Form 5500 Filing Now Electronic for Plan Sponsors

This time of year, your audit is top of mind. But is your business prepared to file its Form 5500 electronically?

For the first time, plan sponsors with calendar year plans must file Form 5500 using the Department of Labor’s (DOL) electronic ERISA Filing Acceptance System (EFAST2). This filing change, which began on January 1, 2010, is aimed at increasing the DOL’s review and processing efficiency. The change is accompanied by new requirements which are outlined below.

• Electronic Signature Credentials: Plan sponsors/administrators must sign up for electronic signature credentials in advance in order to submit a Form 5500 filing. To obtain EFAST2 credentials, please visit www.efast.dol.gov. Note that there are five user types under EFAST2 and you may check as many as apply to you (filing author, filing signer, schedule author, transmitter, and third party software developer).

• Contact Your Auditor: The report of an Independent Qualified Public Accountant needs to be included with the Form 5500 filing, if your plan is required to be audited. Your audit report along with all schedules and attachments must be attached with your submission or you could face penalties of up to $50,000. Failure to provide complete filings will cause the EFAST2 system to indicate an error with the entire filing and may prompt further review or rejection.

Here : for you
Elliott Davis’ Employee Benefits Practice is ready to assist you with your Form 5500 and these new electronic filing requirements. Please contact Terri McNaughton at 864.552.4740 or .(JavaScript must be enabled to view this email address) if you have questions or would like assistance.