FORM 5500 REGULATORY FULFILLMENT
ERISA requires the plan administrator of certain ERISA plans to file an “annual report” with the U.S. Department of Labor (DOL) containing specified plan information. The Form 5500 and its related schedules satisfy that requirement. Regulations imposed by the Department of Labor (DOL), and Internal Revenue require Plan Sponsors to submit Form 5500 electronically, by filing online through the DOL’s EFAST 2 system.
Plan Sponsors must obtain unique filing credentials by registering on the DOL website. The Department of Labor requires that an individual from the Plan Sponsor verify and attest to the information contained within Form 5500 before it can be submitted.
Complying with the Form 5500 E-filing requirement represents an important regulation, among several that are associated with the administration of a retirement plan. Our firm will facilitate the filing management process. We offer clients an intuitive solution to electronically review, sign and submit Form 5500 to the U.S. Department of Labor.
Please Note:
Plan administrators must register on the DOL website (www.efast.dol.gov) to obtain filing credentials. This is required to perform the E-filing. Credentials are assigned to individuals and not to companies. A valid e-mail address and internet access is required in order to comply with this requirement. The Department of Labor also requires that Plan Sponsors maintain a signed hard copy of the Form 5500, in addition to the required electronic filing.
Plans requiring annual audits are encouraged to schedule audits in advance, providing sufficient time for the E-filing. Holland Financial Inc. can assist Plan Sponsors with adhering to their regulatory responsibilities associated with completing and filing Form 5500. To ensure the integrity of this service, our firm utilizes software that interfaces with DOL’s EFAST 2 system.