Preparing for EFAST2
The following FAQ’s provide the highlights:
What does EFAST2 stand for?
EFAST2 stands for ERISA Filing Acceptance System
II. It is the government’s 2nd incarnation of electronic Form 5500 Series
filings.
When will electronic filing begin?
Electronic filings start January 2010.
Your 2009 filing will be filed with the Department of Labor (DOL)
electronically.
Will there be any paper involved?
Yes, sponsors are required to keep a
signed paper copy of the return on file despite electronic filing. Schedule SSA identifying Separated Participants with Deferred Vested Benefits and
Form 5558 Extensions will continue to be ‘paper filed’ with the Internal
Revenue Service.
How will Sponsors sign the electronic Form 5500 Series?
Sponsors will be
required to obtain a ‘Filing Signer’ credential allowing them to ‘approve’
an electronic version of the filing. This approval will constitute an
electronic signature.
How do Sponsors obtain the Filing Signer credential?
Sponsors will visit the DOL’s website to obtain Filing Signer credentials. MGO will provide
step-by-step instructions when the DOL permits Sponsors to obtain
credentials.
Will the Sponsor need internet access and an email account?
If you’re
receiving this via email, you’re most likely set. Sponsors must have
internet access and an email account to establish credentials and approve
filings.
What if a Sponsor does not have internet access or an email account?
The DOL
recommends Sponsors without internet access use a public facility such as a
public library in lieu of establishing internet access. If a client does not
currently have an email account, MGO will be available to assist in
establishing one.
Will MGO be using vendor software to assist with filing?
Yes, our office is
using SunGard’s ‘Relius Government Forms 5500 Web Client’ for filings.
Where can I find out more information about EFAST2?
Visit efast.dol.gov to find out more information about EFAST2.