S. 4953

119 S4953 IS: Form 5500 Filing Simplification Act
 U.S. Senate
 2026-07-13
 text/xml
 EN
 Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.
 II  119th CONGRESS  2d Session  S. 4953  IN THE SENATE OF THE UNITED STATES   July 13, 2026   Mr. Banks  (for himself and  Mr. Booker ) introduced the following bill; which was read twice and referred to the  Committee on Health, Education, Labor, and Pensions    A BILL
To amend the Employment Retirement Income Security Act of 1974 to simplify the filing of Form 5500 for employee benefit plan administrators.
1.
Short title
This Act may be cited as the   Form 5500 Filing Simplification Act  .
2.
Form 5500 filing simplification
(a)
ERISA filing
(1)
Filing with Secretary and furnishing information to participants and certain employers
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) .
(2)
Annual report of plan administrators
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 .
(b)
Treasury
The Secretary of the Treasury shall conform Treasury Regulations and other guidance to the amendments made by subsection (a).
(c)
Modernization of filing statements
(1)
In general
The Secretary of the Treasury, the Secretary of Labor, and the Director of the Pension Benefit Guaranty Corporation, as appropriate, shall modify the returns required under  section 6058  of the Internal Revenue Code of 1986 and the reports required under sections 104 and 4065 of the Employee Retirement Income Security Act of 1974 ( 29 U.S.C. 1024 , 1365) to permit such return or report, and any additional information required to be submitted with such return or report, to be signed through electronic means.
(2)
Good-faith reliance
A plan shall be treated as satisfying the requirements of paragraph (1) 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 such paragraph.
(d)
Regulatory authority
The Secretary of Labor shall issue such regulations as are necessary to carry out the amendments made by this Act.
(e)
Effective date
The amendments made by this Act shall apply to plan years ending on or after the date of the enactment of this Act.