IRS Lifts the Veil on New Form 8955-SSA

The IRS recently released a draft version of the new Form 8955-SSA. We’ve been reporting in previous posts about the new Form 8955-SSA filing requirements and additional details provided by the IRS. Now, they’ve lifted the veil on what the form will actually look like.

Here are a couple of quick observations of what’s changed from the old Form 5500 Schedule SSA:

  • The Basic Plan Information section has been expanded slightly. There’s now additional space to enter a plan sponsor’s “trade name” and “in care of name”. Presumably this is to make it easier to find a plan sponsor in the future.
  • There’s additional space for foreign addresses of plan sponsors.
  • There is a short section for disclosing the total number of records reported on the 8955-SSA, as well as a certification that each of these participants received an individual statement (if required).
  • The participant information remains substantially unchanged. One small difference is that sponsors no longer need to report the number of “shares” for defined contribution plans, just the total account value.

Overall, the draft Form 8955-SSA is very similar to previous generations. We’ll keep you posted about the final filing requirements when they are released.

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