EBSA Extends Form 5500 Credential Deadline

The Employee Benefits Security Administration extended the grace period to obtain new single-sign-on credentials for the EFAST2 Form 5500 filing system until December 31, part of the Department of Labor’s efforts to streamline the process.

EBSA began in January the process of moving EFAST2 users to a single-sign-on solution at the web address Login.gov to access many federal government agency websites, ending the need for users to obtain unique EFAST2-issued credentials, according to the DOL’s announcement.

“The changes made to the EFAST2 website are needed to allow users to obtain new electronic signature credentials for the Form 5500 Series, and to file Form PR or to use IFILE, the government’s free Form 5500 Series filing application,” the DOL release stated. “For existing Form 5500 Series filers using approved private software, logging into the EFAST2 website is generally not necessary.”

The extension helps users to make a gradual transition by allowing those with EFAST2 accounts established before January 1 to use those credentials through the end of the year. However, all users must obtain Login.gov credentials by the December deadline, EBSA noted. Users who have created new EFAST2 accounts in 2023 have already been directed to obtain Login.gov credentials.

Each year, the DOL makes changes to Form 5500, which contains information about a retirement plan’s financial condition, investments and operation. All U.S. defined contribution and defined benefit plans covered by the Employee Retirement Security Income Act must file a version of the form annually with the DOL and the IRS.