H.R. 7362, the Form 5500 Filing Simplification Act, would extend the filing deadline for calendar-year plans from July 31 to October 15. For plan sponsors, the practical benefit is a longer window to produce clean data, review the filing and catch errors before submission, instead of compressing it into one of the busiest periods of the year.

What is the Form 5500 Filing Simplification Act?

H.R. 7362 is a bipartisan bill introduced on February 4, 2026, by Rep. Glenn Grothman (R-Wisc.) and Rep. Donald Norcross (D-N.J.). Among other changes, it would push the Form 5500 deadline back by nearly three months for calendar-year plans. As of this writing, the bill has been referred to the House Committee on Education & the Workforce and the Ways and Means Committee.

It is not yet law. The current deadlines still apply.

Why does the Form 5500 deadline matter so much?

The Form 5500 is the primary disclosure document that plan sponsors file each year for their retirement plan. It pulls together data from multiple sources: the recordkeeper, the auditor (when applicable), payroll and internal records. A rushed filing can introduce inconsistencies that the DOL flags later.

The current July 31 deadline for calendar-year plans (without extension) lands during peak vacation season and overlaps with audit work for larger plans. Finance teams, HR teams and outside professionals are often pulled in several directions at once. That compression is when errors tend to creep in.

What would change if the bill passes?

For calendar-year plans, the standard deadline would shift from July 31 to October 15. That gives plan sponsors roughly an extra quarter to pull data, reconcile balances, review the draft filing and submit with confidence.

For plan sponsors already filing on extension, the practical impact is smaller, but the standard deadline shift would simplify the calendar and reduce the need for routine extensions.

Should plan sponsors do anything now?

Yes, regardless of whether the bill passes:

  • Document your 5500 prep timeline. A clear, repeatable workflow with named owners reduces filing risk.
  • Build in review time, not just submission time. Treat the days before the deadline as a review window, not a scramble.
  • Tie the filing to your fiduciary process. Form 5500 accuracy is a fiduciary responsibility. Keeping a documented process on file supports DOL audit readiness.

The takeaway

Whether or not H.R. 7362 becomes law, the deeper issue is the same: Form 5500 prep should sit inside a documented, repeatable process, not get squeezed into one stressful month. Plan sponsors who treat the filing as part of their fiduciary governance, not a deadline to clear, are in a much stronger position if questions come up later.

To review your Form 5500 process or build a documented prep workflow, contact us.