Fact Sheet

U.S. Department of Labor 

Employee Benefits Security Administration 

May 13, 2010 

Form 5500 E-Filing Requirement 

Given the importance of the Form 5500 information and data, it is critical that the Department of 

Labor, the Internal Revenue Service, and the Pension Benefit Guaranty Corporation establish an 

annual reporting process that provides accurate and timely information on Form 5500 information in 

the most cost-effective manner possible. The EFAST2 system, expected to receive over 1 million 

filings each year, allows plan filers to easily upload Form 5500 information and data. In addition to 

being cost-effective, the system generally provides access to filed reports within 1 day of receipt. 

Background 

The Form 5500 Series annual reports are the primary source of employee benefit plan financial 

information and data available to the Department of Labor, Internal Revenue Service and Pension 

Benefit Guaranty Corporation, participants and beneficiaries, other federal agencies, researchers, and 

the general public. 

The Department of Labor announced its intent to establish an electronic filing requirement for the 

Form 5500 Series annual reports in 2005, nearly five years before filers eventually needed to comply. 

As part of a public notice and comment process, the Department twice deferred implementation of 

the requirement to allow plans and service providers more time to make the necessary adjustments. 

In 2005, the Department first issued a proposed rule to announce its intention to move to a wholly 

electronic filing system for receipt of Form 5500 Series filings beginning with filings for the 2007 plan 

year. 

In 2006, the Department published the final electronic filing rule, which deferred the electronic filing 

mandate to filings for the 2008 plan year. 

In November of 2007, the Department published final rules on the proposed Form 5500 Series 

revisions deferring the electronic filing mandate by another year. The electronic filing requirement 

was deferred to apply to Form 5500 and small plan Form 5500-SF filings with EFAST2 made on or 

after January 1, 2010. 

Benefits of Electronic Filing for Plans, Participants, Sponsors, and Public 

An all electronic filing system benefits plans, participants, sponsors and the public. It reduces filer 

error and, as a result, reduces the need for correspondence and the burden associated with responding 

to correspondence and resubmission of Form 5500 Series filings. The increased accuracy of filings 

reduces the potential for filer penalties. The electronic system also increases the timeliness of the data 

for public disclosure and enforcement, thereby enhancing the protections for participants and 

beneficiaries; and lowers processing costs, benefiting taxpayers generally. 
The resulting improvement in the timeliness and accuracy of the information from electronic filing 

will assist EBSA in its enforcement, oversight, and disclosure roles and ultimately enhance the 

security of plan benefits. 

Costs and Complexity of Dual Paper and Electronic Systems Made 

Exceptions Impractical 

Maintaining any paper filing system, even on a reduced scale and/or for a limited period of time, 

would be unduly costly and inefficient. Creating a system that could continue to process both 

electronic and paper submissions was estimated to cost more than twice as much to develop and 

operate than an all electronic system. 

The Department concluded that any economic benefit that might accrue to some limited class of filers 

from a continued paper filing option would be outweighed by the benefits to participants and 

beneficiaries at large and to the Department and taxpayers generally of implementing a single, wholly 

electronic system. 

EBSA Engaged in Comprehensive, Ongoing Outreach to Educate and Help 

Filers Prepare 

Recognizing the challenges involved in changing current practices and procedures in order to move to 

a new wholly electronic filing system, the Department undertook an ongoing public outreach effort 

last year to provide Form 5500 Series filers with the information they need to satisfy their electronic 

filing and annual reporting obligations. 

The Department established a Web site dedicated to the new EFAST2 system that includes an array of 

educational and compliance assistance materials, including FAQs and an IFILE Tutorial. 

Staff of the Department conducted four webcasts designed to facilitate compliance with the new 

annual reporting requirements and electronic filing system, three of which are archived on the EBSA 

Web site and available for viewing, in addition to participating in a variety of educational conferences 

and outreach programs sponsored by associations and other organizations. 

There is also a toll-free Form 5500 Series help desk that is available from 8:00 a.m. to 8:00 p.m. (ET); 

call 1-866-GO-EFAST (1-866-463-3278).

