What is EFAST2?

EFAST2 is the electronic system used to file all Form 5500s and Form 5500-SFs. EFAST2 is now the required method of Form 5500 submission.

What Does EFAST2 Stand For?

EFAST2 stands for ERISA Filing Acceptance System II.

How Did Pinnacle Plan Design Handle the Form 5500s Before EFAST2?

In 2009, Pinnacle Plan Design started using EFAST2 to file 5500s. Prior to 2009, we mailed the 5500 to the Plan Trustee and it was the trustee’s responsibility to sign and submit the Form 5500 to the Employee Benefits Security Administration (EBSA) by the filing deadline. Now EFAST2 allows Pinnacle Plan Design to track when the trustee e-signs their Form 5500 to help ensure that Pinnacle can submit the form on behalf of the trustee by the filing deadline.

What Types of Retirement Plans Must File a Form 5500?

With limited exceptions (e.g., SIMPLE IRA and SEP arrangements), retirement plans covered by ERISA must file Form 5500-series returns annually. This would include profit sharing plans, 401k plans, money purchase plans, defined benefit plans, cash balance plans, etc. Read more about Form 5500.

For more frequently asked questions about the EFAST2 Electronic Filing System, click here.

Source: dol.gov

Pinnacle Plan Design is a third-party administrator (TPA) for employer-sponsored qualified retirement plans. We specialize in retirement plan design, administration and actuarial consulting. Pinnacle has a local presence in Tucson and Phoenix, Arizona (AZ), Houston, Texas (TX), Denver, Colorado (CO), and San Francisco, California (CA), and we proudly serve clients nationwide.