Beginning on September 1, 2023 login.gov will be the only way to obtain your Efast User ID and PIN is through the Login.gov website.
If you have filed a Form 5500 in the past and need to access your existing credentials, click on “Forgot Username” or “Forgot User ID” at the login page. You may then access your credentials under your “User Profile”.
Please note!
If you have never registered to sign a Form 5500:
- Register for your Efast2 credentials here.
- Follow the on-screen steps (Efast2 FAQs here). Upon registration, a User ID and PIN will be assigned to you.
If you have existing Efast2 login credentials, you will need to link your Login.gov credentials:
- If you have an existing Efast2 and Login.gov account, click here and select Sign in with Login.gov.
- If you do not have an existing Login.gov account, create an account here, follow the on-screen steps, then click here and select Sign in with Login.gov
Please note!
Your User ID begins with a capital letter “A”, followed by seven numerical digits (example: A1234567)
Your Pin is a 4-digit number (Example: 1234)
Once you are logged in you may then access your credentials under “View Your User ID and PIN”.
The deadline to file the 2022 Form 5500 is July 31, 2023. This can be extended until October 16, 2023 upon written request.
You can request a Form 5558 extension form by emailing us at support@myubiquity.com. Please be sure to include the plan name in your request.
The standard fee for the Form 5558 is $195, but this fee will be waived if requested prior to July 21, 2023. If you do not file the 5500 by July 31, 2023, and you do not request an extension, an extension will automatically be filed on your behalf and the $195 fee will apply.
The Form 5500 is a public document. Once successfully filed, it will be available for search on the Department of Labor website. Feel free to search for your successful Form 5500 filing here (our recommendation is to search by EIN).
The IRS penalty for late filing of Form 5500 is $250 per day, up to a maximum of $150,000. The DOL penalty for late filing can run up to $2,529 per day, with no maximum.
Yes, if you determine you didn’t file your Form 5500, you may have the option to file under the DOL’s DFVC program. The DOL maintains a Delinquent Filer Voluntary Compliance Program (DFVC) available to plans that are subject to Title 1 of ERISA and are not currently undergoing an audit. The DOL’s standard fee for each filing begins at $750 and may increase dependent on the amount of participants in your plan. Please contact Ubiquity so we can assist you in filing your delinquent Form 5500 through the DFVC program. Ubiquity’s hourly fee of $195 may apply for the preparation of form(s) and necessary documents.
Yes, a terminated plan must continue filing a Form 5500 until all assets have been distributed. You are required to file a Final Form 5500 for the year in which all plan assets were fully distributed, and the plan had an ending asset balance of zero.
The 5500 email is sent to primary plan sponsor and trustee(s) via email address(es) listed within your account. If you have not received an email, check your Spam/Junk folder and verify that the email on your Ubiquity account is correct. If your email address within your account is outdated or you recently updated your email address on Ubiquity’s website, please notify us by sending an email to support@myubiquity.com so we can resend your filing link.
Alternatively, you may access the Form 5500 from your Employer Dashboard at myubiquity.com.
No, please designate one plan sponsor or trustee to e-sign the form. Ubiquity prepares the Form 5500 for you; however, we are not authorized to sign and submit the form on your behalf.
To update your company’s mailing address on the Form 5500, please send an email to support@myubiquity.com specifying the required changes.
Additionally, if you have not already done so, please send a trustee signed letter of instruction with the changes to the company’s address (preferably on company letterhead) to support@myubiquity.com so we can update all our records and your plan’s legal documents.
To update your company name or EIN on the Form 5500, please send an email to support@myubiquity.com specifying the required changes.
Additionally, if you have not already done so, please send a trustee-signed letter of instruction with the changes to the company’s plan and/or EIN (preferably on company letterhead) to support@myubiquity.com so we can update all of our records and your plan’s legal documents.
To update your bond information on the 2022 Form 5500, please send a copy of your coverage information to support@myubiquity.com. This information will be updated on the Form 5500 and in your plan records.
Participant counts are generated with the census information that you and/or your payroll provider supply us throughout the year. Key information used to determine participant counts include date of birth, employment and eligibility status, date of termination, contributions, and account balances.
Below is a description of the participant count fields:
Definitions for Employee Counts:
5a = Count of employees who became eligible (not necessarily making contributions) on or before the first day of the filing year (1/1/2022). This count will also include terminated participants with account balances as of 1/1/2022.
5b = Count of participants who became eligible (not necessarily making contributions) on or before the last day of the filing year (12/31/2022). This count will also include terminated participants with account balances as of 12/31/2022.
5c = Any participants who had balances in the plan as of 12/31/2022 regardless of their employment status with the company.
5d(1) = Active and eligible participants (not necessarily making contributions). Participants who terminated before 1/1/2022 are excluded from this count regardless of their account balance.
5d(2) = Participants who were active and eligible on or before 12/31/2022. Participants who terminated before 12/31/2022 are excluded from this count regardless of account balance.
5e = Participants who terminated their employment during 2022 and were not fully vested in their account balance.
Below is a description of fields that may be populated in Part III (Financial Information) of your Form 5500.
8a. Contributions —
- 1. Employer Contributions — Any contributions the company made to the plan during the year. Types of contributions include: Safe Harbor, Profit Sharing, QNEC, and/or Discretionary Match.
- 2. Participant Contributions — Any contributions participants made to the plan during the year. Types of contributions include: Pre-Tax Deferral and/or Roth Deferral.
- 3. Others, Including Rollovers — Any employee rollovers from IRAs and other qualified retirement plans that were rolled into the plan.
8b. Other Income — The sum of all dividends, gains/losses (realized and unrealized), investment interest, and any participant loan interest accrued throughout the year.
8c. Total Income — The sum of Sections 8a and 8b.
8d. Benefits Paid — The sum of all participant benefit distributions in the plan year due to termination, age 59½ in-service withdrawals, hardships, QDROs, Required Minimum Distributions (RMD), and/or distributions due to a plan termination.
8e. Deemed / Corrective Distributions — The sum of all required ADP/ACP Refunds and/or 402(g) excess refunds.
8f. Administrative service Providers — The sum of fees paid from plan assets to service providers and custodians throughout the plan year. Types of fees include monthly participant fees, distribution fees, loan fees, advisor fees, and custodial fees.
The amount reported under “Other Income” is comprised of all dividends, gains/losses (realized and unrealized), investment interest, and any participant loan interest accrued throughout the plan year.
Question 10g in Part V reports the sum of all outstanding loan balances for all plan participants on the last day of the year.
“Yes” is selected in answering questions 10h and 10i in Part V to indicate that a “blackout” period occurred sometime in the year.
If your plan transferred to Ubiquity from another provider mid-year, a blackout period occurred.
The six-digit NAICS (North American Industry Classification System) primary business activity code is used by the IRS to categorize plan sponsors based on their business activity type.
Ubiquity obtains this code from you during the plan implementation process. If we do not have your company’s code, we will use a default code of 541600 on the Form 5500. You can obtain your code from the NAICS list, your CPA, or your corporate income tax return, where it is also reported.
This form is used by the Social Security Administration (SSA) to identify terminated employees who are entitled to distributions but haven’t taken them yet. For example, if a plan has a participant terminated during 2020 and didn’t take a distribution by December 31, 2022, that participant should be listed on the 2021 Form 8955-SSA with an account balance and denoted with code A, indicating that the participant should be added to the SSA database. If the participant receives their distribution in the future, this will be reported on Form 8955-SSA for the year of distribution with code D to indicate that the participant should be deleted from the SSA database.