The Department of Labor states that Form 5500 and Form 5500-SF annual returns must be filed electronically through EFAST2 using approved third-party software or IFILE. That makes electronic filing workflow one of the first items to evaluate in a commercial product.
1. Confirm the Forms and Filing Year
Ask which filing-year edition is supported and whether the program handles Form 5500, Form 5500-SF and the schedules your plans require. Government specifications change over time, so current-year support matters.
2. Compare Schedule and Attachment Support
Plans can require different schedules depending on funding, plan type, service providers, investments and actuarial information. Make sure the program supports the schedules that match your client base.
3. Look for Validation Before Transmission
A useful program should identify missing required data and common inconsistencies before filing. EFAST2 has electronic validation rules, but preparers benefit from catching issues before a submission is built.
4. Understand the EFAST2 Workflow
Determine whether the product creates the filing data, transmits directly, or requires another submission step. Ask how credentials, signatures, acknowledgments and filing status are handled in the current release.
5. Check Amendment and Prior-Year Capabilities
Benefit-plan professionals may need to amend a prior filing or correct a rejected submission. Ask how the software handles amendments and which prior filing years remain supported.
6. Evaluate Record Reuse
Plan sponsor and administrator information repeats from year to year. Reusing those records can reduce data entry and make annual preparation more efficient.
7. Review Data Storage and Support
Confirm where plan data is stored, how backups work, and who provides help when a filing issue occurs. LawFirmSoftware.com uses a Windows desktop model with local data storage and U.S.-based support.
Official DOL reference: Form 5500 Series and electronic filing requirements.