Guest Article

(From the April 5, 2010 issue of Deloitte's Washington Bulletin, a periodic update of legal and regulatory developments relating to Employee Benefits.)

New FAQs on EFAST2 Filing System

The Department of Labor clarified some technical aspects of the new EFAST2 Filing System regarding time deadlines, filing for years before 2009, and online registration.

New Questions 4a, 16a and 35a are now added to the Department's Frequently Asked Questions (FAQs) on the EFAST2 Filing System, which can be found on the DOL web site at: www.dol.gov.

FAQ-4a addresses additional issues related to filing late or amended returns. It states that the new short form - Form 5500-SF - cannot be used for years prior to 2009. Those wishing to file or amend the Form 5500-EZ for such years cannot do so electronically but instead must use the correct paper version. FAQ-16a addresses problems with the online registration, and in particular with receipt of the registration email, reminding sponsors that emails for on-line registrations are typically sent within 5 minutes, and providing guidelines for obtaining the email if not received.

FAQ-35a addresses the filing deadlines. It confirms that, to be timely, returns must be filed by midnight, based on the plan administrator's time zone. Procedures are specified for when a filer attempts to submit a return on time but it is not successfully received by EFAST2 prior to the deadline. In that case, the notice of the unsuccessful submission should be printed, attached to the return as an "other attachment" and re-submitted. Depending on the facts, penalties may still be assessed for the late filing.

The information in this Washington Bulletin is general in nature only and not intended to provide advice or guidance for specific situations. If you have any questions or need additional information about articles appearing in this or previous versions of Washington Bulletin, please contact: Robert Davis 202.879.3094, Elizabeth Drigotas 202.879.4985, Mary Jones 202.378.5067, Stephen LaGarde 202.879-5608, Bart Massey 202.220.2104, Tom Pevarnik 202.879.5314, Sandra Rolitsky 202.220.2025, Deborah Walker 202.879.4955. Copyright 2010, Deloitte.