Referred to the Committee on Education and Workforce, and in addition to the Committee on Ways and Means, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill gives retirement and employee benefit plan administrators more time to file their annual paperwork (Form 5500) with the government, moving the deadline from about 7 months after the plan year ends to about 9 and a half months. It also lets people sign and submit these forms electronically instead of on paper. If you run or participate in a workplace retirement or benefits plan, this means less rushed paperwork and a more modern filing process.
If you have a retirement or benefits plan through work, the government will get your plan's annual financial reports about 2.5 months later than it does now. While this eases pressure on the people who manage these plans, it also means problems like mismanagement could go undetected longer.