HR 7362
Form 5500 Filing Simplification Act
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Bill overview
This bill, the Form 5500 Filing Simplification Act, aims to make it easier for businesses that manage employee benefit plans to file their annual Form 5500 reports. It changes the deadlines for submitting these reports, giving plan administrators more time to complete them. The bill also allows for electronic signatures on these forms and directs agencies to update their regulations to align with the changes.
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Primary sponsor
Cosponsors
James C. [R-GU-At Large] Moylan
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119th CONGRESS — 2d Session
H. R. 7362
IN THE HOUSE OF REPRESENTATIVES
A BILL
To amend the Employment Retirement Income Security Act of 1974 to simplify the filing of Form 5500 for employee benefit plan administrators.
This Act may be cited as the Form 5500 Filing Simplification Act
.
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)
.
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
.
The Secretary of the Treasury shall conform Treasury Regulations and other guidance to the amendments made by subsection (a).
A plan shall be treated as satisfying the requirements of this section 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 paragraph (1) of this subsection.
The amendments made by this Act shall apply to plan years ending on or after the date of the enactment of this Act.