Form 5500 Filing Simplification

Summary#

This bill, the Form 5500 Filing Simplification Act, changes rules about annual reports for employee benefit plans. It amends parts of ERISA and related Treasury rules to set a new filing date, requires Treasury to update its regulations, and lets certain returns and reports be signed electronically. The bill also says the Pension Benefit Guaranty Corporation, the Department of Labor, and the Treasury should modify their forms and guidance. Plans that act in good faith will be treated as meeting the new rules until agencies finish implementing electronic signing. The changes apply to plan years ending on or after the law is enacted.

What it means for you#

• Plan administrators: The bill sets a specific deadline for filing plan annual reports — not later than 15 days after the end of the ninth calendar month that begins after the plan year ends — and requires agencies to allow electronic signatures on required returns and reports. It also directs the Treasury and Labor Departments and the PBGC to update rules and forms.
• Participants and employers: The bill affects timing and format of the reports and filings that describe plan financial and administrative information.
• Agencies: The Secretary of the Treasury must conform Treasury regulations and guidance, and the Secretary of Labor must issue necessary regulations. The PBGC is also involved in changing its reporting procedures.

Expenses#

No publicly available information.

Proponents' View#

The bill is presented as a way to simplify and modernize filing of Form 5500 and related returns by setting a clear deadline and permitting electronic signatures. It also includes a limited good-faith provision until agencies complete implementation.

Opponents' View#

No publicly available information.