Once an Electronic User ID and Signature PIN are obtained from the DoL, the new service allows clients to file Form 5500 from its Web site. Effective January 1, 2010, retirement and welfare plans required to file an annual Form 5500 or 5500-SF must file electronically using the department’s new EFAST2 electronic filing system (see EFAST2 Adds Signature Option).
A Paychex press release said in addition to the services provided for Form 5500 filing, the Web site offers other services including:
- viewing and updating plan and participant information,
- determining employees who are eligible to enroll,
- obtaining forms and reports for operating plans,
- granting access to the site to clients’ accounting professional or financial adviser, and
- receiving answers to questions about clients’ plan.
To learn more about retirement solutions from Paychex, view the Paychex 401(k) and Retirement Services online demonstration or download a free white paper from Paychex, Strategic Benefits of a 401(k) Plan for Smaller Businesses, at http://smallbusiness.paychex.com/benefits/retirement.aspx.