Important Forms and Compliance Dates
The ever-increasing burden of regulatory compliance continues to be a challenge for businesses. Without careful attention to compliance obligations, organizations run the risk of incurring legal censure, financial penalties, and reputational damage. Sorting through all the compliance details can be overwhelming, but we are here to help, which is why 5G included the important dates within your 5G Benefits Calendar to ensure compliance requirements are met on time. Details of important dates and deadlines are included below:
1. 1094/1095-B Filing: Employers with less than 50 full-time equivalent employees that have a level-funded and/or self-funded health insurance plan
March 3, 2025 (must be distributed to employees) and March 31, 2025 (electronic filing deadline)
Employers with these types of group health plans are required to provide information on who was covered on their group medical plan during the previous year and for what months. The reporting requires a Form 1095-B to be distributed to applicable participants no later than March 3, 2025, and an electronic filing requirement to the IRS no later than March 31, 2025. Most employers are no longer eligible to file paper forms since the number of forms has been reduced to companies with below 10 employees (including W-2s, 1099s, or Form 1095-Bs).
2024 Form 1094-B – click here
2024 Form 1095-B – click here
2024 Form 1094/1095-B Instructions – click here
2. Level-Funded Groups
PCORI Fee Filing Deadline for July 31st of each year.
These are fees applied to any groups with a level-funded group health plan for each member and their dependents enrolled. Employers use Form 720 to report and pay these fees.
3. Medicare Annual Open Enrollment Period Begins
Starts October 15th and runs through December 7th
Current enrollees can reevaluate their coverage, make changes or purchase new policies. Those not enrolled in Medicare Part D if they didn’t enroll when first eligible can enroll but a late-enrollment may apply. For assistance with Medicare, contact GOEBEL Insurance at 920-921-7526.
4. Deadline for providing forms W-2 to employees
Must be distributed to employees by January 31st
5. Medicare Part D Notices
Must be distributed to employees by October 15th
These are notices distributed to employees by the employer letting them know if their current health plan provides Creditable Prescription Drug Coverage or not for those who are eligible for Medicare. For more information, click here.
6. Form 5500 Deadline
Form 5500 is only for those with 100 enrolled employees or more in their benefits. The deadline is the last day of the seventh month following the end of the plan year. For example, for calendar year plans, the Form 5500 is due by July 31 following the end of the plan year.
Each year, employers/benefit plan administrators are required to file a report regarding the plan’s financial condition. It’s intended to protect plan participants (employees) by assuring them that the plan is being operated, managed, and provide access to sufficient plan information. (MAJOR compliance filing). For more information about form 5500, click here.