About the Author
Kate Karre
Kate Karre is HR Practice Leader at Fine Point Consulting, helping businesses build stronger teams, leaders, and workplaces.
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Kate Karre
If you’re the one person managing HR, benefits, payroll, compliance, and employee questions all at once, summer can sneak up quickly.
And while these deadlines may not feel urgent yet, now is the right time to start preparing for several important annual benefit plan requirements: Form 5500 filings, Form 5500-EZ filings, and PCORI fees due July 31st.
Missing deadlines or scrambling to gather information at the last minute can create unnecessary stress, penalties, and compliance headaches. A little preparation now can go a long way.
Here’s what employers, and business owners need to know.
Form 5500 is an annual reporting requirement that helps the U.S. Department of Labor (DOL), IRS, and Pension Benefit Guaranty Corporation monitor employee benefit plans.
In simple terms: if your company sponsors certain employee benefit plans, you may be required to file.
Form 5500 filing requirements commonly apply to employers sponsoring:
For many small businesses, whether filing is required often depends on plan structure and participant counts. In general, employers with 100 or more participants in a benefits plan are more likely to have filing requirements, though there are important exceptions.
This is one of those areas where details matter. If you’re unsure whether your business is required to file, it’s worth confirming with your HR, benefits, payroll, or accounting advisor. And if you’re still unsure, reach out to us for help.
For employers with calendar-year plans, Form 5500 is typically due July 31.
Need more time? Employers can generally request an extension, moving the deadline to October 15.
The key is not waiting until July to begin gathering information. Filing often requires coordination with benefits brokers, retirement plan administrators, payroll providers, or accountants.
One of the biggest misconceptions we see with small businesses is this:
“We have fewer than 100 employees, so we don’t have to file anything.”
That’s not always true.
While many employers associate Form 5500 requirements with larger organizations or benefit plans with 100+ participants, business owners with owner-only retirement plans may still have an annual filing requirement through Form 5500-EZ.
Form 5500-EZ is a separate annual return used for one-participant retirement plans, typically covering:
This commonly applies to solo 401(k) plans or certain owner-only retirement arrangements.
While both forms report retirement plan information to the IRS and Department of Labor, there are some key differences.
The important takeaway: employee count alone DOES NOT determine filing requirements.
Even if you have a small team or no employees beyond owners, you may still have an obligation to file, depending on how your retirement plan is structured.
If you’re unsure whether your retirement plan requires a Form 5500, Form 5500-EZ, or no filing at all, it’s worth confirming now rather than discovering an issue after a missed deadline.
For calendar-year plans, Form 5500-EZ is generally due July 31, the same timing as Form 5500 filings. Extensions may also be available.
Another important summer deadline is the Patient-Centered Outcomes Research Institute (PCORI) fee. If you sponsor a self-insured health plan, there’s a good chance this applies to you.
The PCORI fee helps fund clinical effectiveness research used to improve healthcare decision-making and outcomes.
While the fee itself is typically modest, it’s a requirement employers often overlook, especially smaller organizations without a dedicated benefits or compliance team.
PCORI fees commonly apply to employers sponsoring:
If you have a fully insured medical plan, your insurance carrier generally handles this requirement on your behalf.
For most employers, the PCORI fee payment deadline is July 31 each year.
Payment is reported and submitted using IRS Form 720.
If your organization sponsors an HRA or other self-funded arrangement, now is a good time to confirm whether this filing applies to you and gather enrollment information needed to calculate the fee.
Helpful Resources:
I always tell clients: compliance deadlines are much easier to manage when they’re part of your planning rhythm—not a last-minute fire drill.
For organizations with lean HR teams (or one person wearing many hats), these deadlines can be easy to miss when hiring, payroll, benefits questions, and day-to-day operations are competing for attention.
And for small businesses or startups, it’s especially important not to assume you’re exempt. Whether it’s a traditional Form 5500 filing, a Form 5500-EZ for an owner-only retirement plan, or PCORI fees, the requirements aren’t always as straightforward as employee count alone.
If you’re unsure whether Form 5500, Form 5500-EZ, or PCORI fees apply to your organization—or just want a second set of eyes before deadlines hit—ask NOW, not in late July.
At Fine Point Consulting, we help businesses navigate HR, benefits administration, compliance, and the operational details that keep things running smoothly so internal teams can stay focused on growth.
Need help determining what applies to your organization?
Contact the Fine Point team to start the conversation.
Kate Karre is HR Practice Leader at Fine Point Consulting, helping businesses build stronger teams, leaders, and workplaces.
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