ComplianceJanuary 8, 2010

EFAST2 Ready for Online Form 5500 Filings

Plan sponsors can now take full advantage of a new federal government system for online filing of the required annual report to the Employee Benefits Security Administration (EBSA) at the U.S. Labor Department.

Reported by PLANADVISER Staff

An EBSA news release said the EFAST2 system became fully operational December 31, and can now take electronic submissions of Form 5500 and Form 5500-SF documents. “Now that the EFAST2 system is operational, the Federal government and public will for the first time have real time, online access to financial information about private-sector employee benefit plans,” said Phyllis C. Borzi, assistant secretary of Labor for EBSA, in the news release.

The revised EFAST Web site has been updated to provide filers with a variety of tools and guidance, including the 2009 and 2010 Form 5500 and new Form 5500-SF schedules and instructions, frequently asked questions, user guides, and a tutorial, according to the Labor Department. Filers and preparers can register for an account, complete the required forms and schedules online in multiple sessions, print a copy for their records, and submit it at no cost, according to EBSA.

Filers may also use EFAST2-approved software to complete and submit their filings. A list of EFAST2-approved software is available.

Filers must submit the 2009 and 2010 annual return/report forms and schedules electronically through EFAST2. Prior year delinquent or amended Form 5500 filings also now must be filed electronically except that timely 2008 plan year filings may still be filed through the original EFAST on paper until October 15, or electronically through June 30, EBSA said.

A video about electronic filing is available here. Assistance with the EFAST2 system and the Form 5500 and 5500-SF is available toll-free at 1.866.463.3278.

The EFAST2 site is www.efast.dol.gov.