Bipartisan Bill Seeks Uniform Form 5500 Filing Deadline
A new bipartisan bill that would modernize and streamline outdated federal reporting requirements for employer-sponsored retirement plans governed by ERISA was introduced Feb. 4 by Reps. Glenn Grothman (R-WI) and Donald Norcross (D-NJ).
The Form 5500 Filing Simplification Act would establish a single, uniform filing deadline for retirement plans. The legislation would amend ERISA to extend the filing deadline to the 15th day of the ninth month after the plan year ends, effectively moving the deadline for calendar-year plans to Oct. 15. It also explicitly allows for electronic filing, while maintaining transparency and accountability for retirement plans.
Under current law, the Congressmen argue that the statutory deadline for filing Form 5500 does not provide sufficient time for companies to complete all the necessary steps for filing with the Department of Labor.
As a result, many plan sponsors are forced to submit an extension request with the IRS using Form 5558 simply to file their annual Form 5500 on time. By eliminating the need for a separate extension request, the bill (H.R. 7362) if passed into law would reduce unnecessary administrative burdens on employers while maintaining strong oversight and transparency.
“Employers who sponsor retirement plans are required to file Form 5500 each year, but under current rules many also have to submit a separate extension request, Form 5558,” said Rep. Grothman. “This redundant two-step process wastes time and money, creates unnecessary headaches for small and mid-sized businesses, and does nothing to help workers. Our bill fixes that by establishing a single, uniform filing deadline and allowing electronic submission, cutting paperwork while keeping the transparency and oversight needed to protect Americans’ retirement benefits.”
“Workers need a clear window into what is happening behind the scenes with their retirement accounts and most employers want to act in good faith to provide that transparency. But right now, an overly complicated filing system makes it harder for employers to stay on track and easier for mistakes to slip through,” added Rep. Norcross. “This bill fixes that by setting one clear deadline and cutting out redundant steps, so plans are filed accurately and on time and workers’ retirement savings stay protected.”
The legislation is supported by the American Retirement Association, The ERISA Industry Committee (ERIC), the U.S. Chamber of Commerce, the CHRO Association, and the American Benefits Council. Current cosponsors include Representatives Abraham Hamadeh (R-AZ), Joe Wilson (R-SC), Randy Fine (R-FL), James Moylan (R-GU), Mark Messmer (R-IN), Michael Rulli (R-OH), and Rick Allen (R-GA).
“The current two-step Form 5500 filing system creates needless complexity and exposes plan sponsors—especially small and mid-sized employers—to severe penalties for simple clerical errors. The Form 5500 Filing Simplification Act provides a practical, bipartisan solution that modernizes reporting, improves compliance, and strengthens the private retirement system,” said ARA CEO Brian Graff.
“The ERISA Industry Committee applauds the introduction of the Form 5500 Filing Simplification Act. The bill would eliminate unnecessary paperwork for retirement plans and reduce red tape. We support the bill because these improvements would help plan sponsors more efficiently provide benefits to workers and retirees,” said ERIC President and CEO James Gelfand.
Federal regulations require that pension and welfare benefit plans file an annual return/report with the Department of Labor regarding their financial condition, investments, and operations. Generally, plans file the necessary Form 5500 series return/report along with required schedules and attachments.
SEE ALSO:
• 2025 Form 5500 Informational Copies Released by DOL, IRS
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.