Form 5500
With the exception of government plans (including most public schools) and many church plans which are exempt, plans on a calendar year that must comply with ERISA must file Form 5500 by July 31st. This form is part of ERISA’s overall reporting and disclosure framework, which is intended to assure that employee benefit plans are operated and managed in accordance with certain prescribed standards.
Both qualified (retirement) plans and welfare (group) plans need to file Form 5500. Welfare plans include plans that provide medical, prescription drug, dental, vision, long term and short term disability, group term life insurance, health flexible spending accounts, and accidental death and dismemberment benefits. While other plans may also be considered welfare plans, these are the most common. Qualified (retirement) plans include defined benefit, profit sharing, stock bonus, money purchase, and 401(k) plans, Code section 403(b) plans covered by Title I of ERISA, and IRA plans established by an employer. Qualified plans generally must file even if they have fewer than 100 participants, although Form 5500-SF often may be filed instead of the full Form 5500.
The PCORI Fee
The Patient Centered Outcome Research Institute (PCORI) fee applies from 2012 to 2019. The fee is based on plan/policy years ending on or after October 1, 2012, and before October 1, 2019. The fee is due by July 31st of the year following the calendar year in which the plan/policy year ended. This means that the first fee was due July 31, 2013, for those on November, December, and calendar year plan years. The first fee for plans that start January 2nd through October 1st is due July 31, 2014.
If you would like more information on Form 5500 or the PCORI fee please Contact Us!
