ELECTRONIC 5500 FILING – EFAST2
By Beth Harrington, QPA
The Department of Labor is requiring that all 2009 plan year filings due after 12/31/2009 be submitted to them electronically. We have been training our staff on the process, and purchased some software to make the process more user-friendly. We will be preparing the filings, and posting them to the DOL website on behalf of our clients.
But it doesn’t end there! A representative of each plan sponsor will need to apply for “signing credentials” from the DOL in order to authorize the filing that we posted for them. Then keep a signed copy of the filing for their files (this copy may be saved electronically).
Once filings are complete, they will be available for viewing on the DOL website almost immediately (within 3 days.) A rejected filing is not considered complete, so we will be moving up our internal deadlines to make sure that we give our clients plenty of time to get the filing completed.
We will be putting together step-by-step instructions with screen shots to help all of our clients through this process, so don’t despair! We will make it as easy as we can for you.
Note: Form 5500-EZ for one-participant plans may still be filed on paper forms in 2010.
Do you know someone who is not a BRI client who may need help with their EFAST2 Filing? We are happy to help! Please have them contact our office at 916/922-3200.