Microsoft rolls out a new functionality to Office – a new Outlook option that automatically dismisses reminders for past calendar events. The feature is currently rolling out to Office Insiders in the Fast ring. The important thing to remember here is that the new feature is available to every office Insiders in the Fast ring and does not require the latest Office build.
Some users are complaining about not getting the feature despite the fact that they are on the latest Office build. As the case with most of the new feature that rolls out to Insiders, this one also seems to be rolling out in a phased manner. You might need to wait a bit to get it.
By default it is disabled, so if you need to take the advantage you need to enable it under Options>Advanced>Reminders and then tick the ‘Automatically dismiss reminders for past calendar events’- you are all set!