Form 5500 Filing Simplification Act
Sponsored By: Senator Banks, Jim [R-IN]
Introduced
Summary
This bill would simplify and modernize Form 5500 filing by shortening the deadline and allowing electronic submission and signatures.
Show full summary
- Plan administrators and plan sponsors would file annual Form 5500s within 15 days after the end of the 9th calendar month following the plan year instead of the older timing rules.
- Employers and plan officials would be able to submit required returns and reports electronically and use electronic signatures, with a good-faith compliance standard until final regulations are issued.
- The Treasury would be required to update its regulations and guidance to match the new deadlines, and the Secretary of Labor would get authority to issue implementing rules.
- The changes would apply to plan years ending on or after the enactment date.
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Bill Overview
Analyzed Economic Effects
2 provisions identified: 2 benefits, 0 costs, 0 mixed.
Allow electronic Form 5500 signatures
This bill would let the Treasury, Labor Department, and PBGC permit electronic signatures on Form 5500 and related ERISA and tax returns. Plans that sign electronically in good faith would be treated as meeting signature rules until agencies finish implementing regulations. The Labor Department would have to write implementing rules and Treasury would update its regulations and guidance. These changes would take effect upon enactment for the electronic-signature authority and safe harbor.
More time to file Form 5500
This bill would give retirement plan sponsors and administrators more time to file Form 5500 and related ERISA reports. Filings would be due not later than 15 days after the end of the ninth calendar month that begins after the plan year ends. The Labor or Treasury Secretary could allow a later deadline after a disaster, fire, or an IRS action described in section 7508A(b). These deadline changes would apply to plan years ending on or after the date of enactment.
Sponsors & CoSponsors
Sponsor
Banks, Jim [R-IN]
IN • R
Cosponsors
Sen. Booker, Cory A. [D-NJ]
NJ • D
Sponsored 7/13/2026
Roll Call Votes
No roll call votes available for this bill.
View on Congress.gov