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EFAST 2 Electronic Filing Requirements

January 3, 2023September 7th, 2023

Department of Labor Filing Acceptance System

Form 5500 and Form 5500-SF returns/reports, as well as amended and delinquent filings, must be filed electronically with the Department of Labor’s (DOL) ERISA Filing Acceptance System 2 (EFAST2).

The Pension Protection Act (PPA) of 2006 originally required that the Form 5500 series returns/reports to be filed electronically for all plan years beginning on or after January 1, 2009. Now all amended and delinquent filings must be submitted electronically using the new system.

PPA also created an electronic disclosure site on the DOL website. Nearly all filings that are received by the EFAST2 electronic filing system will be posted on the DOL’s EFAST2 web site. Filings for plan years prior to 2009 are not displayed through the website.

EFAST2 is an all-electronic system designed by the DOL, Internal Revenue Service (IRS,) and Pension Benefit Guaranty Corporation (PBGC) to simplify and expedite the submission, receipt, and processing of the Form 5500 and Form 5500-SF. The returns/reports must be electronically filed each year by employee benefit plans to satisfy annual reporting requirements under the Employee Retirement Income Security Act (ERISA) and the Internal Revenue Code. Plan Administrators may choose between using EFAST2-approved vendor software or the DOL’s IFILE website to prepare and submit the Form 5500 or Form 5500-SF. Completed forms are submitted via the Internet to EFAST2 for processing.

Free online software

IFILE is a free online software application provided by the Government that you can use to create and submit Form 5500 or 5500-SF filings. IFILE is available to all registered users with Internet access. Please note, 5500Tax Group utilizes an EFAST2-approved vendor software to prepare return/reports for our clients.

Before the Form 5500 or 5500-SF can be electronically transmitted to the DOL the return/report must be electronically signed by the Plan Administrator, Plan Sponsor or both. In order for the Plan Administrator and/or Plan Sponsor to electronically sign the Form 5500 the individual must be registered with the DOL as a “filing signer.” I-REG is the new DOL internet registration system which allows individuals to apply for “signer credentials.” The system will allow only one set of credentials for each e-mail address. Keep in mind, the credentials belong to the individual, not the company for which they work.

On May 13, 2010 The DOL announced a new e-signature option for Forms 5500 and 5500-SF electronic filing. The new option is designed to simplify the electronic filing process, especially for small businesses that use service providers to complete and file their annual reports.

Signing credentials

Under the new e-signature option, service providers that manage the filing process for plans can get their own signing credentials and submit the electronic Form 5500 or 5500-SF for the plan. The service provider must confirm that it has specific written authorization from the plan administrator to submit the plan’s electronic filing. In addition, the administrator must manually sign a paper copy of the completed filing, and the service provider must attach a PDF copy of the manually signed Form 5500 or 5500-SF as an attachment to the electronic filing submitted to EFAST2.

S Herrle-Henderson Brothers, Inc.

Ann Myers has been a trusted advisor and our Form 5500 filing partner for well over 15 years.   As leading experts in the Employee Benefits industry with a significant number of local and national clients, we rely heavily on Ann to prepare a large number of health and welfare 5500 forms every year for our clients.   Regardless of whether she is providing guidance for a client that is filing for the first time, suggesting changes on what should be reported in a 5500 form, providing strategy to remedy a noncompliant plan, or walking an employer through the DFVCP filing process, we know our clients are receiving the best advice from one of the most knowledgeable experts in the industry.

E Powell-Seubert & Associates, Inc.

Ann at 5500 Tax Group has been a great partner for the past twelve plus years.  We find the process in working with 5500 Tax Group for client Form 5500 filing requirements has been simple, efficient, and timely. Ann has been particularly helpful in guiding mutual clients through the Department of Labor Delinquent Filer Voluntary Compliance Program (DFVCP) with an easily understood step-by-step explanation for all parties involved. We look forward to working with Ann for many years to come.

A Cox-Wabtec

Wabtec has worked with Ann Myers of the 5500Tax Group, Inc. for the past 15 years.  She manages all of the details for our 5500 preparation.  She prepares the 5500s for our Pension Plan, Savings Plan, and various Health and Welfare plans.  She also completes the PCORI filings and Summary Annual Reports.  All is done efficiently, effectively, and reasonably priced.  Ann coordinates with our auditors, record keepers, and our ERISA attorneys to gather all required information and get any answers required.  Definitely recommend!

W Wang-L&W Infoserve Co.

In June 2022, we received IRS notices with huge penalties (~$200K) as they didn’t receive F5500 – Annual Report of Employee Benefit Plan for 2019 and 2020 for our S Corporation.  We immediately started working with Amy Boyd from 5500 Tax Group.  Amy answered our questions with great patience, provided clear guidance and took appropriate actions on communicating with IRS.  With a lot of time and effort, she helped us resolve this issue that gave us so much stress.  We are grateful for her assistance and highly recommend her services.  She is professional, efficient, and friendly.

Briones, Briones International

Amy, Thank you for years of extremely knowledge and professional guidance regarding retirement plans including the filing of form 5500.  You have made the myriad of IRS regulations and alphabet soup understandable for a civilian. I am truly grateful for your patience and never hesitating to answer dumb questions.  Any client seeking your guidance and advice will be beyond pleased with your services.

M Fair-USI Insurance Services

Our team has worked with Ann Myers and the 5500 Tax Group for many years. Ann makes the whole 5500 process as painless as possible and personally engages with each client. We have continued to use Ann for the “personal” touch and level of details that Ann brings to her work. Our team has 100% confidence in Ann executing on filings, details and deadline. Ann brings a positive attitude, years of experience and her expertise to every engagement. Our client and team enjoy working with Ann and USI would absolutely serve as a reference.