5500 Filings Are Due, But Don’t Panic If You’re Not Ready!

/in

MZQ Logo

 

The 2024 calendar year has flown by, and the July 31st deadline for groups with January-December plan years to submit their 2023 5500 filings is now upon us.

Overview of 5500 filings 

In general, 5500 filings, which contain details about the finances and operation of group health and retirement plans, are an annual requirement for such plans that had at least 100 participants as of the first day of the plan year. Only active employees enrolled in the plan contribute to the participant count (i.e., spouses, dependents, etc. should be excluded). For groups with wrap plan documents, a filing will be required for all benefits included in the wrap if the participant count for at least one of those benefits satisfies the filing threshold. Groups without wrap plan documents will need to determine on a benefit-by-benefit basis whether they should prepare a filing for that particular benefit.

The filings are due to the IRS and the Department of Labor (DoL) by the last day of the seventh month after the plan year ends. So, while the 5500s for January 2023-December 2023 plans should be submitted by July 31, 2024, the filings for February 2023-January 2024 plans are due by August 31, 2024, March 2023-February 2024 plans need to file by September 30, 2024, etc. 

Read more

Support Employees in Their Grief – No Matter the Grief

/in

We often hear about the five stages of grief and expect people to grieve when they lose someone important, such as a close loved one. However, grief is not the same for everyone; it looks different depending on the person. 

Grief, quite simply, is a person’s response to loss. Some people may have moments where they cry uncontrollably, while others might not cry at all. They may want to be alone, or they may prefer to keep busy. We should respect how someone grieves and who or what they are grieving for, as this fosters an inclusive and supportive environment that prevents disenfranchised grief. Read more

A “Mixed Bag” Decision, ACA Preventive Care Litigation Continues

/in

MZQ Logo

 

 

At the end of June, the U.S. Court of Appeals for the Fifth Circuit upheld a lower court ruling that a portion of the ACA’s preventive care mandate is unconstitutional. However, the court said the ruling should apply only to the plaintiffs who brought the case. The plaintiffs objected on religious grounds to providing coverage of services such as pre-exposure prophylaxis medications for HIV. Calling the decision a “mixed bag,” the court indicated that a universal injunction impacting the preventive care mandate was not warranted. 

The case, Braidwood v Becerra, centered around first-dollar coverage of services that have been approved since 2010 by the U.S. Preventive Services Task Force (USPSTF), the Advisory Committee on Immunization Practices (ACIP), and Health Resources and Services Administration (HRSA). Read more

Employee Student Debt Crisis: An Employer’s Wake-Up Call

/in

If you’re an established business owner or career professional, you may think employee student debt doesn’t affect you. Unfortunately, you’d be wrong. Because when something affects your employees, it affects you, too.

As parents, mentors, business owners, and hiring managers, we’ve told young people that they need a college degree to get ahead. And this may be true. College graduates will earn about 1 million over the course of their lives, as compared to $580,000 for those with only a high school degree. 

But this doesn’t tell the whole story. Read more

All For One, One For All: A Holistic Approach for Building Accessibility and Inclusion

/in

Prefer to listen instead of read? No problem! Listen to the blog post at any time by clicking here. 

 

Creating a workplace that prioritizes accessibility and inclusion is more important than ever. Integrating these principles into your company culture supports a positive and productive environment, going beyond compliance to create a space where all employees can thrive regardless of their abilities or backgrounds. While addressing specific needs is important, a holistic approach ensures employees feel valued and empowered to contribute their best work.

What’s this all about?

Accessibility and inclusion are concepts that go hand in hand. Accessibility ensures everyone can use physical spaces, digital platforms, and communication methods, regardless of their abilities. Inclusion involves creating an environment where all employees feel valued, respected, and able to contribute fully. Together, these elements help build a workplace where diversity thrives, and all employees can succeed. Read more

The Work Frustration Survival Guide

/in

Prefer to listen instead of read? No problem! Listen to the blog post at any time by clicking here. 

 

You probably have a morning routine the minute you wake up and hit your alarm clock. You may exercise, eat breakfast, drink coffee, or meditate. You may give yourself some much-needed “me time” before heading to work or your home office to log in to your computer. Whatever your routine, you can typically expect everything to run smoothly. 

But what if it doesn’t? What if an email goes out with incomplete information, a client calls with a problem or complaint, or your project management system moves slowly, crashes, or is completely down? 

The saying about “even the best-laid plans…” comes into play here. Even with your to-do list and plan to get through the workday, sometimes life can throw you a few unexpected curveballs. Read more

Chevron Overturned: Federal Agencies Lose Power. How Will Employers React?

/in

MZQ LogoPrefer to listen instead of read? No problem! Listen to the blog post at any time by clicking here.

 

On Friday, June 28th, in Loper Bright Enterprises v. Raimondo, the Supreme Court overturned a 40-year-old precedent deferring to federal agencies where Congressional statutes are otherwise ambiguous. In their decision, the Court ruled that the judiciary, not the executive branch, is responsible for interpreting ambiguous legislation. This will likely lead to a significant change in the process of issuing federal regulations.  

Read more

Why You Need to Practice Saying No

/in

Prefer to listen instead of read? No problem! Listen to the blog post at any time by clicking here. 

 

For many people, saying no can be tough, especially for someone in a position of authority. We’re hard-wired as humans to want to fit in and conform to those around us, and this can result in a hesitation to say no to others.  

Those of us with people-pleasing tendencies are familiar with their predispositions to be a “yes” person. But even those who don’t consider themselves people-pleasers may still find it difficult to refuse a request. It’s uncomfortable, and sometimes it feels like you’re letting people down. Learning how to say no when it matters can make everyone’s lives much easier, both in everyday relationships and in the workplace.   Read more

Fearful Leadership: How It Paralyzes Your Organization (and What You Can Do About It)

/in

Prefer to listen instead of read? No problem! Listen to the blog post at any time by clicking here. 

 

Picture this: You walk into your office and see lifeless faces, hollow eyes, and shuffling movements. It’s like a scene from a zombie movie. But these aren’t undead creatures; they’re your employees.

What’s driving this atmosphere? Fear.

Fear is both a powerful motivator and a double-edged sword. While it might drive short-term results, fear leaves employees less likely to take risks, innovate, or speak up—because they’re always on red alert. This type of culture can bring growth and potential to a halt. Read more

Is Your Company Reaching Its Potential?

/in

Prefer to listen instead of read? No problem! Listen to the blog post at any time by clicking here.

 

In a world where a single tweet can swing customer opinions, ensuring every part of your company is in sync is more than a nice-to-have—it’s a must. 

One of the more pervasive challenges organizations face today is the tendency for teams to operate in silos. This results in missing key opportunities to streamline operations and enhance the customer experience.

So, how do you ensure your customer’s journey isn’t just good but great? Start by tearing down internal silos and creating intentional spaces for collaboration between teams. It’s vital to break down every phase of your customer’s journey, from the first hello to the final thank-you, ensuring everyone is on the same page. And yes, that means opening up those not-so-secret processes and sharing intel. Read more