Form 5500 Simplification Act Clears House Committee

The Form 5500 Simplification Act (H.R. 7362), introduced by Representatives Glenn Grothman (R-WI) and Don Norcross (D-NJ), passed out of the House Committee on Education & Workforce by a vote of 22-12. The bill would amend ERISA to change the filing deadline for Form 5500 to nine and one-half months following the end of the plan year (October 15 for calendar year plans), eliminating the requirement to file an extension for the later date. The legislation would also modernize filing requirements to permit such return or report and any additional information required, to be signed through electronic means. Although Form 5500 is already filed electronically through the DOL’s EFAST2 system, the proposal is intended to align electronic filing requirements across agencies. The bill will be reported to the House for further consideration.