HR and future of work · Industry brief

Congress is advancing H.R. 7362, the Form 5500 Filing Simplification Act, a bipartisan bill that would streamline employee benefit plan compliance filings without changing underlying reporting requirements. The bill, introduced in February 2026 and advanced by the House Education and Workforce Committee on May 21, 2026 by a 22-12 vote, would establish a single mid-October filing deadline for calendar-year plans, permit electronic signatures, and coordinate timing across related filings. The legislation targets the routine administrative burden faced by plan sponsors and administrators managing multiple timelines and extension requests, though it remains under consideration in Congress and may continue to evolve.

Federal agencies submitted a regulatory agenda to the White House Office of Management and Budget outlining significant employment law compliance changes. The Department of Labor set an October 2026 deadline for its independent contractor rule centered on an "economic reality test," with estimated familiarization costs of $488 million offset by $683 million in savings through increased clarity. DOL also targeted August for a proposed rule on tip credits and September for amendments to work hour standards for minors. The Equal Employment Opportunity Commission announced plans to end its EEO-1 demographic data reporting requirement through a notice of proposed rulemaking with public comment ending in September, while proposing to rescind decades-old interpretive rules on disparate impact liability, affirmative action, and pregnancy discrimination guidance. The Department of Homeland Security is pursuing additional H-1B visa program reforms in August, including revisions to cap exemption eligibility and increased oversight of third-party placements.