Key Compliance Deadlines for Employers in July 2024

Key Compliance Deadlines for Employers in July 2024

It is important that employers stay compliant regarding several deadlines approaching during the month of July. Here is an overview of the upcoming dates and necessary actions to ensure timely and accurate reporting for employers.

 

Form 5500 Filing Deadline: July 31, 2024

Employers with ERISA-covered employee benefit plans who operate on a calendar year must file Form 5500 for the 2023 plan year. Exemptions may apply to small welfare benefit plans with fewer than 100 participants who are fully insured, unfunded, or both.

Deadline:

  • July 31, 2024: Deadline for filing form 5500.

Submission Process:

Form 5500 must be filed by the last day of the seventh month following the end of the plan year. An extension of 2.5 months can be requested by filing the IRS Form 5558 by the initial due date.

 

PCORI Fee Deadline: July 31, 2024

The Patient-Centered Outcomes Research Institute (PCORI) fee is an annual fee that employers with self-insured health plans must report and pay. The fee funds research to evaluate the effectiveness of medical treatment.

Deadline:

  • July 31, 2024: Deadline for reporting and paying PCORI fees for plan years ending in 2023.

Submission Process:

Employers should use the IRS Form 720 to report and pay PCORI fees. Fee amounts will be based on the average number of lives that are covered under the plan.

 

Employer Compliance

It is important for employers to adhere to these deadlines to maintain compliance and avoid penalties. Employers should:

  • Verify the accuracy of required information;
  • Utilize portals for submissions;
  • Contact their dedicated Creative Benefits, Inc, team for assistance with complex reporting requirements.

By staying informed and prepared, employers can efficiently manage compliance requirements throughout the 2024 year. If you have questions regarding filing processes and deadlines, contact your dedicated Creative Benefits, Inc. team.