The DOL has implemented new mandatory electronic filing requirements (EFAST2) for plan years beginning in 2009. These requirements apply to the next annual report (Form 5500) that your employee benefit plan must file.
You will need:
- Internet access
- An email address
- Filing Signer Credentials (PIN) from the DOL
Here's the process:
- The Standard will prepare your return.
- We will publish the Form 5500 to a website for your review.
- We will send you an email that your documents are ready to review and include a username and password to allow you to access your plan.
- When you log in to the website, you will review your return, sign it electronically with your PIN, and The Standard will be notified and file the return on your behalf.
Once filed, the return will be publicly available on the EFAST2 website.
How to Sign
Once there, choose "I'm Ready to Sign" from the links menu on the right. This will open the web page you need to sign your documents.
Once on the web page:
- View Planbooks
- View Plan Details – Select View Forms to display a list of forms
- Edit Form Entries (if required)
- Select "eFile" and walk through the signing requirements and select "Transmit"
- Print Forms for your records
- Mark your Planbook as "Finished."
Note that once your planbook is marked finished, you can no longer modify the plan.