June 14, 2010
The Department of Labor (DOL) requires retirement and welfare plans to file annual reports on Form 5500 electronically beginning with the 2009 plan year. In connection with the shift from paper to all-electronic filing, the DOL has released a series of FAQs regarding the new program, dubbed EFAST2. A copy of them and other program information may be accessed at www.efast.dol.gov.
Highlighted Material Features of New EFAST2 Regime
Plan sponsors should begin now to prepare to make annual disclosures via EFAST2 by familiarizing themselves with the new system, and by ensuring that all appropriate members of their organizations obtain electronic signature credentials. Plan sponsors utilizing third-party vendors to prepare and file their annual reports should work with their vendors to set up processes to share and review filings, decide who will file the Form 5500, and obtain additional electronic signature authority as necessary.
For additional information or assistance with preparing Forms 5500 and using the EFAST2 filing system, please contact the authors of this article or any other member of the McGuireWoods Employee Benefits team.