Mandatory E-Filing of Form 5500: Are You Ready?

Description

Effective with plan years starting Jan. 1, 2009 and after, e-filing will be mandatory for the annual Form 5500 with the U.S. Labor Department. The first Form 5500s will be e-filed under the EFAST2 mandate starting March 31, 2010.

Benefit plan administrators and their advisors have much to learn before EFAST2 registration begins Jan. 2, 2010, and for the subsequent 5500 e-filing. Plans must choose among three software options, and advisors cannot obtain signature authority for their clients.

Administrators and advisors must continue to resolve confusion and learn all new processes over the next few months: completing the forms on-screen, adding forms and attachments, associating a signer, submitting returns one at a time, and viewing submitted filings.

Listen as our panel of experienced employee benefits consultants analyzes the requirements for EFAST2 and prepares advisors and administrators for a smooth transition to e-filing.

Outline

1. Background on Form 5500 e-filing
   1. FAST1 optional e-filing process
   2. EFAST2 mandate replaces EFAST1 effective with plan years starting on or after Jan. 1, 2009
      1. Requirement for retirement and welfare plans
      2. E-filing not available for Form 5500-EZ
      3. Also applies to 403(b) plans not subject to Title I of ERISA
      4. Plans with Form 5500 due dates before Jan. 1, 2010 automatically get filing extensions
         1. Until 90 days after form first becomes available for e-filing (i.e. March 31, 2010)
2. E-filing software options
   1. Private Web-based
   2. Third-party software provider
   3. Labor Department Web-based
   4. Advantages, disadvantages for each
3. EFAST2 registration process
   1. Starts Jan. 2, 2010
   2. Signers also have to register
   3. Advisors can’t get signature authority for clients
4. Steps for e-filing, in detail
   1. Completing screens
   2. Associating signer
   3. Submitting form and attachments
   4. Reviewing filings

Benefits

The panel will fully explain the workings of each stage of the new EFAST2 e-filing process for Form 5500 including:

• Evaluating the e-filing software options: Private web-based, third-party software and Labor Department web-based.
• Getting ready for EFAST2 registration: The timetable and the processes.
• Grasping the actual e-filing process: What you'll do during each step.

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