Compliance January 8, 2010

EFAST2 Ready for Online Form 5500 Filings

Plan sponsors can now take full advantage of a new federal government system for online filing of the required annual report to the Employee Benefits Security Administration (EBSA) at the U.S. Labor Department.

Reported by

PLANADVISER Staff

An EBSA news release said the EFAST2 system became fully operational December 31, and can now take electronic submissions of Form 5500 and Form 5500-SF documents. “Now that the EFAST2 system is operational, the Federal government and public will for the first time have real time, online access to financial information about private-sector employee benefit plans,” said Phyllis C. Borzi, assistant secretary of Labor for EBSA, in the news release.

The revised EFAST Web site has been updated to provide filers with a variety of tools and guidance, including the 2009 and 2010 Form 5500 and new Form 5500-SF schedules and instructions, frequently asked questions, user guides, and a tutorial, according to the Labor Department. Filers and preparers can register for an account, complete the required forms and schedules online in multiple sessions, print a copy for their records, and submit it at no cost, according to EBSA.

Filers may also use EFAST2-approved software to complete and submit their filings. A list of EFAST2-approved software is available.

Filers must submit the 2009 and 2010 annual return/report forms and schedules electronically through EFAST2. Prior year delinquent or amended Form 5500 filings also now must be filed electronically except that timely 2008 plan year filings may still be filed through the original EFAST on paper until October 15, or electronically through June 30, EBSA said.

A video about electronic filing is available here. Assistance with the EFAST2 system and the Form 5500 and 5500-SF is available toll-free at 1.866.463.3278.

The EFAST2 site is www.efast.dol.gov.

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Deals & People January 8, 2010

AXA Equitable Announces Leadership Roles

AXA Equitable Life Insurance Company has announced new executive appointments.

Reported by

Rebecca Moore

A press release said the board elected Andrew McMahon as president of its Financial Protection and Wealth Management business, James Shepherdson as president of its Retirement Savings business, and Richard V. Silver as chief administrative officer and chief legal officer.

McMahon will have overall responsibility for life insurance manufacturing, marketing, distribution, and in-force management, and will continue to lead AXA Advisors, AXA’s agent distribution system. Before joining AXA Equitable, McMahon was a principal at McKinsey & Co. and served as a life insurance practice leader in North America.

Shepherdson will have overall responsibility for annuity product manufacturing, third-party distribution, marketing, and in-force management, and will lead product manufacturing for the employer-sponsored markets. He will also continue to lead AXA Distributors and AXA Global Distributors. Shepherdson worked for AXA from 1996 to 2000 when he left to become co-CEO of MetLife Investors Group. From 2004 to 2005, he served as CEO of John Hancock Funds, then returned to AXA in 2005

Silver will oversee Information Technology; Central Marketing, Innovation and Communications; External Affairs; and the Strategic Initiatives Group, and will continue to be responsible for the Law Department and the Funds Management Group. Before joining AXA Equitable, Silver was a vice president and senior securities attorney with a subsidiary of Merrill Lynch.

The company said these roles have been created to enhance customer-centric product design, delivery, and service.

The three executives, along with Richard Dziadzio, chief financial officer, were also elected as senior executive vice presidents of AXA Equitable. All four, previously executive vice presidents, will continue to report to Christopher M. “Kip” Condron, chairman and chief executive officer of AXA Equitable.

“Our strategic plan focuses on three key areas: expanding and diversifying our product portfolio to serve the needs of existing and new markets, building distribution to effectively deliver a broader range of products to a wider array of clients, and optimizing the management of our substantial and valuable in-force business,” Condron said, in the press release.