Compliance November 13, 2009

DoL Cautions Plans about Sharing EFAST2 PINs

U.S. Department of Labor (DoL) officials have cautioned plan administrators that they should not share their PIN numbers for the EFAST2 electronic document filing system.

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The warning comes in a recently revised list of questions and answers on the DoL Web site about the EFAST2 system that will be used to submit Form 5500 beginning with 2009 plan year reporting.

The DoL officials explained that administrators will get a PIN number when they register online as a “Filing Signer” and that the code technically takes the place of a signature on a hard copy document.

Because administrators are required to certify the data on their Form 5500 as being accurate and the PIN represents that the certification has taken place, DoL said the number should not be shared with a TPA or someone else hired to prepare the annual report document.  

The EFAST2 Q&A is available here. More information about EFAST2 is available here.  

Deals & People November 13, 2009

Sentinel Appoints Leader for Adviser-Sold Product Marketing

Sentinel Investments has appointed Charles R. (C.R.) Shaw as senior vice president, national marketing director.

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In this post, he will lead Sentinel’s efforts to brand and market the firm’s adviser-sold offerings, according to the firm.

A 20-year veteran in the financial services industry, Shaw comes to Sentinel from Legg Mason, where he was head of Product Marketing and Equity Product Management. Prior to this, he served as vice president, head of Distribution Channel Marketing at Morgan Stanley and vice president, national marketing director for Mutual Funds and 529 Plans at American Skandia.

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