DoL Cautions Plans about Sharing EFAST2 PINs
U.S. Department of Labor (DoL) officials have cautioned plan administrators that they should not share their PIN numbers for the EFAST2 electronic document filing system.
The warning comes in a recently revised list of questions and answers on the DoL Web site about the EFAST2 system that will be used to submit Form 5500 beginning with 2009 plan year reporting.
The DoL officials explained that administrators will get a PIN number when they register online as a “Filing Signer” and that the code technically takes the place of a signature on a hard copy document.
Because administrators are required to certify the data on their Form 5500 as being accurate and the PIN represents that the certification has taken place, DoL said the number should not be shared with a TPA or someone else hired to prepare the annual report document.
The EFAST2 Q&A is available here. More information about EFAST2 is available here.
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