The CHRO Association submitted a letter supporting new House legislation—the Form 5500 Simplification Act, H.R.7362—co-sponsored by Rep. Glenn Grothman (R–WI) and Rep. Donald Norcross (D–NJ).
What the legislation does: The proposed legislation is intended to streamline Form 5500 filing for employee benefit plans by creating a single, uniform filing deadline for all plans. By removing the need for a separate extension request (Form 5558), the bill would reduce administrative burden and allow employers to devote more resources to delivering strong retirement benefits rather than managing redundant paperwork. Specifically, the legislation would:
- Amend ERISA Sections 104(a)(1) and 4065 to require that Form 5500 be filed no later than 9.5 months after the end of the plan year (for calendar-year plans, October 15).
- Direct the U.S. Departments of the Treasury and Labor to update applicable regulations to reflect the new statutory filing deadline.
- Permit electronic filing of required submissions.
Why we support it: In our letter, we noted that the current statutory filing deadline often does not align with the practical realities of plan administration. As a result, many plan sponsors must file the extension request simply to meet timing requirements, creating a redundant, two-step process that consumes time and resources without improving oversight or participant protections.
What’s next: The Association has shared our support with the bill’s sponsors and the members of the U.S. House of Representatives. The bill’s sponsors intend to include this proposal in the next retirement package, SECURE 3.0, which is widely viewed as having strong prospects for enactment this Congress. The Association will continue to support the bill through the legislative process towards passage in both chambers and will provide member updates as developments occur.