EFAST2 System Includes an IFILE Option, Specially Suited to Small 

Businesses That Have Simple Filings and Want a Low Cost Filing Option 

IFILE is the Form 5500 and Form 5500-SF preparation and submission application that is on DOL’s 

web site. It is free to use and allows filers to prepare, sign, and submit individual filings. With file 

sharing as part of the software, different people can work on a single filing in a coordinated and 

streamlined manner. 

All parties who are required to sign the Form 5500 Series filings can obtain a personal identification 

number (PIN) through a simple registration process on the EFAST2 Web site. That PIN can be used 

as an electronic signature when filing the Form 5500 or the Form 5500-SF. The EFAST2 system 

greatly simplified the process for getting an electronic signature PIN so that anyone that can use the 

Internet and an email system can easily get a PIN. 
The electronic signature process has two simple steps: (1) registering as a signer to get Signer 

credentials and (2) affixing a PIN to the electronic form. 

Electronic Signature Options 

The Department issued guidance regarding the EFAST2 electronic filing requirements telling plan 

administrators that they must register for a PIN and then electronically sign the plan’s Form 5500 or 

Form 5500-SF, as applicable, before it is filed with EFAST2 by personally affixing the PIN to the 

electronic submission. The PIN signature attests that the signer has reviewed the Form 5500 Series 

filing and that the information is true, correct and complete to the best of the signer’s knowledge. 

The guidance also provided that, because the EFAST2 PIN is the plan administrator’s electronic 

signature for purposes of the Form 5500/Form 5500-SF, the PIN must be protected and not shared. 

The electronic filing regulations and the Form 5500/Form 5500-SF instructions also require that plan 

administrators keep a manually signed copy of the Form 5500 or Form 5500-SF as part of the plan’s 

records. 

Allowing a service provider to affix the plan administrator’s PIN would be inconsistent with our 

current guidance because the administrator would not be personally electronically signing the filing, 

and the administrator would be sharing his or her PIN with the person preparing and transmitting the 

Form 5500 or Form 5500-SF to EFAST2. 

The Department has, however, responded to requests from the regulated community asking for a 

change in these electronic signature requirements by permitting plan administrators to authorize plan 

service providers that manage the plan’s annual filing process to electronically submit the Form 

5500/Form 5500-SF for the plan. 

Under this new e-signature option, service providers that manage the filing process for plans can get 

their own EFAST2 signing credentials and submit the electronic Form 5500 or 5500-SF for the plan. 

The service provider must confirm that it has specific written authorization from the plan 

administrator to submit the plan’s electronic filing. In addition, the plan administrator must manually 

sign a paper copy of the electronically completed Form 5500 or 5500-SF and the service provider 

must include a PDF copy of the first two pages of the manually signed Form 5500 or 5500-SF as an 

attachment to the electronic Form 5500 or 5500-SF submitted to EFAST2. The service provider must 

communicate to the plan administrator any inquiries received from EFAST2, DOL, IRS or PBGC 

regarding the filing, and inform the plan administrator that, by electing to use this option, the image 

of the plan administrator’s manual signature will be included with the rest of the return/report posted 

by the Labor Department on the Internet for public disclosure. 

Civil Penalties for Failures to File the Form 5500 or Form 5500-SF 

Given the importance of the Form 5500 Series annual reports, ERISA and the Internal Revenue Code 

provide for assessment or imposition of civil penalties in cases in which there is a failure or refusal to 

file a complete and accurate annual return/report. 

Electronic filing of the Form 5500 or Form 5500-SF is required and there are civil penalties for failing 

to file. 

EBSA’s efforts this year are focused on helping employee benefit plan sponsors, especially small 

businesses, successfully make the transition to the new, electronic EFAST2 filing system. The 
Department will, however, continue to seek civil penalties for violations of the annual reporting 

requirements in appropriate cases. 

Contact Information 

For questions about filing under EFAST2 or general Form 5500 Series inquiries call 1-866-GOEFAST (1-866-463-3278), weekdays 8:00 a.m. to 8:00 p.m. (ET). 

This fact sheet has been developed by the U.S. Department of Labor, Employee Benefits Security Administration, Washington, DC 

20210. It will be made available in alternate formats upon request: Voice Telephone: 202-693-8664; Text Telephone: 202-501-3911. In 

addition, the information in this fact sheet constitutes a small entity compliance guide for purposes of the Small Business Regulatory 

Enforcement Fairness Act of 1996.