Form 5500 Bulk Signing

[pr2222]

We have a client that is the Plan Administrator to a very large number of plans.  Is anyone aware of any way the Plan Administrator can bulk sign all the filings or does the Plan Administrator have to sign each Form 5500 individually?  In short, is there a way to sign all the Form 5500s at one time?  Thanks. 

[Peter Gulia]

What is the administrator's work method for reading each Form 5500 report to decide that the report is complete, accurate, and correct?

 

[pr2222]

I think that is part of the rub.  Since each one has to be signed under penalty of perjury, I am under the impression the DOL will not accept filings unless each one has been signed individually.  I am aware of third party software that allows the prepare to submit the forms in bulk but only after the plan administrator has signed each one in ink which is not practical.

[austin3515]

Not only that, but there is simply no method of mass signing/filing.  I cant imagine there is enough demand for such a service that the FT's/Relius's would spend any time on such a feature (even if the concerns raised above could be satisfied).

The only thing I can come up with is having him sign then all manually and then letting a service provider file them all.  I assume there are time constraints on the designated signer of dozens of forms.

[RatherBeGolfing]

How many filings are are we talking about here?  Since OP is only looking for a way to avoid signing each form individually, I assume that the concern is not the time and effort of reviewing each form to make sure they are true, correct, and complete before signing under penalty of perjury.  It would have to be a very large number of plans if just signing each one is this big of an issue. I file for my clients and even with the additional steps of we have to go through it doesn't take that long to work through a decent number of filings...

[austin3515]

I can sympathize with someone who has to sign say even 25 forms.

And by the way, I assume this person "makes a lot of money" per hour and concludes it's not the best use of an hour and a half of his or her time.  Big time executives I could definitely see saying "find me a better way because this is a waste of my time."

[RatherBeGolfing]

20 minutes ago, austin3515 said:

I can sympathize with someone who has to sign say even 25 forms.

And by the way, I assume this person "makes a lot of money" per hour and concludes it's not the best use of an hour and a half of his or her time.  Big time executives I could definitely see saying "find me a better way because this is a waste of my time."

I agree, but if they are that big much of a big time exec they probably just hand the credential number and pin to someone less big time to do the actual filing.  I know they aren't supposed to do that, but I'm sure it happens all the time.

[austin3515]

Well there are often times people out there who get quite upset at the suggestion of things like that.  I'm not disagreeing with you, but it wouldn't be the strangest thing in the world for someone to be uncomfortable with that.  I mean what would George Costanza do if it were him?  It says don't share your pin with anyone, Jerry!

[RatherBeGolfing]

George also caused a bomb scare because he was trying to nap at work, just sayin...