Form 5500 Filing Simplification Act

Bill Number

H.R. 7362

Origin Chamber

House

Congress

119th Congress, Session 2

Policy Area

Labor and Employment

Status

Introduced

Latest Action

2026-05-21: Ordered to be Reported (Amended) by the Yeas and Nays: 22 - 12.

Last Updated

2026-07-06T17:46:27Z

AI-Generated Summary

Purpose of the Legislation

The Form 5500 Filing Simplification Act aims to make it easier for administrators of employee benefit plans—such as retirement or health plans—to file annual reports (Form 5500) with government agencies. It updates deadlines and filing methods under the Employee Retirement Income Security Act of 1974 (ERISA), a law that sets standards for private-sector employee benefit plans to protect workers' savings and benefits.

Key Provisions

• Extended Filing Deadlines:
• Changes the standard deadline for submitting Form 5500 from 210 days (about 7 months) after the end of a plan year to 15 days after the close of the 9th month following the plan year (roughly 9.5 months total).
• Allows the Secretary of Labor to grant extensions for plans affected by disasters, fires, or other events listed in tax code section 7508A(b), such as natural disasters or emergencies.
• Updates for Pension Plans:
• For reports to the Pension Benefit Guaranty Corporation (PBGC, an agency that insures certain retirement plans), extends the deadline from 6 months to the same 9.5-month period.
• Electronic Signatures:
• Permits electronic signing of Form 5500 and related reports, replacing traditional paper-based methods.
• Provides a "good-faith" safe harbor, meaning plans that try to comply in good faith before full implementation won't face penalties.
• Regulatory Updates:
• Requires the Secretary of the Treasury to align tax regulations with these changes.
• Directs the Secretary of Labor, Treasury Secretary, and PBGC Director to update forms and guidance as needed.
• Gives the Secretary of Labor authority to issue rules to implement the changes.
• Effective Date: Applies to plan years ending on or after the date the law is enacted.

Significant Changes to Existing Law

• Deadline Extensions: Previously rigid timelines under ERISA (29 U.S.C. 1024 and 1365) are lengthened, reducing the rush for filings while maintaining annual reporting requirements. This replaces shorter deadlines that could lead to rushed or incomplete submissions.
• Modernization of Process: Introduces electronic signatures for the first time in these specific ERISA sections, shifting from manual to digital methods to streamline submissions.
• Flexibility for Disruptions: Adds explicit disaster relief tied to existing tax code provisions, which wasn't as clearly integrated before.

Potential Impacts

• On Government Agencies: The Department of Labor (DOL), Treasury Department, and PBGC will need to update forms, systems, and guidance, potentially reducing their workload from late or error-prone filings. This could improve data accuracy for oversight of plans covering millions of workers.
• On Citizens and Employers: Plan administrators (often employers or third-party firms) face less administrative burden, saving time and costs—estimated benefits could include fewer errors in reporting plan assets, participants, and finances. Employees and beneficiaries indirectly benefit from more reliable plan management, though no direct changes to benefits occur.
• On International Relations: No direct impacts, as this focuses on domestic U.S. employee benefit plans.

Main Stakeholders Affected

• Plan Administrators and Sponsors: Employers or firms managing benefit plans (e.g., 401(k)s) who file Form 5500; they gain simplified processes.
• Plan Participants and Beneficiaries: Workers and retirees in covered plans; they benefit from potentially better compliance without added costs.
• Government Agencies: DOL (oversees ERISA compliance), Treasury (handles tax-related filings), and PBGC (protects pension plans); they must adapt operations.
• Service Providers: Accounting or legal firms assisting with filings; electronic options could lower their costs.

Notable Legal, Constitutional, or Political Implications

• Legal Implications: Strengthens ERISA's reporting framework by reducing compliance barriers, potentially decreasing enforcement actions for late filings. The good-faith provision offers temporary protection, but full implementation relies on agency rulemaking, which could face delays or challenges if not done promptly.
• Constitutional Implications: None significant; the changes align with Congress's authority to regulate interstate commerce and employee benefits under the Commerce Clause, without infringing on individual rights.
• Political Implications: Bipartisan support (cosponsored by Republicans and Democrats) suggests broad appeal for reducing regulatory burdens on businesses while protecting workers. It could set a precedent for modernizing other outdated filing requirements in federal law.

This summary was generated by AI and may contain inaccuracies. Refer to the official source document for the authoritative text.

Sponsor

Rep. Grothman, Glenn [R-WI-6]

Cosponsors (11)

Rep. Norcross, Donald [D-NJ-1], Rep. Hamadeh, Abraham J. [R-AZ-8], Rep. Wilson, Joe [R-SC-2], Rep. Fine, Randy [R-FL-6], Del. Moylan, James C. [R-GU-At Large], Rep. Messmer, Mark B. [R-IN-8], Rep. Rulli, Michael A. [R-OH-6], Rep. Allen, Rick W. [R-GA-12], Rep. Harris, Mark [R-NC-8], Rep. Rouzer, David [R-NC-7], Rep. Rose, John W. [R-TN-6]

Recent Actions

• 2026-05-21: Ordered to be Reported (Amended) by the Yeas and Nays: 22 - 12.
• 2026-05-21: Committee Consideration and Mark-up Session Held
• 2026-02-04: Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• 2026-02-04: Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
• 2026-02-04: Introduced in House
• 2026-02-04: Introduced in House

Bill Versions

• Form 5500 Filing Simplification Act — issued 2026-02-04 — PDF (4 pages)