EFAST2 is the Department of Labor's electronic filing system for Form 5500-series annual returns. The DOL states that Form 5500 and Form 5500-SF filings and required schedules and attachments must be completed and filed electronically using EFAST2-approved third-party software or IFILE.
Step 1: Determine the Correct Return and Schedules
Before building the electronic filing, determine whether the plan uses Form 5500 or Form 5500-SF and which schedules and attachments apply. The current DOL instructions control.
Step 2: Prepare the Filing Data
Enter plan sponsor, administrator, participant, financial and compliance information in the preparation system. Reuse prior-year records when appropriate, but verify all carryforward information against the current plan year.
Step 3: Run Validation
Review required fields, calculations, schedule relationships and electronic filing rules. Correcting issues before transmission is generally easier than responding to a rejected filing.
Step 4: Complete the Signature Process
EFAST2 filings use an electronic signature process. The filer or authorized signer must follow the current credential and signature requirements. Software can support the workflow, but the responsible filer controls the signature.
Step 5: Submit Through EFAST2
Depending on the approved product, the filing may be transmitted through software or completed using the EFAST2 website workflow. Always confirm the current release's exact transmission method.
Step 6: Review Filing Status
After submission, check the filing result and any validation messages. Keep the acceptance information with the plan's filing records.
Step 7: Correct or Amend When Necessary
If a filing is rejected or later needs correction, use the EFAST2 procedures for a corrected or amended filing. Do not assume that simply resending the same file will create the intended legal result.
Official DOL reference: Form 5500 Series.
Build Time Into the Process for Signatures and Credentials
Electronic filing can stall when the return is ready but the signer is not. Plan ahead for the current EFAST2 credential and signature process, especially when a third-party administrator or outside professional prepares the filing for a plan sponsor. Confirm who will sign and what information that person needs before the deadline.
Retain the Final Electronic Filing Record
After acceptance, keep the final return, schedules, attachments and submission status with the plan's records. The accepted filing should be distinguishable from drafts so a later preparer can tell exactly what was submitted and when.