Legislative update

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.

Philadelphia voters have approved a ballot measure that is expected to establish the nation's first city-run auto-IRA program. Mayor Cherelle Parker signed bills into law on January 20, 2026, to establish the Philadelphia Retirement Savings Program known as PhillySaves—but the legislation required a separate ballot measure to create the Philadelphia Retirement Savings Board to oversee the program.

U.S. Senators Jerry Moran (R-Kan.) and Chris Van Hollen (D-Md.) this week introduced three pieces of bipartisan legislation to strengthen and improve access to the Achieving a Better Life Experience (ABLE) program: the ABLE Tomorrow Act, the ABLE Match Act and the ABLE Direct Deposit Act.

Senators Bill Cassidy (R-LA) and Jim Banks (R-IN) have introduced the Investigation Status and Governance for Honest Transparency (INSIGHT) Act. According to a press release, the bill would require the Employee Benefits Security Administration (EBSA) to do the following.

Senator Doc Marshall (R-KS) has introduced S. 4353, the Health Savings Account Expansion Act.

A bill re-introduced by Representative Bryan Steil (R-WI), titled the Protecting Americans' Retirement Savings From Politics Act, has cleared the House Financial Services Committee by a vote of 27-24.