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Form 5500 Filing Simplification Legislation by Sen. Banks Analyzed

Bailey Malota

WASHINGTON, July 16 -- The Form 5500 Filing Simplification Act, originally introduced by Sen. Jim Banks, R-Indiana, on July 13, 2026, has been analyzed by the Congressional Research Service. This legislation aims to streamline the filing process for employee benefit plan administrators under the Employee Retirement Income Security Act (ERISA), focusing on simplifying compliance requirements and reducing the administrative burden.

The bill revises deadlines for submitting Form 5500, . . .

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