Form 5500 Filing Simplification Act

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[S. 4953 Introduced in Senate (IS)]

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119th CONGRESS
  2d Session
                                S. 4953

   To amend the Employment Retirement Income Security Act of 1974 to
      simplify the filing of Form 5500 for employee benefit plan
                            administrators.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             July 13, 2026

 Mr. Banks (for himself and Mr. Booker) introduced the following bill;
     which was read twice and referred to the Committee on Health,
                     Education, Labor, and Pensions

_______________________________________________________________________

                                 A BILL

   To amend the Employment Retirement Income Security Act of 1974 to
      simplify the filing of Form 5500 for employee benefit plan
                            administrators.

    Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Form 5500 Filing Simplification
Act''.

SEC. 2. FORM 5500 FILING SIMPLIFICATION.

    (a) ERISA Filing.--
            (1) Filing with secretary and furnishing information to
        participants and certain employers.--Section 104(a)(1) of the
        Employee Retirement Income Security Act of 1974 (29 U.S.C.
        1024(a)(1)) is amended by striking ``within 210 days after the
        close of such year (or within such time as may be required by
        regulations promulgated by the Secretary in order to reduce
        duplicative filing)'' and inserting ``not later than the date
        that is 15 days after the end of the 9th calendar month that
        begins after the close of such year (or, if the Secretary
        determines that the employee benefit plan, or any sponsor,
        administrator, participant, beneficiary, or other person with
        respect to such plan, has been affected by a disaster, fire, or
        action as described in section 7508A(b) of the Internal Revenue
        Code of 1986, a later time determined appropriate by the
        Secretary)''.
            (2) Annual report of plan administrators.--Section 4065 of
        the Employee Retirement Income Security Act of 1974 (29 U.S.C.
        1365) is amended, in the matter following paragraph (3), by
        striking ``within 6 months after the close of the plan year''
        and inserting ``not later than the date that is 15 days after
        the end of the 9th calendar month that begins after the close
        of the plan year''.
    (b) Treasury.--The Secretary of the Treasury shall conform Treasury
Regulations and other guidance to the amendments made by subsection
(a).
    (c) Modernization of Filing Statements.--
            (1) In general.--The Secretary of the Treasury, the
        Secretary of Labor, and the Director of the Pension Benefit
        Guaranty Corporation, as appropriate, shall modify the returns
        required under section 6058 of the Internal Revenue Code of
        1986 and the reports required under sections 104 and 4065 of
        the Employee Retirement Income Security Act of 1974 (29 U.S.C.
        1024, 1365) to permit such return or report, and any additional
        information required to be submitted with such return or
        report, to be signed through electronic means.
            (2) Good-faith reliance.--A plan shall be treated as
        satisfying the requirements of paragraph (1) if it complies in
        good faith with the provisions of this section until the date
        on which the Secretary of the Treasury, the Secretary of Labor,
        and the Director of the Pension Benefit Guaranty Corporation
        implement the modifications required under such paragraph.
    (d) Regulatory Authority.--The Secretary of Labor shall issue such
regulations as are necessary to carry out the amendments made by this
Act.
    (e) Effective Date.--The amendments made by this Act shall apply to
plan years ending on or after the date of the enactment of this Act.
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