For the 2009 Form 5500, your 401k Administrator will need to submit your 5500 electronically to the Department of Labor. Under the new EFAST2 system, your 401k administrator will prepare the 5500 and submit it to the Department of Labor.
You will be notified by email to electronically sign the 5500 and submit it via the Internet to the EFAST2 system. Your 401k Administrator will tell you how you can register to obtain an EFAST2 ID and password. The ID and password are personal to the individual obtaining the ID. If you may have different company officers signing the 5500, each officer would need to obtain his/her own credentials.
Many companies will not want to be bothered with obtaining an ID or submitting the Form 5500 online. Thus they will want their 401k Administrator to do this form them. Unfortunately when you obtain your user ID and password, you must certify to the Department of Labor that you will not share the credentials with anyone, including your 401k Administrator.
If your 401k administrator prepares a Form 5500-EZ for you, you will not be able to file a Form 5500-EZ electronically using EFAST2. Your 401k Administrator must file it directly, on paper, with the IRS. However, you may elect to file a regular Form 5500 electronically in lieu of the Form 5500-EZ.
The 5500 considered public information. Therefore, self employed people who are concerned with others being aware of what they have in their retirement account should take the public disclosure into consideration in deciding whether to file the Form 5500 electronically or have the 401k Administrator file the Form 5500-EZ on paper with the IRS.
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