5/18/2010
The Department of Labor (DOL) recently announced that form preparers can now electronically sign 5500 forms on behalf of plan sponsors/administrators.
The new signing procedure requires the following steps:
- The plan sponsor/administrator must sign the completed 5500 form on paper.
- The plan sponsor/administrator must sign an authorization to have the preparer electronically sign the 5500 on their behalf (sample available here).
- The form preparer must register for signing credentials at the DOL EFAST2 registration website. (For detailed instructions on how to obtain signing credentials, click here.)
- The form preparer must attach a copy of the first two pages of the signed 5500 as an "other" pdf attachment to the electronic filing.
- The form preparer must electronically sign the 5500 using the PIN they received from the DOL website.
Note that this new procedure requires a few extra steps beyond the "normal" EFAST2 signing procedure. Instead of your client receiving signing credentials from the DOL, you must register and receive these credentials. In addition, you must now obtain signed paper copies (or electronic images) of both the 5500 form and an authorization.
We have updated our software to allow for this new signing option. Software users currently can sign on behalf of plan administrators or have administrators sign the filing via our portal.
If you have any questions please feel free to contact us at support@ftwilliam.com or call 800.596.0714.