Representatives Glenn Grothman (R-WI) and Don Norcross (D-NJ) have introduced H.R. 7362, the Form 5500 Simplification Act. The Form 5500 is used to provide information to the Internal Revenue Service, the Department of Labor (DOL), and the Pension Benefit Guaranty Corporation (PBGC). Under ERISA, employer plans subject to an annual Form 5500 requirement are currently required to file their Form 5500 within 210 days (July 31 for calendar year plans) following the close of the plan year being reported. Plan sponsors can request a two and one-half month extension (October 15th for calendar year plans), by filing a Form 5558, Application for Extension of Time To File Certain Employee Plan Returns. Many plans—particularly those subject to an annual audit—require an extension of time in order to complete work for the Form 5500 filing. 

The bill would amend ERISA to change the deadline to nine and one-half months following the end of the plan year (October 15th for calendar year plans), thus forgoing the requirement to file an extension for the later date. The bill 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.