EFAST 2 What you should know August 14 th Webinar

Transcription

1 EFAST 2 What you should know August 14 th Webinar Q1: How are attachments uploaded if using ftwilliam to transmit to DOL? A: The attachments are added via the "Edit/Print" box on the Form 5500 Software screen. All attachments must be added as a PDF and will be included in the final PDF that your client receives when the client signs their filing. Q2: If I am preparing most schedules but not all (example SB from actuary) how would I upload this form if I want to transmit from the ftwilliam.com website? A: Those attachments (including schedules) would have to be uploaded as a PDF before the filing is sent to your client for signature. Q3: I thought I just heard the TPA doesn't need a PIN; isn't the TPA an author? A: A TPA does not need a PIN number, when preparing a 5500 on the ftwilliam system. You will need to register as a Filing Author if you are using IFILE to prepare a Below is an excerpt from the DOL FAQ regarding registration for IFILE: Filing Authors can complete Form 5500/5500-SF and the accompanying schedules, submit the filing, and check filing status. Filing Authors cannot sign filings unless they also have the Filing Signer role. If you are using EFAST2- approved third party software to author your filing rather than IFILE, you do not need to check this box. Q4: How does the client get a copy of the "signed" 5500? A: The client is required to print the 5500 before they can electronically sign it. The client should sign the printed copy and save it for their records. Q5: Please elaborate on portal access from the TPA website; a client can go to my website and access the 5500 for review and submission from your website? A: Correct. We provide a Portal in which TPAs can create user accounts. These users can then log into the TPA website using whatever authentication method the TPA uses. TPAs can then provide a link within their site which will pass a security key and direct the user to the ftwilliam portal which has optionally been branded with the TPA s logo and colors. From here the user can print and sign the Exact details of this process will be available shortly. The Portal may also be accessed directly by going to the ftwilliam website. Alternatively ftwilliam has a feature called ftwlink which can be used to create an interface with your applications and the ftwilliam application. In this case, your client could access the filing via your web-site. Please contact us for details if you wish to use this feature. Q6: When you run the pdf, can you do the entire 5500 at once or will you have to click on each schedule

2 A: You may choose to generate one PDF with the entire filing. Q7: The errors come back to the TPA not the client, right? A: Correct. The client can see if the filing was accepted or not, but only the TPA will see a list of errors. Q8: So there's no advanced registration for our clients to obtain their EFAST2 user id and password? A: No, unfortunately you must wait until January 1, Q9: We want to enter the 5500 information, print and then sign them manually and mail. Is this possible with your software? A: It is possible to generate a paper copy of the Form 5500, but DOL will not allow you to manually sign and mail your filings for EFAST 2. You must e-file for EFAST 2. Q10: Will the Sch. SSA be electronically filed with SSA or be hard copy only? A: The Filings details have not been released yet. Q11: Will the Form 5558 still be filed by hard copy with the IRS? A: Yes, you have to submit a paper copy. Q12: If I have a client with a terminating plan that will zero out its assets before end of 2009 (12/31 PYE), can we still file a 2008 Form indicating 2009 short period (old or current instructions), or will these have to wait for EFAST electronic filing? A: From the DOL FAQ: Short 2009 plan year filers whose due date to submit their 2009 filing is before January 1, 2010 will be given an automatic extension to electronically file their complete Form 5500 annual return/report within 90 days after the 2009 filing system is available on the DOL web site. This special extension is being granted to encourage such filers to submit their 2009 returns/reports electronically under EFAST2. Filers who choose not to take advantage of the special extension must use plan year 2008 forms and instructions and submit their annual return/report on or before the due date for their filing under the current EFAST system (before EFAST2 and the 2009 Forms and instructions are available for filing in January 2010). Q15: Does the client have to keep a signed hard copy for their records? A: Yes, they must keep a hard copy with a wet signature. Q16: Will you produce printed materials that we can give to our clients that will walk them through the EFAST2 filing process? A: Yes, we will provide sample correspondence prior to 1/1/2010 for you to batch to your clients. Stay tuned Q17: How do the actuariesa sign the schedule SB?

3 A: They will need to sign and send you a PDF version of the SB or MB to be uploaded on ftwilliam.com. Q18: Can you get all active schedules generated as a single PDF? A: Yes, you would use the "Print All Final Schedules" option under the "Edit/Print" box. Q19: Do TPAs need to apply for any kind of PIN? A: Only if they are using in house software to prepare or transmit a filing, in which case the software transmission and filing preparation software must be certified. Q20: When will the site be available to add our logo? Are we responsible for the customization? A: The site will be available to add a logo when the 2009 software is released. You do not have to customize the portal with your logo, we just give that to you as an option. Q21: If we want to amend the 5500s for the years prior to 2009, do we still print it out and mail it? A: An excerpt of the November, 2007 Notice of Revision of Annual Information Return/Reports that explains this is below: ( Also, as provided in the Electronic Filing Rule, delinquent or amended filings for prior plan years for which paper filing options were available also will be subject to the electronic filing requirement.... The Department will provide instructions prior to the inauguration of the system on how those filings are to be made under the electronic filing system.... Amended Return/Report File an amended return/report to correct errors and/or omissions in a previously filed and accepted annual return/report for the 2009 plan year. The amended Form 5500 and any amended schedules and/or attachments must conform to the requirements in these Instructions. See the DOL Web site at for information on filing amended returns/reports for prior years. Q22: Regarding the sign in and password before signer signs, does TPA create it for the signers? A: See Q5. Q23: A couple of years ago we had clients get id's/pins, do they have to get them again after 1/1/2010? A: Yes, this is a completely different system and they will still need to register as a signer for EFAST 2.

