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The Internal Revenue Service issued Notice 2020-04, which increases PCORI fees for plan years ending on or after October 2021, and before October 1, 2022. This fee is imposed on health insurance issuers and self-insured plan sponsors in order to fund comparative effectiveness research. The updated PCORI fee amount is $2.79 multiplied by the average number of lives covered on the plan.
PCORI fees must be paid annually using IRS Form 720 by July 31 of each year. For plans ending in 2021, the next payment is due August 1, 2022 (since July 31, 2022, is a Sunday). Covered employers should have reported and paid PCORI fees for 2020 by August 2, 2021.
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