The Employee Retirement Income Security Act of 1974 (ERISA) requires plan administrators of employee benefit plans to file certain forms with the U.S. Department of Labor (DOL) and the Internal Revenue Service (IRS) on an annual basis. Two of the most critical forms required for filing are the Form 5500 Series and the Form 8955-SSA. In this article, we will delve into the Form 5500 SF and Form 8955-SSA filing requirements, explaining what they are, who needs to file them, and what information is required.
What is Form 5500 SF?
Form 5500 SF is a shortened version of the Form 5500 Series, which is used to report certain information about small employee benefit plans that are exempt from the annual reporting requirements under ERISA. The "SF" in Form 5500 SF stands for "Short Form." This form is designed for small plans with fewer than 100 participants, as defined by the IRS.
Who Needs to File Form 5500 SF?
Plan administrators of small employee benefit plans with fewer than 100 participants are required to file Form 5500 SF. This includes plans such as:
- Pension plans
- Profit-sharing plans
- Stock bonus plans
- Annuity plans
- Welfare benefit plans
However, not all small plans are required to file Form 5500 SF. For example, plans with fewer than 100 participants that are exempt from the annual reporting requirements under ERISA, such as church plans or governmental plans, do not need to file this form.
What Information is Required on Form 5500 SF?
Form 5500 SF requires plan administrators to report certain information about their employee benefit plan, including:
- Plan information, such as the plan name, plan number, and plan year
- Participant information, such as the number of participants and beneficiaries
- Financial information, such as the plan's assets, liabilities, and expenses
- Compliance information, such as whether the plan has been amended or terminated
The form also requires plan administrators to attach certain schedules and statements, such as the plan's financial statements and the plan's compliance statement.
What is Form 8955-SSA?
Form 8955-SSA is a form used to report certain information about separated participants with deferred vested benefits. This form is required to be filed by plan administrators of defined benefit plans and defined contribution plans that have separated participants with deferred vested benefits.
Who Needs to File Form 8955-SSA?
Plan administrators of defined benefit plans and defined contribution plans that have separated participants with deferred vested benefits are required to file Form 8955-SSA. This includes plans such as:
- Pension plans
- Profit-sharing plans
- Stock bonus plans
- Annuity plans
However, not all plans with separated participants are required to file this form. For example, plans that do not have any separated participants with deferred vested benefits do not need to file this form.
What Information is Required on Form 8955-SSA?
Form 8955-SSA requires plan administrators to report certain information about separated participants with deferred vested benefits, including:
- Participant information, such as the participant's name, Social Security number, and date of birth
- Benefit information, such as the participant's accrued benefit and vested benefit
- Plan information, such as the plan name and plan number
The form also requires plan administrators to report certain information about the plan's compliance with ERISA and the IRS regulations.
Filing Requirements and Deadlines
Both Form 5500 SF and Form 8955-SSA must be filed electronically with the DOL's EFAST2 system. The filing deadline for both forms is the last day of the seventh month after the plan year ends. For example, if the plan year ends on December 31, the filing deadline is July 31 of the following year.
Penalties for Late or Incomplete Filings
Plan administrators who fail to file Form 5500 SF or Form 8955-SSA on time may be subject to penalties and fines. The DOL and IRS may also assess penalties for incomplete or inaccurate filings.
Conclusion
In conclusion, Form 5500 SF and Form 8955-SSA are critical forms that plan administrators of employee benefit plans must file with the DOL and IRS on an annual basis. These forms require plan administrators to report certain information about their plans and participants, and failure to file them on time may result in penalties and fines. Plan administrators should carefully review the filing requirements and deadlines for these forms to ensure compliance with ERISA and IRS regulations.
What is the deadline for filing Form 5500 SF and Form 8955-SSA?
+The deadline for filing Form 5500 SF and Form 8955-SSA is the last day of the seventh month after the plan year ends.
Who needs to file Form 5500 SF and Form 8955-SSA?
+Plan administrators of small employee benefit plans with fewer than 100 participants need to file Form 5500 SF. Plan administrators of defined benefit plans and defined contribution plans with separated participants with deferred vested benefits need to file Form 8955-SSA.
What information is required on Form 5500 SF and Form 8955-SSA?
+Form 5500 SF requires plan administrators to report certain information about their plan, including plan information, participant information, and financial information. Form 8955-SSA requires plan administrators to report certain information about separated participants with deferred vested benefits, including participant information, benefit information, and plan information.