{"database": "press", "table": "releases", "rows": [["https://www.booker.senate.gov/news/press/booker-banks-move-to-modernize-outdated-retirement-plan-filing-rules", "Booker, Banks Move to Modernize Outdated \r\nRetirement Plan Filing Rules", "2026-07-20", "2026", "2026-07", "Democrat", "Senate", "NJ", "Cory A. Booker", "B001288", "www.booker.senate.gov", "booker", "https://www.booker.senate.gov/news/press", "scraper", "WASHINGTON, D.C. \u2013 U.S. Senators Cory Booker (D-NJ) and Jim Banks (R-IN) introduced the Form 5500 Filing Simplification Act, bipartisan legislation to cut red tape for employers who offer retirement plans to their workers. Every year, retirement plans must file a Form 5500 with the federal government detailing their operations, finances, and compliance. But overlapping deadlines and outdated paperwork requirements force employers \u2014 especially small businesses without in-house benefits staff \u2014 to file the same information twice and chase down wet-ink signatures. The Form 5500 Filing Simplification Act fixes both problems. It establishes a single, uniform filing deadline to eliminate duplicative filings, and it modernizes the process by permitting electronic signatures on required forms and reports \u2014 all while preserving the oversight and transparency that protect workers' retirement savings.\n\n\u201cOur commonsense bill simplifies and modernizes the reporting process for employer sponsored retirement plans reducing paperwork and eliminating outdated or unnecessary administrative hurdles. By cutting red tape, these changes would reduce the compliance burdens on small and mid-size businesses offering retirement plans to their hardworking employees, \u201dsaid Senator Booker.\n\n\u201cEmployers shouldn\u2019t have to jump through unnecessary bureaucratic hoops just to comply with federal employee plan reporting requirements. This bipartisan bill cuts red tape, simplifies the filing process, and lets businesses spend more time serving their employees,\u201d said Senator Banks.\n\nKey Provisions of the Form 5500 Filing Simplification Act:\n\nOne deadline, set in statute. Establishes a single, uniform filing deadline for Form 5500 annual reports \u2014 replacing the current patchwork that varies by plan type.\n\nNo more extension paperwork. Eliminates the need for most plan sponsors to file a separate IRS Form 5558 extension request.\n\nElectronic signatures. Permits Form 5500 filings and related reports to be signed electronically, ending the wet-ink requirement.\n\nAgency modernization. Directs the Department of the Treasury, the Department of Labor, and the Pension Benefit Guaranty Corporation to update filing requirements and conform their regulations.\n\nNo loss of accountability. Maintains all existing oversight and transparency requirements for employee benefit plans.\n\nThe legislation is endorsed by the American Retirement Association, the ERISA Industry Committee, the U.S. Chamber of Commerce, the CHRO Association, and the American Benefits Council.", 1, "2026-07-28T07:37:32Z", "2026-07-28T07:38:50Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.booker.senate.gov/news/press/booker-banks-move-to-modernize-outdated-retirement-plan-filing-rules"], "units": {}, "query_ms": 2.2748461924493313, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}