The American Society of Pension Professionals & Actuaries (ASPPA), on behalf of 797 firms, has filed a petition with the U.S. Department of Labor (DOL) to request that the DOL permit the sharing of signer credentials under the EFAST2 system.
In the petition to Assistant Secretary of Labor Phyllis Borzi, ASPPA requests that the DOL modify its rules regarding the sharing of EFAST2 credentials on Form 5500. Specifically, ASPPA asks the DOL to provide a practitioner- and client-friendly solution to the electronic signing ceremony—an alternative that would permit practitioners to input signer credentials and transmit Form 5500 filings on behalf of their clients—after receiving authorization.
“DOL’s current guidelines hamper a pension professional’s ability to assist plan sponsors with the timely filing of Form 5500 and transfers the burden to these clients—many of whom are struggling small employers. We hope the Department will listen to the 797 firms who signed the petition and will partner with ASPPA to make changes which will ensure the integrity of filings and reduce the cost and burden to both plan sponsors and practitioners,” said Craig Hoffman, ASPPA general counsel and director of regulatory affairs.
In conjunction with its petition, ASPPA filed a letter offering the DOL a solution to the EFAST2 system problem, including sample forms to ensure compliance with department guidelines. These forms outline how filing signers can exercise the option to share their credentials with their service providers to facilitate electronic filing while maintaining client privacy.
“Agencies such as the Internal Revenue Service and Pension Benefit Guaranty Corp. have developed similar systems that recognize the key role played by service providers and involve them in achieving compliance. We hope that Assistant Secretary Borzi will take into account the effort of ASPPA and its members to find practical solutions to achieve regulatory compliance in the marketplace,” Hoffman said.
Related Article--External
EFAST2: Confusion on Short Year Filing, SunGard Relius, February 2010
Related Article--SHRM:
DOL Launches Mandatory Form 5500 Online Filing System, SHRM Online Benefits Discipline, January 2010