House members on the Education and Workforce Committee have introduced legislation aimed at making the annual filing of Form 5500 — the federal return employee benefit plan sponsors must submit to the Department of Labor, IRS and Pension Benefit Guaranty Corporation — easier and less burdensome. The bipartisan bill would create a single, uniform filing deadline of October 15 for calendar-year plans, replacing the current July 31 deadline and separate extension process under ERISA. It also seeks to explicitly authorize more comprehensive electronic filing, including the ability to sign and submit supporting information electronically rather than rely on more manual steps.
Sponsors argue the current deadline and extension process is confusing, time-consuming and especially challenging for small- and mid-sized businesses, potentially leading to errors and compliance issues. Extending the deadline and streamlining the electronic process is intended to reduce unnecessary administrative costs and improve accuracy in filings, ultimately helping plan sponsors stay compliant and better protect participants’ retirement savings.
The bill has drawn support from major industry groups, including the American Benefits Council and the U.S. Chamber of Commerce, and has been referred to both the House Ways and Means and Education and Workforce Committees for further consideration.