When thinking of July, thoughts quickly drift to using some well-deserved vacation days. For those involved in the world of employee benefits, however, making plans for the month of July often centers on meeting multiple compliance deadlines that may impact your organization’s benefits program.
For instance, if you have a self-insured plan, including an HRA, your organization may be required to file the annual PCORI fee by July 31st. (This year, the actual due date will be August 2, 2021, since July 31 falls on a Saturday.) This is a compliance requirement that was instituted under the Affordable Care Act.
Another compliance requirement that may impact your business at this time of year involves the Form 5500 filing. While there are many types of plans that may require a Form 5500 (including retirement plans and profit sharing plans), this article will focus on how the requirement may apply to a typical health and welfare benefit plans.
To help your organization better understand Form 5500 reporting requirements, below is a high-level overview. If you have any questions, please reach out to your Risk Strategies representative.
The Department of Labor (DOL) has provided several resources to help organizations further understand and meet its annual Form 5500 reporting requirements. Here are a few links that you may find beneficial:
While the Form 5500 reporting requirement is an annual one that may interrupt – or at least delay – your summer vacation plans each year, please note that the Risk Strategies team is here to help. Reach out to a representative today to find out how we can help you to manage the compliance requirements for your benefits program. Connect with our team today: email@example.com