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EBSA News Release: [03/05/2004] Contact Name: Gloria
Della Phone Number: (202) 693-8664
Labor Department Seeks Comments on Proposed Revamping of
Electronic Filing for Annual Reports
WASHINGTONThe U.S. Department of Labors Employee
Benefits Security Administration (EBSA) today is requesting public comments on
proposed changes to the Employee Retirement Income Security Act (ERISA) Filing
Acceptance System (EFAST) to capitalize on web-based technology that promotes
more cost-effective and efficient ways to serve Americas citizens.
ERISA requires employee benefit plans to report annually on their
financial condition and operations. In 1999, EBSA created the EFAST system to
simplify and expedite the receipt and processing of the Forms 5500 and 5500-EZ
annual reports.
In redesigning the system, the agency will be guided by President
Bushs e-government initiative that focuses on better service to the
public through reforms that are citizen-centered, result-oriented and
market-based.
The redesigned system, known as EFAST2, will make use of web-based
technology to improve the collection and distribution of information about
employee benefit plans. EBSA annually receives an estimated 1.4 million annual
reports. Because much of todays technology was not available when EFAST
was first implemented, EBSA now has the opportunity to improve the system.
The request for comment (RFC) seeks public comments on issues related
to:
- Completing and filing the annual reports electronically via a
departmental website;
- Whether electronic filing of the annual reports should be
mandatory;
- Whether filing fees should be charged;
- Simplifying the electronic signature and authentication
procedure;
- Developing data specifications for accepting filings via the
Internet;
- Improving the handling of third-party attachments and
attestations;
- Consistency in treatment of paper and electronic filings;
- Requiring each plan filing annual reports to obtain a unique Employer
Identification Number (EIN); and
- Web-based distribution of annual reports.
Copies of the RFC will be available on EBSAs Web site at
www.dol.gov/ebsa and the dedicated EFAST Web site at
www.efast.dol.gov. Written comments
should be provided to the department by April 5. Comments should be addressed
to the EFAST Program Office, Employee Benefits Security Administration, U.S.
Department of Labor, 200 Constitution Avenue, N.W., Room N-5459, Washington,
D.C. 20210, Attention: EFAST RFC or via the Internet at
EFAST2@DOL.GOV.
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