HR7362-119

What This Bill Does

The Form 5500 Filing Simplification Act changes annual reporting deadlines for employee benefit plans. It amends ERISA section 104 so the annual report is due no later than 15 days after the end of the ninth calendar month that begins after the close of the plan year, while allowing a later deadline if the Secretary determines that the plan, sponsor, administrator, participant, beneficiary, or other related person has been affected by a disaster, fire, or other event described in Internal Revenue Code section 7508A(b).

The bill also changes ERISA section 4065 reporting to the Pension Benefit Guaranty Corporation from within six months after the close of the plan year to the same 15-days-after-the-ninth-month deadline. It directs the Secretary of the Treasury to conform Treasury regulations and guidance to the ERISA deadline changes.

Treasury, Labor, and the PBGC must modify the relevant Internal Revenue Code returns and ERISA reports so the return, report, and any additional required information can be signed electronically. Plans are treated as satisfying the requirements if they comply in good faith until the agencies implement the required modifications. The Secretary of Labor must issue necessary regulations, and the amendments apply to plan years ending on or after enactment.

Who Benefits and How

Employee benefit plan sponsors benefit from a later, more uniform Form 5500 deadline and disaster-extension authority. Plan administrators benefit from electronic signature permission and good-faith compliance protection during implementation. Retirement plan service providers benefit because filing calendars and e-signature workflows become easier to standardize. Participants and beneficiaries may benefit if disaster extensions prevent rushed or defective filings after emergencies. PBGC-covered plan sponsors benefit from aligned ERISA section 4065 reporting deadlines.

Who Bears the Burden and How

Treasury regulation staff must conform regulations and guidance. Department of Labor employee-benefits regulators must issue regulations and modify ERISA reporting systems. Pension Benefit Guaranty Corporation staff must update reporting forms and systems. Plan administrators must adjust filing calendars, electronic-signature workflows, and disaster-extension procedures. Third-party administrators must update software, client guidance, and compliance checklists.

Key Provisions

• Changes Form 5500 annual report timing to 15 days after the end of the ninth calendar month after the plan year.
• Provides later filing time for plans or related persons affected by disasters, fires, or similar events.
• Aligns ERISA section 4065 PBGC reporting with the same ninth-month-plus-15-days deadline.
• Requires Treasury to conform regulations and guidance.
• Requires Treasury, Labor, and PBGC to allow electronic signatures on required returns, reports, and attachments.
• Protects good-faith compliance until agency implementation.
• Applies to plan years ending on or after enactment.