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Signing Signature on Ipad. Keeping your Form 550 Signing Credentials up to Date.

Form 5500 Signing Credentials - Keep Yours Up-to-Date

Form 5500 Signing Credentials - Keep Yours Up-to-Date

New for the 2012 plan year, Form 5500s submitted with incorrect e-signatures will not be considered filed and must be corrected before the due date or civil penalties can be assessed by the Department of Labor for late filing of Form 5500.  It’s essential for those employee benefit plan trustees responsible for signing Form 5500 to ensure the validity of their signing credentials as the first 2012 deadline approaches (October 15, 2013).  

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Signing credentials consist of two parts:  User ID and PIN. 

For signers who have obtained filing signer credentials in the past:  A current password (reset within 90 days of e-signature of Form 5500) is required for the PIN and User ID to be active.  The Department of Labor website does not notify a signer when a password is expiring.  Therefore, it is good practice to reset the password shortly before signing each time. 

Go to www.efast.dol.gov and click the Login link located in the left-hand column, where you will be prompted to enter the User ID and Password (not the PIN).  If you have access to this information, enter your User ID and Password and click Login.  If the password has expired, you will be prompted to enter the old password and create a new password. 

Once the new password is created, simply login to your account and the PIN and User ID are now re-activated. 

For new signers who require filing signer credentials:  A User ID and PIN can be obtained from the Department of Labor EFAST website at www.efast.dol.gov.  It takes no more than 15 minutes to register and retrieve your PIN and User ID and create a password.  Once at the EFAST2 website, click ‘register.’  The step-by-step process requires the input of personal and company information and the creation of a password.  A User ID and PIN are then assigned.  Detailed instructions can be found in the EFAST2 Guide for Filers & Service Providers.

With minimal effort prior to Form 5500 signing time, you can facilitate a smooth filing process and avoid preventable penalties.

Reneé Gistand is Lindquist LLP’s administrative scheduler.  In addition to scheduling audits and supporting the firm’s accounting department, Renee assists Lindquist LLP’s clients with Form 5500 signings.  Renee earned a bachelor of science degree from Saint Mary’s College and a master of science in taxation from Cal Poly San Luis Obispo. 

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