2009 Form 5500

 
 

The United States Department of Labor (DOL) has authority over annual Form 5500 filings.  Effective January 1, 2010, DOL regulations now mandate electronic filing of 2009 Forms 5500. 


Instead of filing signed paper forms, your completed 2009 Form 5500 directly to the DOL electronically.  Instead of signing the paper Forms 5500 to evidence that the returns are true and correct, the signers will instead enter credentials on the DOL website effectively ‘signing’ the return.


Those filing Forms 5500-EZ (generally one-participant plans or those without any non-owner employees) are not able to be filed online but will instead be filed on paper forms as in prior years. 

 

New Form 5500 Filing Requirements for 2009 Plan Year


More Information Will be Coming


Once your administrator completes a draft of your Form 5500, you will be provided online access to CBGI’s Form 5500 Website which will enable you to review and print the Form 5500 and all related forms and documents.  We can also provide access for others at your company, your accountant and advisors and anyone else you designate. 


Once you agree that the Form 5500 is ready to be filed, it will be electronically filed directly from the website using online filing credentials you obtain from the DOL.


Obtain Signing Credentials from DOL


CBGI’s Form 5500 Website will provide the link necessary for you to obtain filing credentials from the DOL.  So, you can wait until then to obtain your filing credentials.  If you want to get a head start on the process, you can obtain Form 5500 filing credentials directly from the DOL’s website at www.efast.dol.gov   From there, click ‘Register’ and follow the prompts.  You will enter your personal information and email address.  DOL will email you a link to obtain your EFAST User ID and PIN.  You will also create a password that will enable you to login to access your User ID and PIN. 


Warning for Audited Plans


Large plans require audited financial statements.  That requirement remains unaltered.  In prior years, we have seen clients file their Form 5500 at the filing deadline even though the audited report is not yet complete.  Essentially, the client would file the Form 5500 without the audit which would generate a letter from the DOL indicating that the filing was incomplete.  The goal would be to get the audit completed and to the DOL before they reject the incomplete return that was filed at the deadline.  If successful, the return will be considered filed timely.


Now that online filing is here, the Form 5500 cannot be electronically filed unless and until it is complete.  As a result, the above-referenced strategy will no longer work.  For clients that have had trouble getting the audit report completed before the 5500 filing deadline should get started early.


If you have any questions or concerns, please contact your Administrator or any member of our staff.