New ERISA Credentials Requirement: In an effort to enhance security and protect the integrity of Form 5500 filings, the Department Of Labor has introduced a new credentialing process for individuals signing the form. This credentialing process ensures that only authorized individuals with the appropriate qualifications and knowledge of ERISA regulations can sign off on these important filings.
Who Needs the New Credentials?
Individuals responsible for signing Form 5500 on behalf of employee benefit plans are required to obtain the new ERISA credentials.
This includes plan administrators, trustees, and other authorized signatories.
The DOL is changing the method of logging in to the EFAST2 website with an EFAST2-issued User ID and password. It is being replaced by the unified Login.gov single sign-on mechanism for U.S. Government websites. Login.gov allows people to securely log in to many Government services using the same username and password.
Timeline for Compliance:
The new credentialing requirement is set to take effect December 31, 2023.
To avoid any disruptions in your Form 5500 filing process, we strongly recommend that you familiarize yourself with the new ERISA credentials and begin the credentialing process as soon as possible.
We look forward to assisting you in navigating these changes successfully.
For more information about benefit plan services, please contact your trusted TBC Advisor.