Colorado paid family and medical leave

Key features

Coverage options	State plan or state-approved voluntary private plan
Funding begins January 1, 2023	Premiums are .9% of wages to the Social Security cap <10 lives, employees pay 50% of premium and only 50% of premium is due to the state 10+ lives, employees and employer split cost – 50% employer, 50% employee
Waiting period	0 days
Benefit (begins January 1, 2024)	90% of average weekly wage up to 50% of state’s average weekly wage plus 50% of average weekly wage over 50% of state’s average weekly wage
Maximum benefit	$1100 per week
Benefit duration (within a 52 consecutive week period)	Combined paid family and medical leave – 12 weeks, 4 additional weeks for a serious health condition related to pregnancy complications or childbirth complications

 

Get more information from the state of Colorado..

Principal^® has a solution

We’re here to help by offering a state-approved voluntary private plan. When you have other group insurance products with us, it’s easy to add this solution. Plus, you get the same top-level service that comes with any of our products.

You can be assured Principal is committed to offering a private plan that meets your obligation under the paid family and medical leave law as a Colorado employer. Our fully insured product is available to employers who offer at least one other qualifying, insured Principal product (voluntary term life, dental, vision, or long-term disability) and have 10 or more employees working in Colorado.

Want to learn more?

Talk to your financial professional to design a benefit offering that meets the specific needs of your business and employees.