H.R. 7362 — Form 5500 Filing Simplification Act

This section revises the filing deadline for annual reports (Form 5500) required under ERISA section 104(a)(1) (29 U.S.C. 1024(a)(1)) to not later than 15 days after the end of the 9th calendar month following the plan year end (from 210 days after the plan year end) and authorizes the Secretary of Labor to extend the deadline for plans affected by certain disasters, fires, or actions under IRC section 7508A(b). (Thus, for a calendar-year plan, the deadline extends to approximately October 15 (from late July).) The section further (1) revises the filing deadline for PBGC annual reports under ERISA section 4065 (29 U.S.C. 1365) to the same extended timeframe (from 6 months after the plan year end); (2) directs the Secretary of the Treasury to conform related regulations and guidance; (3) requires the Secretaries of Treasury and Labor and the Director of the Pension Benefit Guaranty Corporation (PBGC) to modify specified returns and reports—including IRC section 6058 returns and ERISA sections 104 and 4065 reports—to permit electronic signatures, with good-faith compliance treated as sufficient until implementation; (4) authorizes the Secretary of Labor to issue necessary regulations; and (5) applies these changes to plan years ending on or after the date of enactment. (Form 5500 annual reports provide public disclosure of financial and operational details for ERISA-covered pension and welfare benefit plans covering over 30 million participants.)