Bill · S. 4953· Senate(119-S-4953)
Form 5500 Filing Simplification Act
- Introduced
- 7/13/2026
- Last activity
- 7/13/2026 — Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- Sponsored by
- Jim Banks
- Cosponsors
- - 0 - 1
- Introduced
- In Committee
What this bill would do
The Form 5500 Filing Simplification Act amends the Employment Retirement Income Security Act of 1974. Its primary purpose is to simplify how employee benefit plan administrators file Form 5500. The bill changes the deadlines for filing reports and furnishing information. It also requires the government to allow these reports and returns to be signed electronically.
Yes· 3 of 5
Would business owners be better off under this?+3
Reduces administrative burden and adds electronic filing options for plan administrators/business owners.
Does this make it easier to run a small business?+2
Simplifies administrative burdens for benefit plan administrators, which often include small business owners.
Would people over 65 be better off under this?+1
Simplifies reporting for benefit plans, which often include retirement plans for seniors.
The opposite
No question was scored the opposite.
Who it would affect, and how
Potential Positive Impacts for People
-
Flexible Deadlines for Disasters: Section 2(a)(1) allows the Secretary to determine a later filing time if a plan, sponsor, administrator, participant, or beneficiary is affected by a fire, disaster, or specific action described in section 7508A(b) of the Internal Revenue Code of 1986.
-
Modernized Signing Process: Section 2(c)(1) requires the Secretary of the Treasury, Secretary of Labor, and Director of the Pension Benefit Guaranty Corporation to modify reports and returns to allow them to be signed using electronic means.
Potential Negative Impacts for People
- No negative impacts for individuals or groups of people are explicitly mentioned in the provided text.
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Demographic And Interest Groups
- Good For Business Owners+3Good For Retirees+1Good For Seniors+1
- Economy And Finance
- Improves Small Business Support+2
- Environment Energy And Infrastructure
- Improves Disaster Relief And F E M A+1
- 7/13/2026
- Read twice and referred to the Committee on Health, Education, Labor, and Pensions.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
Cory BookerDemocrat · New Jersey