Unemployment Insurance Premiums Allocation Federal Law Compliance
The bill changes the cap on the amount of money in the employment support fund at the end of any state fiscal year, from an amount calculated based on a portion of the employer premium plus $17 million, to a total of $32.5 million for the next state fiscal year, which amount is adjusted annually based on changes in average weekly earnings. Additionally, the bill repeals, effective June 30, 2025, the ability of the department of labor and employment (department) to use money in the employment support fund to provide funding for labor standards, labor relations, and Colorado works grievance procedures.
The bill expands the authorized use of money in the Title XII repayment fund to allow the division of unemployment insurance (division) in the department
of labor and employment (department) to use the money for costs associated with bonds or notes issued by the division, including interest on the bonds or notes , to the extent permitted by federal law .
The bill eliminates the requirement for employers to submit premium reports to the division and instead requires employers to submit wage reports.
The bill adjusts the appropriations in the annual general appropriation act for the 2023-24 state fiscal year to the department for use by the division as follows: Decreases the general fund appropriation for program costs related to labor standards by $899,537; and Increases the cash funds appropriation from the employment support fund for program costs related to labor standards by $899,537.
(Note: Italicized words indicate new material added to the original summary; dashes through words indicate deletions from the original summary.)
(Note: This summary applies to the reengrossed version of this bill as introduced in the second house.)