Some Plan Sponsors Are Receiving Erroneous Late Filing Notices

Due to an apparent problem with the electronic filing system, some plan sponsors have received erroneous late filing notices with respect to timely filed Forms 8955-SSA (annual forms required to be filed with the IRS by plan sponsors who are required to file Forms 5500 with the DOL). The glitch has impacted plan sponsors that used the EFAST2 filing system to file their forms before the proper July 31, 2023 filing deadline. Plan sponsors who received these notices should watch for any newsletter or release from the IRS indicating that these notices can be disregarded or providing additional guidance. By way of background, these forms are used to report plan participants who have left employment with the employer sponsoring the plan, but have not received the entire distribution of their vested benefits under the plan. For more information on the Form 5500 filing requirements, visit Tax Facts Online. : Q 3514.