FAMLI Wage Reporting Offering 30-day Grace Period
Reporting wages and premium payments are due April 30, 2023, and thereafter on a quarterly basis. A 30-day grace period is being offered on the first patent only, thereby extending the deadline to report wages and submit premiums to May 31, 2023. If you have not already done so, please go to login.gov today to register.
Private Plan Option for Employers
Although the Colorado Paid Family and Medical Leave Plan (FAMLI) will be mandatory for all employers with one or more employees working in Colorado, employers will have the option to meet your FAMLI obligation by using a state approved private plan. Employers must prove that their private plan provides equal or greater benefits and protections than the state-run FAMLI plan by submitting an application, their private plan documents, and a non-refundable $500 administrative fee to the FAMLI Division on or before October 31, 2023. All employers will be required to pay premiums until they receive approval from the Division. Employers will be able to request a refund for premiums paid in 2023 if their private plan has an effective date on or before January 1, 2024. After the private plan is approved and beginning with the first calendar quarter of 2025, employers with approved plans will be subject to an annual maintenance fee that will be based on costs specific to each employer’s usage of their private plan from the year prior including costs to audit the plan and administer and appeals related to the plan.
Reasons to consider a private plan:
- More efficient administration of claims and tracking
- Stability and better pricing: High risk groups will most likely turn to the state plan making the pool more volatile and possibly leading to higher rate increases
- Quicker turnaround times for payment of claims
- The FH Team can serve as an advocate and advisor on private plans