As promised, new drafts of Form 5500 Series released by DOL

Give your team a heads up: The informational copies of the 2022 Form 5500, Form 5500-SF, IRS Form 5500-EZ and form instructions have been released by IRS, the Dept. of Labor’s (DOL) Employee Benefits Security Administration and the Pension Benefit Guaranty Corporation.

They arrive just in time for the year-end financial condition, investments and operations federal reporting of your employee pension and welfare benefit plans. They’re due the last day of the seventh month after the plan year ends (July 31 for a calendar year plan).

Important “Changes to Note” in the instructions for the 2022 versions of Form 5500, Annual Return/Report of Employee Benefit Plan, and 5500-SF, Short Form Annual Return/Report of Small Employee Benefit Plan, include modifications to:

• multiple-employer plans
• administrative penalties
• Schedule MB for multiemployer defined benefit plan and certain money purchase plan actuarial information
• Schedule R for retirement plan information, and
• Schedule SB for single-employer defined benefit plan actuarial information.

Not so ‘EFAST’ on that Form 5500 filing

As much as your team wants to get a jump on wrapping up year-end as soon as possible, remind them these are just reference copies, and can’t be used to do the EFAST2 filing of the 2022 Form 5500 Series.

So they still need to keep an eye on efast.dol.gov for the official versions, which can then be filed using software from EFAST2-approved vendors or directly through the EFAST2 website.

Authentication process changes

In addition, the EFAST2 website authentication process is being updated and it’s good news for team members that feel like they have to remember too many passwords. The user ID/password log-in process is being phased out and will be replaced by a Login.gov sign-on, which enables a single username and password to securely log in to many U.S. government agency sites.

Existing EFAST filers may change over to a Login.gov account as early as January 1, 2023. Your EFAST2-issued user ID and password will still be valid, but only until Sept. 1, 2023.

Also, if you don’t use EFAST2-approved private software, logging into the EFAST2 site is required to obtain new electronic signature credentials for the Form 5500 Series. It’s also required to file DOL Form PR (for a person or entity that serves as a pooled plan provider to pooled employer plans) or to use the free IFILE government filing application.

Assistance is available on the site and by calling the EFAST2 Help Desk at 866-463-3278.