Employee Benefit Plans: The 411

Valuable Information on 401ks, Pensions, ESOPs, Form 5500 Preparation + More

Filing status of returns/reports submitted through the EFAST2 system

As we approach the upcoming heavy filing season for Form 5500 (or Form 5500-SF), and the second year under the requirement to file these returns using the electronic EFAST2 system, it is important to understand the various filing statuses to monitor the status of your submission.

Users of the EFAST2 system can expect to encounter six different filing statuses. Some of these will indicate that a return has been considered filed while others do not. The following is a summary of the submission and filing statuses and what they mean.

Unprocessable submission

What is means: EFAST2 was not able to process the submission or “envelope” a transmitter sent. There may be multiple returns/reports in a single submission. EFAST2 could not read or process any of the annual returns/reports in this submission. All returns/reports in this submission are considered not received by the government.

Return/report considered a filing? No. This submission must be corrected and re-submitted.

Processing

What it means: EFAST2 is currently trying to send and process each of the annual returns/reports in the submission. Annual returns/reports should not remain in this status for more than 20 minutes.

Return/report considered a filing? No. The annual return/report has not yet been processed. Please check the filing status at a later time to determine the annual return/report’s processing outcome.

Filing unprocessable

What it means: EFAST2 could not read this annual return/report. This annual return/report is not considered filed with the government.

Return/report considered a filing? No. This annual return/report must be corrected and resubmitted.

Processing stopped

What is means: EFAST2 could read this annual return/report but could not fully check the filing for errors because crucial information was not provided by the filer. This annual return/report must be corrected and resubmitted in its entirety as an amended filing.

Return/report considered a filing? Yes

Filing error

What it means: EFAST2 discovered errors in the annual return/report information provided by the filer. This annual return/report must be corrected and resubmitted in its entirety as an amended filing.

Return/report considered a filing? Yes

Filing received

What it means: EFAST2 either found no errors or only identified possible errors in the annual return/report information provided by the filer. If corrections are warranted, they should be made and the corrected filing resubmitted in its entirety as an amended filing.

Users of the EFAST2 system should monitor the filing status of their submission and make the appropriate corrections, if needed, to ensure the Form 5500 (or Form 5500-SF) has been properly filed and accepted.

Jonathan Poppel, CPA