4 Q24: Does an Enrolled Actuary need to electronically sign Schedule SB, or is this a manual signature? If manual, how is this added to the filing? Are "attachments" included when you "print all schedules"? A: A wet signature is still required, but the Actuary must send you a PDF version of the schedule that will then be uploaded on ftwilliam.com as an attachment. Once it is attached, the schedule will be included in the PDF that your client receives. Q25: Is the review/assign detail available for 2008 at all - or something similar? A: No, sorry, this will only be available for EFAST 2 Q26: Have you heard anything about the DOL DELAYING the MANDATORY E- filing for 2009? Has this deadline been pushed back? A: No, it is still on schedule. Q27: Where do you assign a plan to a specific administrator/employee? A: You would assign an administrator via the "Workflow" feature on the Form 5500 Preparation screen. Q28: Since the Form 5500 and SSA are filed separately, what are the due dates? Can one be timely and another be on extension? A: SSA details have not been finalized. Q29: Holly: in the PRINT ALL FINAL FORMS & SCHEDULES, is the 5558 automatically included in that specific Plan's Forms & Schedules or do we need to insert the 5558 separately? A: No, it is not included in the PDF version that your client receives. You will need to download the PDF version separately. Q30: Can we file prior year efast2? A: Yes. In fact this may be required. See Q12 and Q21. Q31: How will audits be attached? A: The same way all other attachments will be attached. Q32: Can clients who go to the FTW website get the DOL username and password through FTW or do they have to go to DOL first. A: We are considering a feature to allow users to access their credentials from the ftwilliam system. Q33: If the sponsor and the administrator are the same person, do they have to go in twice to sign? A: No, only one signature is necessary. Q34: Will FtWilliam still offer a way to upload the SSA, however, not include it within the 5500? A: Yes, this will be done the same way the Schedule SSA is currently handled.

5 Q35: Any chance the DOL will allow the TPA to efile once the TPA receives a signed form (like the personal returns)? A: No, according to current DOL guidance. Q36: I see that you have a print ALL FINAL schedules option; however, our SSA is over 1000 pages. Is there any way we can exclude this and print all pages except our SSA without having to click on each individual one to print? A: We are working on this feature. Q37: Will it cost extra to e-file or is the increase in tool price for 2010 take that into consideration? A: There is no additional cost for any features in our software. We charge one set price for everything. Q38: Do you have any extra privacy clauses/increased security now that people's SSN will be submitted via the web vs how we mail them in ourselves now? A: ftwilliam.com utilizes SSL technology in order to protect data while it is in transit from a customer s web browser to the ftwilliam.com servers. SSL technology is the same technology and method of encryption that banks and other online merchants use to secure their transactions. Q39: If I switch to your 5500 software from another vendor, do you have an import function so that I don't have to reenter info? A: We have 55Autofill which pulls your filings off of the DOL database and imports that data into your current forms. We have other import functions too, but please support@ftwilliam.com for more information specific to your needs. Q40: I've attended a few EFAST2 seminars, and can't seem to get this question answered -- Some of my clients do NOT use or have a computer. How exactly can the forms be filed for these clients if they refuse to get online access? I know that for PBGC filings, I can file the forms on behalf of my clients (assuming they sign appropriate releases). A: The answer has been the same since EFAST 2 went into effect. You MUST have access to a computer and the internet and e-file your Form 5500s. Here is an excerpt for the DOL FAQ: The EFAST2 process for obtaining Filing Signer credentials is designed so that the person signing electronically must be the person registering for the credentials. Access to any computer with an Internet connection is all that is required to register. Thus, your client may come to your office, use a personal computer at home, or go to a public library or copying center with a computer, and register for credentials using free accounts or an account provided by your company (e.g., tpafirm.com).

6 Q41: Will there be any exceptions for plans that will be filing a final Form 5500 in 2009 letting them file a paper form? A: No exceptions at this time. Q42: Presently we cannot insert a PDF copy of Form 5558 into the final Will we be able to do this with the 2009 Form 5500 filing? A We are considering this feature. Q43: Does the TPA or the Sponsor setup the FTWilliam portal login information? A: The preparer using ftwilliam.com sets up the signer information to be used for the portal. Q44: Will the DOL be mailing letters regarding errors on the 5500 filing, or will that all be taken care of online? A: The details of this have not been finalized, but all filing errors can be obtained by checking the status of a filing.