July 26, 2017 – Compliance Observer Alert – July 31st Reminders

Compl Obs Header Alert_2016


July 26, 2017


FORM 5500s – Calendar Year Plans must file 5500s by July 31st

Plan administrators of ERISA employee benefit plans must file Form 5500 by the last day of the seventh month following the end of the plan year, unless an extension has been granted. Form 5500 reports information on a plan’s financial condition, investments and operations. Form 5558 is used to apply for an extension of two and one-half months to file Form 5500.

Small health plans (fewer than 100 participants) that are fully insured, unfunded or a combination of insured/unfunded, are generally exempt from the Form 5500 filing requirement.

The DOL’s website and the latest Form 5500 instructions provide information on who is required to file and detailed information on filing.

Filing Extensions

Filing Form 5558 provides for up to a two and one-half-month extension of the deadline. Alternatively, an automatic extension may be available based upon the due date of the employer’s federal income tax return if: (1) the plan year and the employer’s tax year are the same; (2) the employer has been granted an extension of time to file its federal income tax return to a date later than the normal due date for filing the Form 5500; and (3) a copy of the application for extension of time to file the federal income tax return is maintained with the filer’s records.

An extension granted by using the automatic extension procedure cannot be extended further by filing a Form 5558, nor can it be extended beyond a total of nine and one-half months beyond the close of the plan year.

2016 PCORI FEES are Due July 31st    

Employers that sponsor self-insured health plans, including certain FSAs and HRAs, must report and pay the required PCORI fees via IRS Form 720, Quarterly Federal Excise Tax Return by July 31st. Health insurance issuers are responsible for paying the PCORI fees of fully insured plans.For plan years ending between January 1, 2016 and September 30, 2016, the fee for an employer sponsoring an applicable self-insured plan is $2.17 multiplied by the average number of lives covered under the plan. For plan years ending between October 1, 2016 and December 31, 2016, the fee is $2.26 multiplied by the average number of lives covered under the plan.


Should you have any questions or concerns please contact your AssuredPartners Benefits Team

Information contained herein is for educational and/or informational purposes only.   The information provided may change over time as the laws and regulations change. This information is not, nor is it intended to be, legal advice and each employer or client should seek their own legal counsel for guidance regarding individual situations.




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