Congressional leaders have a responsibility to ensure federal rules don’t create unnecessary burdens for businesses and individuals alike. That’s why, together with Congressman Donald Norcross, we introduced the Form 5500 Filing Simplification Act, bipartisan legislation designed to modernize and streamline retirement plan reporting.
Under current law, businesses must file Form 5500 each year, and also submit a separate extension request, Form 5558, just to meet the deadline. This redundant two-step process wastes time, costs money, and creates headaches, particularly for small and mid-sized employers.
Our bill fixes that by establishing one uniform filing deadline and allowing electronic submission. It reduces paperwork while maintaining strong oversight, ensuring workers’ retirement benefits stay protected.
Simplifying this process saves businesses time, reduces costs, and keeps the focus where it belongs: safeguarding Americans’ retirement savings. This is common-sense, bipartisan legislation that strengthens the private retirement system.
📖 Read more about the Form 5500 Filing Simplification Act HERE.