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Procedure for Electronic Filing:
After entering the data, the filing author (5500 preparer) will take the following steps:
- Contact the plan sponsor through an e-mail option in IFILE and invite the plan sponsor to an electronic signing ceremony.
- If the plan sponsor does not have signing credentials (filing signer), the contact will not occur. The filing author then will need to contact the plan sponsor through other means (telephone or e-mail) to encourage the plan sponsor to obtain the signing credentials.
- The plan sponsor then will enter its signer ID and PIN code.
- If the same individual signs as plan sponsor and plan administrator, the individual will need to repeat the signing ceremony.
- The filing author will monitor IFILE to confirm the plan's sponsor has entered the signer ID and PIN code.
- Once the filing author confirms that the signing credentials have been entered, the filing author must then transmit the Form 5500 filing to the DOL.
- If the format is not correct, IFILE will inform the filing author of the error.
- Once the filing has been received, the DOL has up to twenty-four hours to determine if it will accept the filing. The filing author can determine the plan’s filing status by monitoring IFILE.
- If the filing is not accepted, IFILE will inform the filing author of the errors. The filing author will need to correct the errors and resubmit.
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