Employee Benefit Plan Audit Quality Center

1. Employee Benefit Plan Audit Quality Center DOL EFAST 2 Electronic Processing for 2009 Form 5500 Live Forum March 3, 2010

2. Today’s Speakers Marilee Lau, Chair EBP Audit Quality Center Riquita Quarterman, US Department of Labor Sue Peirce, Apple Growth Partners

3. DOL EFAST 2 Electronic Processing for 2009 Form 5500 Live Forum A L L F I L E

4. Marilee Lau Chair EBP Audit Quality Center Introduction

5. Objectives • Provide an overview of the new electronic processing EFAST 2 system • Address how it will affect your plan clients • Discuss implications to EBP auditors • Q & A session: send questions to ebpaqc@aicpa.org

6. DOL EFAST 2 Electronic Processing for 2009 Form 5500 Live Forum First Polling Question

7. Riquita Quarterman U.S. Department of Labor Overview of the New Electronic Processing EFAST 2 System

8. Overview • Basics of Using EFAST2 • Primary Resource – www.efast.dol.gov/fip/forms_pubs.html • Review of Key Changes to the 2009 Annual Return/Report – What You Need to Know • Delinquent Filer Voluntary Compliance Program

9. Electronic Filing Mandate • All Form 5500 and Form 5500-SF must be submitted through EFAST2 except filings which have a plan year begin date in 2008 may be submitted on paper through EFAST. • This includes plan year 2007 and prior returns/reports. See EFAST2 FAQ #4. • www.efast.dol.gov/faq/faq_efast.html

10. EFAST2 FAQ #4 EFAST 2 FAQs can be found at: http://www.dol.gov/ebsa/faqs/faq-EFAST2.html Q4: How can I submit a delinquent or amended Form 5500 return/report for a Title I plan for years prior to 2009 once the EFAST2 system is available?

11. Electronic Filing with EFAST2 • Two ways to create & submit filings: • 3rd Party Certified Software • IFILE (free web-based filing application) • Combinations OK • List of approved third party software is posted on DOL website www.efast.dol.gov

12. EFAST2 Help • EFAST2 website at www.efast.dol.gov • FAQs • Users guides • Web-based tutorial • Staffed help desk at 1-866-GO-EFAST during business hours • Third party software certification & support

13. Using EFAST2 • Register for credentials • Create a filing • Check the filing for errors • Sign the filing • Submit the filing and check the status • View filings on our website • Not every screen is shown in this presentation • Third party software mostly used and will differ • iFile tutorial walks you through the screens

14. Register for Credentials • All plan sponsors & administrators must register for credentials to sign filings (Filing Signer role) • Anyone wishing to fill out the forms/schedules through iFile must register for credentials to author (Filing Author or Schedule Author role) • Anyone wishing to transmit completed filings through third party software MAY need to register for credentials (Transmitter role) • Actuaries and accountants do not need to register but may do so if they wish • You can not use EFAST ELF credentials for EFAST2

15. Summary of Steps to Register • Go to www.efast.dol.gov and click “Register” • Enter contact information and select role • Follow the screens • Check your email (and spam folder) for a message from EFAST2 • Click on the link in the EFAST2 message to complete your registration • Keep track of your UserID and password

16. Register – 1st Screen

17. Register – 2nd Screen

18. Register – 2nd Screen Continued

19. Register – 3rd Screen

20. Register - Email

21. Register – Verification

22. Register – PIN Agreement

23. Register – Signature Agreement

24. Register - Final

25. Registration Tips • Use your business email address when registering, rather than your personal address. • Check your spam folder if you do not receive the EFAST2 email within 5 minutes. • You can change your addresses (including email), phone number, PIN, Password, and roles at any time. Just login to the website and click “User Profile”. • You can not modify the UserID or secret knowledge (place or date of birth). This may change in the future. • Your Personal Identification Number (PIN) is personal and not to be shared.

26. DOL EFAST 2 Electronic Processing for 2009 Form 5500 Live Forum A L L 5 5 0 0

27. Create a Filing • IFILE is a free, optional, ‘no-frills’ web based filing application available on the EFAST website • Approved third party software should provide filers with added value • Must obtain “Filing Author” credentials before creating a filing in IFILE

28. Create a Filing – Form 5500

29. IFILE Workspace

30. Add Attachment

31. Validating a Filing – List of Errors

32. Sign the Filing • Signatures can be applied through approved third party software or IFILE. • Needed signatures are specified in Form 5500 and 5500-SF instructions. • Signatures in EFAST2 mean UserID and PIN. • One process for signing filings in iFile; one size fits all.

33. Summary of Steps to Sign a Filing in IFILE Associate Signers Open/Import a filing in iFile Click associate signers Enter one or more registered filing signer’s email address

34. Sign the Filing • Apply Signature • Signer opens the filing in iFile and reviews the filing • Click sign filing • Enter User ID & PIN and select signature line

35. Associating a Signer

36. Specifying Registered Signer(s)

37. Signer(s) E-mail Notification

38. Signature Legal Language

39. Application of Signature

40. Signature Tips • Individuals must have registered as signers before you can associate them to a filing and email address must match in IFILE. • If a required signature is missing you will receive a message AFTER you submit the filing – it won’t show up in the Validation check before you submit.

41. Signature Tips • If the plan administrator signature is missing or incorrect, you will get a “STOP” message when you submit your filing. • If plan administrator is same as plan sponsor, that person only needs to register once and apply their signature to the plan administrator “line”.

42. DOL EFAST 2 Electronic Processing for 2009 Form 5500 Live Forum Second Polling Question

43. Submitting a Filing EFAST2 automatically receives and tests filing submissions. 100MB is the current file size limit. Filers will see an initial list of errors/warnings if they validate before submission. Filers should receive an acknowledgment ID after submitting. Filers must check the status of their filing and final errors/warnings after receiving the acknowledgement ID.

44. Submitting a Filing • Filing status that includes the word “unprocessable” means we did not receive a filing from you. See EFAST2 FAQ #38. • In IFILE, only the author can submit filings.

45. Summary of Steps to Submit a Filing in IFILE • Open the signed filing in iFile. • Click Submit. • Click OK in the Acknowledgement popup window. • In the left hand navigation bar, click Submissions. • See the Status of the filing you submitted (click if possible) to ensure EFAST2 received and could process what you sent.

46. Submitting Filing Tips • Check the filing status and list of errors after you submit (may differ from the pre-validation you did before you submitted). • If you are amending or want to make a copy of a filing, use the “amend” button in the submission list window.

47. Viewing Submitted Filings Generally, filings received in EFAST2 are disclosed on our website within 1 day of receipt. This includes Form 5500-SF. Filings not disclosed through the EFAST2 website are available through EBSA’s public disclosure room. Go to www.efast.dol.gov and click “Search for Filing(s)”

48. Filing Search Screen

49. Viewing a Specific Filing

50. General Consideration when Using EFAST • It’s a first-year Internet-based web application, it’s not bullet-proof. • If your Internet connection is fast, you will have a better experience. • If you click something and it doesn’t do what you expect or your screen freezes, close your browser and try it again.