The EFAST2 electronic filing system for Forms 5500 and 5500-SF employee benefit plan annual reports has a new e-signature option, which is designed to simplify the electronic filing process, especially for small businesses that use service providers to complete and file their annual reports, Employee Benefits Security Administration says.

Effective January 1, 2010, retirement and welfare plans required to file an annual Form 5500 or 5500-SF must file electronically using the department’s new EFAST2 electronic filing system. Under the new e-signature option, service providers that manage the filing process for plans can get their own signing credentials and submit the electronic Form 5500 or 5500-SF for the plan.

A new set of frequently asked questions have been developed to help small businesses understand this new option. Those materials are available through www.efast.dol.gov. Assistance with the EFAST2 system and the Forms 5500 and 5500-SF is also available toll-free at 866.463.3278.