Less like a pension than people hope. There is no US-Malaysia income tax treaty and EPF is not US-qualified, so employer contributions are generally taxable compensation to a US person when made. The annual EPF dividend is the nuanced part: under the employees'-trust analysis (IRC section 402(b)), earnings are often deferred until distribution for rank-and-file employees, while some preparers tax them annually; the position should be consistent year to year. Malaysia taxes none of it, so there is little Foreign Tax Credit to absorb whatever the US taxes.
EPF balances count toward FBAR and Form 8938 thresholds regardless of which income position is taken.