Upcoming Deadlines For PCORI Fee Payment and Form 5500 Filing

Upcoming Deadlines For PCORI Fee Payment and Form 5500 Filing

For many employer-sponsored health plans, two important federal compliance deadlines are coming up on July 31, 2017:

  • Employers sponsoring a January 1 benefits plan subject to the Employee Retirement Income Security Act (ERISA) must jointly file Form 5500 with the IRS, and the Pension Benefit Guaranty Corporation and Department of Labor (DOL). NOTE: Only employers sponsoring ERISA plans that had 100 or more participants in an ERISA benefit at the start of the plan year are subject to this requirement. 

Form 5500 is an annual report of benefit plan information made to the federal government by employer plan sponsors that are bound by ERISA.  Most plans with fewer than 100 participants qualify for a reporting exemption, but larger plans must file this report annually or face significant penalties from both the IRS and the DOL.  Plan sponsors must submit Form 5500 through the DOL’s electronic submission system, known as EFAST2.  The deadline for this filing is the last day of the 7th month after the employer plan year concludes, so for different plans it varies, but for all 2016 calendar-year plans it is July 31, 2017. If an employer needs more time to finish their submission, then they may file Form 5888 before the original due date of their Form 5500 and get an automatic 2½ month extension.  If an employer plan has wrapped its various employee benefit offerings together into one comprehensive plan document, then only one Form 5500 must be filed, but if different benefit components have their own plan documents, then multiple forms may need to be completed.

Kistler Tiffany Benefits assists clients with preparing the Form 5500, so if you have any questions, please do not hesitate to contact your Kistler Tiffany Benefits Consultant.