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July 31 - A Crucial Compliance Deadline

July 31 - A Crucial Compliance Deadline
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by Christopher Macali on 24 July, 2015 with Add new comment

Plan sponsors and advisors, remember, July 31 is an important deadline for two compliance requirements. First, self-funded health plans, including HRAs, must pay PCOR fees for plans that ended in 2014. Employer plan sponsors are responsible for reporting the fee on the second quarter IRS Form 720 and submitting payment. All ProBenefits HRA clients have received a populated Form 720 and instructions for reporting and paying the fee. If you have not received a populated Form 720 from us and believe you should have, or if you have any additional questions about the PCOR requirement, This email address is being protected from spambots. You need JavaScript enabled to view it.. For a full summary of this topic, visit our recent blog post.

In addition to PCOR fees, July 31 is also the deadline to file Form 5500s for calendar year ERISA plans. A 2.5 month extension is available and will be automatically granted if requested prior to the 5500 deadline. The filing is a requirement for all large ERISA plans with 100 or more participants on the first day of the plan year. Most small plans are exempt from the requirement, unless funded by a formal trust. Visit our blog post for more details about the 5500 requirement. If you would like ProBenefits to prepare the Form 5500 for your plan or you have any additional questions about the requirement, This email address is being protected from spambots. You need JavaScript enabled to view it.. Note: 5500s are due on the last day of the 7th month after the plan year ends, so fiscal year plans have varying 5500 deadlines.

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Christopher Macali

Christopher Macali

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