Employee Benefits Update July 2016

Select compliance deadlines and reminders

1. Payment of Patient-Centered Outcomes Research Fee Due by July 31. The Patient Protection and Affordable Care Act ("ACA") imposes fees on plan sponsors of applicable self-insured health plans to fund the Patient-Centered Outcome Research Institute. The fee, based on the average number of lives covered under the policy or plan, is required to be reported annually on the second quarter Form 720 and to be paid by July 31.
2. Form 5500 Due for Calendar Year Plans. Administrators or sponsors of employee benefit plans subject to Employee Retirement Income Securities Act ("ERISA") must generally submit the Form 5500 by the last day of the seventh month following the end of the plan year. For calendar year plans, the Form 5500 is generally due July 31. Extensions are available if certain steps are satisfied; employers should consult their advisors for specific compliance requirements. The Internal Revenue Service ("IRS") announced