119-HR-7362 Journalist Public Summary

Headline Summary

A bipartisan proposal would simplify annual benefit‑plan reporting by setting one uniform Form 5500 deadline and permitting electronic signatures across required filings. [1]Congress.gov — Text of H.R. 7362 (Form 5500 Filing Simplification Act), 119th C…

What It Does

The bill sets a single, nationwide due date for the Form 5500 annual report: the 15th day after the end of the ninth calendar month following a plan year (for calendar‑year plans, that points to mid‑October). It also authorizes e‑signatures for ERISA/IRS/PBGC filings, aligns related PBGC annual report timing, gives agencies authority to adjust deadlines for disasters, and directs Treasury to conform regulations. The changes apply to plan years ending on or after enactment. [1]Congress.gov — Text of H.R. 7362 (Form 5500 Filing Simplification Act), 119th C…

• Why it matters: today, many plans file by month seven and then seek a routine 2½‑month IRS extension to mid‑October; the bill would make that later date the standard and cut the extra extension step. [2]IRS — IRS Form 5500 Corner — due dates and e‑filing
• Who’s affected: employers and administrators of 401(k), pension, and other ERISA‑covered plans; participants would still receive the same disclosures, on a timeline anchored to the new filing date. [2]IRS — IRS Form 5500 Corner — due dates and e‑filing

Who’s For It

• Sponsors from both parties: Rep. Glenn Grothman (R‑WI) and Rep. Donald Norcross (D‑NJ) say the bill trims “redundant” paperwork by eliminating routine extension requests while maintaining transparency. [3]U.S. House of Representatives — Grothman press release announcing bipartisan Fo…
• Employer and benefits groups: the American Retirement Association, ERISA Industry Committee (ERIC), U.S. Chamber of Commerce, CHRO Association, and American Benefits Council publicly back the bill, citing streamlined compliance. [3]U.S. House of Representatives — Grothman press release announcing bipartisan Fo…
• Small‑business advocates: NFIB submitted support to the committee. [4]docs.house.gov — NFIB letter of support submitted for the markup record (H.R. 7…

Who’s Against It

• No organized opposition has been prominently documented as of May 22, 2026; the measure advanced out of committee. [5]House Committee on Education & the Workforce — Education & Workforce Committee…
• Potential concern raised in debate around reporting timelines: moving the statutory deadline later could delay when participants see annual information, even if many plans already file on the October schedule today. [2]IRS — IRS Form 5500 Corner — due dates and e‑filing

What’s Next

On May 21, 2026, the House Education & Workforce Committee approved the bill; next steps are scheduling for House floor consideration (and any additional action by committees with shared jurisdiction, such as Ways & Means). [5]House Committee on Education & the Workforce — Education & Workforce Committee…