Form 5500 Deadline Extended by Department of Labor

The Employee Benefits Security Administration (EBSA), a division of the U.S. Department of Labor, has extended the grace period for obtaining new single-sign-on credentials for the EFAST2 Form 5500 filing system through Dec. 31. The move is part of a larger initiative to simplify user access.

EBSA began transitioning EFAST2 users to a centralized sign-on portal, Login.gov, in January. The switch eliminates the need for unique EFAST2-issued credentials, according to a department announcement.

"The changes to the EFAST2 website enable users to secure new electronic signature credentials for the Form 5500 Series, as well as file Form PR or use IFILE, the government’s free filing application for the Form 5500 Series," the DOL statement read.

For filers using approved third-party software to submit Form 5500 Series, accessing the EFAST2 website is generally not required, the release noted.

Users with EFAST2 accounts established prior to Jan. 1 have been given an extension to use their existing credentials until the year's end. After the Dec. 31 deadline, however, all users must transition to Login.gov credentials, EBSA stated.

New EFAST2 accounts created in 2023 have already been directed to use Login.gov for authentication.

Form 5500 is an annual disclosure document required of all U.S. defined contribution and defined benefit plans under the Employee Retirement Income Security Act. The form, updated yearly by the DOL, provides details about a retirement plan’s financial standing, investments and operations. Filers are required to submit the form to both the DOL and the IRS.