social Security Numbers, etc.) was not suitable to be disclosed online with the newly-filed Forms 5500. In its place, a new Form 8955-SSA is required to be filed with the IRS in order to comply with Code Section 6057.

Please see full Alert below for more information.

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Tax

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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