When is the mandatory electronic filing system (EFAST2) effective?
The EFAST 2 is effective for plan years beginning on or after January 1, 2009. Plans will be able to commence filing electronically on January 1, 2010. Any plan which has a 5500 due before January 1, 2010 will have an automatic extension until 90 days following the date on which the Form 5500 is available for filing electronically. That date would be March 31, 2010, unless the DOL changes the date on which electronic filing will be available. Must all retirement plans file electronically? With the exception of a plan covering the sole owner (and his/her spouse) or partners in a partnership (and their spouses) and no employees (“owner only plan”), all plans, including retirement, welfare and 403(b) plans, will need to file their 5500s electronically. Owner only plans will file a paper copy of the 5500-EZ with the IRS. However, owner only plans which do not hold employer stock may elect to file a Form 5500-SF (short form) electronically with the DOL. How does a plan sponsor obtain electr
