If a plan does not have any reportable participants for a given year, then the plan does not need to file a Form 8955-SSA for that year.
No. All terminated employees do not need to be reported on the Form 8955-SSA. Only those employees who have a vested account balance or vested accrued benefit in the plan.
There are several special rules that apply to union employees when doing coverage testing under IRC 410(b). The most significant of these rules is that if a plan covers only union employees, the plan is deemed to pass coverage testing. See IRC 1.410(b)-2.
Terminated participants with a vested accrued benefit or vested account balance must be reported on the Form 8955-SSA.
Private employers who sponsor any type of qualified retirement plan such as a 401(k) plan, profit sharing plan, defined benefit plan or cash balance plan must file a Form 8895-SSA unless the plan is an “owner-only” plan.
Effective with the 2009 Form 5500, the Form 5500 is electronically filed and the entire filing is almost immediately available on the DOL website.
The Social Security Administration (‘SSA’) uses the information to notify individuals that they may be eligible
Running a non-producing 401(k) TPA is usually considered to be a low-margin business. The average revenue per client tends not to be all that much, and there is a lot of work to be done for that revenue. Many 401(k) TPA owners grew to be owners of TPA firms after years of working on the technical compliance side of the business.
A 401(k) plan may have three providers: a record-keeper, a financial advisor, and a 401(k) TPA. Generally, each of these providers is independent, and it is usually possible to replace one of the three while keeping the other two.
The Form 8955-SSA is a successor to the Schedule SSA where the benefits for terminated employees with a