Form 8955-SSA: Late-Filing Notices
RMS has become aware of a glitch in the IRS system that led to erroneous late-filing notices being issued for Form 8955-SSA last week. The IRS has stated that the glitch was fixed on August 23, 2023 but at that point letters had already been sent to plan sponsors. Understandably, the glitch has caused confusion and concern for several of our clients so we want to provide clarity on the situation.
Form 8955-SSA is a required annual filing with the IRS reporting vested account balances of terminated participants. If you received a penalty notice, please contact us. We will work with you to provide the documentation and response to the IRS which will resolve this matter.
Leisha Gosling has worked for over 30 years in the field of Defined Contribution Plan Administration. She graduated from the University of Louisville with a Bachelor of Science in Business Management and from Sullivan University with a Master’s degree in Business Administration. Leisha joined RMS as a New Business Consultant in 2020. Her areas of expertise include qualified retirement plan administration and consulting, plan document underwriting, and compliance. She focuses the majority of her time at RMS on new client implementation and onboarding as well as marketing and new business initiatives. She also maintains the plan document used by the firm and performs special research projects. Leisha has been awarded the designations of Qualified 401(k) Administrator and Qualified 401(k) Consultant from the American Society of Pension Professionals & Actuaries and Certified Employee Benefits Specialist from the International Foundation of Employee Benefit Plans.
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