Form 5500 Deadline is Quickly Approaching

Anne M. Meyer • October 9, 2015

As a reminder, the annual Form 5500 deadline is quickly approaching.  Calendar year employee benefit plans that applied for an extension must file Forms 5500 by Thursday, October 15, 2015 .

The Form 5500 Annual Return/Report of Employee Benefit Plan is a consolidated annual report developed by the Department of Labor (DOL), Internal Revenue Service and the Pension Benefit Guaranty Corporation.

Generally, a Form 5500, plus any required schedules and attachments, must be completed and filed electronically each year for every pension benefit plan, welfare benefit plan and every entity that files as a Direct Filing Entity (DFE).  There are certain filing exceptions for small, unfunded and/or fully insured welfare plans.

Failure to timely file a Form 5500 may result in significant penalties, including a penalty of up to $1,100 per day for each day that the Form 5500 is late.  The DOL also may assess penalties for incomplete or deficient forms.  Due to the severity of the penalties, plan sponsors may wish to make every effort to electronically file their Forms 5500 by the due date.

Employee burnout: what it is and how to prevent it

By Mardy Gould • May 24, 2024
Employee burnout has become an epidemic in today’s modern workplace. So much so that the World Health Organization (WHO) officially recognizes it as an “occupational phenomenon.”1 While many used to consider mounting workplace stress an individual employee problem, these days, it’s become an employer’s responsibility to prevent burnout before it hurts productivity and business performance—not to mention your employees’ physical and mental health. Luckily, you can prevent burnout from affecting your workforce in several ways. This article will explore the causes and signs of employee burnout and the steps you can take to create a positive work environment where employees feel safe from toxic stress levels.

Form 720 and PCORI fee FAQs

By Mardy Gould • May 23, 2024
If you're a small business owner, you may have heard of the acronym PCORI and the fees that come with it. But what is PCORI, and how does it apply to your organization? Under the Affordable Care Act (ACA), sponsors of self-insured health plans must pay a fee to fund the federal Patient-Centered Outcomes Research Institute (PCORI). PCORI is an independent organization the ACA created to conduct research to help healthcare consumers make better decisions for their specific needs and outcomes. It also performs research related to clinical effectiveness. Employers offering a self-insured medical reimbursement health plan, such as a health reimbursement arrangement (HRA), must pay this fee by July 31 each year via Form 7201. This fee was initially set to expire in 2019, but Congress extended it through September 30, 20292, due to the Further Consolidated Appropriations Act of 20203.
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