Paper 5500 Option No Longer Available for 2009
EFAST Part 19
In our continuing series of FAQs on EFAST2, we are addressing the issues and procedures with which 5500 preparers and plan sponsors will need to familiarize themselves to make the transition to electronic filing. Recently, we were contacted by the DOL and informed that some preparers were continuing to file paper copies of the Form 5500 for short 2009 plan years. The DOL also informed us that preparers were continuing to contact the EFAST Contact Center attempting to obtain permission to file paper copies of the Form 5500. With the exception of 2008 plan years, the option of filing paper copies of the Form 5500 has expired. The DOL expects plan sponsors now to file electronically under EFAST2. In this technical update, we address the questions regarding the paper option for filing a Form 5500.
May a 5500 preparer still use the paper Form 5500 to file a short 2009 plan year filing?
No. For ERISA plans with plan years beginning after December 31, 2008, electronic filing under EFAST2 is the only option. There was a limited exception: a plan with a short 2009 plan year that had a filing deadline before January 1, 2010 was able to file a paper copy of the Form 5500 (using 2008 forms) before January 1, 2010. Since that deadline has expired, the DOL no longer will accept a paper filing of a 2009 Form 5500.
What action will the DOL take if a preparer files a paper Form 5500 for a short 2009 plan year after December 31, 2009?
The DOL will return the filing to the plan sponsor. The paper filing is not a filing. The plan sponsor will not satisfy its obligation to file Form 5500 until the sponsor properly files electronically under EFAST2. Note: We have spoken to DOL officials several times and they have informed us that they will return filings for short 2009 plan years that are postmarked after December 31, 2009.
Could a plan sponsor of a plan with short 2009 plan year and a filing deadline before January 1, 2010 obtain a filing extension and file a paper copy of the Form 5500 after December 31, 2009?
No. The ability to file a paper copy of the Form 5500 for a 2009 plan year expired on December 31, 2009. Such a plan would need to file electronically under EFAST2.
May a plan sponsor of a plan with a short 2009 plan year that has a deadline after December 31, 2009 contact the EFAST Contact Center [link to 16] to obtain permission to file a paper version of the Form 5500?
No. The ability to obtain such permission ended on December 31, 2009. The DOL had informally indicated that a plan with a short plan year ending after May 31, 2009 (and hence a filing deadline after December 31, 2009), while normally subject to EFAST2 filing requires, could call the EFAST Contact Center and obtain permission to file a paper copy of the Form 5500. However, the DOL will no longer accept paper versions of the Form 5500 for a 2009 filing regardless of its deadline.
May a plan sponsor file a 2008 plan year Form 5500 with paper forms?
Yes. A plan sponsor may file a normal, delinquent or amended 2008 Form 5500 filing with the DOL at its Lawrence, KS office through October 15, 2010. The plan sponsor also may file a 2008 Form 5500 electronically under EFAST (sometimes referred to as EFAST1) through June 30, 2010. The sponsor may also file 2008 returns electronically under EFAST2.
Advanced Pension Conference. We will discuss EFAST2, Schedule C changes and other important and timely topics in our Advanced Pension Conference (APC). View the complete list of topics and register online! The APC is scheduled for February 17-19 in Orlando, Florida.
EFAST2 and Schedule C webcasts. We will present webcasts on EFAST2 and on the Schedule C changes. These will be presented on several dates in January and February so you can choose the date(s) which work with your schedule. If you register for a webcast, you will receive a discount for our Form 5500/EFAST2 Workshop presented in the spring which we will present in conjunction with our 401(k) Plan Workshop. See our Web site for more information.
Sample EFAST2 Credentials Letter. Would you like a sample letter to send to your clients explaining step-by-step how to obtain EFAST2 filing signer credentials? We will provide a sample letter to each person who has registered for our free technical update service by January 25, 2010. If you are already subscribed, you will also get the letter, you do not need to do anything. To register for the technical update service, Create a Relius New User Login. If you are already registered on our web site, log in and select Subscriptions!