New family leave and retirement benefits rolling out for Coloradans
It is a new month, and with that comes new state initiatives. Starting in August, the Colorado Department of Labor and Employment will launch an online portal for Colorado's Paid Family and Medical Leave Insurance, or "FAMLI" program.
Under it, all Colorado workers have access to 12 weeks of paid leave to take care of themselves or their family during life circumstances that pull them away from their jobs — like growing their family or taking care of a loved one with a serious health condition. Those who experience pregnancy or childbirth complications can receive an additional four weeks. Those benefits become available in January of 2024.
This summer also marks a milestone for Colorado's Secure Savings program through the Office of the State Treasurer.
"We want to make sure that Coloradans are saving," said Colorado Department of the Treasury Communications Director and Public Information Officer Sheena Kadi told CBS News Colorado's Mekialaya White on Tuesday. "Secure Savings is a state-run retirement program. It allows workers to enroll in the program and have access to a retirement savings that isn't offered to them by their employer. This is also for folks who are self-employed, seasonal workers, 1099 workers, gig workers. Everyone has the opportunity to enroll in this program. Up to 1 million Coloradans don't have access to a program through their employer. And over 15 years, 18 billion dollars of taxpayer money would have been spent in services to help folks who don't have plans in retirement."
With Secure savings, employees can start an account that's portable.
"Normally, when we change jobs our 401(k) or retirement stays with employer, you have to roll it over, cash it out, pay taxes, you don't have to worry about that with this program."
Kadi says, as of now, 100,000 employees have enrolled.
"The deadline has passed. That was in June earlier this year, but (employers) still have plenty of time to enroll. CDLE will not begin enforcing until spring of next year. At this stage, we are continuing or each out for employers who have not enrolled or have not opted out - we're also working with employers who have enrolled but haven't run their first payroll yet."
If you're an employer looking to learn more, click here.