Winter 2010
The Standard gets ready to file your electronic 2009 Form 5500
As you may know, the IRS has changed how Form 5500s are to be filed for plan years commencing on or after January 1, 2009. Electronic filing of all 5500s is now mandatory
What do you need to do?
With The Standard’s new service offering, we will submit your completed 5500s on your behalf.
How does it work?
- Reviews the plan’s completed Form 5500
When we have finished preparing the plan’s Form 5500, we will email a link to you for review. This link will lead to a web page where you will be able to review the draft Form 5500 and coordinate its review with any other parties, such as the plan’s accountant. We will also be available to go through the draft form review and the online submission process with you.
This review page will have a link on it that will take you directly to the Department of Labor (DOL) site where you will need to register and obtain credentials.,/
- Register and obtain credentials from the DOL site
Once at the DOL site, you will need to register to get login credentials and a user identification and PIN. These credentials will serve as your electronic signature and approval for the plan’s Form 5500.
You will also need to select your functional role. For us to file on your behalf, you will need to select “filing signer” as this role. A filing signer can sign Form 5500/5500-SF filings. Signers must ensure that the filing information is correct before it is submitted. The signer’s signature also indicates that, to the best of the signer's knowledge and belief, the filing is true, correct and complete. Signers can include plan administrators, employers/plan sponsors and direct filing entities.
Once you have credentials, user identification, PIN and functional role, you will need to go back to the initial Form 5500 review page. Your newly acquired credential information will automatically and securely populate into this site.
- Approve the Form 5500
Once you have credentials and have decided the Form 5500 is ready, you can approve it, and we’ll do the rest. The Standard will send a reminder in advance about the approval.
If you have questions
The DOL help desk, which has been set up for questions about electronic filing and their website (called EFAST), can be reached at 866.GO.EFAST (866.463.3278). You can also visit the DOL website at www.efast.DOL.gov.
Because this is a new process, we recommend that you set your annual audit date early to provide enough time to adequately prepare for the filing.
